AON CORP
13F-HR, 1999-05-04
ACCIDENT & HEALTH INSURANCE
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                INFORMATION REQUIRED OF INSTITUTIONAL INVESTMENT
              MANAGERS PURSUANT TO SECTION 13 (F) OF THE SECURITIES
                    EXCHANGE ACT OF 1934 AND RULES THEREUNDER

                       Securities and Exchange Commission
                             Washington, D.C. 20549

   Report for the Calender 1st Quarter Ended March 31, 1999 file No.'s 28-2005
                                                                       28-2401

                                 If amended report check here: [  ]

     Name of Institutional Investment Manager:

                               Aon Advisors, Inc.

     123 NORTH WACKER DRIVE               CHICAGO, IL          60606  

     Name, Phone No., and Title of Person Duly Authorized to Submit This Report:

     MICHAEL A. CONWAY (312) 701-3910, President

     Name of Additional disclosed party:

                                           Aon Corporation

     123 NORTH WACKER DRIVE               CHICAGO, IL           60606 


     Name, Phone No., and Title of Person Duly Authorized to Submit This Report:

     MICHAEL A. CONWAY (312) 701-3910, Senior Vice President - Investment Dept.

 ATTENTION--Intentional misstatements or ommissions of facts constitute Federal
         Criminal Violations. See 18 U.S.C., 1001 and 15 U.S.C. 78ff(a).

            The institutional  investment  manager  submitting this Form and its
      attachments and the person by whom it is signed  represent hereby that all
      information  contained  therein  is true,  correct  and  completed.  It is
      understood  that  all  required   items,   statements  and  schedules  are
      considered  integral  parts of this  Form and  that the  submisson  of any
      amendment  represents that all unamended  items,  statements and schedules
      remain true, correct and complete as previously submitted.

            Pursuant to the requirements of Securities Exchange Act of 1934, the
      undersigned  institutional investment manager has caused this report to be
      signed on its behalf in the City of Chicago  and the State of  Illinois on
      the 31th day of December, 1998.


                                             Aon Advisors, Inc.


                                             /s/  Michael  A. Conway
                                             ---------------------------------
                                             (Manual Signature of Person Duly
                                             Authorized to Submit this Report)


                                             Aon Corporation


                                             /s/  Michael  A. Conway
                                             ---------------------------------
                                             (Manual Signature of Person Duly
                                             Authorized to Submit this Report)


<TABLE>
<CAPTION>
FORM 13F For 3/31/99                           NAME OF REPORTING MANAGER: Aon ADVISORS                                      Page  1

ITEM: 1                        ITEM: 2                      ITEM: 3    ITEM: 4     ITEM: 5     ITEM: 6        ITEM: 7       ITEM: 8

                                                                                             Investment                    Voting
                                                                                             Discretion                   Authority
                                                                                           A)Sole B)Shared                 (Shares)
                                                                                             C)Shared as                    A)Sole 
                                                                      Fair Market     Par   defined Other     Managers     B)Shares 
Name of Issuer                 Title of Class               Cusip         Value      Shares   in Instr. V   See Instr. V    C)None
===================================================================================================================================
<S>                            <C>                          <C>       <C>         <C>             <C>                          <C>
ACM GOVT OPPOR FUND INC.       Common Stock                 000918102  28,529,450  3,868,400      X                            X
AES CORP.                      Common Stock                 00130H105     171,350      4,600      X                            X
AMB PROPERTY CORP              Common Stock                 00163T109     873,575     42,100      X                            X
AMLI RESIDENTIAL PROPERTIES    Common Stock                 001735109   6,869,053    333,045      X                            X
AMR CORPORATION                Common Stock                 001765106     272,199      4,648      X                            X
AT&T CORP.                     Common Stock                 001957109   5,818,141     72,898      X                            X
AT&T CORP.                     Common Stock                 001957208   1,051,796     20,000      X                            X
ABBOTT LABORATORIES            Common Stock                 002824100   7,335,425    156,698      X                            X
ADOBE SYSTEMS INC              Common Stock                 00724F101      96,475      1,700      X                            X
ADVANCED COMMUNICATIONS SYS    Common Stock                 00750X109     581,250     50,000      X                            X
AEROQUIP-VICKERS, INC.         Common Stock                 007869100      42,984        750      X                            X
ADVANCED MICRO DEVICES         Common Stock                 007903107      57,490      3,709      X                            X
AETNA INC.                     Common Stock                 008117103     290,334      3,498      X                            X
AIR PRODUCTS & CHEMICALS, INC. Common Stock                 009158106   2,430,997     70,978      X                            X
AIRTOUCH                       Common Stock                 00949T100   1,406,667     14,558      X                            X
ALBERTO CULVER CO              Common Stock                 013068101      32,725      1,400      X                            X
ALBERTSONS INCORPORATED        Common Stock                 013104104     342,031      6,283      X                            X
ALCAN ALUMINIUM, LTD.          Common Stock                 013716105     145,402      5,633      X                            X
ALCOA, INC.                    Common Stock                 013817101     386,668      9,388      X                            X
ALEXANDRIA REAL EST EQUITIES   Common Stock                 015271109     163,913      6,200      X                            X
ALLEGHENY TELEDYNE INC.        Common Stock                 017415100      95,085      5,021      X                            X
ALLERGAN INC.                  Common Stock                 018490102     145,345      1,654      X                            X
ALLERGAN SPECIALTY THERAPEUTIC Common Stock                 018494104          10          1      X                            X
ALLIED CAPITAL CORP            Common Stock                 01903Q108   1,286,250     70,000      X                            X
ALLIED-SIGNAL, INC.            Common Stock                 019512102     701,315     14,258      X                            X
ALLIED WASTE INDUSTRIES INC    Common Stock                 019589308   1,371,822     95,018      X                            X
ALLSTATE CORPORATION           Common Stock                 020002101     771,790     20,824      X                            X
ALLTEL CORP.                   Common Stock                 020039103     433,881      6,956      X                            X
ALZA CORPORATION               Common Stock                 022615108      94,478      2,470      X                            X
AMERADA HESS CORP              Common Stock                 023551104     115,893      2,278      X                            X
AMEREN CORPORATION             Common Stock                 023608102     127,814      3,532      X                            X
AMERICA ONLINE INC             Common Stock                 02364J104   3,851,400     26,200      X                            X
AMERICAN BANK NOTE HOLOGRAPH   Common Stock                 024377103      92,500     40,000      X                            X
AMERICAN ELECTRIC POWER INC    Common Stock                 025537101     194,548      4,902      X                            X
AMERICAN GENERAL CORP          Common Stock                 026351106     455,642      6,463      X                            X
AMERICAN GREETINGS CORPORATION Common Stock                 026375105      47,248      1,862      X                            X
<PAGE>

FORM 13F For 3/31/99                           NAME OF REPORTING MANAGER: Aon ADVISORS                                      Page  2

ITEM: 1                        ITEM: 2                      ITEM: 3    ITEM: 4     ITEM: 5     ITEM: 6        ITEM: 7       ITEM: 8

                                                                                             Investment                    Voting
                                                                                             Discretion                   Authority
                                                                                           A)Sole B)Shared                 (Shares)
                                                                                             C)Shared as                    A)Sole 
                                                                      Fair Market     Par   defined Other     Managers     B)Shares 
Name of Issuer                 Title of Class               Cusip         Value      Shares   in Instr. V   See Instr. V    C)None
===================================================================================================================================
AMERICAN HOME PRODUCTS         Common Stock                 026609107   2,840,594     43,534      X                            X
AMERICAN INDUSTRIAL PROPS REIT Common Stock                 026791202      96,488      8,300      X                            X
AMERICAN INTERNATIONAL GROUP   Common Stock                 026874107  11,849,114     98,231      X                            X
AMERICAN MOBILE SATELITE       Common Stock                 02755R111       1,465        586      X                            X
AMERICAN STORES CO             Common Stock                 030096101     229,086      6,942      X                            X
AMERILINK CORP                 Common Stock                 03070N108     151,250     20,000      X                            X
AMERITECH CORP.                Common Stock                 030954101   2,333,467     40,494      X                            X
AMGEN, INC.                    Common Stock                 031162100   5,468,571     73,036      X                            X
AMP INCORPORATED               Common Stock                 031897101     296,872      5,549      X                            X
AMSOUTH BANCOPORATION          Common Stock                 032165102     141,050      3,100      X                            X
ANADARKO PETROLEUM CORP        Common Stock                 032511107     117,025      3,100      X                            X
ANDREW CORPORATION             Common Stock                 034425108      27,531      2,236      X                            X
ANHEUSER-BUSCH COMPANIES INC   Common Stock                 035229103   2,063,292     27,104      X                            X
AON FUNDS                      Common Stock                 036912301  37,569,607  3,676,087      X                            X
AON FUNDS                      Common Stock                 036912707  22,357,943  1,832,618      X                            X
AON FUNDS                      Common Stock                 036912889 110,710,215 10,645,213      X                            X
AON FUNDS                      Common Stock                 037387206  23,045,120  1,331,318      X                            X
APACHE CORP.                   Common Stock                 037411105   1,107,656     42,500      X                            X
APARTMENT INVESTMENT & MGMT CO Common Stock                 03748R101     928,471     25,613      X                            X
APPLE COMPUTER, INC.           Common Stock                 037833100     122,223      3,401      X                            X
APPLIED MATERIALS INC.         Common Stock                 038222105     579,616      9,396      X                            X
APTARGROUP, INC.               Common Stock                 038336103   1,430,000     55,000      X                            X
ARCHER DANIELS MIDLAND         Common Stock                 039483102     221,502     15,081      X                            X
ARCHSTONE COMMUNITIES TRUST    Common Stock                 039581103   1,411,366     70,130      X                            X
ARDEN REALTY GROUP INC.        Common Stock                 039793104     678,625     30,500      X                            X
ARMSTRONG WORLD INDUSTRIES INC Common Stock                 042476101      46,588      1,031      X                            X
ASARCO INCORPORATED            Common Stock                 043413103      13,978      1,012      X                            X
ASCEND COMMUNICATIONS INC      Common Stock                 043491109     460,281      5,500      X                            X
ASHLAND OIL INC.               Common Stock                 044204105      79,992      1,954      X                            X
ASSOCIATED ESTATES REALTY CORP Common Stock                 045604105     115,543     11,070      X                            X
ASSOCIATES FIRST CAPITAL CORP. Common Stock                 046008108   2,707,220     60,160      X                            X
ATLANTIC RICHFIELD COMPANY     Common Stock                 048825103   3,902,243     53,364      X                            X
AUTODESK, INC.                 Common Stock                 052769106      51,194      1,266      X                            X
AUTOMATIC DATA PROCESSING      Common Stock                 053015103     648,512     15,674      X                            X
AUTOZONE INC                   Common Stock                 053332102     118,463      3,900      X                            X
AVALONBAY COMMUNITIES INC.     Common Stock                 053484101     996,476     31,262      X                            X
<PAGE>

FORM 13F For 3/31/99                           NAME OF REPORTING MANAGER: Aon ADVISORS                                      Page  3

ITEM: 1                        ITEM: 2                      ITEM: 3    ITEM: 4     ITEM: 5     ITEM: 6        ITEM: 7       ITEM: 8

