HURON INVESTMENT FUND, INC.
Statement of Assets and Liabilities
June 30, 1997
(Unaudited)
Assets
Investments, at value (@ cost $1,017,613,482) $ 1,320,443,247
Cash 64,235
Dividends receivable 1,395,000
Interest receivable 89,440
Receivable for Securities Sold - Unsettled Trades 229,784
Deferred Organizational Costs 5,607
Prepaid expenses 29,583
Total Assets 1,322,256,896
Liabilities
AMPS Dividend Payable 1,557,647
Accrued expenses 928,465
Notes payable 213,500
Accrued interest expense 5,343
Total Liabilities 2,704,955
Net Assets $ 1,319,551,941
Net assets are represented by:
Series A Auction Market Preferred Stock, $.01 par value
at liquidation preference $100,000 per share, 1,000 shares
authorized, issued and outstanding 100,000,000
Series B Auction Market Preferred Stock, $.01 par value
at liquidation preference $100,000 per share, 1,000 shares
authorized, issued and outstanding 100,000,000
Series C Auction Market Preferred Stock, $.01 par value
at liquidation preference $100,000 per share, 1,000 shares
authorized, issued and outstanding 100,000,000
Series D Auction Market Preferred Stock, $.01 par value
at liquidation preference $100,000 per share, 1,000 shares
authorized, issued and outstanding 100,000,000
Series E Auction Market Preferred Stock, $.01 par value
at liquidation preference $100,000 per share, 500 shares
authorized, issued and outstanding 50,000,000
Common stock at par value, $.01 per share, 199,995,500 shares
authorized, 61,376,240.20 shares issued and outstanding 613,762
Additional paid-in capital 563,148,640
Undistributed Net Gains 2,959,773
Net unrealized appreciation of investments 302,829,766
Net Assets $ 1,319,551,941
Net asset value per common shares outstanding $ 14.17
See accompanying notes to the financial statements.
HURON INVESTMENT FUND, INC.
Statement of Operations
For the period from January 1, 1997 to June 30, 1997
(Unaudited)
Investment income:
Dividend income $ 9,506,133
Interest income 333,155
Total investment income 9,839,288
Expenses:
Broker dealer fee 474,330
Legal fees 0
Rating agencies fees 3,917
Independent auditors 11,525
Auction agent fee 12,778
Administration fees 1,479,879
Directors fees and expenses 5,393
Interest expense 9,124
Insurance 7,079
Investment management fee 59,752
Organizational Cost 793
Other expenses 4,571
Total expenses 2,069,141
Net investment income 7,770,147
Net realized and unrealized gains on investments:
Net realized gain on investments:
Proceeds from sales $ 23,832,843
Cost of securities sold (18,261,804)
5,571,039
Unrealized appreciation of investments:
Beginning of period 133,166,595
End of period 302,829,765
Increase in net unrealized appreciation of investments 169,663,170
Net increase in net assets resulting
from operations $ 183,004,356
See accompanying notes to the financial statements.
HURON INVESTMENT FUND, INC.
Statement of Changes in Net Assets
For the period from January 1, 1997 to June 30, 1997
and for the period from March 4, 1996 (commencement of
operations) to December 31, 1996
(Unaudited)
For the six
months ended For the
June 30, 1997 period ended
(Unaudited) December 31, 1996
From operations:
Net investment income $ 7,770,147 12,422,412
Net realized gain on investments 5,571,039 2,495,394
Net change in unrealized appreciation
on investments 169,663,170 133,166,595
Increase in net assets resulting
from operations 183,004,356 148,084,401
Dividends to stockholders from net
investment income:
Auction market preferred stock (7,770,147) (13,751,745)
Common stock 0 (1,166,061)
(7,770,147) (14,917,806)
Dividends to stockholders from net realized gains:
Auction market preferred stock (2,611,265) 0
Common stock 0 0
(2,611,265) 0
Decrease in net assets resulting from
dividends to stockholders (10,381,412) (14,917,806)
Increase (decrease) from capital share transactions:
Issuance of auction market preferred stock 0 450,000,000
Issuance of common stock 0 613,762,402
Return of additional paid in capital to
common stockholder 0 (50,000,000)
0 1,013,762,402
Total increase in net assets 172,622,944 1,146,928,997
Net assets:
Beginning of period 1,146,928,997 0
End of period $ 1,319,551,941 1,146,928,997
See accompanying notes to the financial statements.
HURON INVESTMENT FUND, INC.
Financial Highlights
For the period from January 1, 1997 to June 30, 1997, the period
March 4, 1996 (commencement of operations) through December 31, 1996
For the six
months ended
June 30, 1997
(Unaudited) 1996 (1)
For a share of common stock outstanding
throughout the period:
Net asset value, beginning of period $ 11.36 10.00
Net investment income 0.13 0.20
Net realized and unrealized gains
(losses) on investments 2.85 2.21
Total from investment operations 2.98 2.41
Less distributions from net investment income
and net realized gains:
Common share equivalent of dividends
paid to AMPS holders (0.17) (0.22)
Dividends paid to common shareholders 0.00 (0.02)
Less distributions from net paid-in capital:
Return of capital paid to common
shareholders 0.00 (0.81)
Total distributions (0.17) (1.05)
Net asset value, end of period $ 14.17 11.36
Total investment return 15.96% 24.13%(2
Net assets at end of period (000s) 1,319,552 1,146,929
Ratio of expenses to average net assets
applicable to common stock 0.17% 0.33%(3
Ratio of net investment income to average net
assets applicable to common stock (4) -0.21% -0.12%(3
Portfolio turnover 0.34% 5.47%
Average commissions paid on equity
securities transactions $ 0.0161 0.0200
(1)For the period March 4, 1996 (commencement of operations) to December 31,
1996.
(2)Total investment return for the period; not annualized.
(3)Annualized.
(4)Net investment income is adjusted for distributions paid to auction market
preferred stock("AMPS") holders.
See accompanying notes to financial statments.
HURON INVESTMENT FUND, INC.
Notes to the Financial Statements
June 30, 1997
(Unaudited)
(1) Organization and Significant Accounting Policies
The Huron Investment Fund, Inc. (the "Fund") is registered as a
diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended. The Fund commenced
investment operations on March 4, 1996.
The Fund's objective is long-term capital appreciation with income as a
secondary objective. The Fund's investments consist primarily of
common stocks of large, medium and small capitalization U.S.
companies, non-U.S. companies whose shares are listed on a U.S.
exchange and American depository receipts of non-U.S. companies that
are traded in the U.S. The Fund's investment portfolio must conform to
certain rating agency asset coverage tests so long as the Fund has
preferred stock outstanding.
On the date of commencement, the Fund issued 61,376,140.20 shares
of common stock with a par value of $.01 at $10 per share in exchange
for securities with a value in the aggregate of approximately $613.8
million and 4,000 shares of AMPS with a par value of $.01 at $100,000
per share in exchange for $400 million in cash. In June 1996, the Fund
issued an additional 500 shares of AMPS in exchange for $50 million in
cash and with the proceeds paid a dividend in the same amount to the
common stockholder.
The following is a summary of significant accounting policies consistently
followed by the Fund in preparation of its financial statements.
(a) Security Valuation
Investments in securities traded on a national securities exchange
(or reported on the Nasdaq national market) are valued at the last
reported sales price on the primary exchange. Temporary
investments are valued at amortized cost which approximates fair
value.
(b) Security Transactions
Security transactions are accounted for on a trade date basis. The
cost of securities sold is determined using the identified cost
method. Dividend income is recorded on ex-dividend date and
interest income is recorded on the accrual basis.
(c) Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and
distribute its taxable income to shareholders. Therefore, no
provision for Federal income tax is required.
(d) Distribution of Income and Gains
The Fund distributes substantially all of its taxable income in excess
of the dividends paid to the preferred stockholders to the common
stockholder. Dividends to the common stockholder are declared and
paid at least annually. Net capital gains, if any, are generally
distributed annually.
2
HURON INVESTMENT FUND, INC.
Notes to Financial Statements, Continued
(Unaudited)
(1), Continued
The character of income and gains to be distributed are determined
in accordance with income tax regulations which may differ from
generally accepted accounting principles. At December 31, 1996
reclassifications were made to the Fund's capital accounts to reflect
permanent book/tax differences and income and gains available for
distributions under income tax regulations. Net investment income,
net realized gains and net assets were not affected by this change.
(e) Reclassification Policy
It is the Fund's policy to reclassify certain amounts to conform to the
current year's presentation when necessary.
(f) Use of Estimates
Estimates and assumptions are required to be made regarding
assets, liabilities and changes in net assets resulting from operations
when financial statements are prepared. Changes in the economic
environment, financial markets and any other parameters used in
determining these estimates could cause actual results to differ from
these amounts.
(g) Organization Costs
Organization costs have been deferred and are being amortized by
the Fund on a straight-line basis over five years.
(2) Related Party Transactions
A collective trust fund for employee benefit plans is the sole common
stockholder of the Fund. Certain officers and directors of the Fund are
affiliated with the common stockholder. No fees or expenses were paid
to the affiliated officers and directors.
During the six months ended June 30, 1997 and the period March 4,
1996 (commencement of operations) to December 31, 1996, dividends
to the common stockholder amounted to $0 and $1,166,061,
respectively.
During the six months ended June 30, 1997 and the period March 4,
1996 (commencement of operations) to December 31, 1996, return of
capital distributions to the common stockholder amounted to $0 and
approximately $50,000,000 (of which approximately $1,200,000 was
considered taxable for IRS purposes), respectively.
Comerica Bank serves as both custodian and administrator for the Fund
and receives a fee based on a percentage of net assets outstanding at
the end of the fiscal year. An affiliate of Comerica Bank serves as
investment advisor to the Fund. The annual investment management
fee is 0.01% of average equity investments. The administration and
management fees are calculated and accrued on a monthly basis.
3
HURON INVESTMENT FUND, INC.
Notes to Financial Statements, Continued
(Unaudited)
(3) Investment Transactions
The aggregate cost of securities purchased and the aggregate proceeds
of securities sold excluding short-term securities, for the six months
ended June 30, 1997 were $18,261,804 and $23,832,843, respectively.
As of June 30, 1997, the aggregate gross unrealized appreciation and
depreciation of investments for Federal income tax purposes, were
$352,751,750 and $49,921,984, respectively.
(4) Auction Market Preferred Stock
The Fund has outstanding at June 30, 1997, 1000 shares each of Series
A, Series B, Series C and Series D AMPS, and 500 shares of Series E
AMPS at a liquidation value of $100,000 per share. Dividends are
cumulative from the date of original issue and are paid every 49 days at
a rate set through a Dutch Auction. The AMPS rates in effect on June
30, 1997 were 4.33%, 4.3%, 4.3%, 4.38% and 4.3% for Series A, Series
B, Series C, Series D and Series E, respectively.
Each series of AMPS is redeemable at the option of the Fund in whole,
but not in part, at a price of $100,000 per share plus accumulated and
unpaid dividends. The Fund is subject to certain asset coverage tests,
and the AMPS are subject to mandatory redemption if the tests are not
met.
In addition, the AMPS are subject to mandatory redemption if the Fund
ceases to qualify as a regulated investment company or if Merrill Lynch,
Pierce, Fenner & Smith Incorporated ceases to be the broker dealer.
The liquidation value under mandatory redemption of the AMPS is
$100,000 per share plus accumulated and unpaid dividends.
(5) Notes Payable
As of June 30, 1997, the Fund had $213,500 of principal notes
outstanding to investors. The notes due on March 15, 2021, bear
interest at a floating rate. The interest rate, which resets annually,
is set at the one-year U.S. Treasury bill rate plus 3.50%. As of
June 30, 1997, the Fund was paying interest at 9.23% per annum.
HURON INVESTMENT FUND, INC.
