UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 31, 2000
Check here if Amendment [ ]; Amendment Number:
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:

Name:      Aon Advisors, Inc.
Address:   123 North Wacker Drive
           Chicago, IL 60606	

Name of additional disclosed party:

Name:      Aon Corporation
Address:   123 North Wacker Drive
           Chicago, IL 60606	

Form 13F File Number: 28-2005
28-2401
The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:

Name:   Michael A. Conway
Title:  President
Phone:  (312) 701-3910	

Signature, Place, and Date of Signing:

/s/ Michael A. Conway             Chicago, IL                February 14, 2001
----------------------------      -----------------------    -----------------
[Signature]                       [City, State]              [Date]	

Report Type (Check only one.):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported are in this report, and
all holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this
reporting manager are reported in this report and a portion are reported by
other reporting manager(s).)

Form 13F SUMMARY PAGE
Report Summary

Number of Other Included Managers:         0

Form 13F Information Table Entry Total:    381

Form 13F Information Table Value Total:    $776,004
                                           (thousands)	

List of Other Included Managers
Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column headings and list entries]
No. Form 13F File Number Name

                           FORM 13F INFORMATION TABLE

          NAME OF ISSUER        TITLE OF CLASS               CUSIP     MARKET VALUE  PAR SHARES  ITEM:6  ITEM:7  ITEM:8
ADC TELECOMMUNICATIONS INC       Common Stock                000886101   $1,037,837      57,260     X               X
ACM GOVT OPPOR FUND INC.         Common Stock                000918102  $33,753,363   4,655,636     X               X
AMB PROPERTY CORP                Common Stock                00163T109     $493,018      19,100     X               X
AMLI RESIDENTIAL PROPERTIES      Common Stock                001735109      $97,392       3,945     X               X
AT&T CORP.                       Common Stock                001957109   $1,216,149      70,501     X               X
AT&T CORP.                       Common Stock                001957208   $1,760,412     129,800     X               X
ABBOTT LABORATORIES              Common Stock                002824100     $518,281      10,700     X               X
ALCOA, INC.                      Common Stock                013817101   $2,345,000      70,000     X               X
ALEXANDRIA REAL EST EQUITIES     Common Stock                015271109     $119,000       3,200     X               X
ALLIED WASTE INDUSTRIES INC      Common Stock                019589308   $1,674,949     115,018     X               X
ALLTEL CORP.                     Common Stock                020039103   $2,809,687      45,000     X               X
AMERICA ONLINE INC               Common Stock                02364J104     $522,000      15,000     X               X
AMERICAN HOME PRODUCTS           Common Stock                026609107      $12,710         200     X               X
AMERICAN INTERNATIONAL GROUP     Common Stock                026874107   $3,893,218      39,500     X               X
AMETEK INC                       Common Stock                031100100     $259,375      10,000     X               X
AMGEN, INC.                      Common Stock                031162100   $1,982,062      31,000     X               X
ANADARKO PETROLEUM CORP          Common Stock                032511107   $2,629,960      37,000     X               X
ANDREW CORPORATION               Common Stock                034425108     $696,000      32,000     X               X
ANHEUSER-BUSCH COMPANIES INC     Common Stock                035229103   $4,095,000      90,000     X               X
AON FUNDS                        Common Stock                036912301   $5,896,184     538,464     X               X
AON FUNDS                        Common Stock                036912889 $151,209,208  14,853,556     X               X
AON FUNDS                        Common Stock                037387206  $11,935,095     778,037     X               X
APACHE CORP.                     Common Stock                037411105   $1,611,437      23,000     X               X
APARTMENT INVESTMENT & MGMT CO   Common Stock                03748R101     $789,661      15,813     X               X
ARCHSTONE COMMUNITIES TRUST      Common Stock                039581103     $714,047      27,730     X               X
ARDEN REALTY GROUP INC.          Common Stock                039793104     $361,800      14,400     X               X
ASSOCIATED ESTATES REALTY CORP   Common Stock                045604105      $36,039       4,470     X               X
ASSOCIATES FIRST CAPITAL CORP.   Common Stock                046008108          $14           0     X               X
AVALONBAY COMMUNITIES INC.       Common Stock                053484101     $759,995      15,162     X               X
BP AMOCO PLC                     Common Stock                055622104   $2,106,500      44,000     X               X
BRE PROPERTIES, INC.             Common Stock                05564E106     $325,747      10,280     X               X
BANKAMERICA CORP                 Common Stock                060505104   $1,422,125      31,000     X               X
BANK OF NEW YORK CO. INC.        Common Stock                064057102       $5,518         100     X               X
BEDFORD PROPERTY INVESTORS       Common Stock                076446301      $85,455       4,220     X               X
BIOGEN                           Common Stock                090597105   $1,381,437      23,000     X               X