                                                                                             Investment                    Voting
                                                                                             Discretion                   Authority
                                                                                           A)Sole B)Shared                 (Shares)
                                                                                             C)Shared as                    A)Sole 
                                                                      Fair Market     Par   defined Other     Managers     B)Shares 
Name of Issuer                 Title of Class               Cusip         Value      Shares   in Instr. V   See Instr. V    C)None
===================================================================================================================================
AVERY DENNISON CORP            Common Stock                 053611109     171,695      2,986      X                            X
AVON PRODUCTS, INC             Common Stock                 054303102     316,166      6,718      X                            X
BB & T CORPORATION             Common Stock                 054937107     285,881      7,900      X                            X
BP AMOCO PLC                   Common Stock                 055622104   4,945,263     48,963      X                            X
BRE PROPERTIES, INC.           Common Stock                 05564E106     490,510     21,680      X                            X
BMC SOFTWARE INC               Common Stock                 055921100     203,844      5,500      X                            X
BWAY CORPORATION               Common Stock                 056039100     467,569     35,456      X                            X
BAKER HUGHES INCORPORATED      Common Stock                 057224107     201,259      8,278      X                            X
BALL CORPORATION               Common Stock                 058498106      38,630        823      X                            X
BALTIMORE GAS & ELECTRIC       Common Stock                 059165100      95,689      3,771      X                            X
BANK OF NEW YORK CO. INC.      Common Stock                 064057102     694,672     19,330      X                            X
BANC ONE CORP                  Common Stock                 06423A103   3,332,217     60,517      X                            X
BANKAMERICA CORP               Common Stock                 06605F102   7,809,642    110,579      X                            X
BANK OF BOSTON                 Common Stock                 06605R106   1,188,842     27,448      X                            X
BANKERS TRUST CORPORATION      Common Stock                 066365107     222,037      2,516      X                            X
C.R. BARD, INC.                Common Stock                 067383109      72,983      1,447      X                            X
BARRICK GOLD CORP.             Common Stock                 067901108     162,810      9,542      X                            X
BATTLE MOUNTAIN GOLD CO.       Common Stock                 071593107      16,041      5,833      X                            X
BAUSCH & LOMB                  Common Stock                 071707103      94,055      1,447      X                            X
BAXTER INTERNATIONAL           Common Stock                 071813109     479,952      7,272      X                            X
BEAR STEARNS COMPANIES, INC.   Common Stock                 073902108     136,073      3,045      X                            X
BECTON DICKINSON & CO          Common Stock                 075887109   4,552,215    118,818      X                            X
BEDFORD PROPERTY INVESTORS     Common Stock                 076446301     162,630     11,120      X                            X
BELL ATLANTIC CORPORATION      Common Stock                 077853109   2,039,382     39,456      X                            X
BELL SOUTH CORP                Common Stock                 079860102   1,992,148     49,726      X                            X
BEMIS COMPANY INC.             Common Stock                 081437105     509,208     16,393      X                            X
BERKSHIRE REALTY COMPANY       Common Stock                 084710102     205,738     18,390      X                            X
BESTFOODS, INC.                Common Stock                 08658U101     344,698      7,334      X                            X
BETHLEHEM STL CORP             Common Stock                 087509105      27,547      3,339      X                            X
BILLINGS CONCEPTS CORP.        Common Stock                 090063108   1,606,878    135,316      X                            X
BIOMET INC                     Common Stock                 090613100     121,325      2,893      X                            X
BLACK & DECKER CORPORATION     Common Stock                 091797100     125,843      2,270      X                            X
BLOCK H&R INC                  Common Stock                 093671105     122,512      2,586      X                            X
BOEING COMPANY                 Common Stock                 097023105     816,680     24,020      X                            X
BOISE CASCADE CORPORATION      Common Stock                 097383103      46,408      1,439      X                            X
BOLDER TECHNOLOGIES CORP.      Common Stock                 097519102     200,704     23,270      X                            X
<PAGE>

FORM 13F For 3/31/99                           NAME OF REPORTING MANAGER: Aon ADVISORS                                      Page  4

ITEM: 1                        ITEM: 2                      ITEM: 3    ITEM: 4     ITEM: 5     ITEM: 6        ITEM: 7       ITEM: 8

                                                                                             Investment                    Voting
                                                                                             Discretion                   Authority
                                                                                           A)Sole B)Shared                 (Shares)
                                                                                             C)Shared as                    A)Sole 
                                                                      Fair Market     Par   defined Other     Managers     B)Shares 
Name of Issuer                 Title of Class               Cusip         Value      Shares   in Instr. V   See Instr. V    C)None
===================================================================================================================================
BOSTON PROPERTIES INC          Common Stock                 101121101     983,538     31,100      X                            X
BOSTON SCIENTIFIC CORP.        Common Stock                 101137107     405,763      9,988      X                            X
BOYKIN LODGING                 Common Stock                 103430104      99,600      8,300      X                            X
BRADLEY REAL ESTATES INC       Common Stock                 104580105     208,244     11,650      X                            X
BRANDYWINE REALTY TRUST        Common Stock                 105368203     303,144     18,655      X                            X
BRIGGS & STRATTON CORP         Common Stock                 109043109      32,053        650      X                            X
BRISTOL MYERS SQUIBB           Common Stock                 110122108   3,246,777     50,632      X                            X
BRITISH PETROLEUM SPON ADR     Common Stock                 110889409      14,746        146      X                            X
BRITISH STEEL PLC ADR          Common Stock                 111015301   1,211,250     60,000      X                            X
BROWN FORMAN DISTILLERS CL B   Common Stock                 115637209     101,074      1,754      X                            X
BROWNING FERRIS                Common Stock                 115885105     155,214      4,025      X                            X
11601 HOLDING CORP.            Common Stock                 11601H$01           2          2      X                            X
BRUNSWICK CORP                 Common Stock                 117043109      48,266      2,532      X                            X
BURLINGTON NORTHERN/SANTA FE   Common Stock                 12189T104   2,658,864     80,878      X                            X
BURLINGTON RESOURCES INC       Common Stock                 122014103     182,159      4,561      X                            X
BURNHAM PACIFIC PPTY INC.      Common Stock                 12232C108     161,954     15,610      X                            X
CBL & ASSOC. PROPERTIES        Common Stock                 124830100     274,931     11,825      X                            X
CBS CORP                       Common Stock                 12490K107   2,364,758     57,942      X                            X
CIGNA CORP                     Common Stock                 125509109     426,270      5,086      X                            X
CSG SYSTEM INTL INC            Common Stock                 126349109   2,697,525     68,400      X                            X
CSX CORPORATION                Common Stock                 126408103   4,102,883    105,371      X                            X
CVS CORPORATION                Common Stock                 126650100   2,843,920     59,872      X                            X
CABLETRON SYSTEM               Common Stock                 126920107      34,584      4,224      X                            X
CABOT INDUSTRIAL TRUST         Common Stock                 127072106     171,763      9,100      X                            X
CALIBER LEARNING NETWORK INC   Common Stock                 129914107     100,000     25,000      X                            X
CAMDEN PROPERTY TRUST          Common Stock                 133131102     539,402     21,794      X                            X
CAMPBELL SOUP CO.              Common Stock                 134429109     462,780     11,374      X                            X
CANWEST GLOBAL COMM. CORP.     Common Stock                 138906300     853,713     65,356      X                            X
CAPITAL AUTOMOTIVE REIT        Common Stock                 139733109     131,838     10,600      X                            X
CAPITAL ONE FINANCIAL CORP     Common Stock                 14040H105     256,700      1,700      X                            X
CAPTEC NET LEASE REALTY INC    Common Stock                 140724105      61,100      4,700      X                            X
CARAUSTAR INDUSTRIES INC       Common Stock                 140909102   2,070,000     90,000      X                            X
CARDINAL HEALTH INC.           Common Stock                 14149Y108   1,452,000     22,000      X                            X
CARNIVAL CORP                  Common Stock                 143658102     740,578     15,250      X                            X
CAROLINA POWER & LIGHT         Common Stock                 144141108     148,376      3,924      X                            X
CARRAMERICA REALTY CORP        Common Stock                 144418100     721,775     32,715      X                            X
<PAGE>

FORM 13F For 3/31/99                           NAME OF REPORTING MANAGER: Aon ADVISORS                                      Page  5

ITEM: 1                        ITEM: 2                      ITEM: 3    ITEM: 4     ITEM: 5     ITEM: 6        ITEM: 7       ITEM: 8

                                                                                             Investment                    Voting
                                                                                             Discretion                   Authority
                                                                                           A)Sole B)Shared                 (Shares)
                                                                                             C)Shared as                    A)Sole 
                                                                      Fair Market     Par   defined Other     Managers     B)Shares 
Name of Issuer                 Title of Class               Cusip         Value      Shares   in Instr. V   See Instr. V    C)None
===================================================================================================================================
CARREKER-ANTINORI INC          Common Stock                 144433109      23,844      3,500      X                            X
CASE CORPORATION               Common Stock                 14743R103      48,416      1,908      X                            X
CATERPILLAR, INC.              Common Stock                 149123101     418,583      9,112      X                            X
CENDANT CORPORATION            Common Stock                 151313103     346,688     21,753      X                            X
CENTERPOINT PROPERTIES TRUST   Common Stock                 151895109   1,449,531     46,385      X                            X
CENTERTRUST RETAIL PROPERTIES, Common Stock                 152038105     145,245     12,630      X                            X
CENTEX CORP                    Common Stock                 152312104      51,598      1,546      X                            X
CENTRAL & SOUTH WEST CORP      Common Stock                 152357109     128,227      5,471      X                            X
CENTRAL GARDEN & PET CO.       Common Stock                 153527106     421,875     25,000      X                            X
CENTURY TELEPHONE ENTERPRISES  Common Stock                 156686107     238,850      3,400      X                            X
CERIDIAN CORPORATION           Common Stock                 15677T106     135,574      3,708      X                            X
CHAMPION INTERNATIONAL CORP    Common Stock                 158525105     101,753      2,478      X                            X
CHANCELLOR MEDIA CORP          Common Stock                 158915108   6,670,619    141,552      X                            X
CHASE MANHATTAN NEW            Common Stock                 16161A108   1,752,980     21,542      X                            X
CHATEAU COMMUNITIES INC        Common Stock                 161726104     376,475     13,690      X                            X
CHELSEA GCA REALTY INC         Common Stock                 163262108     211,711      7,595      X                            X
CHEVRON CORP                   Common Stock                 166751107   1,489,491     16,783      X                            X
CHUBB CORP                     Common Stock                 171232101     239,755      4,094      X                            X
CINCINNATI BELL INC            Common Stock                 171870108     785,313     35,000      X                            X
CINAR CORP CL B SUB VTG        Common Stock                 171905300     575,000     25,000      X                            X
CINCINNATI FINANCIAL CORP      Common Stock                 172062101     156,681      4,300      X                            X
CINERGY CORP.                  Common Stock                 172474108     112,283      4,083      X                            X
CIRCUIT CITY STORES            Common Stock                 172737108     194,015      2,532      X                            X
CISCO SYSTEMS                  Common Stock                 17275R102  10,694,834     97,614      X                            X
CITIGROUP INC.                 Common Stock                 172967101   6,165,087     96,518      X                            X
CITRIX SYSTEMS INC             Common Stock                 177376100     228,750      6,000      X                            X
CLEAR CHANNEL COMMUNICATIONS   Common Stock                 184502102  10,493,672    156,476      X                            X
CLEARNET COMMUNICATIONS-CL A   Common Stock                 184902104     405,705     30,728      X                            X
CLOROX CO                      Common Stock                 189054109     338,203      2,886      X                            X
COACH USA INC.                 Common Stock                 18975L106     962,500     35,000      X                            X
COASTAL CORP.                  Common Stock                 190441105     180,576      5,472      X                            X
COCA COLA CO                   Common Stock                 191216100   3,860,917     62,907      X                            X
COCA-COLA ENTERPRISES INC      Common Stock                 191219104   1,058,750     35,000      X                            X
COINMACH LAUNDRY CORP          Common Stock                 19259L101     615,000     60,000      X                            X
COLGATE PALMOLIVE CO           Common Stock                 194162103     684,664      7,442      X                            X
COLONIAL PROPERTIES TRUST      Common Stock                 195872106   2,398,530     94,060      X                            X
<PAGE>

FORM 13F For 3/31/99                           NAME OF REPORTING MANAGER: Aon ADVISORS                                      Page  6

ITEM: 1                        ITEM: 2                      ITEM: 3    ITEM: 4     ITEM: 5     ITEM: 6        ITEM: 7       ITEM: 8

                                                                                             Investment                    Voting
                                                                                             Discretion                   Authority
                                                                                           A)Sole B)Shared                 (Shares)
                                                                                             C)Shared as                    A)Sole 
                                                                      Fair Market     Par   defined Other     Managers     B)Shares 
Name of Issuer                 Title of Class               Cusip         Value      Shares   in Instr. V   See Instr. V    C)None
===================================================================================================================================
COLUMBIA BANKING SYSTEM INC    Common Stock                 197236102     543,375     36,225      X                            X
COLUMBIA ENERGY SYSTEMS, INC.  Common Stock                 197648108     110,300      2,111      X                            X
COLUMBIA HEALTHCARE CORP.      Common Stock                 197677107     310,537     16,398      X                            X
COMFORT SYSTEMS USA INC        Common Stock                 199908104     877,500     60,000      X                            X
COMCAST CORP.                  Common Stock                 200300200     589,850      9,372      X                            X
COMERICA INC.                  Common Stock                 200340107     252,185      4,039      X                            X
COMMERCIAL NET LEASE REALTY    Common Stock                 202218103     161,268     14,415      X                            X
COMPAQ COMPUTER                Common Stock                 204493100   5,322,454    167,967      X                            X
COMPLETE BUSINESS SOLUTIONS    Common Stock                 20452F107     137,375      7,000      X                            X
COMPUTER ASSOCIATION INT'L     Common Stock                 204912109     485,215     13,644      X                            X
COMPUTER SCIENCES CORP         Common Stock                 205363104     219,536      3,978      X                            X
COMPUWARE CORP.                Common Stock                 205638109     226,813      9,500      X                            X
COMVERSE TECHNOLOGY,INC        Common Stock                 205862402     425,000      5,000      X                            X
CONAGRA                        Common Stock                 205887102     317,648     12,396      X                            X
CONSECO INC                    Common Stock                 208464107     245,672      7,957      X                            X
CONSOLIDATED EDISON,INC.       Common Stock                 209115104     269,202      5,941      X                            X
CONSOLIDATED NATURAL GAS CO.   Common Stock                 209615103     120,648      2,478      X                            X
CONSOLIDATED STORES CORP       Common Stock                 210149100      84,875      2,800      X                            X
COOPER INDUSTRIES INC.         Common Stock                 216669101     112,487      2,639      X                            X
COOPER TIRE & RUBBER CO        Common Stock                 216831107      36,199      1,970      X                            X
ADOLPH COORS COMPANY CL. B     Common Stock                 217016104      50,274        931      X                            X
CORE INC.                      Common Stock                 21867P102     901,963    122,300      X                            X
CORNERSTONE PROPANE PARTNERS   Common Stock                 218916104     430,100     27,200      X                            X
CORNERSTONE PROPERTIES         Common Stock                 21922H103     916,988     62,700      X                            X
CORNERSTONE REALTY INCOME TR   Common Stock                 21922V102     224,188     21,100      X                            X
CORNING INC.                   Common Stock                 219350105     353,220      5,887      X                            X
CORRECTIONAL PROPERTIES TRUST  Common Stock                 22025E104      52,500      3,500      X                            X
COSTCO COMPANIES               Common Stock                 22160Q102     522,730      5,709      X                            X
COUNTRYWIDE CREDIT IND INC     Common Stock                 222372104     105,000      2,800      X                            X
COUSINS PROPERTIES INC.        Common Stock                 222795106     449,689     15,540      X                            X
CRANE CO.                      Common Stock                 224399105      43,828      1,812      X                            X
CRESENT REAL ESTATE EQUITIES   Common Stock                 225756105   1,273,123     59,215      X                            X
CROWN AMERN REALTY TRUST       Common Stock                 228186102      84,923     13,065      X                            X
CROWN CORK & SEAL COMPANY      Common Stock                 228255105      90,115      3,155      X                            X
CUMMINS ENGINE INC.            Common Stock                 231021106      36,665      1,031      X                            X
CYPRUS AMAX MINERALS CO        Common Stock                 232809103      28,833      2,378      X                            X
<PAGE>