Portfolio of Investments
June 30, 1997
(Unaudited)
No. of
Shares Market Value
COMMON STOCK
BUILDING AND CONSTRUCTION 1.87%
BUILDING EQUIPMENT
3,100 CHECKFREE CORP 54,637.50
2,500 CLARIFY INC 28,281.25
39,250 CLAYTON HOMES INC 564,218.75
7,500 SIMPSON MFG INC 198,750.00
BUILDING MATERIALS
3,600 ABT BLDG PRODS CORP 94,500.00
500 AMERICAN BILTRITE INC 10,562.50
2,300 AMERICAN BUILDING CO 62,100.00
1,900 AMERON INTERNATIONAL CORP 107,587.50
13,300 CALGON CARBON CORP 184,537.50
3,000 CAVALIER HOMES INC 30,000.00
3,900 CENTEX CONSTRUCTION PRODU 76,050.00
10,000 CHAMPION INTL CORP 552,500.00
9,612 D R HORTON INC 99,724.50
8,000 DURCO INTERNATIONAL INC 234,000.00
3,200 ELCOR CORP 89,200.00
7,300 EXABYTE 93,531.25
4,400 FLORIDA ROCK IND 178,750.00
9,800 GEORGIA PACIFIC CORP 836,675.00
3,600 GIANT CEMENT HOLDING INC 67,500.00
50,500 HOME DEPOT 3,484,500.00
200 ICC TECHNOLOGIES INC 1,012.50
1,600 INTERNATIONAL ALUM CORP 42,400.00
17,100 LONGVIEW FIBRE CO 284,287.50
11,400 LOUISIANA PAC CORP 240,825.00
3,200 MARTIN MARIETTA MATERIALS 103,600.00
17,300 MASCO CORP 722,275.00
2,800 MAXXAM INC 131,075.00
5,100 NATIONAL SVC INDS 248,306.25
1,900 NCI BUILDING SYSTEMS INC 61,512.50
4,200 NORTEK INC 101,325.00
4,200 NVR INC 64,050.00
25,600 RPM INC. 470,400.00
3,400 SCOTSMAN INDS INC 96,900.00
5,300 TRIANGLE PACIFIC CORP 169,600.00
16,900 USG CORP NEW 616,850.00
11,500 VULCAN MATLS CO 902,750.00
CEMENT
7,600 CALMAT CO 163,400.00
37,400 LAFARGE CORP 916,300.00
2,000 PUERTO RICAN CEMENT CO 65,125.00
5,700 SOUTHDOWN INC 248,662.50
CONSTRUCTION EQUIPMENT
6,200 CMI CORP CL A 24,800.00
3,700 GIDDINGS & LEWIS 77,237.50
PAINT AND FLAT GLASS
18,200 SHERWIN WILLIAMS CO 561,925.00
23,400 VALSPAR CORP 693,225.00
INDUSTRIAL CHEMICALS
18,700 ALBEMARLE CORP 393,868.75
9,200 BETZ LABS INC 607,200.00
8,000 DEXTER CORP 256,000.00
39,100 ETHYL CORP 361,675.00
4,600 FULLER H B CO 253,000.00
5,400 GREAT LAKES CHEM CRP 282,825.00
19,900 LUBRIZOL CORP 834,556.25
18,700 PPG INDUS INC 1,086,937.50
6,900 ROHM & HAAS CO 621,431.25
11,000 WELLMAN INC 191,125.00
18,700 WITCO CORP 709,431.25
MISCELLANEOUS
50,900 ADT LTD 1,679,700.00
28,100 AMERICAN STANDARD COS INC 1,257,475.00
4,960 CHAMPION ENTERPRISES INC 73,780.00
1,900 CHRISTIANA COS INC. 75,762.50
6,000 COMMERCIAL INTERTECH 83,625.00
1,400 CORRPRO COS INC 13,300.00
12,500 FASTENAL CO. 612,500.00
8,800 FLUOR CORP 485,650.00
9,700 FOAMEX INTL INC 127,312.50
5,850 GRANITE CONSTR INC 115,537.50
8,500 JACOBS ENGR GROUP 228,437.50
2,054 POTASH CORP SASK INC 154,179.40
2,800 SCHULER HOMES INC 16,100.00
4,600 ZURN INDUSTRIES INC 132,250.00
TOTAL BUILDING AND CONSTRUCTION $24,709,108.90
CHEMICALS AND DRUGS 10.38%
CHEMICALS
22,600 AIRGAS INC. 447,762.50
9,600 ARCO CHEMICAL CO 456,600.00
3,700 BLESSINGS CORP 38,387.50
2,200 BUSH BOAKE ALLEN INC 68,475.00
23,600 CABOT CORP 669,650.00
24,119 CROMPTON & KNOWLES 536,647.75
25,900 DOW CHEMICAL CO 2,256,537.50
119,200 DUPONT DENEMOURS & CO 7,494,700.00
8,200 EASTMAN CHEMICAL 520,700.00
8,600 FERRO CORP 318,737.50
3,900 FMC CORP-NEW 309,808.20
9,800 GEON CO 198,450.00
11,400 GEORGIA GULF CORP 331,312.50
9,300 GRACE W.R & CO. 512,662.50
17,200 HANNA M A CO 495,575.00
11,300 HERCULES INC 540,987.50
30,420 IMC GLOBAL, INC. 1,064,700.00
3,300 LANDEC CORP 19,800.00
14,900 LAWTER INTL 188,112.50
4,300 LEARONAL INC. 122,550.00
3,000 LESCO INC OHIO 55,500.00
26,500 LYONDELL PETROCHEMICAL 578,031.25
61,800 MONSANTO CO 2,661,262.50
15,300 MORTON INTERNATIONAL INC 461,868.75
7,200 NALCO CHEM CO 278,100.00
2,500 NCH CORP 156,250.00
3,500 OIL DRI CORP AMER 56,218.75
16,500 OLIN CORP 644,531.25
3,900 PETROLITE CORP 241,312.50
16,800 PRAXAIR INC 940,800.00
5,700 REXENE CORP NEW 88,706.25
12,400 SCHULMAN A INC 305,350.00
10,400 SIGMA-ALDRICH CORP 364,650.00
8,300 SOMATOGEN INC 38,387.50
3,600 STEPAN CO. 88,650.00
2,000 SYBRON CHEM INDS INC 39,000.00
6,200 SYNETIC INC 229,400.00
13,900 UNION CARBIDE CORP 654,168.75
19,100 UNR INDS INC 131,312.50
5,900 WEBB DEL CORP 95,875.00
DRUGS
83,700 ABBOT LABS 5,586,975.00
3,900 AGOURON PHARMACEUTICALS 315,412.50
4,900 ALPHA BETA TECHNOLOGY INC 44,712.50
9,100 ALZA CORP CL A 263,331.25
68,200 AMERICAN HOME PRODUCTS 5,217,300.00
28,500 AMGEN INC 1,656,562.50
10,500 AMYLIN PHARMACEUTICALS 144,375.00
1,900 AUTOIMMUNE INC 3,503.13
6,975 BARR LABS INC 305,156.25
16,375 BERGEN BRUNSWIG 456,453.13
4,000 BINDLEY WESTN INDS INC. 91,750.00
1,500 BONE CARE INTERNATIONAL 19,500.00
108,000 BRISTOL MYERS SQUIBB CO 8,748,000.00
2,000 CAMBRIDGE NEUROSCIENCE IN 8,250.00
12,000 CARDINAL HEALTH INC 687,000.00
2,800 CARRINGTON LABS INC 17,500.00
15,200 CARTER WALLACE INC 271,700.00
800 CONNECTICS CORPORATION 5,600.00
6,000 COPLEY PHARMACEUTICAL 43,500.00
2,900 DEPOTECH CORP 39,512.50
9,000 DURA PHARMACEUTICALS INC 358,875.00
7,094 ELAN PLC ADR 321,003.50
15,200 ENGLEHARD CORP 318,250.00
3,200 ERGO SCIENCE CORP 35,200.00
4,600 FAULDIG INC 56,350.00
6,050 FUISZ TECHNOLOGIES LTD 53,693.75
3,400 GELTEX PHARMACEUTICAL INC 68,425.00
41,900 GENENTECH INC SPECIAL COM 2,469,481.25
13,800 GENSIA PHARMACEUTICALS 61,237.50
8,500 GILEAD SCIENCES INC 234,812.50
11,800 ICN PHARMACEUTICALS INC 338,512.50
12,000 ICOS CORP 99,000.00
1,100 IGI INC 4,812.50
2,400 INCYTE PHARMACEUTICALS 160,800.00
12,000 INTERNUERON PHARM INC. 241,500.00
8,500 ISIS PHARMACEUTICALS 123,781.25
9,900 LIDAK PHARMACEUTICAL CL A 21,656.25
10,000 LIGAND PHARMACEUTCAL CL B 128,750.00
58,700 LILLY ELI & CO 6,416,643.75
4,300 MAGAININ PHARMACEUTICALS 31,175.00
4,000 MATRITECH INC 27,750.00
5,900 MATRIX PHARMACEUTICAL INC 39,456.25
14,200 MCKESSON CORP NEW 1,100,500.00
130,500 MERCK & CO., INC 13,351,846.50
40,300 MYLAN LABS INC 594,425.00
3,500 NEOPROBE CORP 49,000.00
800 NEOSE TECHNOLOGIES INC 10,200.00
4,100 NEUROCRINE BIOSCIENCES IN 36,900.00
3,700 NEUROGEN CORP 84,175.00
10,200 NORTH AMERN VACCINE 196,987.50
25,100 PERRIGO CO. 313,750.00
68,900 PFIZER INC 8,233,550.00
53,300 PHARMACIA & UPJOHN INC 1,852,175.00
2,700 PHARMACOPEIA INC 35,775.00
9,600 RIBI IMMUNOCHEM RESH INC 44,400.00
7,800 SCHERER R P CORP DEL 402,675.00
79,400 SCHERING PLOUGH 3,801,275.00
6,800 SEPRACOR INC 175,525.00
2,100 SONUS PHARMACEUTICALS INC 59,062.50
8,100 TWINLAB CORP 194,400.00
5,700 VICAL INC 72,675.00
29,100 WARNER-LAMBERT 3,615,675.00
12,000 WATSON PHARMACEUTICALS 507,000.00
17,700 XOMA CORP 85,181.25
COSMETICS
6,000 ALBERTO CULVER CO CL B 168,000.00
14,000 AVON PRODUCTS INC 987,875.00
3,000 FOSSIL INC 53,250.00
10,900 HERBALIFE INTL INC 177,125.00
1,650 INBRAND CORP 49,500.00
11,600 INTL FLAVORS & FRAGRANCES 585,800.00
3,800 JEAN PHILIPPE FRAGRANCES 23,750.00
18,400 LAUDER ESTEE COS INC 924,600.00
11,300 PLAYTEX PRODUCTS INC 105,937.50
4,363 THERMOLASE CORP 61,082.00
HEALTH PRODUCTS/CARE
4,000 ACCESS HEALTH INC 98,000.00
9,100 ACUSON COM 209,300.00
2,000 ADVANCED MAGNETICS INC 21,750.00
6,900 ALLERGAN INC 219,506.25
4,100 AMER ONCOLOGY RESC INC 69,187.50
4,200 AMERICAN HOMEPATIENT INC 105,000.00
8,000 AMERISOURCE HEALTH CL A 399,000.00
4,000 APHTON CORP 59,000.00
16,800 APRIA HEALTHCARE GRP INC 298,200.00
3,500 ARRIS PHARMACEUTICAL CORP 46,375.00
8,700 ARROW INTL INC 254,475.00
6,100 BARD CR INC 221,506.25
6,000 BAUSCH & LOMB 282,750.00
30,894 BAXTER INTL INC. 1,614,211.50
13,100 BECTON DICKINSON & CO 663,187.50
10,500 BEVERLY ENTERPRISES INC 170,625.00
23,700 BIOGEN INC 802,837.50
7,313 BLOCK DRUG CL A 319,943.75
6,800 CAPSTONE PHARMACY SVCS 73,950.00
3,000 CARDIOGENESIS CORP 30,000.00