BOEING COMPANY                   Common Stock                097023105      $72,600       1,100     X               X
BOSTON PROPERTIES INC            Common Stock                101121101     $817,800      18,800     X               X
BOYKIN LODGING                   Common Stock                103430104      $33,150       3,900     X               X
BRANDYWINE REALTY TRUST          Common Stock                105368203     $170,775       8,255     X               X
BRISTOL MYERS SQUIBB             Common Stock                110122108     $850,281      11,500     X               X
BRITISH PETROLEUM SPON ADR       Common Stock                110889409     $383,000       8,000     X               X
11601 HOLDING CORP.              Common Stock                11601H$01          $14           2     X               X
BURLINGTON NORTHERN/SANTA FE     Common Stock                12189T104     $453,000      16,000     X               X
BURNHAM PACIFIC PPTY INC.        Common Stock                12232C108      $33,808       7,310     X               X
CBL & ASSOC. PROPERTIES          Common Stock                124830100     $144,914       5,725     X               X
CK WITCO CORP                    Common Stock                12562C108     $264,600      25,200     X               X
CMGI INC                         Common Stock                125750109     $151,032      27,000     X               X
CSX CORPORATION                  Common Stock                126408103   $1,997,187      77,000     X               X
CVS CORPORATION                  Common Stock                126650100   $2,403,493      40,100     X               X
CABOT INDUSTRIAL TRUST           Common Stock                127072106     $176,525       9,200     X               X
CAMDEN PROPERTY TRUST            Common Stock                133131102     $291,249       8,694     X               X
CANWEST GLOBAL COMM. CORP.       Common Stock                138906300     $521,057      66,166     X               X
CAPITAL AUTOMOTIVE REIT          Common Stock                139733109      $64,918       4,700     X               X
CAPTEC NET LEASE REALTY INC      Common Stock                140724105      $24,612       2,200     X               X
CARDINAL HEALTH INC.             Common Stock                14149Y108   $2,988,750      30,000     X               X
CARNIVAL CORP                    Common Stock                143658102     $924,375      30,000     X               X
CARRAMERICA REALTY CORP          Common Stock                144418100     $473,288      15,115     X               X
CENTER TRUST, INC.               Common Stock                151845104      $28,265       6,030     X               X
CENTERPOINT PROPERTIES TRUST     Common Stock                151895109     $221,366       4,685     X               X
CHASE MANHATTAN NEW              Common Stock                16161A108     $988,265      21,750     X               X
CHATEAU COMMUNITIES INC          Common Stock                161726104     $197,539       6,490     X               X
CHELSEA PROPERTY GROUP INC       Common Stock                163421100     $132,566       3,595     X               X
CHEVRON CORP                     Common Stock                166751107   $1,013,250      12,000     X               X
CINAR CORP CL B SUB VTG          Common Stock                171905300     $145,000      40,000     X               X
CISCO SYSTEMS                    Common Stock                17275R102   $1,530,000      40,000     X               X
CITIGROUP INC.                   Common Stock                172967101   $5,060,957      99,113     X               X
CITRIX SYSTEMS INC               Common Stock                177376100     $652,500      29,000     X               X
CLEAR CHANNEL COMMUNICATIONS     Common Stock                184502102   $3,167,473      65,393     X               X
COASTAL CORP.                    Common Stock                190441105   $1,766,250      20,000     X               X
COLGATE PALMOLIVE CO             Common Stock                194162103      $19,365         300     X               X
COLONIAL PROPERTIES TRUST        Common Stock                195872106     $122,754       4,710     X               X
COMMERCIAL NET LEASE REALTY      Common Stock                202218103      $70,446       6,915     X               X
COMPAQ COMPUTER                  Common Stock                204493100     $602,000      40,000     X               X
COMVERSE TECHNOLOGY,INC          Common Stock                205862402   $2,172,500      20,000     X               X
COM21 INC                        Common Stock                205937105     $140,625      30,000     X               X
CONCORD EFS INC                  Common Stock                206197105   $1,757,500      40,000     X               X
CORNERSTONE PROPANE PARTNERS     Common Stock                218916104     $323,000      27,200     X               X
CORNERSTONE REALTY INCOME TR     Common Stock                21922V102      $85,556       8,100     X               X
CORNING INC.                     Common Stock                219350105   $2,218,125      42,000     X               X
CORPORATE OFFICE PROPERTIES      Common Stock                22002T108      $42,731       4,300     X               X
COUSINS PROPERTIES INC.          Common Stock                222795106     $310,385      11,110     X               X
CRESENT REAL ESTATE EQUITIES     Common Stock                225756105     $554,358      24,915     X               X
CROWN AMERN REALTY TRUST         Common Stock                228186102      $31,689       5,965     X               X
DANA CORP                        Common Stock                235811106     $253,957      16,585     X               X
DEAN FOODS CO                    Common Stock                242361103     $935,968      30,500     X               X