FORM 13F For 3/31/99                           NAME OF REPORTING MANAGER: Aon ADVISORS                                      Page  7

ITEM: 1                        ITEM: 2                      ITEM: 3    ITEM: 4     ITEM: 5     ITEM: 6        ITEM: 7       ITEM: 8

                                                                                             Investment                    Voting
                                                                                             Discretion                   Authority
                                                                                           A)Sole B)Shared                 (Shares)
                                                                                             C)Shared as                    A)Sole 
                                                                      Fair Market     Par   defined Other     Managers     B)Shares 
Name of Issuer                 Title of Class               Cusip         Value      Shares   in Instr. V   See Instr. V    C)None
===================================================================================================================================
DRS TECHNOLOGIES, INC.         Common Stock                 23330X100     136,000     17,000      X                            X
DTE ENERGY CORPORATION         Common Stock                 233331107     162,091      4,217      X                            X
DANA CORP                      Common Stock                 235811106   2,196,552     57,804      X                            X
DANAHER CORP                   Common Stock                 235851102     177,650      3,400      X                            X
DARDEN RESTAURANTS INC.        Common Stock                 237194105      73,796      3,578      X                            X
DATA GENERAL CORP              Common Stock                 237688106      13,476      1,331      X                            X
DAYTON HUDSON CORP             Common Stock                 239753106   3,354,569     50,350      X                            X
DEAN FOODS CO                  Common Stock                 242361103   2,137,500     60,000      X                            X
DEERE & CO                     Common Stock                 244199105     235,999      6,110      X                            X
DELIAS INC                     Common Stock                 246885107     378,000     12,000      X                            X
DELL COMPUTER CORP             Common Stock                 247025109   7,552,392    184,768      X                            X
DELTA AIR LINES, INC.          Common Stock                 247361108     252,424      3,632      X                            X
DELUXE CORP                    Common Stock                 248019101      58,716      2,016      X                            X
DEVELOPERS DIVERSIFIED REALTY  Common Stock                 251591103   1,797,650    125,600      X                            X
DIGITAL RIVER INC              Common Stock                 25388B104   1,280,000     32,000      X                            X
DILLARDS, INC.                 Common Stock                 254067101      70,872      2,793      X                            X
THE WALT DISNEY CO.            Common Stock                 254687106   4,744,166    152,423      X                            X
DIVA SYSTEMS                   Common Stock                 255013153           0      1,707      X                            X
DOLLAR GENERAL                 Common Stock                 256669102     160,650      4,725      X                            X
DOMINION RESOURCES INC VA      Common Stock                 257470104     184,466      4,994      X                            X
DONNELLEY R R & SONS CO        Common Stock                 257867101     110,210      3,424      X                            X
DOVER CORP                     Common Stock                 260003108     186,927      5,686      X                            X
DOW CHEMICAL                   Common Stock                 260543103     526,323      5,648      X                            X
DOW JONES & CO INC.            Common Stock                 260561105     112,212      2,378      X                            X
DUPONT (E.I.) DENEMOURS & CO   Common Stock                 263534109   5,145,383     88,618      X                            X
DUKE POWER COMPANY             Common Stock                 264399106     506,906      9,248      X                            X
DUKE REALTY INVESTMENTS INC.   Common Stock                 264411505     880,640     40,960      X                            X
DUN & BRADSTREET (NEW)         Common Stock                 26483B106     151,050      4,240      X                            X
EG & G INC                     Common Stock                 268457108      30,041      1,139      X                            X
EMC CORP./MASS                 Common Stock                 268648102   4,664,153     36,510      X                            X
EASTERN ENTERPRISES            Common Stock                 27637F100      19,715        542      X                            X
EASTGROUP PROPERTIES           Common Stock                 277276101     128,919      7,995      X                            X
EASTMAN CHEMICAL               Common Stock                 277432100   2,820,795     67,062      X                            X
EASTMAN KODAK                  Common Stock                 277461109     525,436      8,226      X                            X
EATON CORPORATION              Common Stock                 278058102     133,133      1,862      X                            X
ECOLAB INC.                    Common Stock                 278865100     117,221      3,302      X                            X
<PAGE>

FORM 13F For 3/31/99                           NAME OF REPORTING MANAGER: Aon ADVISORS                                      Page  8

ITEM: 1                        ITEM: 2                      ITEM: 3    ITEM: 4     ITEM: 5     ITEM: 6        ITEM: 7       ITEM: 8

                                                                                             Investment                    Voting
                                                                                             Discretion                   Authority
                                                                                           A)Sole B)Shared                 (Shares)
                                                                                             C)Shared as                    A)Sole 
                                                                      Fair Market     Par   defined Other     Managers     B)Shares 
Name of Issuer                 Title of Class               Cusip         Value      Shares   in Instr. V   See Instr. V    C)None
===================================================================================================================================
EDISON INTERNATIONAL           Common Stock                 281020107     201,541      9,058      X                            X
ELECTRONIC DATA SYSTEMS CORP   Common Stock                 285661104     618,331     12,700      X                            X
EMERSON ELECTRIC CO            Common Stock                 291011104     585,806     11,066      X                            X
EMMIS BROADCASTING CORP        Common Stock                 291525103   1,275,000     25,500      X                            X
ENGELHARD CORPORATION          Common Stock                 292845104      61,720      3,644      X                            X
ENRON OIL & GAS CORPORATION    Common Stock                 293561106     536,905      8,357      X                            X
ENTERGY CORPORATION            Common Stock                 29364G103     172,893      6,287      X                            X
ENTERTAINMENT PROPERTIES TRUST Common Stock                 29380T105     117,300      6,800      X                            X
EQUIFAX INC                    Common Stock                 294429105     130,625      3,800      X                            X
EQUITY INNS INC.               Common Stock                 294703103     151,513     17,825      X                            X
EQUITY OFFICE PROPERTIES TRUST Common Stock                 294741103   4,137,658    163,060      X                            X
EQUITY RESIDENTIAL PROPERTIES  Common Stock                 29476L107   5,469,709    132,599      X                            X
ESSEX PROPERTY TRUST INC       Common Stock                 297178105     211,743      8,105      X                            X
EXCEL LEGACY CORP.             Common Stock                 300665106     403,219    117,300      X                            X
EXXON CORP                     Common Stock                 302290101   4,355,823     61,730      X                            X
FMC CORPORATION                Common Stock                 302491303      45,968        931      X                            X
FPL GROUP, INC.                Common Stock                 302571104     247,506      4,648      X                            X
FDX CORP                       Common Stock                 31304N107     354,981      3,817      X                            X
FEDERAL HOME LOAN MORTGAGE     Common Stock                 313400301     991,048     17,292      X                            X
FEDERAL NATIONAL MORTGAGE ASSN Common Stock                 313586109   2,862,795     41,340      X                            X
FEDERAL REALTY INV. TRUST      Common Stock                 313747206     414,428     19,560      X                            X
FEDERATED DEPART. STORES INC.  Common Stock                 31410H101     215,511      5,371      X                            X
FELCOR SUITE HOTELS INC.       Common Stock                 31430F101     767,274     33,090      X                            X
FIBERMARK INC                  Common Stock                 315646109   1,417,500    120,000      X                            X
FIFTH THIRD BANCORP            Common Stock                 316773100     444,617      6,743      X                            X
FIRST DATA CORPORATION         Common Stock                 319963104   4,229,813     98,943      X                            X
FIRST INDUSTRIAL REALTY TRUST  Common Stock                 32054K103   2,557,483    106,840      X                            X
FIRST UNION CORP               Common Stock                 337358105   1,347,213     25,211      X                            X
FIRST UNION REAL ESTATE        Common Stock                 337400105      67,375     15,400      X                            X
FIRST WASHINGTON REALTY TRUST  Common Stock                 337489504     797,475     37,200      X                            X
FIRST FEDERAL SAVINGS BANK     Common Stock                 33761K105   1,310,762     54,473      X                            X
FIRSTAR CORP WISC NEW          Common Stock                 33763V109     528,050      5,900      X                            X
FIRSTENTERGY CORP              Common Stock                 337932107     168,672      6,024      X                            X
FLEET FINANCIAL GROUP          Common Stock                 338915101     543,907     14,456      X                            X
FLEETWOOD INT                  Common Stock                 339099103      27,967        977      X                            X
FLUOR CORP.                    Common Stock                 343861100      53,190      1,970      X                            X
<PAGE>

FORM 13F For 3/31/99                           NAME OF REPORTING MANAGER: Aon ADVISORS                                      Page  9

ITEM: 1                        ITEM: 2                      ITEM: 3    ITEM: 4     ITEM: 5     ITEM: 6        ITEM: 7       ITEM: 8

                                                                                             Investment                    Voting
                                                                                             Discretion                   Authority
                                                                                           A)Sole B)Shared                 (Shares)
                                                                                             C)Shared as                    A)Sole 
                                                                      Fair Market     Par   defined Other     Managers     B)Shares 
Name of Issuer                 Title of Class               Cusip         Value      Shares   in Instr. V   See Instr. V    C)None
===================================================================================================================================
FORD MOTOR COMPANY             Common Stock                 345370100   3,444,559     60,764      X                            X
FORT JAMES CORPORATION         Common Stock                 347471104   1,130,293     35,670      X                            X
FORTUNE BRANDS, INC.           Common Stock                 349631101     170,940      4,440      X                            X
FOSTER WHEELER CORPORATION     Common Stock                 350244109      13,156      1,085      X                            X
FOX ENTERTAINMENT GRP INC-A    Common Stock                 35138T107   1,627,500     60,000      X                            X
FRANCHISE FINANCE CORP OF AMER Common Stock                 351807102   2,082,239     98,860      X                            X
FRANKLIN RESOURCES INC         Common Stock                 354613101     182,813      6,500      X                            X
FREEPORT MCMORAN COPPER & GOLD Common Stock                 35671D857      45,773      4,209      X                            X
FRESENIUS MEDICAL CARE - ADR   Common Stock                 358029106          20          1      X                            X
FRONTIER CORP                  Common Stock                 35906P105     228,250      4,400      X                            X
FRUIT OF THE LOOM, INC.        Common Stock                 359416104      20,017      1,862      X                            X
GPU INC.                       Common Stock                 36225X100     121,154      3,247      X                            X
GTE CORPORATION                Common Stock                 362320103   1,484,610     24,539      X                            X
GABLES RESIDENTIAL TRUST       Common Stock                 362418105   1,436,358     65,475      X                            X
GANNETT INC.                   Common Stock                 364730101     452,844      7,188      X                            X
GAP STORES, INC.               Common Stock                 364760108     991,042     14,723      X                            X
GATEWAY 2000 INC               Common Stock                 367833100     274,250      4,000      X                            X
GENERAL DYNAMICS               Common Stock                 369550108     205,729      3,202      X                            X
GENERAL ELECTRIC               Common Stock                 369604103  16,705,481    151,010      X                            X
GENERAL GROWTH PROPERTIES INC. Common Stock                 370021107     567,818     17,505      X                            X
GENERAL INSTRUMENTS CORP       Common Stock                 370120107     129,222      4,263      X                            X
GENERAL MILLS INC.             Common Stock                 370334104     293,031      3,878      X                            X
GENERAL MOTORS CORP            Common Stock                 370442105   2,320,116     26,668      X                            X
GENUINE PARTS CO               Common Stock                 372460105     133,114      4,620      X                            X
GEORGIA-PACIFIC CORP           Common Stock                 373298108     157,707      2,124      X                            X
GETTY IMAGES, INC              Common Stock                 374276103     861,000     41,000      X                            X
GILLETTE COMPANY               Common Stock                 375766102   1,677,564     28,224      X                            X
GLENBOROUGH REALTY TRUST       Common Stock                 37803P105     263,415     15,495      X                            X
GLIMCHER REALTY TRUST          Common Stock                 379302102     167,469     11,650      X                            X
GOLDEN WEST FINANCIAL GROUP    Common Stock                 381317106     138,189      1,447      X                            X
GOLF TRUST OF AMERICA, INC.    Common Stock                 38168B103      82,788      3,700      X                            X
B.F. GOODRICH                  Common Stock                 382388106      64,954      1,893      X                            X
GOODYEAR TIRE & RUBBER         Common Stock                 382550101     198,154      3,978      X                            X
W R GRACE (NEW)                Common Stock                 38388F108      22,116      1,824      X                            X
GRAINGER W W INC               Common Stock                 384802104     105,073      2,440      X                            X
GREAT ATLANTIC PACIFIC TEA CO  Common Stock                 390064103      30,930      1,031      X                            X
<PAGE>