200 CARDIOTHORACIC SYS INC 2,800.00
22,700 CENTOCOR 705,118.75
3,600 CHRONIMED INC 30,375.00
3,000 CLINTRIALS RESEARCH INC 36,000.00
8,600 COASTAL PHYSICIAN GROUP 13,975.00
8,100 COLOMBIA LABS INC COM 132,637.50
71,050 COLUMBIA/HCA HEALTHCARE 2,793,153.13
11,700 CORAM HEALTHCARE CORP 28,518.75
9,600 CRAIG JENNY INC 66,600.00
2,000 CREATIVE BIOMOLECULES INC 14,125.00
4,400 DIAGNOSTIC PRODUCTS CORP 138,875.00
800 EMERITUS CORP 11,800.00
14,700 FOREST LABS 611,887.50
33,300 GENERAL NUTRITION CO 932,400.00
115,161 GILLETTE CO 10,911,504.75
25,000 GUIDANT CORP 2,125,000.00
5,100 GULF SOUTH MEDICAL SUPPLY 99,450.00
1,100 HCIA INC 36,850.00
38,850 HEALTH MGMT IN CL A NEW 1,107,225.00
8,900 HEALTHDYNE TECHNOLOGIES 153,525.00
21,100 HEALTHSOURCE INC 457,606.25
17,200 HORIZON/CMS HEALTHCARE 345,075.00
5,700 HYDRON TECHNOLOGIES INC 8,906.25
4,200 I-STAT CORP 71,925.00
2,600 ICU MED INC 19,825.00
8,300 IMMUNEX CORP NEW 300,875.00
8,600 IMMUNOMEDICS INC 37,625.00
2,900 INCONTROL INC 25,737.50
3,800 INTEGRA LIFESCIENCES 11,875.00
1,700 INTERCARDIA INC 39,100.00
4,600 KERAVISION INC 41,975.00
3,400 MARTEK BIOSCIENCES CORP 39,950.00
2,800 MEDCATH INC 41,650.00
17,400 MID ATLANTIC MED SVCS 270,787.50
3,500 MINIMED INC 93,187.50
8,100 MULTICARE COS INC 221,737.50
800 NEOPATH INC 15,200.00
8,900 NEXSTAR PHARMACEUTICALS 126,825.00
3,700 NORTHFIELD LABORATORIES 38,387.50
8,200 OEC MEDICAL SYSTEMS INC 146,062.50
9,000 ONCOR INC 35,437.50
25,800 OXFORD HEALTH PLANS INC 1,851,150.00
14,400 PHYSICIAN CORP OF AMERICA 91,800.00
15,200 PHYSICIAN RELIANCE NETWK 142,500.00
13,000 PHYSICIAN SALES & SVC 247,000.00
4,900 PHYSICIANS RESOURCE GROUP 44,100.00
600 PHYSIO-CONTROL INC. 9,000.00
700 PROJECT SOFTWARE & DEV 10,150.00
2,300 PRONET INC 9,200.00
5,600 QUINTILES TRANSNATIONAL 389,900.00
2,600 RES-CARE INC 49,725.00
8,700 REXALL SUNDOWN INC 339,300.00
22,300 RHONE POULENC RORER INC 2,026,512.50
4,050 RTW INC 32,400.00
5,900 SERAGEN INC 5,900.00
1,500 SHERIDAN HEALTHCARE INC 15,750.00
3,900 STAAR SURGICAL CO 47,775.00
2,500 SUMMIT CARE CORP 33,750.00
400 SUNRISE ASSISTED LIVING 14,000.00
12,100 TAMBRANDS INC 603,487.50
53,135 TENET HEALTHCARE CORP 1,570,803.44
2,074 TEVA PHARM INDS LTD ADR 134,291.50
350 TREX MEDICAL CORP 4,375.00
7,700 U S SURGICAL 286,825.00
12,900 UNILAB CORP 14,512.50
2,400 UNITED AMERN HEALTHCARE 14,400.00
7,600 UROMED CORP 26,600.00
19,765 UTD HEALTHCARE CORP 1,027,780.00
4,874 VETERINARY CNTRS OF AMER 59,401.88
10,200 VIVUS INC 242,887.50
MISCELLANEOUS
8,300 MOLTEN METAL TECHNOLOGY 41,500.00
18,000 TYCO LABS INC 1,252,134.00
TOTAL CHEMICALS AND DRUGS $137,132,149.41
CONSUMER PRODUCTS 12.52%
CONFECTIONS AND BEVERAGES
52,300 ANHEUSER-BUSCH COS 2,193,331.25
5,900 BOSTON BEER INC 58,262.50
7,400 BROWN FORMAN INC CL B 361,216.20
7,400 CANADAIGUA WINE INC CLB 265,475.00
268,800 COCA COLA CO 18,748,800.00
122,400 COCA COLA ENTERPRISES 2,815,200.00
165,800 PEPSICO INC 6,227,862.50
3,100 PETES BREWING CO 21,312.50
2,500 PYRAMID BREWERIES INC 8,906.25
2,600 REDHOOK ALE BREWERY INC 18,200.00
14,216 TOOTSIE ROLL INDS 632,612.00
CONTAINERS
11,000 AVERY DENNISON CORP 441,375.00
3,200 BALL CORP 96,200.00
5,700 BEMIS CO 247,237.50
11,800 CROWN CORK & SEAL INC 630,562.50
2,400 LIQUI BOX 81,000.00
4,400 SEALRIGHT CO. INC. 52,800.00
6,000 TEMPLE INLAND INC 324,000.00
DAIRY PRODUCTS
13,600 DEAN FOODS INC 549,100.00
4,400 DREYERS GRD ICE CREAM 173,800.00
31,300 IOWA BEEF PROCESSOR 727,725.00
PACKAGED FOOD
2,600 ALICO INC. 51,025.00
57,575 ARCHER DANIELS MIDLAND CO 1,353,012.50
2,600 BEN & JERRYS HOMEMADE CLA 35,750.00
3,500 BRIDGFORD FOODS CORP 31,062.50
4,100 BROTHERS GOURMET COFFEE 11,275.00
900 CAGLES INC 13,612.50
51,600 CAMPBELL SOUP CO 2,580,000.00
6,400 CHURCH & DWIGHT INCTURE 171,200.00
25,600 CONAGRA 1,641,600.00
1,380 DNAP HOLDING CORP 4,830.00
600 FARMER BROS CO 76,200.00
28,950 FLOWERS INDUS INC 486,721.88
39,000 HEINZ H J CO 1,798,875.00
16,200 HERSHEY FOODS CORP 896,062.50
28,400 HORMEL FOODS CORP 763,250.00
7,200 HUDSON FOODS INC CL A 117,450.00
5,600 JP FOODSERVICE INC 160,650.00
22,300 KELLOGG CO 1,909,437.50
9,900 LANCE INC 189,337.50
3,500 MIDWEST GRAIN PRODUCTS 46,375.00
6,700 MORNINGSTAR GROUP INC 196,812.50
18,300 NABISCO HOLDINGS CORP CL 729,712.50
1,900 NORTHLAND CRANBERRIES INC 30,637.50
2,550 PERFORMANCE FOOD GROUP CO 53,550.00
263,100 PHILLIP MORRIS CO INC 11,642,175.00
7,500 PILGRIMS PRIDE CORP 88,593.75
6,200 PIONEER HI BRED INTL INC 496,000.00
14,300 QUAKER OATS CO 641,712.50
12,200 RALCORP HOLDINGS INC - W 179,950.00
11,200 RALSTON-RALSTON PURINA GR 920,500.00
2,000 RIVIANA FOODS INC 40,000.00
3,800 SANDERSON FARMS INC 66,500.00
51,200 SARA LEE CORP 2,131,200.00
400 SEABOARD CORP DEL 105,600.00
9,600 SMUCKER J M CO. 208,800.00
19,600 SYSCO CORP 715,400.00
2,600 TREMONT CORP DEL NEW 114,075.00
8,500 UNIVERSAL FOODS CORP 324,062.50
2,500 WHOLESOME & HEARTY FOODS 20,312.50
3,200 WOLOHAN LUMBER CO 39,000.00
12,200 WRIGLEY WM JR CO 817,400.00
PAPER
9,900 ALBANY INTER CORP CL A 222,750.00
1,400 AMERICAN FILTRONA CORP 57,400.00
5,200 BOISE CASCADE CORP 183,625.00
12,400 BOWATER CORP 573,500.00
7,800 CHESAPEAKE CORP 263,250.00
14,800 CONSOLIDATED PAPERS 799,200.00
3,400 CROWN VANTAGE INC 25,500.00
23,800 FORT HOWARD CORP NEW 1,204,875.00
17,700 GAYLORD CONTAINER CL A 138,281.25
5,300 GIBSON GREETINGS INC 119,250.00
14,100 GLATFELTER PH CO 282,000.00
32,263 INTERNATIONAL PAPER CO 1,566,771.94
9,450 INTERPOOL INC 139,387.50
8,900 JAMES RIVER CORP 329,300.00
59,400 KIMBERLY CLARK CORP 2,955,150.00
17,900 LOWES COS INC 664,537.50
5,500 MEAD CORP 342,375.00
43,500 OWENS ILL INC 1,348,500.00
12,400 PENTAIR INC 407,650.00
3,100 POTLATCH CORP 140,275.00
9,800 RAYONIER INC 412,212.50
11,880 ROCK-TENN COMPANY CLA 208,642.50
30,100 SONOCO PRODS CO 916,168.75
22,600 ST JOE CORPORATION 1,892,750.00
52,800 STAPLES INC 1,227,600.00
4,000 U S CAN CORPORATION 57,000.00
7,300 UNION CAMP CORP 365,000.00
6,850 UNISOURCE WORLDWIDE 109,600.00
12,100 WAUSAU PAPER MILLS 228,387.50
10,700 WESTVACO CORP 336,381.25
20,900 WEYERHAEUSER CO 1,086,800.00
6,000 WILLIAMETTE INDUSTRIAL 420,000.00
PRINTING AND PUBLISHING
7,900 AMERICAN GREETINGS CL A 293,287.50
7,700 AMERICAN MEDIA INC CL A 53,900.00
10,200 BANTA CORP 276,675.00
12,300 BARNES & NOBLE INC 528,900.00
14,700 BELO AH CORP COM SER A 611,887.50
6,000 BIG FLOWER PRESS HLDGS 124,500.00
2,300 CADMUS COMMUNICATIONS 35,650.00
8,600 CENTRAL NEWSPAPERS CL A 615,975.00
8,700 DE LUXE CORP. 296,887.50
400 DESKTOP DATA INC 4,350.00
2,800 DEVON GROUP 100,100.00
16,500 DONNELLEY RR & SONS 604,312.50
3,250 DONNELLY CORP 54,437.50
10,500 DOW JONES & CO 421,968.75
14,900 GANNETT CO., INC 1,471,375.00
30,400 GARTNER GROUP INC CL A 1,092,500.00
8,100 GOLDEN BOOKS FAMILY ENTMT 101,250.00
4,100 GRAPHIC INDUSTRIES 54,325.00
3,100 HARLAND JOHN H CO 70,718.75
10,800 HOLLINGER INTERNATIONAL 120,825.00
4,800 HOUGHTON MIFFLIN CO 320,400.00
10,200 KNIGHT-RIDDER INC 500,437.50
15,500 LEE ENTERPRISES INC 408,812.50
4,650 MAIL-WELL INC 132,525.00
37,500 MARVEL ENTMT GROUP INC 89,062.50
11,750 MCCLATCHY NEWSPAPER CL A 345,156.25
10,500 MCGRAW-HILL COMPANIES INC 617,536.50
8,700 MEDIA GENERAL INC 327,337.50
5,800 MEREDITH CORP 168,200.00
10,500 NEW YORK TIMES CO CL A 530,250.00
74,100 READERS DIGEST CLASS B 2,051,643.75
5,200 SCHOLASTIC CORP 182,000.00
4,700 SCIENTIFIC GAMES HLDGS 96,937.50
3,600 STECK-VAUGHN PUBG CORP 48,600.00
77,575 TIME WARNER INC 3,742,993.75