DEERE & CO                       Common Stock                244199105   $1,191,125      26,000     X               X
DELL COMPUTER CORP               Common Stock                247025109   $2,179,687     125,000     X               X
DELPHI AUTO SYSTEMS CORP         Common Stock                247126105   $1,125,056     100,005     X               X
DEVELOPERS DIVERSIFIED REALTY    Common Stock                251591103   $1,297,968      97,500     X               X
DEVON ENERGY                     Common Stock                25179M103   $3,658,200      60,000     X               X
DIGITAL RIVER INC                Common Stock                25388B104      $47,500      20,000     X               X
THE WALT DISNEY CO.              Common Stock                254687106   $2,459,687      85,000     X               X
DOW CHEMICAL                     Common Stock                260543103     $732,500      20,000     X               X
DSL.NET                          Common Stock                262506108      $18,595      35,000     X               X
DUPONT (E.I.) DENEMOURS & CO     Common Stock                263534109   $2,415,625      50,000     X               X
DUKES-WEEKS REALTY CORP.         Common Stock                264411505     $906,768      36,823     X               X
EMC CORP./MASS                   Common Stock                268648102   $1,004,948      15,112     X               X
EOG RESOURCES                    Common Stock                26875P101   $2,185,000      40,000     X               X
EASTGROUP PROPERTIES             Common Stock                277276101      $80,438       3,595     X               X
EASTMAN CHEMICAL                 Common Stock                277432100   $3,168,750      65,000     X               X
EASTMAN KODAK                    Common Stock                277461109      $39,375       1,000     X               X
ECOMETRY CORP                    Common Stock                27900H106      $52,500      30,000     X               X
ELECTRONIC DATA SYSTEMS CORP     Common Stock                285661104      $46,200         800     X               X
EMERSON ELECTRIC CO              Common Stock                291011104   $4,492,312      57,000     X               X
ENTERTAINMENT PROPERTIES TRUST   Common Stock                29380T105      $36,300       3,300     X               X
EQUITY INNS INC.                 Common Stock                294703103      $51,510       8,325     X               X
EQUITY OFFICE PROPERTIES TRUST   Common Stock                294741103   $2,859,575      87,649     X               X
EQUITY ONE INC                   Common Stock                294752100      $26,662       2,700     X               X
EQUITY RESIDENTIAL PROPERTIES    Common Stock                29476L107   $1,651,797      29,863     X               X
ESSEX PROPERTY TRUST INC         Common Stock                297178105     $230,223       4,205     X               X
EXCEL LEGACY CORP.               Common Stock                300665106     $159,125      67,000     X               X
EXXON MOBIL CORP                 Common Stock                30231G102   $6,127,268      70,479     X               X
FEDERAL HOME LOAN MORTGAGE       Common Stock                313400301      $75,762       1,100     X               X
FEDERAL NATIONAL MORTGAGE ASSN   Common Stock                313586109   $3,478,675      40,100     X               X
FEDERAL REALTY INV. TRUST        Common Stock                313747206     $170,240       8,960     X               X
FELCOR SUITE HOTELS INC.         Common Stock                31430F101     $298,979      12,490     X               X
FIBERMARK INC                    Common Stock                315646109     $468,750      60,000     X               X
FIRST DATA CORPORATION           Common Stock                319963104   $2,828,106      53,677     X               X
FIRST INDUSTRIAL REALTY TRUST    Common Stock                32054K103     $299,370       8,805     X               X
FIRST UNION CORP                 Common Stock                337358105   $2,085,937      75,000     X               X
FIRST WASHINGTON REALTY TRUST    Common Stock                337489504      $61,950       2,400     X               X
FIRST FEDERAL SAVINGS BANK       Common Stock                33761K105   $1,330,775      56,329     X               X
FORD MOTOR COMPANY               Common Stock                345370860   $5,326,453     227,262     X               X
FOUNDRY NETWORKS IN              Common Stock                35063R100     $210,000      14,000     X               X
FOX ENTERTAINMENT GRP INC-A      Common Stock                35138T107     $625,625      35,000     X               X
FRANCHISE FINANCE CORP OF AMER   Common Stock                351807102     $299,798      12,860     X               X
GPU INC.                         Common Stock                36225X100   $1,840,625      50,000     X               X
GABLES RESIDENTIAL TRUST         Common Stock                362418105     $147,700       5,275     X               X
GENERAL ELECTRIC                 Common Stock                369604103   $4,896,144     102,136     X               X
GENERAL GROWTH PROPERTIES INC.   Common Stock                370021107     $427,193      11,805     X               X
GENTEX CORP                      Common Stock                371901109     $726,375      39,000     X               X
GEORGIA-PACIFIC CORP             Common Stock                373298108     $249,000       8,000     X               X
GLAXOSMITHKLINE PLC-ADR          Common Stock                37733W105     $318,640       5,690     X               X
GLENBOROUGH REALTY TRUST         Common Stock                37803P105     $112,850       6,495     X               X