FORM 13F For 3/31/99                           NAME OF REPORTING MANAGER: Aon ADVISORS                                      Page 10

ITEM: 1                        ITEM: 2                      ITEM: 3    ITEM: 4     ITEM: 5     ITEM: 6        ITEM: 7       ITEM: 8

                                                                                             Investment                    Voting
                                                                                             Discretion                   Authority
                                                                                           A)Sole B)Shared                 (Shares)
                                                                                             C)Shared as                    A)Sole 
                                                                      Fair Market     Par   defined Other     Managers     B)Shares 
Name of Issuer                 Title of Class               Cusip         Value      Shares   in Instr. V   See Instr. V    C)None
===================================================================================================================================
GREAT LAKES CHEMICAL CORP      Common Stock                 390568103      55,162      1,501      X                            X
GREAT LAKES REIT               Common Stock                 390752103     120,350      8,300      X                            X
GUIDANT CORP                   Common Stock                 401698105     463,672      7,664      X                            X
HCR MANOR CARE                 Common Stock                 404134108      63,898      2,801      X                            X
HRPT PROPERTIES, INC           Common Stock                 40426W101   2,785,050    206,300      X                            X
HALLIBURTON COMPANY            Common Stock                 406216101     424,809     11,034      X                            X
HARCOURT GENERAL INC.          Common Stock                 41163G101      80,117      1,808      X                            X
HARNISCHFEGER, INC.            Common Stock                 413345109       7,200      1,266      X                            X
HARRAH'S ENTERTAINMENT INC     Common Stock                 413619107      60,733      3,186      X                            X
HARRIS CORPORATION             Common Stock                 413875105      59,025      2,062      X                            X
HARTFORD FINANCIAL SERVICES    Common Stock                 416515104     340,534      5,994      X                            X
HARTMARX                       Common Stock                 417119104     532,838    109,300      X                            X
HASBRO                         Common Stock                 418056107     145,628      5,033      X                            X
HEALTH CARE PPTYS INVEST INC   Common Stock                 421915109     552,000     19,200      X                            X
HEALTHSOUTH CORP               Common Stock                 421924101     112,050     10,800      X                            X
HEALTHCARE REALTY TRUST INC.   Common Stock                 421946104     262,200     13,800      X                            X
HEALTH CARE REIT, INC.         Common Stock                 42217K106   1,749,563     81,375      X                            X
HEARTLAND EXPRESS INC          Common Stock                 422347104     546,750     36,000      X                            X
HEINZ H J CO.                  Common Stock                 423074103     437,271      9,230      X                            X
HELMERICH AND PAYNE INC.       Common Stock                 423452101      28,722      1,266      X                            X
HERCULES INCORPORATED          Common Stock                 427056106      65,625      2,599      X                            X
HERSHEY FOOD CORP              Common Stock                 427866108     214,383      3,824      X                            X
HEWLETT PACKARD COMPANY        Common Stock                 428236103   5,146,019     75,886      X                            X
HIGHWOOD PROPERTIES INC        Common Stock                 431284108     686,140     29,120      X                            X
HILTON HOTELS CORP.            Common Stock                 432848109      92,841      6,602      X                            X
HOLLINGER INTL INC             Common Stock                 435569108      37,433      2,760      X                            X
HOME DEPOT INC                 Common Stock                 437076102   4,494,575     72,202      X                            X
HOME PROPERTIES OF NY INC      Common Stock                 437306103     189,625      8,200      X                            X
HOMESTAKE MINING CO            Common Stock                 437614100      52,362      6,071      X                            X
HONEYWELL, INC.                Common Stock                 438506107   2,900,207     38,255      X                            X
HOSPITALITY PROPERTIES TRUST   Common Stock                 44106M102   1,484,784     54,865      X                            X
HOST MARRIOTT CORP             Common Stock                 44107P104   1,637,155    147,160      X                            X
HOUSEHOLD INTERNATIONAL INC    Common Stock                 441815107   2,614,541     57,305      X                            X
HUMANA INC.                    Common Stock                 444859102      73,002      4,232      X                            X
HUNTINGTON BANCSHARES          Common Stock                 446150104     167,063      5,400      X                            X
IDT CORP                       Common Stock                 448947101   1,080,000     60,000      X                            X
<PAGE>

FORM 13F For 3/31/99                           NAME OF REPORTING MANAGER: Aon ADVISORS                                      Page 11

ITEM: 1                        ITEM: 2                      ITEM: 3    ITEM: 4     ITEM: 5     ITEM: 6        ITEM: 7       ITEM: 8

                                                                                             Investment                    Voting
                                                                                             Discretion                   Authority
                                                                                           A)Sole B)Shared                 (Shares)
                                                                                             C)Shared as                    A)Sole 
                                                                      Fair Market     Par   defined Other     Managers     B)Shares 
Name of Issuer                 Title of Class               Cusip         Value      Shares   in Instr. V   See Instr. V    C)None
===================================================================================================================================
IMS HEALTH, INC.               Common Stock                 449934108     267,650      8,080      X                            X
IRT PROPERTY COMPANY           Common Stock                 450058102     143,468     16,280      X                            X
ITT INDUSTRIES                 Common Stock                 450911102      93,638      2,647      X                            X
IKON OFFICE SOLUTION INC.      Common Stock                 451713101      48,111      3,755      X                            X
ILLINOIS TOOL WORKS INC.       Common Stock                 452308109   4,727,374     76,402      X                            X
INCO LTD                       Common Stock                 453258402      57,057      4,286      X                            X
INGERSOLL RAND CO.             Common Stock                 456866102     208,822      4,208      X                            X
INNKEEPERS USA TRUST           Common Stock                 4576J0104     202,547     21,750      X                            X
INTEL CORPORATION              Common Stock                 458140100   8,956,756     75,346      X                            X
INTERFACE INC.                 Common Stock                 458665106   2,285,957    237,502      X                            X
INT'L BUSINESS MACHINES        Common Stock                 459200101   5,045,244     28,464      X                            X
INTERNATIONAL FLV & FRAGRANCE  Common Stock                 459506101     869,159     23,139      X                            X
INTERNATIONAL PAPER COMPANY    Common Stock                 460146103     329,063      7,800      X                            X
INTL TELECOM DATA SYSTEMS      Common Stock                 46047F104     371,250     30,000      X                            X
INTERPUBLIC GROUP COS          Common Stock                 460690100     278,325      3,574      X                            X
IRVINE APARTMENT COMMUNITIES   Common Stock                 463606103     324,969      9,885      X                            X
JDN REALTY CORP                Common Stock                 465917102     318,099     16,005      X                            X
JP REALTY INC                  Common Stock                 46624A106     169,509      8,610      X                            X
JAMESON INNS                   Common Stock                 470457102      43,998      4,855      X                            X
JEFFERSON PILOT CORPORATION    Common Stock                 475070108     185,771      2,742      X                            X
JOHNSON & JOHNSON              Common Stock                 478160104  11,566,418    123,705      X                            X
JOHNSON CONTROLS INC.          Common Stock                 478366107     135,354      2,170      X                            X
JOSTENS INC                    Common Stock                 481088102      19,784        931      X                            X
JOURNAL REGISTER CO.           Common Stock                 481138105     428,400     35,700      X                            X
KLA TENCOR CORP                Common Stock                 482480100     106,838      2,200      X                            X
KMART                          Common Stock                 482584109     213,468     12,697      X                            X
KAUFMAN & BROAD HOME           Common Stock                 486168107      27,774      1,231      X                            X
KELLOGG CO                     Common Stock                 487836108     349,689     10,342      X                            X
KELLSTROM INDUSTRIES           Common Stock                 488035106     523,875     33,000      X                            X
KERR MCGEE CORP                Common Stock                 492386107      74,062      2,257      X                            X
KEYCORP                        Common Stock                 493267108     350,837     11,574      X                            X
KILROY REALTY CORP             Common Stock                 49427F108     276,750     13,500      X                            X
KIMBERLY CLARK CORP            Common Stock                 494368103     661,538     13,800      X                            X
KIMCO REALTY CORP.             Common Stock                 49446R109   1,041,719     28,250      X                            X
KING WORLD PRODUCTIONS         Common Stock                 495667107      56,907      1,862      X                            X
KNIGHT RIDDER NEWSPAPER INC    Common Stock                 499040103     103,900      2,078      X                            X
<PAGE>

FORM 13F For 3/31/99                           NAME OF REPORTING MANAGER: Aon ADVISORS                                      Page 12

ITEM: 1                        ITEM: 2                      ITEM: 3    ITEM: 4     ITEM: 5     ITEM: 6        ITEM: 7       ITEM: 8

                                                                                             Investment                    Voting
                                                                                             Discretion                   Authority
                                                                                           A)Sole B)Shared                 (Shares)
                                                                                             C)Shared as                    A)Sole 
                                                                      Fair Market     Par   defined Other     Managers     B)Shares 
Name of Issuer                 Title of Class               Cusip         Value      Shares   in Instr. V   See Instr. V    C)None
===================================================================================================================================
KNIGHT TRANSPORTATION INC      Common Stock                 499064103     581,250     30,000      X                            X
KOGER EQUITY INC.              Common Stock                 500228101     174,688     13,000      X                            X
KOHLS CORP                     Common Stock                 500255104     283,500      4,000      X                            X
KONOVER PROPERTY TRUST, INC    Common Stock                 50047R100      91,438     15,400      X                            X
KRANZCO REALTY TRUST           Common Stock                 50076E103      60,598      5,130      X                            X
KROGER                         Common Stock                 501044101   4,262,262     71,186      X                            X
LSI LOGIC                      Common Stock                 502161102     113,990      3,655      X                            X
LTC HEALTHCARE, INC.           Common Stock                 50217R104       8,967      4,348      X                            X
L-3 COMMUNICATIONS HLDGS INC   Common Stock                 502424104   1,003,625     21,700      X                            X
LAIDLAW INCORPORATED           Common Stock                 50730K503      48,575      8,357      X                            X
LASALLE HOTEL PROPERTIES       Common Stock                 517942108      98,050      7,400      X                            X
LEHMAN BROTHERS                Common Stock                 524908100     173,275      2,900      X                            X
LEXFORD RESIDENTIAL TRUST      Common Stock                 528933104      79,606      4,700      X                            X
LEXINGTON CORP PPTY TRUST      Common Stock                 529043101      92,838      8,345      X                            X
LIBBEY INC                     Common Stock                 529898108   1,705,000     55,000      X                            X
LIBERTY PROPERTY TRUST         Common Stock                 531172104     665,764     32,085      X                            X
ELI LILLY & CO.                Common Stock                 532457108   2,375,991     27,994      X                            X
THE LIMITED INC                Common Stock                 532716107     227,685      5,746      X                            X
LINCOLN NATIONAL CORPORATION   Common Stock                 534187109     255,691      2,586      X                            X
LITTELFUSE, INC.               Common Stock                 537008104   1,139,250     62,000      X                            X
LIZ CLAIBORNE INC.             Common Stock                 539320101      55,724      1,708      X                            X
LOCKHEED MARTIN                Common Stock                 539830109   1,507,811     39,942      X                            X
LOEWS CORP                     Common Stock                 540424108     215,890      2,893      X                            X
LONG DRUG STORES CORP.         Common Stock                 543162101      29,951        984      X                            X
LOUISIANA PACIFIC CORP         Common Stock                 546347105      52,876      2,839      X                            X
LOWES COS INC.                 Common Stock                 548661107     543,290      8,980      X                            X
LUCENT TECHNOLOGIES, INC.      Common Stock                 549463107   7,429,320     68,790      X                            X
MBIA INC                       Common Stock                 55262C100     149,060      2,570      X                            X
MBNA CORPORATION               Common Stock                 55262L100     490,846     20,559      X                            X
MCI WORLDCOM INC               Common Stock                 55268B106   5,900,654     66,627      X                            X
MGIC INVESTMENT CORP           Common Stock                 552848103      97,965      2,794      X                            X
MMI COMPANIES INC.             Common Stock                 553087107   1,709,700    111,200      X                            X
THE MACERICH COMPANY           Common Stock                 554382101     655,102     28,875      X                            X
MACK-CALI REALTY CORP.         Common Stock                 554489104   3,231,103    109,995      X                            X
MALLINCKRODT GROUP INC.        Common Stock                 561232109      49,576      1,862      X                            X
MANUFACTURED HOME COMMUNITIES  Common Stock                 564682102     307,560     12,815      X                            X
<PAGE>