9,600 TIMES MIRROR CO CL A NEW 545,400.00
13,200 TRIBUNE CO 634,425.00
3,600 VALUE LINE INC 155,700.00
3,600 WASHINGTON POST CO CL B 1,432,800.00
18,300 WISCONSIN CENT TRANS CORP 681,675.00
RECREATIONAL EQUIPMENT
4,300 AMERISTAR CASINOS INC 23,650.00
3,100 BALLY'S TOTAL FITNESS 28,675.00
21,400 BOYD GAMING CORP 123,050.00
10,400 BRUNSWICK CORP 325,000.00
24,000 CALLAWAY GOLF CO 852,000.00
2,200 CANNONDALE CORP 39,050.00
10,290 CHRIS CRAFT INDUS INC 496,492.50
19,400 COLEMAN INC NEW 334,650.00
2,700 FAMILY GOLF CENTERS INC 62,100.00
2,000 FIRST TEAM SPORTS 16,750.00
25,100 HARLEY DAVIDSON INC 1,203,231.25
10,800 HARRAH'S ENTERTAINMENT 197,100.00
41,500 INTRNTL GAME TECH 736,625.00
16,800 MGM GRAND INC 621,600.00
800 NORTH FACE INC 14,600.00
10,300 POLARIS INDUSTRIES INC 335,393.75
2,700 SHUFFLE MASTER INC 22,106.25
8,900 SPECTRUM HOLOBYTE INC 43,387.50
19,600 SUNGLASS HUT INTL INC 123,725.00
4,200 WEST MARINE INC 108,150.00
OTHER CONSUMER PRODUCTS
11,700 ALLIANCE ENTERTAINMENT 3,290.63
3,900 AMERICAN SAFETY RAZOR CO 70,687.50
12,750 BLYTH INDS INC 430,312.50
29,400 BORDERS GROUP INC 709,275.00
15,700 CINTAS CORP 1,079,375.00
5,600 CLOROX CO 739,200.00
31,000 COLGATE PALMOLIVE CO 2,022,750.00
2,600 CROWN CRAFTS INC 27,300.00
1,400 CULBRO CORP 194,862.50
7,100 ECKO GROUP INC 41,268.75
2,900 FAB INDS INC. 90,806.25
13,700 FIRST BRANDS CORP 314,250.60
7,700 GRACO INC. 231,962.50
7,700 HARCOURT GENERAL INC 366,712.50
2,400 MAFCO CONS GROUP INC 80,400.00
44,400 MINNESOTA MNG & MFR 4,528,800.00
17,100 NEWELL CO. 677,587.50
24,600 OAKLEY INC 345,937.50
3,900 ONEIDA LTD. 104,081.25
4,400 PRESSTEK INC 381,700.00
72,900 PROCTER & GAMBLE CO 10,297,125.00
15,800 RUBBERMAID INC 470,050.00
4,100 RUSSELL CORP 121,462.50
45,100 SHAW INDUSTRIES INC 479,187.50
2,200 SPRINGS INDUS INC 116,050.00
6,100 STAN HOME INC 200,537.50
2,626 STANDARD COMMERCIAL CORP 45,626.75
3,000 SUPERIOR SURGICAL 35,250.00
6,600 TUPPERWARE CORPORATION 240,900.00
11,500 UNIVERSAL CORP 365,125.00
19,900 UST INC 552,225.00
6,800 V F CORP 578,850.00
17,200 WARNACO GROUP INC CL A 548,250.00
11,300 WHITMAN CORP 286,031.25
PHOTOGRAPHY
1,200 AEP INDUSTRIES INC 48,000.00
3,900 CPI CORP. 81,900.00
35,400 EASTMAN KODAK CO. 2,716,950.00
4,800 POLAROID CORP 266,400.00
HOUSEHOLD FURN/APPLIANCES
3,900 ARMSTRONG WORLD IND 286,162.50
2,100 CHROMCRAFT REVINGTON INC 60,112.50
4,000 COORS ADOLPH CO CL B 106,500.00
3,000 CORT BUSINESS SVCS CORP 88,500.00
4,100 CULP INC 74,312.50
9,000 DEPARTMENT 56 INC 199,687.50
1,000 FALCON PRODS INC 13,437.50
22,300 FURNITURE BRANDS INTL INC 432,062.50
31,900 HANOVER DIRECT INC 35,887.50
3,100 HAVERTY FURNITURE COS INC 38,750.00
16,000 HELIG MEYERS CO 314,000.00
5,000 KIMBALL INT INC CL B 201,250.00
9,200 LIBBEY INC 322,000.00
4,730 LIFETIME HOAN CORP 41,387.50
10,700 MAYTAG CO 279,537.50
8,300 MIKASA INC 118,275.00
16,200 MILLER HERMAN INC 583,200.00
3,300 REX STORES CORP 33,412.50
30,800 SUNBEAM CORPORATION 1,162,700.00
RETAIL
60,300 AUTOZONE INC 1,420,818.75
22,600 BED BATH & BEYOND INC 686,475.00
6,100 BRADLEES INC 4,193.75
2,100 CARSON PIRIE SCOTT & CO 66,675.00
3,000 COLE NATL CORP NEW 132,000.00
9,000 DUTY FREE INTL 168,750.00
2,700 FINLAY ENTERPRISES INC 47,587.50
15,000 INTIMATE BRANDS INC 315,000.00
3,100 MULTIPLE ZONES INTL 14,918.75
5,400 SPIEGAL INC CL A 37,125.00
1,200 SWING-N-SLIDE CORP 4,350.00
15,400 TJX COS INC (NEW) 406,175.00
11,800 VALUE CITY DEPT STORES 95,875.00
3,100 WILMAR INDS 75,562.50
7,100 WINDMERE-DURABLE HOLDINGS 116,262.50
APPAREL
2,700 AMERICAN EAGLE OUTFITTERS 40,500.00
8,300 ANN TAYLOR STORES INC 161,850.00
2,600 CHIC BY H I S INC 17,225.00
3,100 DECKERS OUTDOOR CORP 22,862.50
5,000 DONNKENNY INC DEL 19,375.00
3,195 FOOTSTAR INC 83,469.38
6,200 FRUIT OF THE LOOM CL A 192,200.00
1,900 GADZOOKS INC 37,050.00
17,300 JONES APPAREL GROUP 826,075.00
10,900 LANDS END INC. 322,912.50
28,070 LIMITED INC 568,417.50
6,400 LIZ CLAIBORNE INC 298,400.00
2,200 LOEHMANNS INC 14,300.00
6,800 MEN'S WEARHOUSE INC 214,200.00
30,600 NIKE INC CL B 1,786,275.00
11,800 NINE WEST GROUP 450,612.50
2,900 NORTON MCNAUGHTON INC 14,137.50
2,500 QUIKSILVER INC 80,000.00
3,800 STAGE STORES INC 99,275.00
9,600 STARTER CORP 43,200.00
5,200 STRIDE RITE CORP 66,950.00
12,000 TALBOTS INC 408,000.00
900 TODAYS MAN 3,431.25
4,400 UNITED RETAIL GROUP INC 11,000.00
400 VANS INC 6,050.00
12,300 WESTPOINT STEVENS INC 481,237.50
AUDIO/VISUAL
8,800 ACKERLEY COMMUNICATIONS 99,000.00
1,000 CINERGI PICTURES ENTMT IN 1,250.00
3,800 CKS GROUP INC 128,250.00
400 GREY ADVERTISING INC. 132,000.00
4,400 MOVIE GALLERY INC 28,050.00
5,300 NATIONAL MEDIA CORP 34,450.00
26,400 OMNICOM GROUP INC 1,626,900.00
2,300 OPTICAL CABLE CORP 27,312.50
1,600 SINCLAIR BROADCAST GROUP 49,400.00
3,000 WEST COAST ENTERTAINMENT 15,750.00
BROADCASTING
5,000 ADELPHIA COMM CORP CL A 35,625.00
2,070 AMERICAN RADIO SYSTEMS 82,541.25
5,600 AMERICAN TELECASTING INC 3,500.00
5,200 CABLEVISION SYS CORP 280,800.00
90,700 COX COMM INC CL A NEW 2,176,800.00
2,900 EMMIS BROADCASTING CORP 126,512.50
4,100 HEARTLAND WIRELESS COMM 9,737.50
13,000 HERITAGE MEDIA CORP 245,375.00
7,100 JACOR COMMUNICATIONS INC 271,575.00
4,700 JONES INTERCABLE INC CL A 59,925.00
4,000 KING WORLD INC 140,000.00
10,900 LIN TELEVISION CORP 480,962.50
8,200 TCA CABLE TV INC 308,525.00
3,900 TRANSACTION NETWORK SVCS 55,087.50
2,400 TV FILME INC 24,900.00
4,000 UNITED VIDEO SATELLITE 84,000.00
9,400 UNITED WASTE SYS INC 385,400.00
7,900 VALUEVISION INTL INC CL A 31,106.25
3,000 WAVEPHORE INC 24,937.50
11,800 WESTWOOD ONE INC 380,550.00
MISCELLANEOUS
400 FEDDERS CORP CL A 2,250.00
4,200 JOSTENS INC 110,775.00
13,965 PALL CORP 324,686.25
2,700 PHP HEALTHCARE CORP 35,437.50
24,600 SERVICE CORP INTL 808,725.00
26,500 STARBUCKS CORP 1,031,843.75
13,200 ZALE CORP NEW 261,525.00
TOTAL CONSUMER PRODUCTS $165,319,768.38
DURABLE GOODS 22.13%
AEROSPACE-AIRCRAFT
75,332 BOEING CO 3,997,304.25
25,900 COLTEC INDS INC 505,050.00
1,100 CURTISS WRIGHT CORP 64,075.00
3,400 FAIRCHILD CORP CL A 61,200.00
6,600 GENERAL DYNAMICS CORP 495,000.00
35,000 GENERAL MOTORS CL H 2,021,250.00
15,400 LITTON INDUS INC 744,012.50
21,600 LOCKHEED MARTIN CORP 2,236,960.80
6,900 M & F WORLDWIDE CORP 60,375.00
22,700 MCDONNELL DOUGLAS CORP 1,554,950.00
6,100 NORTHROP GRUMMAN CORP 535,656.25
6,700 OEA INC 264,650.00
1,650 PRIMEX TECHNOLOGIES INC 35,268.75
24,900 RAYTHEON CO 1,269,900.00
7,200 ROHR INDUSTRIES INC 157,950.00
2,600 SIMULA INC 51,675.00
2,300 SPECIAL DEVICES INC 36,225.00
20,200 SUNDSTRAND CORP 1,127,412.50
17,000 TEXTRON INC 1,128,375.00
6,100 THIOKOL CORP 427,000.00
25,600 UNITED TECHNOLOGIES CORP 2,124,800.00
AGRICULTURAL MACHINERY
20,300 CATERPILLAR INC 2,179,712.50
27,100 DEERE & CO 1,487,112.50
3,200 TRACTOR SUPPLY CO 57,600.00
AUTOMOBILE AND PARTS
4,700 APS HOLDING CORP CL A 41,125.00
7,300 ARVIN INDUST INC 198,925.00
7,900 BORG WARNER SEC CORP 141,212.50
76,800 CHRYSLER CORP 2,520,000.00
8,000 COACHMEN INDS INC 137,000.00
24,200 COLLINS & AIKMAN CORP NEW 242,000.00
8,800 COOPER TIRE & RUBBER 193,600.00
3,700 COPART INC 61,050.00
4,300 CUMMINS ENGINE INC 303,418.75
10,700 DANA CORP 406,600.00
6,400 DETROIT DIESEL CORP 153,200.00
8,600 DONALDSON INC 326,800.00
1,400 DURAKON INDS 13,300.00
6,600 ECHLIN INC 237,600.00
12,200 ENVIROSOURCE INC 24,400.00
3,900 EXCEL INDS INC 76,050.00
7,500 EXIDE CORP 164,531.25
11,700 FEDERAL-MOGUL CORP 409,500.00
124,700 FORD MTR CO 4,738,600.00
79,100 GENERAL MTRS CORP 4,404,881.25