GLIMCHER REALTY TRUST            Common Stock                379302102      $68,125       5,450     X               X
GOLF TRUST OF AMERICA, INC.      Common Stock                38168B103      $13,775       1,900     X               X
GRAINGER W W INC                 Common Stock                384802104   $2,628,000      72,000     X               X
GREAT LAKES REIT                 Common Stock                390752103      $66,025       3,800     X               X
HRPT PROPERTIES, INC             Common Stock                40426W101   $1,756,768     232,300     X               X
HALLIBURTON COMPANY              Common Stock                406216101     $137,750       3,800     X               X
JOHN HANCOCK FINANCIAL SVCS      Common Stock                41014S106     $144,818       3,849     X               X
HARTMARX                         Common Stock                417119104     $240,112     101,100     X               X
HEALTH CARE REIT, INC.           Common Stock                42217K106     $650,000      40,000     X               X
HEWLETT PACKARD COMPANY          Common Stock                428236103   $1,830,625      58,000     X               X
HIGHWOOD PROPERTIES INC          Common Stock                431284108     $331,335      13,320     X               X
HOME DEPOT INC                   Common Stock                437076102   $1,373,411      30,061     X               X
HOME PROPERTIES OF NY INC        Common Stock                437306103     $131,306       4,700     X               X
HONEYWELL INTERNATIONAL INC.     Common Stock                438516106   $1,419,375      30,000     X               X
HOSPITALITY PROPERTIES TRUST     Common Stock                44106M102     $291,070      12,865     X               X
HOST MARRIOTT CORP               Common Stock                44107P104     $648,168      50,100     X               X
HOTJOBS.COM LTD                  Common Stock                441474103      $57,187       5,000     X               X
IRT PROPERTY COMPANY             Common Stock                450058102      $58,337       7,180     X               X
ILLINOIS TOOL WORKS INC.         Common Stock                452308109   $4,050,250      68,000     X               X
INFINITY BROADCASTING CORP - A   Common Stock                45662S102     $558,750      20,000     X               X
INGERSOLL RAND CO.               Common Stock                456866102   $3,559,375      85,000     X               X
INNKEEPERS USA TRUST             Common Stock                4576J0104     $142,153      12,850     X               X
INTEL CORPORATION                Common Stock                458140100   $2,104,375      70,000     X               X
INT'L BUSINESS MACHINES          Common Stock                459200101   $4,250,000      50,000     X               X
INTERNATIONAL PAPER COMPANY      Common Stock                460146103     $408,125      10,000     X               X
INTERNET CAPITAL GROUP           Common Stock                46059C106      $39,375      12,000     X               X
INVESTORS REAL ESTATE TRUST      Common Stock                461730103      $41,600       5,200     X               X
IVEX PACKAGING                   Common Stock                465855104   $1,047,812      95,800     X               X
JDN REALTY CORP                  Common Stock                465917102      $79,271       7,505     X               X
JP REALTY INC                    Common Stock                46624A106      $58,432       3,710     X               X
JAMESON INNS                     Common Stock                470457102      $14,851       2,655     X               X
JOHNSON & JOHNSON                Common Stock                478160104   $4,939,618      47,016     X               X
KERR MCGEE CORP                  Common Stock                492386107   $1,840,781      27,500     X               X
KILROY REALTY CORP               Common Stock                49427F108     $168,375       6,000     X               X
KIMCO REALTY CORP.               Common Stock                49446R109     $634,090      14,350     X               X
KOGER EQUITY INC.                Common Stock                500228101      $94,931       6,100     X               X
KRAMONT REALTY TRUST             Common Stock                50075Q107      $37,805       4,230     X               X
KROGER                           Common Stock                501044101   $2,553,834      94,368     X               X
L-3 COMMUNICATIONS HLDGS INC     Common Stock                502424104   $2,248,400      29,200     X               X
LASALLE HOTEL PROPERTIES         Common Stock                517942108      $57,712       3,800     X               X
LEXINGTON CORP PPTY TRUST        Common Stock                529043101      $46,600       3,945     X               X
LIBERTY PROPERTY TRUST           Common Stock                531172104     $439,434      15,385     X               X
ELI LILLY & CO.                  Common Stock                532457108   $2,326,562      25,000     X               X
LITTELFUSE, INC.                 Common Stock                537008104   $1,145,000      40,000     X               X
LUCENT TECHNOLOGIES, INC.        Common Stock                549463107     $756,000      56,000     X               X
MGIC INVESTMENT CORP             Common Stock                552848103     $863,200      12,800     X               X
MSC INDUSTRIAL DIRECT            Common Stock                553530106     $415,437      23,000     X               X
THE MACERICH COMPANY             Common Stock                554382101     $149,182       7,775     X               X
MACK-CALI REALTY CORP.           Common Stock                554489104   $2,096,344      73,395     X               X
MANUFACTURED HOME COMMUNITIES    Common Stock                564682102     $145,435       5,015     X               X