FORM 13F For 3/31/99                           NAME OF REPORTING MANAGER: Aon ADVISORS                                      Page 13

ITEM: 1                        ITEM: 2                      ITEM: 3    ITEM: 4     ITEM: 5     ITEM: 6        ITEM: 7       ITEM: 8

                                                                                             Investment                    Voting
                                                                                             Discretion                   Authority
                                                                                           A)Sole B)Shared                 (Shares)
                                                                                             C)Shared as                    A)Sole 
                                                                      Fair Market     Par   defined Other     Managers     B)Shares 
Name of Issuer                 Title of Class               Cusip         Value      Shares   in Instr. V   See Instr. V    C)None
===================================================================================================================================
MARSH & MCLENNAN COS           Common Stock                 571748102     581,675      7,834      X                            X
MARRIOTT INT'L INC - NEW       Common Stock                 571903202     212,174      6,310      X                            X
MASCO CORPORATION              Common Stock                 574599106     244,758      8,664      X                            X
MATTEL, INC.                   Common Stock                 577081102     181,745      7,288      X                            X
MAY DEPT STORES                Common Stock                 577778103     347,958      8,894      X                            X
MAYTAG CORP                    Common Stock                 578592107     128,720      2,132      X                            X
MCDERMOTT INTERNATIONAL        Common Stock                 580037109      40,323      1,593      X                            X
MCDONALDS CORP                 Common Stock                 580135101   1,560,744     34,444      X                            X
MCGRAW-HILL INC                Common Stock                 580645109     275,988      5,064      X                            X
MCKESSON HBOC, INC.            Common Stock                 58155Q103     440,220      6,670      X                            X
MEAD CORP                      Common Stock                 582834107      82,595      2,686      X                            X
MEADOWCRAFT INC                Common Stock                 583204102     405,000     67,500      X                            X
MEDIAONE GROUP, INC.           Common Stock                 58440J104     981,188     15,467      X                            X
MEDITRUST CORP                 Common Stock                 58501T306     587,460     47,233      X                            X
MEDTRONIC INC                  Common Stock                 585055106   1,070,075     14,888      X                            X
MELLON BANK CORPORATION        Common Stock                 585509102     465,179      6,610      X                            X
MERCANTILE BANCORPORATION      Common Stock                 587342106     190,000      4,000      X                            X
MERCK & CO.                    Common Stock                 589331107   8,357,038    104,300      X                            X
MEREDITH CORPORATION           Common Stock                 589433101      42,315      1,346      X                            X
MERISTAR HOSPITALITY CORP      Common Stock                 58984Y103     410,728     22,583      X                            X
MERRILL LYNCH                  Common Stock                 590188108     794,022      8,972      X                            X
MESA LABORATORIES INC.         Common Stock                 59064R109     195,000     39,000      X                            X
METALS USA INC                 Common Stock                 591324108     350,000     40,000      X                            X
FRED MEYER INC                 Common Stock                 592907109     241,388      4,100      X                            X
MICROSOFT CORP.                Common Stock                 594918104  13,848,855    154,520      X                            X
MICRON TECHNOLOGY INC.         Common Stock                 595112103     302,184      6,271      X                            X
MID-AMERICA APARTMENT COMM.    Common Stock                 59522J103     367,543     17,195      X                            X
MID ATLANTIC REALTY TRUST      Common Stock                 595232109      70,725      6,900      X                            X
CINCINNATI MILACRON INC.       Common Stock                 598709103      16,238      1,031      X                            X
MILLIPORE CORPORATION          Common Stock                 601073109      26,827      1,112      X                            X
MILLS CORPORATION              Common Stock                 601148109     212,470     11,845      X                            X
MINNESOTA MINING MFG           Common Stock                 604059105   5,670,047     80,142      X                            X
MIRAGE RESORTS INC             Common Stock                 60462E104      97,750      4,600      X                            X
MOBIL OIL CORP.                Common Stock                 607059102   6,586,448     74,846      X                            X
MONSANTO COMPANY               Common Stock                 611662107     731,693     15,928      X                            X
MOORE LTD                      Common Stock                 615785102      22,041      2,232      X                            X
<PAGE>

FORM 13F For 3/31/99                           NAME OF REPORTING MANAGER: Aon ADVISORS                                      Page 14

ITEM: 1                        ITEM: 2                      ITEM: 3    ITEM: 4     ITEM: 5     ITEM: 6        ITEM: 7       ITEM: 8

                                                                                             Investment                    Voting
                                                                                             Discretion                   Authority
                                                                                           A)Sole B)Shared                 (Shares)
                                                                                             C)Shared as                    A)Sole 
                                                                      Fair Market     Par   defined Other     Managers     B)Shares 
Name of Issuer                 Title of Class               Cusip         Value      Shares   in Instr. V   See Instr. V    C)None
===================================================================================================================================
MORGAN (JP) & CO               Common Stock                 616880100     543,097      4,402      X                            X
MORGAN STANLEY DEAN WITTER & C Common Stock                 617446448   4,733,400     47,364      X                            X
MORTON INTERNATIONAL, INC      Common Stock                 619335102     114,550      3,117      X                            X
MOTOROLA INC.                  Common Stock                 620076109   2,584,407     35,282      X                            X
NACCO INDUSTRIES INC HOLDING   Common Stock                 629579103      14,368        194      X                            X
NALCO CHEMICAL CO.             Common Stock                 629853102      46,591      1,754      X                            X
NATIONAL CITY CORP             Common Stock                 635405103     559,740      8,433      X                            X
NATIONAL GOLF PROPERTIES INC.  Common Stock                 63623G109     134,090      6,095      X                            X
NATIONAL HEALTH INVESTORS INC. Common Stock                 63633D104     455,800     21,200      X                            X
NATIONAL R.V. HOLDINGS INC     Common Stock                 637277104     663,750     30,000      X                            X
NATIONAL SEMICONDUCTOR         Common Stock                 637640103      39,699      4,263      X                            X
NATIONAL SERVICES INDS INC     Common Stock                 637657107      38,797      1,139      X                            X
NAVISTAR INTERNATIONAL CORP    Common Stock                 63934E108      70,810      1,762      X                            X
NEW CENTURIES ENERGIES INC     Common Stock                 64352U103      98,781      2,900      X                            X
NEW PLAN EXCEL REALTY, INC     Common Stock                 648053106   2,368,160    123,422      X                            X
NEW YORK TIMES CO              Common Stock                 650111107     132,924      4,664      X                            X
NEWELL RUBBERMAID, INC.        Common Stock                 651192106     194,988      4,105      X                            X
NEWELL RUBBERMAID, INC         Common Stock                 651229106   2,766,044     58,233      X                            X
NEWMONT MINING CORP.           Common Stock                 651639106      74,060      4,232      X                            X
NEWPARK RESOURCES INC.         Common Stock                 651718504     827,834    114,184      X                            X
NEWS CORP ADS                  Common Stock                 652487703   1,180,000     40,000      X                            X
NEXTEL COMMUNICATION INC       Common Stock                 65332V103     269,194      7,350      X                            X
NIAGARA MOHAWK HOLDINGS, INC.  Common Stock                 653520106      64,728      4,817      X                            X
NICOR, INC                     Common Stock                 654086107      46,467      1,293      X                            X
NIKE INC                       Common Stock                 654106103     423,022      7,333      X                            X
NOKIA CORPORATION              Common Stock                 654902204     467,250      3,000      X                            X
NORDSTROM INC                  Common Stock                 655664100     144,371      3,532      X                            X
NORFOLK SOUTHERN CORP          Common Stock                 655844108   9,146,929    346,803      X                            X
NORTHERN STATES PWR MINN       Common Stock                 665772109      90,617      3,908      X                            X
NORTHERN TELECOM LTD           Common Stock                 665815106   1,047,502     16,861      X                            X
NORTHERN TRUST CORP            Common Stock                 665859104     248,675      2,800      X                            X
NORTHROP GRUMMAN CORP          Common Stock                 666807102      94,243      1,574      X                            X
NOVA CHEMICALS CORP            Common Stock                 66977W109      16,750      1,000      X                            X
NOVELL                         Common Stock                 670006105     218,829      8,688      X                            X
NUCOR CORP                     Common Stock                 670346105   4,153,772     94,270      X                            X
OCCIDENTAL PETROLEUM           Common Stock                 674599105   5,107,752    283,764      X                            X
<PAGE>

FORM 13F For 3/31/99                           NAME OF REPORTING MANAGER: Aon ADVISORS                                      Page 15

ITEM: 1                        ITEM: 2                      ITEM: 3    ITEM: 4     ITEM: 5     ITEM: 6        ITEM: 7       ITEM: 8

                                                                                             Investment                    Voting
                                                                                             Discretion                   Authority
                                                                                           A)Sole B)Shared                 (Shares)
                                                                                             C)Shared as                    A)Sole 
                                                                      Fair Market     Par   defined Other     Managers     B)Shares 
Name of Issuer                 Title of Class               Cusip         Value      Shares   in Instr. V   See Instr. V    C)None
===================================================================================================================================
OCULAR SCIENCES INC            Common Stock                 675744106   1,004,063     35,000      X                            X
OMNICOM INC                    Common Stock                 681919106     346,929      4,340      X                            X
OMEGA HEALTHCARE INVESTORS     Common Stock                 681936100   1,628,563     71,000      X                            X
OMEGA WORLDWIDE INC            Common Stock                 68210B108     106,074     28,286      X                            X
ONEOK, INCORPORATED            Common Stock                 682678107      11,138        450      X                            X
ONEMAIN.COM INC                Common Stock                 68267P109     474,875     13,100      X                            X
ONEOK INC                      Common Stock                 682680103       9,900        400      X                            X
ORACLE SYSTEMS CORP            Common Stock                 68389X105     969,400     36,755      X                            X
O'REILLY AUTOMOTIVE INC        Common Stock                 686091109     671,250     15,000      X                            X
OUTDOOR SYSTEMS, INC.          Common Stock                 690057104   4,161,210    138,707      X                            X
OWENS CORNING                  Common Stock                 69073F103      44,315      1,393      X                            X
OWENS-ILLINOIS                 Common Stock                 690768403     100,000      4,000      X                            X
PECO ENERGY CO.                Common Stock                 693304107     265,151      5,733      X                            X
P G & E CORPORATION            Common Stock                 69331C108     300,934      9,688      X                            X
THE PMI GROUP INC.             Common Stock                 69344M101     927,500     20,000      X                            X
PNC BANK CORP                  Common Stock                 693475105     426,720      7,680      X                            X
PP & L RESOURCES               Common Stock                 693499105      94,842      3,832      X                            X
PPG INDS INC.                  Common Stock                 693506107     230,728      4,502      X                            X
PS BUSINESS PARKS INC          Common Stock                 69360J107     254,475     11,600      X                            X
PACCAR INC.                    Common Stock                 693718108      80,810      1,962      X                            X
PACIFIC GULF PROPERTIES        Common Stock                 694396102     176,760      9,820      X                            X
PACIFIC HORIZON CORP BOND FUND Common Stock                 694407644      71,111      4,384      X                            X
PACIFICORP                     Common Stock                 695114108     131,807      7,641      X                            X
PALL CORP                      Common Stock                 696429307      52,884      3,193      X                            X
PANAMSAT CORP. - NEW           Common Stock                 697933109     155,625      5,000      X                            X
PAN PACIFIC RETAIL PPTY        Common Stock                 69806L104     184,600     10,400      X                            X
PARAMETRIC TECHNOLOGY CORP     Common Stock                 699173100     136,275      6,900      X                            X
PARKER HANNIFIN CORPORATION    Common Stock                 701094104      95,660      2,793      X                            X
PARKWAY PROPERTIES INC.        Common Stock                 70159Q104     138,119      4,900      X                            X
PATRIOT AMERICAN HOSPITALITY   Common Stock                 703352203     549,877    107,293      X                            X
PAYCHEX INC.                   Common Stock                 704326107     189,750      4,000      X                            X
PENNEY J C COMPANY, INC.       Common Stock                 708160106     272,687      6,733      X                            X
PENN REAL ESTATE INVEST TST    Common Stock                 709102107     122,497      6,555      X                            X
PENTACON INC                   Common Stock                 709620108      66,000     16,500      X                            X
PEOPLES ENERGY                 Common Stock                 711030106      29,211        904      X                            X
PEOPLESOFT INC                 Common Stock                 712713106      86,288      5,900      X                            X
<PAGE>