19,050 GENUINE PARTS CO 645,318.75
20,600 LEAR CORPORATION 914,125.00
12,200 MASCOTECH INC 254,675.00
9,800 MODINE MFG CO 291,550.00
2,315 MONRO MUFFLER BRAKE INC 39,938.06
7,900 NAVISTAR INTL CORP NEW 136,275.00
2,000 OSHKOSH TRUCK CORP. 28,500.00
8,200 PACCAR INC 380,787.50
6,450 SNAP ON TOOLS CORP 253,968.75
14,200 SPEEDWAY MOTORSPORTS INC 308,850.00
4,600 STRATTEC SECURITY CORP 94,875.00
9,400 SUPERIOR INDUSTRIES INTL 249,100.00
17,000 TENNECO INC 768,187.50
1,900 THOMPSON PBE INC 9,737.50
10,300 TOP SOURCE TECH INC 14,806.25
1,200 TOWER AUTOMOTIVE INC 51,600.00
2,500 TRANSPRO INC 21,718.75
13,600 TRW INC 772,650.00
5,900 VICORP RESTAURANTS 70,800.00
27,500 VIKING OFFICE PRODS INC 522,500.00
7,700 WESTINGHOUSE AIR BRAKE CO 154,000.00
ELECTRICAL
2,400 ADFLEX SOLUTIONS INC 36,000.00
2,600 AFC CABLE SYSTEMS INC 70,200.00
10,900 AMETEK INC 256,150.00
23,100 AMP INC 964,425.00
200 BARNETT INC 4,900.00
2,200 BOLDER TECHNOLOGIES CORP 30,800.00
2,400 C&D TECHNOLOGY INC 90,000.00
6,400 C-CUBE MICROSYSTEMS INC 112,400.00
2,800 CHERRY CORP CL A 36,400.00
5,200 CIDCO INC 71,500.00
5,300 DATASCOPE CORP 104,012.50
48,400 EMERSON ELEC CO 2,665,049.20
2,100 ENCORE WIRE CORP 64,050.00
17,600 EXECUTONE INFORMATION SYS 29,700.00
2,300 EXIDE ELECTRS GROUP INC 27,168.75
2,300 FRANKLIN ELEC. INC. 114,425.00
5,000 GASONICS INTL CORP 68,125.00
13,800 GENERAL INSTR CORP NEW 345,000.00
5,300 GRAINGER W W INC 414,393.75
13,300 HONEYWELL INC 1,009,137.50
21,800 HUBBELL INC CL B 959,200.00
3,500 INSILCO CORP NEW 131,250.00
25,800 INTEGRATED DEVICE TECH 270,900.00
3,200 LEVEL ONE COMMUNICATIONS 123,000.00
7,400 LITTLEFUSE INC 209,050.00
8,100 MAGNETEK INC 134,662.50
2,100 MERIX CORP 34,912.50
4,700 RAYCHEM CORP 349,562.50
2,600 ROBBINS & MYERS INC 84,500.00
3,000 THERMO ECOTEK CORP 46,125.00
4,300 THOMAS & BETTS CORP 226,018.75
700 ULTRALIFE BATTERIES INC 8,137.50
93,990 WESTINGHOUSE ELEC CORP 2,173,518.75
3,900 WOODHEAD INDS INC 73,612.50
ELECTRONICS
6,500 ACTEL CORPK 110,906.25
3,200 ADVANCED LIGHTING TECH 80,800.00
14,600 ADVANCED MICRO-DEVICES 525,600.00
7,000 AFFINITY TECH GRP 27,125.00
14,100 ALLIANCE SEMICONDUCTOR 115,443.75
5,700 ALTRON INC 85,500.00
31,000 AMERICAN POWER CONVERSION 589,000.00
3,500 AMERICAN SUPERCONDUCTOR 42,875.00
1,003 AMPHENOL CORP CL/A 38,991.63
51,200 ANALOG DEVICES INC 1,360,000.00
4,500 ANALOGIC CORP 153,000.00
18,900 APPLIED MATLS INC 1,338,356.25
16,900 ARROW ELECTRONICS INC 897,812.50
5,800 ASPEN TECHNOLOGY INC 218,225.00
32,400 ATMEL CORP. 907,200.00
20,200 AURA SYS INC. 34,718.75
14,300 AVNET INC 822,250.00
31,200 AVX CORP 842,400.00
1,875 BRIGHTPOINT INC 61,054.69
9,150 BURR BROWN CORP 315,675.00
6,800 CABLE DESIGN TECHNOLOGIES 200,175.00
2,600 CELLULAR COMM INTL INC 87,100.00
5,266 CHYRON CORPORATION 23,697.00
2,300 CINCINNATI MICROWAVE INC 46.00
68,000 CISCO SYS INC 4,564,500.00
4,600 COHERENT COMMUNICATIONS S 115,000.00
3,500 COHU INC 109,375.00
8,100 COMPUTER NETWORK TECH 36,450.00
2,500 CORNERSTONE IMAGING INC 18,125.00
9,700 CREDENCE SYSTEMS CORP 290,393.75
1,200 CTS CORP 82,725.00
3,300 CUBIC CORP. 86,625.00
28,200 CYPRESS SEMINCONDUCTOR 408,900.00
22,650 DIEBOLD INC 883,350.00
2,300 DSP GROUP INC 34,464.06
2,800 E G & G INC 63,000.00
8,200 EATON CORP 715,962.50
3,200 EIS INTERNATIONAL INC 25,800.00
2,500 ELECTRO SCIENTIFIC INDS 104,687.50
18,400 ELECTRONICS FOR IMAGING 869,400.00
500 ELTRON INTL INC 14,875.00
3,400 EMERSON RADIO CORP 2,125.00
2,500 ESTERLINE TECHNOLOGIES CO 87,968.75
4,300 EXAR CORP. 92,450.00
8,200 FIRST ALERT INC 23,062.50
23,800 FORE SYSTEMS INC 324,275.00
2,600 FRANKLIN ELECTRONIC PUBLI 25,350.00
350,200 GENERAL ELECTRIC CO 22,763,000.00
8,400 GENERAL MAGIC INC 16,800.00
18,788 GENERAL MILLS INC 1,223,568.50
6,800 GENRAD INC 153,850.00
5,500 GENUS INC 24,750.00
2,700 GTI CORP 15,525.00
3,500 HADCO CORP 229,250.00
5,900 HOLOPHANE CORP 118,000.00
8,000 IDENTIX INC 88,500.00
13,873 IMATION CORP 365,900.38
700 INFORMATON STORAGE DEVICE 4,987.50
5,900 INTEGRATED SILICON SOL 44,803.13
86,800 INTEL CORP 12,309,368.40
3,300 INTL IMAGING MATLS INC 53,625.00
2,500 ITI TECHNOLOGIES INC 57,187.50
9,000 JOHNSON CTLS INC 369,567.00
13,100 KENETECH CORP 393.00
20,500 KLA INSTRUMENTS CORP 999,375.00
3,400 KOPIN CORP 53,125.00
10,400 LAM RESH CORP. 385,450.00
3,800 LEXMARK INTL GROUP INC 115,425.00
24,800 LINEAR TECHNOLOGY CORP 1,283,400.00
15,200 LSI LOGIC CORP 486,400.00
11,800 LTX CORP 76,700.00
13,100 MACROMEDIA INC 112,987.50
5,100 MATTSON TECHNOLOGY INC 54,506.25
20,000 MAXIM INTEGRATED PRODS 1,137,500.00
21,300 MENTOR GRAPHICS 197,025.00
2,600 MICREL INC 132,600.00
4,400 MICRO LINEAR CORP 46,200.00
22,000 MICRON TECH 878,625.00
3,000 MICROTEST INC 12,000.00
41,625 MOLEX INC 1,519,312.50
62,500 MOTOROLA INC 4,757,812.50
2,500 MRV COMMUNICATIONS INC 73,750.00
5,000 MTS SYS CORP. 152,500.00
14,600 NATIONAL SEMICONDUCTOR 447,125.00
2,400 NATL PRESTO INDS INC 96,750.00
19,900 NELLCOR INC 360,687.50
77,800 NEXTEL COMM INC CL A 1,473,337.50
8,000 NIMBUS CD INTERNATIONAL 88,000.00
56,000 NOISE CANCELLATION TECH 15,750.00
14,600 OAK TECHNOLOGY INC 142,350.00
24,100 OIS OPTICAL IMAGING SYS 58,743.75
3,000 ONTRAK SYSTEMS INC 90,000.00
900 OPTI INC 4,050.00
4,600 PERKIN ELMER CORP 365,987.50
17,471 PREMIER FARNELL PLC-ADR 275,168.25
4,200 PRI AUTOMATION INC 159,337.50
3,500 PSC INC 23,625.00
38,200 QUANTUM CORP 778,325.00
4,200 RECOTON CORP 54,862.50
5,400 ROBOTIC VISION SYSTEMS 64,125.00
2,200 ROGERS CORP 77,550.00
10,000 SAFEGUARD SCIENTIFICS INC 318,125.00
4,900 SEMITOOL INC 56,962.50
24,400 SENSORMATIC ELEC CORP 314,150.00
10,700 SILICON VALLEY GROUP INC 282,212.50
1,100 SILICONIX INC 30,250.00
1,700 SIPEX CORP 61,625.00
17,300 SOLECTRON CORP 1,211,000.00
2,500 SPEEDFAM INTL INC 89,687.50
4,500 SUPERTEX INC 50,062.50
12,900 SYMBOL TECHNOLOGIES 433,762.50
2,100 TECH SYM CORP 70,087.50
3,500 TEKTRONIX INC 210,000.00
27,600 TERADYNE INC 1,083,300.00
20,000 TEXAS INSTRUMENTS 1,681,260.00
5,400 THERMO CARDIOSYSTEMS 140,400.00
2,100 THORN APPLE VALLEY 40,425.00
24,000 TIG HOLDINGS INC 750,000.00
5,100 TRACOR INC NEW 128,137.50
13,200 TRUSTMARK CORP 369,600.00
10,300 VARIAN ASSOCIATES 558,775.00
21,267 VISHAY INTERTECHNOLOGY 615,413.81
8,600 WATERS CORP 308,525.00
4,600 XICOR INC 27,025.00
19,800 ZENITH ELECTRONICS CRP 233,887.50
INDUSTRIAL MACHINERY
3,000 AEROQUIP-VICKERS INC 141,750.00
12,000 AIR PRODS & CHEMS INC 975,000.00
5,000 ALLIED PRODUCTS CORP COM 165,625.00
5,000 APPLIED POWER INC CL A 258,125.00
3,100 BRIGGS & STRATTON CORP 155,000.00
7,800 CASE CORP 537,225.00
2,500 CHART INDS INC 68,437.50
3,700 CINCINNATI MILACRON INC 95,968.75
11,400 COOPER INDUS INC 567,150.00
2,900 DII GROUP INC 127,600.00
12,000 DOVER CORP 739,500.00
1,900 DT INDUSTRIES INC 67,925.00
4,400 FOSTER WHEELER CORP 178,200.00
2,000 GLEASON CORP 93,000.00
4,100 HARNISCHFEGER INDUS INC 170,150.00
19,000 IMATRON INC 48,093.75
11,500 INGERSOLL RAND CO 710,125.00
4,900 INTEGRATED PROCESS EQUIP 124,031.25
11,700 KEYSTONE INTERNATL INC 405,843.75
10,350 MILLER INDUSTRIES INC 165,600.00
5,900 NORDSON CORP. 379,075.00
4,700 OSMONICS INC 86,656.25
4,100 PARK-OHIO INDUSTRIES 62,525.00
2,730 RAYMOND CORP 89,151.56
23,000 ROCKWELL INTL CORP W/I 1,362,750.00
3,200 SEQUA CORP CL A 180,400.00
10,900 STEWART & STEVENSON SVSC 283,400.00
11,600 TELEFLEX INC. 362,500.00
1,600 THERMO POWER CORPORATION 9,100.00
14,200 YORK INTL CORP NEW 653,200.00
OFFICE EQUIPMENT AND SUPPLIES