MATRIXONE INC                    Common Stock                57685P304   $7,663,557     421,364     X               X
MAY DEPT STORES                  Common Stock                577778103   $1,637,500      50,000     X               X
MCAFEE.COM CORPORATION           Common Stock                579062100      $30,000       6,000     X               X
MCDONALDS CORP                   Common Stock                580135101   $1,530,000      45,000     X               X
MEDIMMUNE INC                    Common Stock                584699102   $1,192,187      25,000     X               X
MERISTAR HOSPITALITY CORP        Common Stock                58984Y103     $206,384      10,483     X               X
MESA LABORATORIES INC.           Common Stock                59064R109     $126,000      21,000     X               X
METALS USA INC                   Common Stock                591324108      $56,250      20,000     X               X
MICROSOFT CORP.                  Common Stock                594918104   $2,212,125      51,000     X               X
MID-AMERICA APARTMENT COMM.      Common Stock                59522J103      $90,137       3,995     X               X
MID ATLANTIC REALTY TRUST        Common Stock                595232109      $37,781       3,100     X               X
MILLS CORPORATION                Common Stock                601148109      $90,182       5,445     X               X
MISSION WEST PROPERTIES          Common Stock                605203108      $54,112       3,900     X               X
MOBILE MINI INC                  Common Stock                60740F105   $1,058,000      46,000     X               X
MORGAN STANLEY DEAN WITTER & C   Common Stock                617446448   $1,268,047      16,000     X               X
MOTOROLA INC.                    Common Stock                620076109     $303,750      15,000     X               X
NANOPHASE TECHNOLOGIES           Common Stock                630079101     $132,000      12,000     X               X
NATIONAL GOLF PROPERTIES INC.    Common Stock                63623G109      $63,640       3,095     X               X
NEW PLAN EXCEL REALTY, INC       Common Stock                648053106     $261,476      19,922     X               X
NEWELL RUBBERMAID, INC           Common Stock                651229106          $11           0     X               X
NEWPARK RESOURCES INC.           Common Stock                651718504   $1,440,915     150,684     X               X
NEWS CORP LTD-SPONS ADR          Common Stock                652487703     $806,250      25,000     X               X
NOKIA CORPORATION                Common Stock                654902204   $3,219,000      74,000     X               X
NORFOLK SOUTHERN CORP            Common Stock                655844108   $1,794,525     134,800     X               X
NUCOR CORP                       Common Stock                670346105   $2,579,687      65,000     X               X
OMEGA HEALTHCARE INVESTORS       Common Stock                681936100     $168,750      45,000     X               X
OMEGA WORLDWIDE INC              Common Stock                68210B108      $53,179      21,817     X               X
ORACLE SYSTEMS CORP              Common Stock                68389X105     $406,875      14,000     X               X
PS BUSINESS PARKS INC            Common Stock                69360J107     $147,340       5,300     X               X
PACIFIC GULF PROPERTIES          Common Stock                694396102      $29,522       4,820     X               X
PAN PACIFIC RETAIL PPTY          Common Stock                69806L104     $162,501       7,283     X               X
PARKWAY PROPERTIES INC.          Common Stock                70159Q104      $65,312       2,200     X               X
PAXSON COMMUNICATION             Common Stock                704231109     $393,937      33,000     X               X
PENNEY J C COMPANY, INC.         Common Stock                708160106     $380,625      35,000     X               X
PENN REAL ESTATE INVEST TST      Common Stock                709102107      $58,426       3,055     X               X
PEPSICO INC                      Common Stock                713448108     $416,325       8,400     X               X
PETROLEUM GEO-SVCS -SPON ADR     Common Stock                716597109     $865,312      65,000     X               X
PFIZER, INC.                     Common Stock                717081103   $6,325,000     137,500     X               X
PHILIPS INTL REALTY              Common Stock                718333107       $6,906       1,700     X               X
PHILLIPS PETROLEUM COMPANY       Common Stock                718507106     $682,500      12,000     X               X
PINNACLE HOLDINGS INC            Common Stock                72346N101     $235,625      26,000     X               X
PITNEY BOWES INC                 Common Stock                724479100   $1,258,750      38,000     X               X
BANCO POPULAR                    Common Stock                733174106           $7           0     X               X
POST PROPERTIES                  Common Stock                737464107     $337,874       8,995     X               X
POWERWAVE TECHNOLOGIES INC       Common Stock                739363109   $2,808,000      48,000     X               X
PRENTISS PROPERTIES TRUST        Common Stock                740706106     $223,581       8,300     X               X
PRIME GROUP REALTY TRUST         Common Stock                74158J103      $50,312       3,500     X               X
PUBLIC STORAGE INC.              Common Stock                74460D109     $724,480      29,798     X               X
QUANTA SERVICES INC              Common Stock                74762E102   $2,156,562      67,000     X               X