FORM 13F For 3/31/99                           NAME OF REPORTING MANAGER: Aon ADVISORS                                      Page 16

ITEM: 1                        ITEM: 2                      ITEM: 3    ITEM: 4     ITEM: 5     ITEM: 6        ITEM: 7       ITEM: 8

                                                                                             Investment                    Voting
                                                                                             Discretion                   Authority
                                                                                           A)Sole B)Shared                 (Shares)
                                                                                             C)Shared as                    A)Sole 
                                                                      Fair Market     Par   defined Other     Managers     B)Shares 
Name of Issuer                 Title of Class               Cusip         Value      Shares   in Instr. V   See Instr. V    C)None
===================================================================================================================================
PEP BOYS                       Common Stock                 713278109      19,840      1,301      X                            X
PEPSICO INC                    Common Stock                 713448108   2,834,393     72,329      X                            X
PERKIN-ELMER CORP              Common Stock                 714041100     124,725      1,285      X                            X
PETROLEUM GEO-SVCS -SPON ADR   Common Stock                 716597109     969,565     63,578      X                            X
PHARMACIA & UPJOHN             Common Stock                 716941109   5,168,455     82,861      X                            X
PFIZER, INC.                   Common Stock                 717081103   8,040,563     57,950      X                            X
PHELPS DODGE                   Common Stock                 717265102      76,535      1,554      X                            X
PHILIP MORRIS                  Common Stock                 718154107   2,185,390     62,107      X                            X
PHILIPS INTL REALTY            Common Stock                 718333107      51,075      3,600      X                            X
PHILLIPS PETROLEUM COMPANY     Common Stock                 718507106     305,424      6,464      X                            X
PINNACLE HOLDINGS INC          Common Stock                 72346N101   1,512,500    100,000      X                            X
PIONEER HIBRED INTERNATIONAL   Common Stock                 723686101     231,319      6,148      X                            X
PITNEY BOWES INC               Common Stock                 724479100     442,553      6,942      X                            X
PLACER DOME INC.               Common Stock                 725906101      71,533      6,394      X                            X
PLANTRONICS                    Common Stock                 727493108   1,376,375     22,000      X                            X
POLAROID CORP                  Common Stock                 731095105      23,539      1,166      X                            X
POLYMER GROUP INC.             Common Stock                 731745105     437,285     47,274      X                            X
BANCPONCE                      Common Stock                 733174106  17,696,644    573,171      X                            X
POST PROPERTIES                Common Stock                 737464107   1,424,444     39,295      X                            X
POTLATCH CORPORATION           Common Stock                 737628107      25,453        750      X                            X
POWERWAVE TECHNOLOGIES INC     Common Stock                 739363109   2,429,950     85,637      X                            X
PRAXAIR INC.                   Common Stock                 74005P104     147,063      4,078      X                            X
PRENTISS PROPERTIES TRUST      Common Stock                 740706106     356,250     19,000      X                            X
PRIME RETAIL                   Common Stock                 741570105     182,775     20,889      X                            X
PRIME GROUP REALTY TRUST       Common Stock                 74158J103      98,050      7,400      X                            X
PRIMARK CORP                   Common Stock                 741903108     743,750     35,000      X                            X
PRIDE INTERNATIONAL INC        Common Stock                 741932107     495,000     60,000      X                            X
PRISON REALTY CORP.            Common Stock                 74264N105     816,075     46,800      X                            X
PROCTOR & GAMBLE CO            Common Stock                 742718109   5,261,203     53,720      X                            X
PROGRESSIVE CORP               Common Stock                 743315103     258,300      1,800      X                            X
PROVIDENT COMPANIES INC        Common Stock                 743862104     120,969      3,500      X                            X
PRUDENTIAL UTILITY FUND CL A   Common Stock                 743911208  17,098,522  1,551,590      X                            X
PROVIDIAN FINANCIAL CORP       Common Stock                 74406A102     392,370      3,567      X                            X
PUBLIC SERVICE ENTERPRISE GRP  Common Stock                 744573106     215,683      5,648      X                            X
PUBLIC STORAGE INC.            Common Stock                 74460D109   1,669,968     66,799      X                            X
PULTE CORPORATION              Common Stock                 745867101      23,685      1,138      X                            X
<PAGE>

FORM 13F For 3/31/99                           NAME OF REPORTING MANAGER: Aon ADVISORS                                      Page 17

ITEM: 1                        ITEM: 2                      ITEM: 3    ITEM: 4     ITEM: 5     ITEM: 6        ITEM: 7       ITEM: 8

                                                                                             Investment                    Voting
                                                                                             Discretion                   Authority
                                                                                           A)Sole B)Shared                 (Shares)
                                                                                             C)Shared as                    A)Sole 
                                                                      Fair Market     Par   defined Other     Managers     B)Shares 
Name of Issuer                 Title of Class               Cusip         Value      Shares   in Instr. V   See Instr. V    C)None
===================================================================================================================================
QUAKER OATS                    Common Stock                 747402105     218,435      3,509      X                            X
QUANTA SERVICES INC            Common Stock                 74762E102   1,755,188     69,000      X                            X
RFS HOTEL INVESTORS INC.       Common Stock                 74955J108     140,195     12,125      X                            X
RJR NABISCO HOLDINGS CORP.     Common Stock                 74960K876     207,500      8,300      X                            X
RADIANT SYSTEMS INC            Common Stock                 75025N102     332,500     35,000      X                            X
RAILWORKS CORP                 Common Stock                 750789109   1,161,000    108,000      X                            X
RALSTON PURINA CORPORATION     Common Stock                 751277302     223,054      8,358      X                            X
RAMCO-GERSHENSON PROPERTIES    Common Stock                 751452202      55,781      3,500      X                            X
RAYCHEM CORP                   Common Stock                 754603108      46,704      2,070      X                            X
RAYTHEON CO                    Common Stock                 755111309          68          1      X                            X
RAYTHEON CO                    Common Stock                 755111408     503,823      8,594      X                            X
REALTY INCOME CORP             Common Stock                 756109104     276,150     13,150      X                            X
RECKSON SERVICE INDUSTRIES     Common Stock                 75621J109      14,400      3,200      X                            X
RECKSON ASSOC REALTY CORP      Common Stock                 75621K106     813,658     39,570      X                            X
REEBOK INTERNATIONAL LTD       Common Stock                 758110100      22,971      1,447      X                            X
REGENCY REALTY CORP            Common Stock                 758939102   8,416,275    448,868      X                            X
REGIONS FINANCIAL CORP         Common Stock                 758940100     193,900      5,600      X                            X
RELIANCE GROUP HOLDINGS        Common Stock                 759464100          54          7      X                            X
RELIANT ENERGY, INC.           Common Stock                 75952J108     189,214      7,260      X                            X
RENTAL SERVICE CORP            Common Stock                 76009V102     945,000     54,000      X                            X
REPUBLIC NY CORP               Common Stock                 760719104     128,873      2,794      X                            X
REYNOLDS METALS COMPANY        Common Stock                 761763101   6,353,142    131,501      X                            X
RITE AID CORP                  Common Stock                 767754104     161,000      6,440      X                            X
ROCKWELL INTERNATIONAL CORP    Common Stock                 773903109     207,053      4,879      X                            X
ROHM & HAAS CO                 Common Stock                 775371107     143,043      4,262      X                            X
ROUSE CO                       Common Stock                 779273101     745,500     33,600      X                            X
ROWAN COMPANIES INC            Common Stock                 779382100      27,532      2,170      X                            X
ROYAL DUTCH PETROLEUM CO.      Common Stock                 780257804   5,015,712     96,456      X                            X
RUSSELL CORP                   Common Stock                 782352108      18,736        931      X                            X
RYDER SYSTEMS, INC             Common Stock                 783549108      52,930      1,916      X                            X
SBC COMMUNICATIONS INC.        Common Stock                 78387G103   3,537,269     74,962      X                            X
SL GREEN REALTY CORP           Common Stock                 78440X101     220,106     11,700      X                            X
SLM HOLDING CORPORATION        Common Stock                 78442A109     179,525      4,300      X                            X
SAFECO CORPORATION             Common Stock                 786429100     141,572      3,501      X                            X
ST JUDE MEDICAL INC.           Common Stock                 790849103      51,261      2,103      X                            X
ST PAUL COS                    Common Stock                 792860108   3,896,502    125,441      X                            X
<PAGE>

FORM 13F For 3/31/99                           NAME OF REPORTING MANAGER: Aon ADVISORS                                      Page 18

ITEM: 1                        ITEM: 2                      ITEM: 3    ITEM: 4     ITEM: 5     ITEM: 6        ITEM: 7       ITEM: 8

                                                                                             Investment                    Voting
                                                                                             Discretion                   Authority
                                                                                           A)Sole B)Shared                 (Shares)
                                                                                             C)Shared as                    A)Sole 
                                                                      Fair Market     Par   defined Other     Managers     B)Shares 
Name of Issuer                 Title of Class               Cusip         Value      Shares   in Instr. V   See Instr. V    C)None
===================================================================================================================================
SAKS INCORPORATED              Common Stock                 79377W108   1,300,000     50,000      X                            X
SARA LEE CORP                  Common Stock                 803111103     574,052     23,194      X                            X
SAUL CENTERS INC               Common Stock                 804395101      92,064      6,295      X                            X
SAVILLE SYSTEM IRELAND-ADR     Common Stock                 805174109   1,429,379    116,684      X                            X
SCHERING PLOUGH CORP           Common Stock                 806605101   7,807,930    141,320      X                            X
SCHLUMBERGER LTD               Common Stock                 806857108   1,438,241     23,896      X                            X
SCHOLASTIC CORP                Common Stock                 807066105   1,798,600     36,800      X                            X
SCHWAB (CHARLES) CORP          Common Stock                 808513105     980,475     10,200      X                            X
SCIENTIFIC ATLANTA             Common Stock                 808655104      53,465      1,962      X                            X
SEAGATE TECHNOLOGY             Common Stock                 811804103     185,386      6,271      X                            X
SEAGRAM CO LTD                 Common Stock                 811850106     512,850     10,257      X                            X
SEALED AIR CORP                Common Stock                 81211K100     107,278      2,181      X                            X
SEARS ROEBUCK & CO.            Common Stock                 812387108     439,177      9,719      X                            X
SECURITY CAPITAL GROUP         Common Stock                 81413P105         695          1      X                            X
SECURITY CAPITAL GROUP         Common Stock                 81413P204  14,938,538  1,116,900      X                            X
SEMPRA ENERGY                  Common Stock                 816851109     118,253      6,163      X                            X
SERVICE CORP. INT'L            Common Stock                 817565104      98,909      6,941      X                            X
SHARED MEDICAL SYSTEMS CORP    Common Stock                 819486101      36,531        656      X                            X
SHELL TRANSPORT & TRADING ADR  Common Stock                 822703609   2,843,750     70,000      X                            X
SHERWIN-WILLIAMS CO            Common Stock                 824348106     968,625     34,440      X                            X
SHURGARD STORAGE               Common Stock                 82567D104     355,141     14,065      X                            X
SIGMA ALDRICH                  Common Stock                 826552101   2,414,061     82,532      X                            X
SILICONGRAFICS                 Common Stock                 827056102      80,163      4,840      X                            X
SILICON VALLEY BANCSHARES      Common Stock                 827064106     289,625     14,000      X                            X
SIMON PROPERTY GROUP, INC.     Common Stock                 828806109   2,238,763     81,595      X                            X
SIPEX CORPORATION              Common Stock                 829909100     326,563     25,000      X                            X
SMITH-GARDNER & ASSOCIATES     Common Stock                 832059109      91,813      6,500      X                            X
SMITH CHARLES E RESIDENTIAL    Common Stock                 832197107     264,833      8,595      X                            X
SNAP-ON TOOLS CORP             Common Stock                 833034101      43,529      1,501      X                            X
SOLECTRON CORP                 Common Stock                 834182107     315,656      6,500      X                            X
SONAT INC                      Common Stock                 835415100      83,100      2,770      X                            X
SOUTHERN CO                    Common Stock                 842587107     412,585     17,698      X                            X
SOUTHTRUST CORP                Common Stock                 844730101     160,444      4,300      X                            X
SOUTHWEST AIRLINES             Common Stock                 844741108     259,757      8,587      X                            X
SOVRAN SELF STORAGE INC        Common Stock                 84610H108     140,341      6,020      X                            X
SPIEKER PROPERTIES, INC.       Common Stock                 848497103   2,966,852     84,166      X                            X
<PAGE>

FORM 13F For 3/31/99                           NAME OF REPORTING MANAGER: Aon ADVISORS                                      Page 19

ITEM: 1                        ITEM: 2                      ITEM: 3    ITEM: 4     ITEM: 5     ITEM: 6        ITEM: 7       ITEM: 8