9,600 3DO CO 33,600.00
3,600 7TH LEVEL INC 9,450.00
30,000 AMERICA ONLINE INC 1,668,750.00
5,800 AMERICAN BUS PROD INC. 131,950.00
1,400 AMERICAN LIST CORP 42,175.00
6,800 AMERICAN PAD & PAPER CO N 114,750.00
4,000 ANSYS INC 31,500.00
5,900 APPLIED INNOVATION INC 23,600.00
2,800 ASPECT DEVELOPMENT INC 72,975.00
11,400 BLACK BOX CORP 458,850.00
3,400 BOISE CASCADE OFFICE PROD 57,800.00
4,900 BROADVISION INC 32,462.50
10,200 BT OFFICE PRODUCTS INTL 76,500.00
3,400 CASINO DATA SYS 12,750.00
7,400 CERIDIAN CORP 312,650.00
2,875 CHAMPION INDUSTRIES INC/W 48,515.63
2,800 COMPUTER MGMT SCIENCES 57,400.00
22,600 COMPUTERVISION CORP 104,525.00
4,100 CSS INDUSTRIES 129,662.50
2,600 CYBERCASH INC 29,250.00
1,500 DAISYTEK INTERNATIONAL CO 59,437.50
800 DIGITAL LINK CORP 16,900.00
2,500 ELCOM INTL INC 17,148.44
5,400 ENNIS BUSINESS FORMS 51,975.00
3,600 EXCALIBUR TECHNOLOGIES 19,350.00
54,600 GATEWAY 2000 INC 1,771,087.50
5,900 GENERAL BINDING 168,150.00
5,400 GENERAL SIGNAL CORP 235,575.00
5,100 GEOWORKS 29,643.75
4,200 HARRIS CORP-DEL 352,800.00
9,900 HON INDS INC 438,075.00
5,800 HUNT MFG. CO. 108,750.00
117,400 IBM COMMON 10,588,012.50
13,700 IKON OFFICE SOLUTIONS 341,643.75
4,200 INNOVEX INC 122,325.00
5,100 INTERGRAPH CORP 43,350.00
15,400 INTUIT INC 353,237.50
1,600 MANUGISTICS GROUP INC 71,200.00
1,700 MAPINFO CORP 16,575.00
11,200 MICRO WAREHOUSE INC 191,800.00
2,900 MICROS SYS INC 121,800.00
2,900 MICROTOUCH SYS INC 66,700.00
5,300 NEOSTAR RETAIL GROUP INC 82.81
5,900 NETFRAME SYS INC 5,346.88
7,600 NU-KOTE HLDG INC CL A 19,000.00
8,000 OBJECTIVE SYS INTEGRATORS 69,000.00
6,100 ODS NETWORKS INCORPORATED 72,437.50
51,900 OFFICE DEPOT INC 1,008,806.25
40,900 OFFICEMAX INC 590,493.75
2,400 PERCEPTRON INC 65,100.00
15,700 PITNEY BOWES INC 1,091,150.00
2,300 PROXIMA CORP 11,500.00
8,500 RACOTEK INC 19,125.00
26,800 REYNLDS&REYNLDS CO CL A 422,100.00
9,400 SECURITY DYNAMICS TECH 346,625.00
9,500 STANDARD REGISTER 290,937.50
5,700 SUBMICRON SYS CORP 16,387.50
7,000 SYSTEMSOFT CORP 75,250.00
3,168 THERMOLASE CORP (NEW) 56,034.00
2,300 U S OFFICE PRODUCTS CO 70,293.75
3,600 UNITED TELEVISION INC. 356,400.00
3,500 VIDEOSERVER INC 46,375.00
6,200 VWR SCIENTIFIC PROD CORP 97,650.00
15,100 WALLACE COMPUTER SVCS 453,943.75
7,425 WIND RIVER SYSTEMS INC 284,006.25
4,700 WONDERWARE CORP 66,387.50
35,000 XEROX CORP. 2,760,625.00
RUBBER
5,400 BANDAG INC 264,600.00
10,200 CARLISLE COS INC 355,725.00
5,700 GOODRICH B F CO 246,881.25
16,700 GOODYEAR TIRE & RUBBER 1,057,318.75
14,000 SEALED AIR CORP 665,000.00
10,400 STONE CONTAINER 148,850.00
OTHER DURABLE GOODS
2,400 AG CHEM EQUIP INC 55,200.00
30,400 ALLIED-SIGNAL INC 2,553,600.00
4,400 BLOUNT INTERNATIONAL 187,275.00
7,600 BORG-WARNER AUTOMOTIVE 410,875.00
2,200 COLUMBUS MCKINNON CORP 41,800.00
24,300 CORNING INCORPORATED 1,351,687.50
4,800 CRANE CO 200,700.00
2,900 FUSION SYSTEMS CORP 114,731.25
5,900 HARMAN INTL INDS INC NEW 248,537.50
25,800 ILLINOIS TOOL WORKS 1,288,387.50
5,500 KAYDON CORP. 275,000.00
4,600 MILLIPORE CORP 202,400.00
3,400 NEWPORT NEWS SHIPBUILDING 66,087.50
5,500 OWENS CORNING 237,187.50
1,500 PENN ENGINEERING & MFG 29,343.75
500 PENN ENGINEERING & MFG CO 9,562.50
8,600 PRECISION CASTPARTS 512,775.00
2,300 ROCKSHOX INC 39,675.00
2,600 STARRETT LS CO CL A 82,875.00
1,500 STIMSONITE CORP 9,375.00
7,100 TECUMSEH PROD CO CL A 425,112.50
6,400 THERMEDICS INC. 100,400.00
3,500 THOMASTON MILLS CL A 30,187.50
6,800 TIMKEN CO 241,825.00
14,000 TRINITY INDS INC. 444,500.00
21,500 UNIFI INC 803,562.50
5,500 WATSCO INC. 137,500.00
COMPUTERS AND SOFTWARE
19,100 ACCLAIM ENTERTAINMENT 78,787.50
2,000 ACT NETWORKS INC 25,500.00
1,700 ACTIVE VOICE CORP 19,550.00
24,000 ADOBE SYSTEMS INC 841,500.00
12,700 AMDAHL CORP 111,125.00
7,800 AMERICAN BUS INFO INC 169,650.00
5,200 ANALYSTS INTL CORP 174,200.00
4,900 APERTUS TECHNOLOGIES INC 7,043.75
13,100 APPLE COMPUTER INC 186,675.00
9,500 APPLIED MAGNETICS 214,937.50
5,200 ARTISOFT INC. 12,350.00
19,100 AST RESEARCH INC 100,871.88
6,202 AUTODESK INC 237,614.13
30,500 AUTOMATIC DATA PROC 1,433,500.00
7,200 AVID TECHNOLOGY INC 189,900.00
9,400 BDM INTERNATIONAL INC 216,200.00
6,900 BELL & HOWELL COMPANY 212,606.25
33,200 BMC SOFTWARE INC 1,838,450.00
3,400 BOCA RESEARCH INC 26,775.00
13,056 BORLAND INTL INC 90,576.00
3,000 BROADWAY & SEYMOUR INC 37,875.00
9,400 CABLETRON SYS INC 266,142.20
3,700 CACI INTERNTL INC CL A 56,425.00
25,750 CADENCE DESIGN SYS INC 862,625.00
4,700 CAERE CORP 34,368.75
2,200 CCC INFO SERV GROUP 42,900.00
7,500 CDW COMPUTER CENTERS INC 397,968.75
7,800 CELLULAR TECHNICAL SVCS I 71,175.00
4,400 CENTURA SOFTWARE CORP 9,900.00
21,400 CIRRUS LOGIC INC 224,700.00
28,400 COMPAQ COMPUTER CORP 2,818,700.00
15,800 COMPUCOM SYS INC 112,575.00
38,400 COMPUTER ASSOC INTL INC 2,138,400.00
7,800 COMPUTER HORIZONS CORP 267,150.00
2,900 COMPUTER LANGUAGE RES INC 28,275.00
6,319 COMPUTER SCIENCES CORP 455,757.88
7,000 COMPUTER TASK GROUP INC 260,750.00
27,800 COMPUWARE CORP COM 1,327,450.00
3,500 COMSHARE INC 43,312.50
23,600 COPYTELE INC 128,325.00
2,100 CYBERGUARD CORP 18,637.50
4,100 DATA GENL CORP 106,600.00
22,000 DELL COMPUTER CORP 2,583,625.00
3,900 DENDRITE INTERNATIONAL 64,350.00
2,400 DH TECHNOLOGY INC 39,000.00
12,900 DIAMOND MULTIMEDIA SYS 92,718.75
16,400 DIGITAL EQUIP CORP 581,175.00
9,600 DST SYSTEMS INC 319,800.00
5,200 EDIFY CORP 76,700.00
17,600 ELECTRONIC ARTS INC 591,800.00
163,800 ELECTRONIC DATA SYSTEMS 6,715,800.00
24,900 EMC CORP. 971,100.00
1,400 EMULEX CORP 21,350.00
5,200 EVANS & SUTHERLAND 144,950.00
600 EXPERT SOFTWARE INC 2,475.00
47,200 FIRST DATA CORP 2,073,873.60
9,300 FTP SOFTWARE INC 45,337.50
2,900 GLOBAL VILLAGE COMM 8,700.00
10,900 GT INTERACTIVE SOFTWARE 129,437.50
5,400 HARBINGER CORP 151,200.00
32,770 HBO & CO 2,257,033.75
117,000 HEWLETT PACKARD CO 6,552,000.00
7,500 HUTCHINSON TECH 183,750.00
600 IDT CORP 4,800.00
9,200 INFOR RESOURSE INC 129,950.00
49,300 INFORMIX CORP 443,700.00
6,400 INFOSEEK CORP 32,800.00
7,100 INTERSOLV INC. 66,562.50
43,200 IOMEGA CORP 858,600.00
13,500 JTS CORPORATION 9,281.25
3,000 KEY TRONIC CORP 14,625.00
4,000 LYCOS INC 51,000.00
4,900 MAC NEAL SCHWENDLER CORP 53,287.50
4,000 MARCAM CORP. 58,000.00
2,800 MAXIS INC 33,600.00
5,700 MAY AND SPEH INC 76,950.00
8,200 MEDIC COMPUTER SYSTEMS 182,450.00
5,400 MERCURY INTERACTIVE CORP 80,325.00
2,297 METACREATIONS CORP 25,267.00
29,900 MICRON ELECTRONICS INC 532,593.75
126,200 MICROSOFT CORP 15,948,525.00
700 MICROWARE SYSTEMS CORP 6,212.50
5,600 MYLEX CORP 53,200.00
2,100 NATIONAL TECHTEAM INC 44,887.50
10,625 NCR CORP 316,093.75
14,400 NETMANAGE INC 42,300.00
23,700 NETSCAPE COMMUNICATIONS 759,881.25
5,900 NETWORK COMPUTING DEVICES 68,587.50
4,100 NETWORK PERIPHERALS INC 28,956.25
9,300 NOVA CORP 241,218.75
37,200 NOVELL INC 258,075.00
2,500 ONEWAVE INC 6,718.75
68,950 ORACLE CORPORATION 3,473,356.25
14,000 PARAMETRIC TECNOLOGY 595,882.00
4,700 PC DOCS GROUP INTL INC 29,889.06
33,200 PEOPLESOFT INC 1,751,300.00
4,900 PHOENIX TECHNOLOGIES LTD 63,700.00
2,100 PITTWAY CORP 105,000.00
8,300 PIXAR INC 130,725.00
4,700 PLANAR SYS INC 48,762.50
8,100 PMC - SIERRA INC 212,625.00
5,900 POLICY MGMNT SYS CORP 277,300.00
3,000 PRINTRONIX INC 45,000.00
8,400 PSINET INC 63,000.00
7,877 PURE ATRIA CORP 111,262.63
4,700 QUICKRESPONSE SVCS INC 170,375.00
4,100 QUICKTURN DESIGN SYSTEMS 48,175.00
6,200 RADIUS INC NEW 1,743.75
2,200 RAINBOW TECHNOLOGIES INC 41,525.00
9,400 RATIONAL SOFTWARE CORP 158,037.50