RFS HOTEL INVESTORS INC.         Common Stock                74955J108      $72,170       5,525     X               X
RADIANT SYSTEMS INC              Common Stock                75025N102     $779,000      38,000     X               X
RADIOSHACK CORP                  Common Stock                750438103   $1,498,437      35,000     X               X
RAILWORKS CORP                   Common Stock                750789109     $225,004      96,000     X               X
REALTY INCOME CORP               Common Stock                756109104     $150,493       6,050     X               X
RECKSON ASSOC REALTY CORP        Common Stock                75621K106     $315,035      12,570     X               X
REGENCY REALTY CORP              Common Stock                758939102     $305,687      12,905     X               X
RELIANCE GROUP HOLDINGS          Common Stock                759464100           $0           1     X               X
RIO ALTO EXPLORATION LTD         Common Stock                766892103   $1,726,180      80,000     X               X
ROUSE CO                         Common Stock                779273101     $405,450      15,900     X               X
ROYAL DUTCH PETROLEUM CO.        Common Stock                780257804   $1,877,437      31,000     X               X
SL GREEN REALTY CORP             Common Stock                78440X101     $154,000       5,500     X               X
ST PAUL COS                      Common Stock                792860108          $38           0     X               X
SAKS INCORPORATED                Common Stock                79377W108     $620,000      62,000     X               X
SANDISK CORP                     Common Stock                80004C101     $638,250      23,000     X               X
SAUL CENTERS INC                 Common Stock                804395101      $57,644       3,095     X               X
SCHERING PLOUGH CORP             Common Stock                806605101   $4,415,604      77,808     X               X
SCHOLASTIC CORP                  Common Stock                807066105   $2,215,625      25,000     X               X
SECURITY CAPITAL GROUP           Common Stock                81413P105          $21           1     X               X
SECURITY CAPITAL GROUP           Common Stock                81413P204   $8,098,188     403,648     X               X
SHELL TRANSPORT - TRADING ADR    Common Stock                822703609     $987,500      20,000     X               X
SHERWIN-WILLIAMS CO              Common Stock                824348106     $789,375      30,000     X               X
SHURGARD STORAGE                 Common Stock                82567D104     $165,319       6,765     X               X
SIGMA ALDRICH                    Common Stock                826552101   $1,336,625      34,000     X               X
SIMON PROPERTY GROUP, INC.       Common Stock                828806109     $931,080      38,795     X               X
SIX FLAGS INC.                   Common Stock                83001P109   $1,203,125      70,000     X               X
SMITH CHARLES E RESIDENTIAL      Common Stock                832197107     $230,065       4,895     X               X
SOVRAN SELF STORAGE INC          Common Stock                84610H108      $54,060       2,720     X               X
SPIEKER PROPERTIES, INC.         Common Stock                848497103     $744,356      14,850     X               X
SPRINT CORPORATION               Common Stock                852061100     $914,062      45,000     X               X
STATE STREET CORP                Common Stock                857477103   $1,863,150      15,000     X               X
STILWELL FINANCIAL INC           Common Stock                860831106     $591,562      15,000     X               X
STORAGE USA                      Common Stock                861907103     $195,738       6,165     X               X
SUMMIT PROPERTIES INC            Common Stock                866239106     $153,790       5,915     X               X
SUN COMMUNITIES INC              Common Stock                866674104     $131,822       3,935     X               X
SUN MICROSYSTEMS, INC.           Common Stock                866810104   $3,790,777     135,992     X               X
SUNGARD DATA SYSTEMS             Common Stock                867363103   $1,885,000      40,000     X               X
SYMANTEC CORP                    Common Stock                871503108     $500,625      15,000     X               X
TALISMAN ENERGY INC              Common Stock                87425E103     $926,562      25,000     X               X
TANGER FACTORY                   Common Stock                875465106      $41,062       1,800     X               X
TARGET CORP                      Common Stock                87612E106   $1,564,125      48,500     X               X
TAUBMAN CENTERS INC.             Common Stock                876664103     $131,031      11,980     X               X
TECHNITROL INC                   Common Stock                878555101     $781,375      19,000     X               X
TELEHUB COMMUNICATIONS           Common Stock                87942R116           $0         524     X               X
TELLABS INC.                     Common Stock                879664100   $4,322,250      76,500     X               X
TENET HEALTHCARE CORP            Common Stock                88033G100   $1,555,312      35,000     X               X
TEXTRON, INC                     Common Stock                883203101   $2,232,000      48,000     X               X
TIME WARNER, INC.                Common Stock                887315109   $5,540,260     106,054     X               X
TOWN & COUNTRY TRUST             Common Stock                892081100      $70,200       3,635     X               X
TRIBUNE CO                       Common Stock                896047107   $3,971,500      94,000     X               X