                                                                                             Investment                    Voting
                                                                                             Discretion                   Authority
                                                                                           A)Sole B)Shared                 (Shares)
                                                                                             C)Shared as                    A)Sole 
                                                                      Fair Market     Par   defined Other     Managers     B)Shares 
Name of Issuer                 Title of Class               Cusip         Value      Shares   in Instr. V   See Instr. V    C)None
===================================================================================================================================
SPLASH TECHNOLOGY HOLDINGS     Common Stock                 848623104     181,875     30,000      X                            X
SPRINGS INDUSTRIES, INC.       Common Stock                 851783100      13,585        502      X                            X
SPRINT CORPORATION             Common Stock                 852061100   1,113,719     11,350      X                            X
SPRINT CORPORATION             Common Stock                 852061506     504,055     11,375      X                            X
STANLEY WORKS                  Common Stock                 854616109      56,990      2,224      X                            X
STAPLES INC.                   Common Stock                 855030102     391,213     11,900      X                            X
STATE STREET CORP              Common Stock                 857477103   3,215,975     39,100      X                            X
STORAGE USA                    Common Stock                 861907103     384,907     13,565      X                            X
SUMMIT BANCORP                 Common Stock                 866005101     167,700      4,300      X                            X
SUMMIT PROPERTIES INC          Common Stock                 866239106     874,675     52,415      X                            X
SUN COMMUNITIES INC            Common Stock                 866674104     264,636      8,335      X                            X
SUN MICROSYSTEMS, INC.         Common Stock                 866810104  12,278,386     98,178      X                            X
SUN, INC.                      Common Stock                 86764P109      85,180      2,362      X                            X
SUNTRUST BANKS INC             Common Stock                 867914103     506,279      8,133      X                            X
SUNSTONE HOTEL INVESTORS INC   Common Stock                 867933103     131,855     18,345      X                            X
SUPERVALU INC.                 Common Stock                 868536103      64,103      3,108      X                            X
SYLVAN LEARNING SYSTEMS INC    Common Stock                 871399101     547,500     20,000      X                            X
SYNOVUS FINANCIAL CORP         Common Stock                 87161C105     139,400      6,800      X                            X
SYSCO CORP                     Common Stock                 871829107     223,551      8,496      X                            X
TJX COMPANIES                  Common Stock                 872540109     789,888     23,232      X                            X
TRW, INC                       Common Stock                 872649108     141,460      3,109      X                            X
TANDY CORP                     Common Stock                 875382103     152,767      2,394      X                            X
TANGER FACTORY                 Common Stock                 875465106      74,588      3,900      X                            X
TAUBMAN CENTERS INC.           Common Stock                 876664103     317,030     25,880      X                            X
TEKTRONIX, INC.                Common Stock                 879131100      31,714      1,256      X                            X
TELEHUB COMMUNICATIONS         Common Stock                 87942R116       5,240        524      X                            X
TELLABS INC.                   Common Stock                 879664100   6,348,667     64,948      X                            X
TEMPLE INLAND                  Common Stock                 879868107      90,799      1,447      X                            X
TENET HEALTHCARE CORP          Common Stock                 88033G100     148,186      7,825      X                            X
TENNECO INC                    Common Stock                 88037E101     121,249      4,340      X                            X
TERYON COMMUNICATION SYS       Common Stock                 880775101     920,000     23,000      X                            X
TEXACO, INC.                   Common Stock                 881694103     773,389     13,628      X                            X
TEXAS INSTRUMENTS              Common Stock                 882508104     983,766      9,912      X                            X
TEXAS REGIONAL BANCSHARES-A    Common Stock                 882673106   2,215,269     82,047      X                            X
TEXAS UTILITIES CO.- HLDGS CO. Common Stock                 882848104     302,064      7,192      X                            X
TEXTRON, INC                   Common Stock                 883203101     311,976      4,032      X                            X
<PAGE>

FORM 13F For 3/31/99                           NAME OF REPORTING MANAGER: Aon ADVISORS                                      Page 20

ITEM: 1                        ITEM: 2                      ITEM: 3    ITEM: 4     ITEM: 5     ITEM: 6        ITEM: 7       ITEM: 8

                                                                                             Investment                    Voting
                                                                                             Discretion                   Authority
                                                                                           A)Sole B)Shared                 (Shares)
                                                                                             C)Shared as                    A)Sole 
                                                                      Fair Market     Par   defined Other     Managers     B)Shares 
Name of Issuer                 Title of Class               Cusip         Value      Shares   in Instr. V   See Instr. V    C)None
===================================================================================================================================
THERMO ELECTRON CORP           Common Stock                 883556102      54,250      4,000      X                            X
THOMAS & BETTS CORP            Common Stock                 884315102      53,752      1,431      X                            X
3COM CORP                      Common Stock                 885535104     734,017     31,486      X                            X
TIME WARNER, INC.              Common Stock                 887315109  11,782,350    166,388      X                            X
TIMES MIRROR CO.               Common Stock                 887364107     107,492      1,986      X                            X
TIMKEN CO                      Common Stock                 887389104      26,130      1,608      X                            X
TORCHMARK CORPORATION          Common Stock                 891027104     114,356      3,616      X                            X
TOWER REALTY TRUST INC         Common Stock                 89185E109     157,181      8,300      X                            X
TOWN & COUNTRY TRUST           Common Stock                 892081100     116,508      7,735      X                            X
TOYS R US                      Common Stock                 892335100     125,517      6,672      X                            X
TRANSAMERICA CORP              Common Stock                 893485102     234,868      3,308      X                            X
TRANSOCEAN OFFSHORE INC        Common Stock                 893817106     756,559     26,258      X                            X
TRICON GLOBAL RESTAURANTS      Common Stock                 895953107     272,711      3,882      X                            X
TRIBUNE CO                     Common Stock                 896047107   3,565,689     54,490      X                            X
TRINET CORP. REALTY TRUST      Common Stock                 896287109     309,194     12,185      X                            X
TRISTAR AEROSAPCE CO           Common Stock                 89674L101   1,373,313    150,500      X                            X
TRIUMPH GROUP INC              Common Stock                 896818101   1,108,002     47,149      X                            X
TUPPERWARE CORPORATION         Common Stock                 899896104      27,018      1,501      X                            X
TV AZTECA S.A. ADR             Common Stock                 901145102     453,125     72,500      X                            X
TYCO INTERNATIONAL LTD.        Common Stock                 902124106   2,632,723     36,693      X                            X
USX CORP                       Common Stock                 902905827     215,408      7,833      X                            X
UST, INC.                      Common Stock                 902911106     122,840      4,702      X                            X
US RESTAURANT PROPERTIES       Common Stock                 902971100     135,188      7,000      X                            X
U.S. BANCORP                   Common Stock                 902973106     634,959     18,641      X                            X
USA NETWORKS INC               Common Stock                 902984103     358,125     10,000      X                            X
UNUM CORP.                     Common Stock                 903192102     167,230      3,516      X                            X
USX-U.S. STEEL GROUP           Common Stock                 90337T101      53,345      2,270      X                            X
UNILEVER N.V. ADRS             Common Stock                 904784501   1,084,792     16,328      X                            X
UNICOM                         Common Stock                 904911104     202,008      5,525      X                            X
UNION CAMP CORPORATION         Common Stock                 905530101     124,450      1,854      X                            X
UNION CARBIDE CORPORATION      Common Stock                 905581104     160,642      3,555      X                            X
UNION PACIFIC CORP             Common Stock                 907818108     339,221      6,348      X                            X
UNION PACIFIC RESOURCES GROUP  Common Stock                 907834105      76,143      6,412      X                            X
UNION PLANTERS CORP            Common Stock                 908068109     153,781      3,500      X                            X
UNISYS CORP                    Common Stock                 909214108     186,614      6,740      X                            X
UNITED DOMINION REALTY TRUST   Common Stock                 910197102     519,521     50,685      X                            X
<PAGE>

FORM 13F For 3/31/99                           NAME OF REPORTING MANAGER: Aon ADVISORS                                      Page 21

ITEM: 1                        ITEM: 2                      ITEM: 3    ITEM: 4     ITEM: 5     ITEM: 6        ITEM: 7       ITEM: 8

                                                                                             Investment                    Voting
                                                                                             Discretion                   Authority
                                                                                           A)Sole B)Shared                 (Shares)
                                                                                             C)Shared as                    A)Sole 
                                                                      Fair Market     Par   defined Other     Managers     B)Shares 
Name of Issuer                 Title of Class               Cusip         Value      Shares   in Instr. V   See Instr. V    C)None
===================================================================================================================================
UNITED HEALTHCARE CORPORATION  Common Stock                 910581107     257,968      4,902      X                            X
UNITED PANAM FINANCIAL CORP    Common Stock                 911301109     200,000     50,000      X                            X
US AIRWAYS GROUP, INC.         Common Stock                 911905107     109,877      2,251      X                            X
U S WEST, INC - NEW            Common Stock                 91273H101     700,780     12,727      X                            X
UNITED TECHNOLOGIES CORP       Common Stock                 913017109   2,671,234     19,723      X                            X
UNOCAL(FORMERLY UNION OIL CAL) Common Stock                 915289102     228,699      6,202      X                            X
URBAN SHOPPING CENTERS INC.    Common Stock                 917060105     249,868      8,710      X                            X
VF CORP.                       Common Stock                 918204108   1,855,065     39,054      X                            X
VIACOM INC                     Common Stock                 925524100     992,419     11,912      X                            X
VIACOM INC                     Common Stock                 925524308   1,119,055     13,332      X                            X
VORNADO REALTY TRUST           Common Stock                 929042109   1,420,641     41,178      X                            X
VORNADO OPERATING COMPANY      Common Stock                 92904N103      16,800      2,800      X                            X
WACHOVIA CORP.                 Common Stock                 929771103     421,038      5,186      X                            X
WAL-MART STORES                Common Stock                 931142103   5,228,875     56,720      X                            X
WALDEN RESIDENTIAL PROPS. INC. Common Stock                 931210108     155,717      8,835      X                            X
WALGREENS CO                   Common Stock                 931422109   4,955,276    175,408      X                            X
WARNER-LAMBERT CO              Common Stock                 934488107   5,493,185     82,916      X                            X
WASHINGTON MUTUAL INC          Common Stock                 939322103   1,914,116     46,829      X                            X
WASHINGTON REIT                Common Stock                 939653101     284,979     17,470      X                            X
WASTE INDUSTRIES               Common Stock                 941058109     375,000     25,000      X                            X
WASTE MANAGEMENT, INC (NEW)    Common Stock                 94106L109   2,512,246     56,614      X                            X
WATSCO                         Common Stock                 942622101     168,000     12,000      X                            X
WATSCO                         Common Stock                 942622200   1,662,863    113,700      X                            X
WEEKS CORP.                    Common Stock                 94856P102     274,057      9,595      X                            X
WEINGARTEN REALTY TRUST        Common Stock                 948741103     517,701     13,065      X                            X
WELLS FARGO & COMPANY          Common Stock                 949746101   1,468,979     41,896      X                            X
WENDY'S INTERNATIONAL          Common Stock                 950590109      89,720      3,155      X                            X
WESTERN INVT REAL ESTATE TR.   Common Stock                 958468100      87,617      8,445      X                            X
WESTFIELD AMERICA INC          Common Stock                 959910100     626,006     35,900      X                            X
WESTVACO CORPORATION           Common Stock                 961548104      53,739      2,559      X                            X
WEYERHAEUSER CO                Common Stock                 962166104     280,997      5,063      X                            X
WHIRLPOOL CORP                 Common Stock                 963320106     106,684      1,962      X                            X
WILLAMETTE INDUSTRIES          Common Stock                 969133107     105,474      2,794      X                            X
WILLIAMS COMPANIES, INC.       Common Stock                 969457100     428,891     10,858      X                            X
WINN-DIXIE STORES              Common Stock                 974280109     142,922      3,824      X                            X
WINSTON HOTELS INC.            Common Stock                 97563A102      64,472      7,935      X                            X
<PAGE>

FORM 13F For 3/31/99                           NAME OF REPORTING MANAGER: Aon ADVISORS                                      Page 22

ITEM: 1                        ITEM: 2                      ITEM: 3    ITEM: 4     ITEM: 5     ITEM: 6        ITEM: 7       ITEM: 8