11,700 SANTA CRUZ OPERATION INC 41,681.25
22,200 SEAGATE TECHNOLOGY INC 781,162.50
11,100 SEQUENT COMP SYS INC 233,793.75
2,500 SHARED MEDICAL SYS CORP 135,000.00
10,000 SHIVA CORP 104,375.00
18,300 SILICON GRAPHICS 274,500.00
100 SMART MODULAR TECHNO 3,375.00
2,800 SPYGLASS INC 22,837.50
8,500 STAC INC 30,281.25
3,200 STATE OF THE ART INC 35,200.00
20,300 STORAGE TECH CRP PAR $.01 903,350.00
5,000 STORMEDIA INC 35,625.00
7,700 STRATUS COMPUTER INC 385,000.00
9,900 STREAMLOGIC CORP 594.00
10,700 STRUCTURAL DYNAMICS 280,875.00
2,700 SUNQUEST INFORMATION SYS 40,500.00
26,600 SYBASE INC 395,675.00
18,100 SYMANTEC CORP 352,950.00
18,143 SYNOPSYS INC 666,755.25
4,000 SYQUEST TECHNOLOGY INC 9,125.00
5,100 SYSTEMS & COMPUTER TECH 136,425.00
12,400 TANDEM COMPUTERS INC 251,100.00
37,225 THREE COM CORP 1,675,125.00
16,600 TOTAL SYSTEMS SERVICE 403,587.50
4,000 TRIDENT MICROSYSTEMS INC 45,000.00
18,300 UNISYS CORP 139,537.50
1,000 USDATA CORPORATION 3,750.00
3,000 VERITAS SOFTWARE CO 150,750.00
3,100 VMARK SOFTWARE INC 24,025.00
1,900 WANDEL & GOLTERMANN TECH 17,337.50
11,900 WANG LABS INC NEW 253,618.75
35,400 WESTERN DIGITAL CORP 1,119,525.00
2,300 XCELLENET INC 37,662.50
23,800 XILINX INC 1,167,687.50
100 XYLAN CORP 1,700.00
HOUSEHOLD FURN/APPLIANCES
2,300 BUSH INDS INC CL A 54,625.00
500 DIAMOND HOME SERVICES INC 4,812.50
9,900 LANCASTER COLONY CORP 478,912.50
29,600 LEGGETT & PLATT INC 1,272,800.00
6,200 O'SULLIVAN INDS HLDGS INC 102,687.50
8,000 WHIRLPOOL CORP 436,500.00
TELECOMMUNICATIONS
42,900 ADC TELECOMM INC 1,431,787.50
14,500 ADTRAN INC 358,875.00
52,200 AIRTOUCH COMMUNICATIONS 1,428,975.00
8,600 AMERICAN MOBILE SATELLITE 88,150.00
9,750 ANDREW CORP 274,218.75
7,800 ANTEC CORP 91,650.00
3,600 APPLIED DIGITAL ACCESS 27,900.00
5,500 ASSOCIATED GROUP CL A 220,000.00
7,000 ASSOCIATED GROUP CL B 271,250.00
3,200 BRITE VOICE SYS INC 26,000.00
10,650 CELLSTAR CORP 326,156.25
25,050 COMDISCO 651,300.00
3,400 COMMUNICATIONS SYSTEM INC 48,450.00
12,300 DSC COMMUNICATIONS 273,675.00
12,800 DSP COMMUNICATIONS INC 140,800.00
1,200 EXCEL COMMUNICATIONS INC 34,500.00
7,300 GENERAL DATACOMM INDS INC 52,012.50
21,300 GLENAYRE TECHNOLOGIES INC 348,787.50
5,200 INTELIDATA TECHNOLOGIES 25,025.00
3,800 IPC INFORMATION SYS INC 70,300.00
7,600 IXC COMMUNICATIONS INC 199,500.00
19,200 LORAL SPACE & COMM LTD 288,000.00
68,094 LUCENT TECHNOLOGIES INC 4,907,057.92
11,800 MCLEOD INC. CL A 398,250.00
3,700 MICRODYNE CORP 18,500.00
11,000 MOBILEMEDIA CORP 2,062.50
2,200 NATURAL MICROSYSTEMS CORP 79,200.00
3,800 NETCOM ON-LINE COMM SVCS 56,050.00
500 NORTHERN TELECOM LTD 45,500.00
16,200 NTL INCORPORATED 402,975.00
16,800 OCTEL COMM CORP 393,750.00
100 P-COM INC 3,300.00
2,400 PACIFIC GATEWAY EXCHANGE 67,800.00
8,950 PANAMSAT CORPORATION /NEW 528,050.00
6,400 PREMISYS COMMUNICATIONS 100,800.00
32,000 QUALCOMM INC 1,628,000.00
4,300 SALIENT 3 COMMUNICATIONS 51,600.00
8,100 SCIENTIFIC-ATLANTA 177,187.50
2,200 SITEL CORP 45,375.00
3,600 TELCO SYSTEMS INC 31,950.00
700 TELE-COMMUNICATIONS INTL 10,806.25
20,100 TELEPHONE & DATA SYS INC 763,800.00
2,900 TRESCOM INTL INC 21,387.50
3,400 U.S. CELLULAR CORP 100,725.00
13,800 VANGUARD CELLULAR SY CL A 188,025.00
9,100 WINSTAR COMMUNICATIONS 121,712.50
MISCELLANEOUS
2,800 ABC RAIL PRODUCTS 47,950.00
6,200 ACX TECHNOLOGIES INC 139,500.00
29,000 ALTERA CORP 1,464,500.00
14,900 ALUMAX INC 565,268.75
1,700 ASYST TECHNOLOGIES INC 74,800.00
7,000 AVIALL INC NEW 98,000.00
9,200 BLACK & DECKER CORP 342,125.00
6,100 BRADY WH CO CL A 176,900.00
5,800 CASCADE CORP. 111,650.00
8,800 DENTSPLY INTL INC 431,200.00
6,600 ELECTROGLAS INC 166,237.50
7,700 FSI INTL INC 123,200.00
5,700 FURON CO. 178,837.50
11,000 GENCORP INC 254,375.00
5,700 GORMAN RUPP CO. 102,600.00
4,872 HALTER MARINE GROUP INC 116,928.00
3,500 HELIX TECHNOLOGY CORP 141,750.00
31,500 INTL SPECIALTY PRODUCTS 442,968.75
12,400 ITT INDS INC 319,300.00
36,900 JEFFERSON SMURFIT CORP 590,400.00
2,000 JOHNSTOWN AMER INDS INC 12,000.00
3,800 LAWSON PRODUCTS INC 102,600.00
8,100 LOJACK CORP 116,437.50
21,829 MARK IV INDUSTRIES INC 523,896.00
3,300 MATTHEWS INTL CORP 120,450.00
8,000 PARKER HANNIFIN CORP 485,500.00
8,800 SOFAMOR/DANEK GROUP 402,600.00
2,900 SPECTRIAN CORP 106,937.50
9,400 STANLEY WORKS 376,000.00
46,800 THERMO ELECTRON CORP 1,608,750.00
4,600 THERMO FIBERTEK INC 48,300.00
3,400 WHITE RIVER CORP 247,775.00
TOTAL DURABLE GOODS $292,212,791.28
FINANCIAL 21.39%
BANKS
10,500 AMERICREDIT CORP 220,500.00
47,250 AMSOUTH BANCORP 1,786,640.63
360 ASSOCIATED BANC CORP 14,220.00
85,074 BANC ONE CORP 4,120,783.50
7,900 BANCORPSOUTH INC 229,100.00
5,850 BANK GRANITE CORP 176,962.50
40,800 BANK NEW YORK INC 1,774,800.00
3,600 BANK UNITED CORP-CL A 136,800.00
75,800 BANKAMERICA CORP 4,893,875.40
16,012 BANKBOSTON CORPORATION 1,153,864.75
8,500 BANKERS TR NY CORP 740,562.50
3,700 BANKNORTH GROUP INC 171,125.00
24,717 BARNETT BANKS INC 1,297,642.50
39,742 BB&T CORPORATION 1,788,390.00
2,000 BSB BANCORP INC 76,500.00
4,400 CATHAY BANCORP INC 108,900.00
19,750 CENTRAL FID BKS INC 701,125.00
46,040 CHASE MANHATTAN CORP NEW 4,468,780.52
3,465 CHEMICAL FINL CORP 119,542.50
3,875 CHITTENDEN CORP 132,718.75
21,470 CINCINNATI FINANCIAL CORP 1,696,130.00
50,500 CITICORP 6,088,406.25
7,300 CITIZENS BANKING 250,025.00
14,500 CITY NATL CORP 348,906.25
5,670 CNB BANCSHARES INC 229,635.00
11,200 COLONIAL BANCGROUP 271,600.00
4,515 COMMERCE BANCORP INC N.J. 174,956.25
24,675 COMMERCE BANCSHARES 1,116,543.75
3,400 COMMUNITY FIRST BANKSHARE 130,475.00
3,190 COMMUNITY TRUST BANCORP 85,332.50
21,450 COMPASS BANCSHARES INC 721,256.25
23,995 CORESTATES FINL CORP 1,289,731.25
5,700 CORUS BANKSHARES INC 161,025.00
3,000 CPB INC 111,750.00
37,418 CRESTAR FINCL CORP 1,454,624.75
3,520 CVB FINL CORP 87,120.00
10,200 DAUPHIN DEPOSIT CORP 454,537.50
67,000 DIME BANCORP INC NEW 1,172,500.00
400 F & M BANCORP MD 11,100.00
6,300 F & M NATL CORP 163,800.00
12,400 FIFTH THIRD BANCORP COM 1,017,187.50
22,400 FIRST AMERICAN CORP 859,600.00
14,200 FIRST BANK SYS INC 1,212,325.00
34,100 FIRST CHICAGO NBD CORP 2,063,050.00
4,900 FIRST CITIZENS BCSHS 426,300.00
14,400 FIRST COMMERCE CORP 633,600.00
7,600 FIRST COMWLTH FINL CORP 161,500.00
4,000 FIRST EMPIRE ST CORP 1,348,000.00
5,170 FIRST FINL BANCORP 208,092.50
22,300 FIRST HAWAIIAN INC 760,987.50
4,000 FIRST INDIANA CORP 90,000.00
5,500 FIRST MIDWEST BANCORP DEL 174,281.25
30,600 FIRST OF AMERICA BANK 1,399,950.00
37,500 FIRST SEC CORP DEL 1,024,218.75
4,750 FIRST SOURCE CORP 125,875.00
22,300 FIRST TENN NATL CORP 1,070,400.00
31,676 FIRST UNION CORP 2,930,030.00
2,415 FIRST UNITED CORP 41,658.75
10,700 FIRST VIRGINIA BANKS 645,343.75
4,100 FIRST WESTERN BANCORP 154,775.00
48,600 FIRSTAR CORP 1,524,825.00
4,600 FIRSTBANK ILL CO 179,975.00
3,800 FIRSTFED FINL CORP DEL 118,037.50
27,700 FLEET FINANCIAL GROUP INC 1,752,025.00
4,200 FORT WAYNE NATL CORP IND 197,400.00
13,310 FULTON FINL CORP PA 359,370.00
4,700 GREATER NY SAVINGS BANK 105,456.25
4,255 HANCOCK HLDG CO 208,495.00
4,200 HARRIS SAVINGS BK PA 89,250.00
4,650 HERITAGE FINL SVCS INC 95,906.25
40,400 HIBERNIA CORP CL A 563,075.00
5,150 HUBCO INC 149,350.00
56,540 HUNTINGTON BANCSHARES INC 1,660,862.50
7,920 IMPERIAL BANCORP 228,690.00
11,600 IMPERIAL CR INDS INC 238,530.80
1,800 INVESTORS FINANCIAL SVC 85,500.00
2,600 IRWIN FINANCIAL CORP 76,700.00
9,200 JEFFERSON BKNSHRS INC VA 331,200.00
24,400 KEYCORP 1,363,350.00