TUT SYSTEMS INC                  Common Stock                901103101     $264,000      32,000     X               X
TYCO INTERNATIONAL LTD.          Common Stock                902124106     $943,534      17,000     X               X
US RESTAURANT PROPERTIES         Common Stock                902971100      $34,343       3,500     X               X
UNITED AUTO GROUP INC            Common Stock                909440109   $4,464,534     667,594     X               X
UNITED DOMINION REALTY TRUST     Common Stock                910197102     $253,931      23,485     X               X
UNITED TECHNOLOGIES CORP         Common Stock                913017109   $1,418,552      18,042     X               X
UNIVERSAL FOREST PRODUCTS        Common Stock                913543104     $212,000      16,000     X               X
VF CORP.                         Common Stock                918204108   $3,558,768      98,200     X               X
VELOCITYHSI INC                  Common Stock                92257K102          $37       1,896     X               X
VERIZON CORPORATION              Common Stock                92343V104     $532,227      10,618     X               X
VIACOM INC                       Common Stock                925524100   $1,410,000      30,000     X               X
VOICESTREAM WIRELESS CORP        Common Stock                928615103   $2,063,919      20,511     X               X
VORNADO REALTY TRUST             Common Stock                929042109     $753,913      19,678     X               X
VORNADO OPERATING COMPANY        Common Stock                92904N103       $5,775       2,800     X               X
WAL-MART STORES                  Common Stock                931142103     $903,125      17,000     X               X
WALGREENS CO                     Common Stock                931422109   $2,195,156      52,500     X               X
WASHINGTON MUTUAL INC            Common Stock                939322103          $80           1     X               X
WASHINGTON REIT                  Common Stock                939653101     $193,016       8,170     X               X
WATSCO                           Common Stock                942622101     $133,500      12,000     X               X
WATSCO                           Common Stock                942622200   $1,382,400     120,000     X               X
WATSON PHARMACEUTICALS, INC.     Common Stock                942683103   $1,023,750      20,000     X               X
WEINGARTEN REALTY TRUST          Common Stock                948741103     $265,343       6,065     X               X
WELLS FARGO & COMPANY            Common Stock                949740104     $727,375      22,000     X               X
WESTFIELD AMERICA INC            Common Stock                959910100     $241,106      16,700     X               X
WESTPOINT STEVEN                 Common Stock                961238102     $524,300      70,000     X               X
WINSTON HOTELS INC.              Common Stock                97563A102      $27,324       3,835     X               X
WINTRUST FINANCIAL CORP          Common Stock                97650W108     $796,875      50,000     X               X
WIRELESS TELECOM GROUP, INC.     Common Stock                976524108     $205,500     109,600     X               X
WORLDCOM INC                     Common Stock                98157D106   $1,428,750     101,600     X               X
XEROX CORP                       Common Stock                984121103     $138,750      30,000     X               X
YOUNG BROADCASTING CORP -A       Common Stock                987434107   $1,657,477      49,500     X               X
PLATT MUSIC CORPORATION COMMON   Common Stock                990775$08           $0      19,186     X               X
TRENWICK GROUP                   Common Stock                G9032C109  $62,738,381   2,528,499     X               X
INTRAVEX LLC UNITS               Common Stock                INTRAV$$0     $500,000     274,726     X               X
AUDIOCODES LTD                   Common Stock                M15342104     $678,125      50,000     X               X
SUN INTERNATIONAL HOTELS LTD-A   Common Stock                P8797T133     $593,750      25,000     X               X
J. BAKER INC                     Taxable Bonds-Convertible   057232AA8     $115,125     150,000     X               X
CKE RESTAURANTS INC              Taxable Bonds-Convertible   12561EAB1     $443,475   1,095,000     X               X
CLEAR CHANNEL COMMUNICATIONS     Taxable Bonds-Convertible   184502AE2     $378,250     425,000     X               X
DEVON ENERGY                     Taxable Bonds-Convertible   25179MAB9   $1,895,000   2,000,000     X               X
ESC MEDICAL SYSTEMS              Taxable Bonds-Convertible   269025AA0     $451,668     545,000     X               X
ESC MEDICAL SYSTEMS              Taxable Bonds-Convertible   269025AB8     $265,200     320,000     X               X
FORD MOTOR CREDIT CORP.          Taxable Bonds-Convertible   345397SS3   $2,041,854   2,000,000     X               X
GETTY IMAGES, INC                Taxable Bonds-Convertible   374276AA1   $2,467,500   2,000,000     X               X
GETTY IMAGES, INC                Taxable Bonds-Convertible   374276AD5   $3,793,750   5,000,000     X               X
HEALTHSOUTH CORP                 Taxable Bonds-Convertible   421924AD3   $1,306,700   1,460,000     X               X
HILTON HOTELS CORP.              Taxable Bonds-Convertible   432848AL3     $571,218     675,000     X               X
INTEGRATED HEALTH SERV.,INC.     Taxable Bonds-Convertible   45812CAE6           $0   1,000,000     X               X
INTERIM SERVICES, INC.           Taxable Bonds-Convertible   45868PAA8     $762,750   1,130,000     X               X