                                                                                             Investment                    Voting
                                                                                             Discretion                   Authority
                                                                                           A)Sole B)Shared                 (Shares)
                                                                                             C)Shared as                    A)Sole 
                                                                      Fair Market     Par   defined Other     Managers     B)Shares 
Name of Issuer                 Title of Class               Cusip         Value      Shares   in Instr. V   See Instr. V    C)None
===================================================================================================================================
WINTRUST FINANCIAL CORP        Common Stock                 97650W108     560,000     32,000      X                            X
WIRELESS TELECOM GROUP, INC.   Common Stock                 976524108     184,950    109,600      X                            X
WITCO CORP                     Common Stock                 977385103     441,875     35,000      X                            X
WORTHINGTON INDUSTRIES, INC.   Common Stock                 981811102      27,307      2,324      X                            X
WRIGLEY, (WM) JR. CO.          Common Stock                 982526105     270,679      2,993      X                            X
XEROX CORP                     Common Stock                 984121103   3,926,472     75,328      X                            X
YOUNG BROADCASTING CORP -A     Common Stock                 987434107   1,368,750     30,000      X                            X
ZD NET                         Common Stock                 989511209      36,000      1,000      X                            X
ZONAGEN INC                    Common Stock                 98975L108      17,716        824      X                            X
PLATT MUSIC CORPORATION COMMON Common Stock                 990775$08           0     19,186      X                            X
DAIMLER-CHRYSLER               Common Stock                 D1668R123   1,716,250     20,000      X                            X
ACE LTD                        Common Stock                 G0070K103   9,909,142    317,728      X                            X
LASALLE RE                     Common Stock                 G5383Q101  17,709,942  1,200,674      X                            X
CORE LABORATORIES INC          Common Stock                 N22717107     881,250     50,000      X                            X
SUN INTERNATIONAL HOTELS LTD-A Common Stock                 P8797T133     821,875     25,000      X                            X
ELAN (ATHENA)                  Taxable Bonds-Convertible    046854AB1      48,500     40,000      X                            X
J. BAKER INC                   Taxable Bonds-Convertible    057232AA8     105,750    150,000      X                            X
CKE RESTAURANTS INC            Taxable Bonds-Convertible    12561EAB1     843,150  1,095,000      X                            X
CENTENNIAL CELLULAR OPER CO    Taxable Bonds-Convertible    15134QAA7      81,900     78,000      X                            X
CONCENTRA MANAGED CARE, INC.   Taxable Bonds-Convertible    20589TAB9     940,950  1,020,000      X                            X
BANCO CENTRAL COSTA RICA SER B Taxable Bonds-Convertible    22158A9A1     332,000    400,000      X                            X
ESC MEDICAL SYSTEMS            Taxable Bonds-Convertible    269025AA0     374,006    545,000      X                            X
ESC MEDICAL SYSTEMS            Taxable Bonds-Convertible    269025AB8     219,600    320,000      X                            X
FRUIT OF THE LOOM, INC.        Taxable Bonds-Convertible    359416AP9     128,000    128,000      X                            X
GETTY IMAGES, INC              Taxable Bonds-Convertible    374276AA1   4,094,438  4,350,000      X                            X
HEALTHSOUTH CORP               Taxable Bonds-Convertible    421924AD3   1,188,075  1,460,000      X                            X
HILTON HOTELS CORP.            Taxable Bonds-Convertible    432848AL3     635,344    675,000      X                            X
INTEGRATED HEALTH SERV.,INC.   Taxable Bonds-Convertible    45812CAE6     613,750  1,000,000      X                            X
INTERIM SERVICES, INC.         Taxable Bonds-Convertible    45868PAA8     861,625  1,130,000      X                            X
KELLSTROM INDUSTRIES           Taxable Bonds-Convertible    488035AC0   2,782,500  3,500,000      X                            X
KELLSTROM INDUSTRIES           Taxable Bonds-Convertible    488035AE6   1,562,500  2,000,000      X                            X
LTC PROPERTIES INC             Taxable Bonds-Convertible    502175AF9     692,813    750,000      X                            X
MRV COMMUNICATIONS INC         Taxable Bonds-Convertible    553477AA8   1,500,000  3,000,000      X                            X
MASCOTECH INC.                 Taxable Bonds-Convertible    574670AB1     664,969    865,000      X                            X
MEDITRUST CORP                 Taxable Bonds-Convertible    58501TAC2   6,763,750  7,000,000      X                            X
MICHAELS STORES INC            Taxable Bonds-Convertible    594087AC2     894,188    950,000      X                            X
<PAGE>

FORM 13F For 3/31/99                           NAME OF REPORTING MANAGER: Aon ADVISORS                                      Page 23

ITEM: 1                        ITEM: 2                      ITEM: 3    ITEM: 4     ITEM: 5     ITEM: 6        ITEM: 7       ITEM: 8

                                                                                             Investment                    Voting
                                                                                             Discretion                   Authority
                                                                                           A)Sole B)Shared                 (Shares)
                                                                                             C)Shared as                    A)Sole 
                                                                      Fair Market     Par   defined Other     Managers     B)Shares 
Name of Issuer                 Title of Class               Cusip         Value      Shares   in Instr. V   See Instr. V    C)None
===================================================================================================================================
MUTUAL RISK                    Taxable Bonds-Convertible    628351AA6     831,250  1,000,000      X                            X
OFFSHORE LOGISTICS             Taxable Bonds-Convertible    676255AF9     813,450    935,000      X                            X
RBF FINANCE CO.                Taxable Bonds-Convertible    74925LAC4     134,080    128,000      X                            X
ROUSE CO                       Taxable Bonds-Convertible    779273AA9      95,250    100,000      X                            X
THERMO INSTRUMENT SYSTEMS      Taxable Bonds-Convertible    883559AE6     562,081    695,000      X                            X
THERMO FIBERTEK INC            Taxable Bonds-Convertible    88355WAA3     410,625    500,000      X                            X
VLSI TECHNOLOGY INC.           Taxable Bonds-Convertible    918270AB5     594,000    600,000      X                            X
WATERFORD GAMING LLC           Taxable Bonds-Convertible    941388AD2     279,484    273,000      X                            X
BONOS DEL TESORO               Taxable Bonds-Convertible    GG7336199     643,510    700,000      X                            X
VENEZUELA-FLIRB                Taxable Bonds-Convertible    TT3077357     659,100  1,000,000      X                            X
ARGENTINA                      Taxable Bonds-Convertible    TT3106925     256,890    300,000      X                            X
BRAZIL-IDU                     Taxable Bonds-Convertible    TT3117492     321,790    350,000      X                            X
VIETNAM-PAR                    Taxable Bonds-Convertible    TT3299530     308,640  1,200,000      X                            X
THERMO ELECTRON CORP           Taxable Bonds-Convertible    VV3070842     456,419    515,000      X                            X
THERMO FIBERTEK INC            Taxable Bonds-Convertible    VV3081948     440,000    500,000      X                            X
ABN AMRO CAPITAL               Preferred Stock-Convertible  00371T206   5,000,000    200,000      X                            X
AIRTOUCH                       Preferred Stock-Convertible  00949T308   1,479,500     11,000      X                            X
ALABAMA POWER                  Preferred Stock-Convertible  010392595   5,027,513    200,100      X                            X
ALABAMA POWER                  Preferred Stock-Convertible  010392611  17,325,000    700,000      X                            X
ANADARKO PETROLEUM CORP        Preferred Stock-Convertible  032511305   4,212,500     50,000      X                            X
APACHE CORP.                   Preferred Stock-Convertible  037411402   3,740,000     40,000      X                            X
APPALACHIAN POWER COMPANY      Preferred Stock-Convertible  037735792   6,429,803    259,790      X                            X
ARMSTRONG WORLD INDUSTRIES INC Preferred Stock-Convertible  042476606   6,358,975    254,359      X                            X
BEAR STEARNS COMPANIES, INC.   Preferred Stock-Convertible  073902876  12,285,000    273,000      X                            X
BOLDER TECHNOLOGIES CORP.      Preferred Stock-Convertible  097519912   2,000,000     40,000      X                            X
BUDGET GROUP CAPITAL TRUST     Preferred Stock-Convertible  119001204     612,750     17,200      X                            X
CENDANT CORPORATION            Preferred Stock-Convertible  151313301     227,619      7,900      X                            X
CENTRAL MAINE POWER            Preferred Stock-Convertible  154051866   1,185,156     18,446      X                            X
CENTRAL MAINE POWER            Preferred Stock-Convertible  154990113   4,000,000     50,000      X                            X
CHASE MANHATTAN NEW            Preferred Stock-Convertible  16161A777   7,788,750    155,000      X                            X
CITIGROUP INC.                 Preferred Stock-Convertible  172967507   5,200,000    100,000      X                            X
CITIGROUP INC.                 Preferred Stock-Convertible  172967705   8,862,000    168,000      X                            X
COLTEC CAPITAL TRUST           Preferred Stock-Convertible  196878201     498,000     12,000      X                            X
DETROIT EDISON CO              Preferred Stock-Convertible  250847688   3,950,000    160,000      X                            X
DETROIT EDISON CO              Preferred Stock-Convertible  250847696   1,176,256     46,700      X                            X
DiILLARD DEPARTMENT STORES     Preferred Stock-Convertible  25406P200   8,457,500    340,000      X                            X
<PAGE>

FORM 13F For 3/31/99                           NAME OF REPORTING MANAGER: Aon ADVISORS                                      Page 24

ITEM: 1                        ITEM: 2                      ITEM: 3    ITEM: 4     ITEM: 5     ITEM: 6        ITEM: 7       ITEM: 8

                                                                                             Investment                    Voting
                                                                                             Discretion                   Authority
                                                                                           A)Sole B)Shared                 (Shares)
                                                                                             C)Shared as                    A)Sole 
                                                                      Fair Market     Par   defined Other     Managers     B)Shares 
Name of Issuer                 Title of Class               Cusip         Value      Shares   in Instr. V   See Instr. V    C)None
===================================================================================================================================
ENTERPRISE CAPITAL             Preferred Stock-Convertible  29390B201   2,387,500    100,000      X                            X
EQUITY OFFICE PROPERTIES TRUST Preferred Stock-Convertible  294741608   2,481,250    100,000      X                            X
FEDERAL HOME LOAN MORTGAGE     Preferred Stock-Convertible  313400848   4,279,000     88,000      X                            X
FELCOR SUITE HOTELS INC.       Preferred Stock-Convertible  314305202     633,750     30,000      X                            X
FIRST INDUSTRIAL REALTY TRUST  Preferred Stock-Convertible  32054K889   2,899,626    139,741      X                            X
FIRST WASHINGTON REALTY TRUST  Preferred Stock-Convertible  337489603     135,625      5,000      X                            X
FLEETWOOD CAPITAL TRUST        Preferred Stock-Convertible  339072407     539,750     12,700      X                            X
FRONTIER INSURANCE             Preferred Stock-Convertible  35907U103     149,500      4,000      X                            X
GELCO CORP.                    Preferred Stock-Convertible  368501409   5,012,500      5,000      X                            X
HECO CAPITAL TRUST II          Preferred Stock-Convertible  40415B209   3,209,901    130,683      X                            X
HAWAIIAN ELECTRIC IND CAP TR   Preferred Stock-Convertible  41987M201   3,298,750    130,000      X                            X
HIGHWOOD PROPERTIES INC        Preferred Stock-Convertible  431284504   2,172,530    100,755      X                            X
HOUSEHOLD INT'L                Preferred Stock-Convertible  44180R209   3,588,750    145,000      X                            X
IXC COMMUNICATIONS             Preferred Stock-Convertible  450713847      16,000        400      X                            X
IXC COMMUNICATIONS             Preferred Stock-Convertible  450713870     400,000     10,000      X                            X
INTERMEDIA COMMUNICATIONS INC  Preferred Stock-Convertible  458801834     133,238      5,100      X                            X
KAUFMAN & BROAD HOME           Preferred Stock-Convertible  486168503     497,600     62,200      X                            X
MBNA CORPORATION               Preferred Stock-Convertible  55262L308   3,635,800    148,400      X                            X
MERRILL LYNCH                  Preferred Stock-Convertible  590188769   2,089,982     28,243      X                            X
MICROSOFT CORP.                Preferred Stock-Convertible  594918203     659,950      6,700      X                            X
MOTOTOLA CAPITAL               Preferred Stock-Convertible  620074203   4,775,000    200,000      X                            X
NVP CAPITAL III                Preferred Stock-Convertible  62944L201   7,894,813    315,005      X                            X
NEW PLAN EXCEL REALTY, INC     Preferred Stock-Convertible  648053502   8,728,125    350,000      X                            X
OXY CAPITAL TRUST I            Preferred Stock-Convertible  692070204   7,387,500    300,000      X                            X
PP&L RESOURCES                 Preferred Stock-Convertible  693498206   2,305,685     90,419      X                            X
ROUSE CO                       Preferred Stock-Convertible  779273309     782,250     21,000      X                            X
SALOMON SMITH BARNEY HLDS. INC Preferred Stock-Convertible  784646200  11,484,000    464,000      X                            X
SOUTHERN COMPANY               Preferred Stock-Convertible  842637209   2,937,660    120,000      X                            X
SUIZA FOODS CORP               Preferred Stock-Convertible  86507G200     634,800     18,400      X                            X
SUNAMERICA                     Preferred Stock-Convertible  86702N208   3,777,142    145,100      X                            X
LORAL SPACE & COMMUNICATIONS   Preferred Stock-Convertible  G56462149     470,250      9,900      X                            X
                                                                     ------------------------
                                                           Total:   1,281,571,870  91,872,101


</TABLE>


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