<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 2)*
GREAT LAKES REIT, INC.
- --------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, PAR VALUE $0.01 PER SHARE
- --------------------------------------------------------------------------------
(Title of Class of Securities)
390752 10 3
----------------------------------------
(CUSIP Number)
SUSAN J. WILSON, ESQ.
ALSTON & BIRD
1201 WEST PEACHTREE STREET
ATLANTA, GEORGIA 30309
(404) 881-7974
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
NOVEMBER 19, 1996
----------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Check the following box if a fee is being paid with the statement [ ]. (A
fee is not required only if the reporting person: (1) has a previous statement
on file reporting beneficial ownership of more than five percent of the class
of securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
NOTE: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are to
be sent.
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 (the "Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Page 1 of 4 Pages
<PAGE> 2
SCHEDULE 13D
<TABLE>
<CAPTION>
- ------------------------------- --------------------------------
CUSIP NO. 390752 10 3 PAGE 2 OF 4 PAGES
- ------------------------------- --------------------------------
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1 NAME OF REPORTING PERSON
Fortis Benefits Insurance Company
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
- -----------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
- -----------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- -----------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- -----------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Minnesota
- -----------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
1,054,339
NUMBER OF -----------------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY -----------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 1,054,339
PERSON
WITH -----------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- -----------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,054,339
- -----------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.06%
- -----------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IC
- -----------------------------------------------------------------------------------------------------------
</TABLE>
Page 2 of 4 Pages
<PAGE> 3
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The fourth sentence of Item 3 is deleted and replaced with the following
sentence:
On November 19, 1996, FBIC purchased the remaining 300,000
shares of Common Stock and the remaining 16,301 shares of
Preferred Stock for a price of $3,900,000 in cash.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
The fifth sentence of the first paragraph of Item 6 is deleted and
replaced with the following sentence:
The third closing was held on November 19, 1996, at which time
FBIC purchased the remaining 300,000 shares of Common Stock
and the remaining 16,301 shares of Preferred Stock for
$3,900,000 in cash.
The second paragraph of Item 6 is deleted in its entirety.
Page 3 of 4 Pages
<PAGE> 4
SIGNATURE
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the information set forth in this statement is true, complete and
correct.
Dated: November 26, 1996
FORTIS BENEFITS INSURANCE COMPANY
/s/ Robert B. Pollock
----------------------------------------
Robert B. Pollock
President and Chief Executive Officer
Page 4 of 4 Pages