KELLSTROM INDUSTRIES             Taxable Bonds-Convertible   488035AC0   $1,478,750   3,500,000     X               X
KELLSTROM INDUSTRIES             Taxable Bonds-Convertible   488035AE6     $782,500   2,000,000     X               X
KERR MCGEE CORP                  Taxable Bonds-Convertible   492386AP2   $1,437,500   1,150,000     X               X
LTC PROPERTIES INC               Taxable Bonds-Convertible   502175AF9     $715,312     750,000     X               X
MASCOTECH INC.                   Taxable Bonds-Convertible   574670AB1     $500,618     865,000     X               X
MEDITRUST CORP                   Taxable Bonds-Convertible   58501TAC2   $6,790,000   7,000,000     X               X
MUTUAL RISK                      Taxable Bonds-Convertible   628351AA6     $451,250   1,000,000     X               X
QUANTA SERVICES INC              Taxable Bonds-Convertible   74762EAA0     $835,000   1,000,000     X               X
SPECIALTY RETAILERS INC          Taxable Bonds-Convertible   847514AN6       $4,200      84,000     X               X
THERMO INSTRUMENT SYSTEMS        Taxable Bonds-Convertible   883559AE6     $645,481     695,000     X               X
THERMO FIBERTEK INC              Taxable Bonds-Convertible   88355WAA3     $438,750     500,000     X               X
JAZZTEL PLC                      Taxable Bonds-Convertible   EC2071271      $92,480     136,000     X               X
THERMO FIBERTEK INC              Taxable Bonds-Convertible   VV3081948     $440,300     500,000     X               X
AT&T CAPITAL                     Preferred Stock-Convertible 00206J308   $9,000,000     360,000     X               X
ABN AMRO CAPITAL                 Preferred Stock-Convertible 00371T206   $4,612,500     200,000     X               X
ALABAMA POWER                    Preferred Stock-Convertible 010392595   $4,027,012     200,100     X               X
ALABAMA POWER                    Preferred Stock-Convertible 010392611  $14,175,000     700,000     X               X
ANADARKO PETROLEUM CORP          Preferred Stock-Convertible 032511305   $4,543,750      50,000     X               X
APACHE CORP.                     Preferred Stock-Convertible 037411402   $3,500,000      40,000     X               X
APPALACHIAN POWER COMPANY        Preferred Stock-Convertible 037735792   $5,942,696     259,790     X               X
BEAR STEARNS COMPANIES, INC.     Preferred Stock-Convertible 073902876  $10,749,375     273,000     X               X
BOLDER TECHNOLOGIES CORP.        Preferred Stock-Convertible 097519912     $750,828      40,000     X               X
BUDGET GROUP CAPITAL TRUST       Preferred Stock-Convertible 119001204     $296,700      17,200     X               X
CENDANT CORPORATION              Preferred Stock-Convertible 151313301     $107,637       7,900     X               X
CENTRAL MAINE POWER              Preferred Stock-Convertible 154990113   $4,193,750      50,000     X               X
CHASE MANHATTAN NEW              Preferred Stock-Convertible 16161A777   $2,715,625      55,000     X               X
CITIGROUP INC.                   Preferred Stock-Convertible 172967507   $4,543,750     100,000     X               X
CITIGROUP INC.                   Preferred Stock-Convertible 172967705   $7,644,000     168,000     X               X
DETROIT EDISON CO                Preferred Stock-Convertible 250847688   $3,630,000     160,000     X               X
DETROIT EDISON CO                Preferred Stock-Convertible 250847696   $1,097,450      46,700     X               X
DILLARD DEPARTMENT STORES        Preferred Stock-Convertible 25406P200   $4,462,500     340,000     X               X
ENTERPRISE CAPITAL               Preferred Stock-Convertible 29390B201   $2,137,500     100,000     X               X
FPC CAPITAL I                    Preferred Stock-Convertible 302552203   $4,525,000     200,000     X               X
FEDERAL HOME LOAN MORTGAGE       Preferred Stock-Convertible 313400830  $10,000,000     200,000     X               X
FLEETWOOD CAPITAL TRUST          Preferred Stock-Convertible 339072407     $206,375      12,700     X               X
HECO CAPITAL TRUST II            Preferred Stock-Convertible 40415B209   $2,875,026     130,683     X               X
HAWAIIAN ELECTRIC IND CAP TR     Preferred Stock-Convertible 41987M201   $3,225,625     130,000     X               X
HIGHWOOD PROPERTIES INC          Preferred Stock-Convertible 431284504   $1,983,614     100,755     X               X
HOUSEHOLD INT'L                  Preferred Stock-Convertible 44180R209   $3,325,937     145,000     X               X
MBNA CORPORATION                 Preferred Stock-Convertible 55262L308   $3,292,625     148,400     X               X
MOTOTOLA CAPITAL                 Preferred Stock-Convertible 620074203   $4,475,000     200,000     X               X
NVP CAPITAL III                  Preferred Stock-Convertible 62944L201   $7,422,305     315,005     X               X
NEW PLAN EXCEL REALTY, INC       Preferred Stock-Convertible 648053502   $7,787,500     350,000     X               X
PP&L RESOURCES                   Preferred Stock-Convertible 693498206   $2,260,475      90,419     X               X
SALOMON SMITH BARNEY HLDS. INC   Preferred Stock-Convertible 784646200  $10,991,000     464,000     X               X
SOUTHERN COMPANY                 Preferred Stock-Convertible 842637209   $2,760,000     120,000     X               X
SUIZA FOODS CORP                 Preferred Stock-Convertible 86507G200     $690,000      18,400     X               X
SUNAMERICA                       Preferred Stock-Convertible 86702N208   $3,681,912     145,100     X               X
WINSTAR COMMUNICATIONS, INC      Preferred Stock-Convertible 975515602       $5,054         109     X               X
                                                                       $776,004,478