2,100 MAINSTREET BANKGROUP INC 57,750.00
30,400 MARSHALL & ILSLEY CORP 1,235,000.00
35,250 MBNA CORP 1,291,031.25
25,100 MELLON BANK CORP 1,132,637.50
17,400 MERCANTILE BANCORP INC 1,057,050.00
15,700 MERCANTILE BANKSHARES 628,000.00
4,100 MERCER INTL INC SBI NEW 38,950.00
1,500 MERCHANTS NY BANCORP INC 73,500.00
6,820 MID AM INC 124,465.00
4,223 MID AMER BANCORP 105,838.94
18,900 MORGAN J P & CO 1,972,687.50
2,600 NATIONAL BANCORP ALASKA 219,700.00
2,299 NATIONAL CITY BANCORP 50,290.63
23,900 NATIONAL CITY CORP 1,254,750.00
18,400 NATIONAL COMM BANCORP 404,800.00
5,145 NATIONAL PENN BANCSHARES 173,643.75
84,132 NATIONSBANK CORP 5,426,514.00
2,625 NBT BANCORP INC 70,546.88
20,756 NORTH FORK BANCORP INC NY 443,659.50
37,400 NORTHERN TRUST CO 1,809,225.00
39,085 NORWEST CORP 2,198,531.25
27,011 OLD KENT FINL CORP 1,458,607.50
12,180 OLD NATL BANCORP IND 535,920.00
7,750 ONE VALLEY BANCORP INC 325,500.00
13,500 PACIFIC CENTURY FINL CORP 624,375.00
3,200 PARK NATL CORP 253,600.00
8,300 PENNCORP FINL GROUP INC 319,550.00
20,700 PEOPLES BANK BRIDGEPORT 535,612.50
1,200 PINNACLE BANC GROUP INC 25,200.00
43,600 POPULAR INC 1,760,350.00
3,087 PROVIDENT BANKSHARES CORP 128,496.38
4,599 QUEENS CNTY BANCORP INC 209,254.50
41,614 REGIONS FINANCIAL CORP 1,316,042.75
6,710 REPUBLIC BANCORP INC 95,617.50
4,800 REPUBLIC NEW YORK CORP 516,000.00
3,400 S & T BANCORP INC 113,900.00
21,800 SIGNET BANKING CORP 784,800.00
3,000 SILICON VALLEY BNCSHRES 135,750.00
30,914 SOUTHTRUST CORP 1,279,066.75
54,600 STAR BANC CORP 2,306,850.00
53,200 STATE STREET CORP 2,460,500.00
2,800 SUFFOLK BANCORP 80,500.00
6,200 SUMITOMO BANK CA 179,025.00
30,900 SUMMIT BANCORP 1,548,862.50
23,500 SUNTRUST BANKS INC 1,293,968.75
3,800 SUSQUEHANNA BANCSHARES 149,150.00
65,475 SYNOVUS FINANCIAL CP 1,804,654.69
2,100 TRANS FINANCIAL INC 58,537.50
2,000 TRIANGLE BANCORP INC 45,000.00
7,100 TRUST CO OF NEW JERSEY 136,675.00
7,360 TRUSTCO BK CORP NY 157,320.00
16,300 U S BANCORP ORE 1,045,237.50
9,555 UMB FINANCIAL CORP 412,059.38
14,100 UNIONBANCAL CORPORATION 1,013,437.50
6,800 UNITED BANKSHARES W VA 287,300.00
8,200 UNITED CAROLINA BANCSHARE 426,400.00
2,000 USBANCORP INC PA 109,000.00
6,400 UST CORP 143,200.00
13,891 VALLEY NATL BANCORP 376,793.38
17,700 WACHOVIA CORP 1,032,131.25
26,900 WASHINGTON MUTUAL INC 1,607,275.00
9,933 WELLS FARGO & CO 2,676,943.50
3,200 WESBANCO INC. 126,800.00
9,450 WESTCORP INC 173,643.75
11,700 WILMINGTON TRUST CORP 535,275.00
FINANCE COMPANIES
6,500 ADVANTA CORP 238,875.00
4,500 AMCOR FINL INC 122,625.00
50,200 AMERICAN EXPRESS CO 3,739,900.00
8,200 ARCADIA FINANCIAL LTD 75,337.50
5,800 BENEFICIAL CORP 412,162.50
1,540 BT FINL CORP 67,375.00
21,400 CAPITAL ONE FIN CORP 807,850.00
17,100 CREDIT ACCEP CORP MICH 220,162.50
77,200 FED HOME LN MTG CORP 2,702,000.00
115,100 FEDERAL NATL MTGE ASSN 5,021,237.50
14,300 FINOVA GROUP, INC 1,093,950.00
2,500 FIRST MERCHANTS ACCEP 12,187.50
17,300 GREEN TREE FINL CORP 616,312.50
10,400 HOUSEHOLD INTL CORP 1,221,355.20
200 IMC MORTGAGE COMPANY 3,325.00
3,800 INSO CORPORATION 78,137.50
2,600 ITT EDUCATIONAL SERVICES 64,512.50
7,986 KEYSTONE FINL INC 249,562.50
8,700 LIBERTY FINANCIAL CO INC 433,912.50
64,900 MERCURY FINANCE CO. 158,193.75
19,100 MONEY STORE INC 547,931.25
61,200 MORGAN ST DE WTR DISC 2,635,425.00
15,700 PHOENIX DUFF & PHELPS 115,787.50
3,700 PMC CAP INC 52,031.25
35,900 PNC FINANCIAL 1,494,337.50
5,350 RESOURCE BANCSHARES MTG 105,662.50
3,500 SEAFIELD CAP CORP 125,125.00
2,000 STUDENT LN CORP 84,875.00
29,500 STUDENT LOAN MKTG NEW 3,746,500.00
39,500 SUNAMERICA 1,925,625.00
10,500 UNITED COS FINCL CORP 275,625.00
1,100 WEBSTER FINL CRP WATRBURY 50,050.00
HOLDING COMPANY
6,300 AMPAL AMER ISRAELI CL A 37,800.00
2,200 EASTERN ENTERPRISES 76,312.50
1,600 GRYPHON HOLDING INC 24,400.00
4,500 ML BANCORP INC 87,187.50
6,500 PEC ISRAEL ECONOMIC CORP 156,000.00
42,400 RELIANCE GROUP HOLDINGS 503,500.00
107,700 RJR NABISCO HLDGS CORP 3,554,100.00
18,400 SOTHEBY'S HLDS INC CL A 310,500.00
1,700 ST FRANCIS CAPITAL CORP 65,875.00
5,900 TEJON RANCH CO. 110,625.00
20,200 U S INDUSTRIES INC 719,625.00
34,000 VALHI INC 276,250.00
9,800 ZEIGLER COAL HLDG CO 229,075.00
FIRE AND CASUALTY INSURANCE
5,600 ACCEPTANCE INS COS INC 127,400.00
23,200 ALLMERICA PPTY & CAS COS 759,800.00
20,200 AMERICAN FINANCIAL GROUP 861,025.00
4,600 BALDWIN & LYONS INC CL B 104,075.00
7,000 BERKLEY (WR) CORP 412,125.00
18,400 CHUBB CORP 1,230,500.00
6,700 FUND AMER COS INC 703,500.00
10,700 GAINSCO INC 100,312.50
8,900 GENERAL RE CORP 1,619,800.00
1,637 GUARANTY NATL CORP NEW 39,288.00
2,200 MARKEL CORP. 281,600.00
6,360 MEDICAL ASSURANCE INC 258,375.00
2,050 MFC BANCORP LTD 17,649.22
2,500 NAVIGATORS GROUP INC 45,312.50
13,300 SAFECO CORP 620,943.75
4,950 STATE AUTO FINL CORP. 111,375.00
4,200 UNITED FIRE & GAS CO 157,500.00
INSURANCE
5,100 ACORDIA INC 204,000.00
16,152 AETNA INC 1,653,561.00
46,100 AFLAC INC 2,178,225.00
15,300 ALFA CORP 212,287.50
2,700 ALLEGHANY CORP. NEW 587,250.00
9,200 ALLMERICA FINANCIAL CORP 366,850.00
47,900 ALLSTATE CORP. 3,496,700.00
10,400 AMBAC INC 794,300.00
16,000 AMERICAN ANNUITY 288,000.00
4,500 AMERICAN HERITAGE LIFE IN 148,500.00
50,600 AMERICAN INTL GROUP 7,558,375.00
3,300 AMVESTORS FINL CORP 61,875.00
17,400 AON CORP 900,450.00
9,100 ARGONAUT INC 268,450.00
650 BERKSHIRE HATHAWAY 30,680,000.00
3,800 BLANCH E W HLDGS INC 101,412.50
8,000 CIGNA CORP 1,420,000.00
13,500 CITIZENS CORP 372,937.50
6,100 CITIZENS INC 46,512.50
3,700 CNA FINANCIAL CORP 390,118.75
14,300 COMMERCE GROUP 352,137.50
32,100 CRAWFORD & CO 521,625.00
700 CROP GROWERS CORP 7,043.75
4,700 DANIELSON HLDG CORP 37,012.50
2,958 DELPHI FINL GRP CL A 113,883.00
2,000 EMC INSURANCE GROUP 24,750.00
11,800 EQUITABLE IOWA COS 660,800.00
18,600 EVEREST REINSURANCE HLDGS 737,025.00
2,300 EXECUTIVE RISK INC 119,600.00
5,000 FBL FINANCIAL GROUP CL A 188,750.00
9,100 FINANCIAL SECURITY ASSUR 354,331.25
3,900 FOREMOST CORP OF AM 233,512.50
800 GUARANTEE LIFE COS INC 20,100.00
5,100 HARLEYSVILLE GROUP INC 193,162.50
12,400 HARTFORD FINANCIAL SVCS 1,026,100.00
14,250 HCC INS HLDGS INC 380,304.00
4,400 HIGHLANDS INS GROUP INC 88,550.00
10,500 HORACE MANN EDUCATORS 514,500.00
6,700 HSB GROUP INC 357,612.50
9,200 JOHN ALDEN FINL CORP 192,625.00
21,600 LEUCADIA NATIONAL CORP 668,250.00
7,400 LIBERTY CORP 301,550.00
7,200 LIFE USA HOLDING INC 102,600.00
12,300 LOEWS CORP 1,231,537.50
18,000 MARSH & MCLENNAN CO. 1,284,750.00
18,300 MBIA INC. 2,064,477.90
2,600 MEADOWBROOK INS GROUP INC 64,837.50
9,900 MERCURY GEN CORP NEW 720,225.00
10,200 MGIC INVT CORP WIS 488,967.60
1,000 MIDLAND CO. 50,000.00
3,300 MMI COS INC 86,212.50
6,500 NAC RE CORP 314,437.50
1,200 NATIONAL WESTN LIFE INS 107,100.00
3,800 NYMAGIC INC 78,375.00
13,500 OHIO CASUALTY CORP 594,000.00
41,550 OLD REPUBLIC INTL CORP 1,259,505.15
13,476 PACIFICARE HEALTH SYS-B 860,779.50
3,000 POE & BROWN INC 111,000.00
23,500 PROGRESSIVE 2,044,500.00
22,185 PROVIDENT COMPANIES INC 1,186,870.75
8,600 PROVIDIAN FINANCIAL CORP 276,275.00
4,820 PXRE CORP 148,215.00
5,900 REINSURANCE GROUP AMER IN 339,250.00
4,400 RELIANCE ACCEPT GROUP INC 21,725.00
25,600 RELIASTAR FINL CORP 1,872,000.00
5,500 RISK CAPITAL HOLDING INC 115,500.00
2,800 RLI CORP 102,025.00
3,200 SECURITY CONNECTICUT CORP 176,200.00
9,000 ST PAUL COS INC 686,250.00
2,700 STEWART INFO SVCS CORP 55,687.50
11,700 THE PMI GROUP INC 729,787.50
3,858 TITAN HOLDINGS INC 91,627.50
7,700 TORCHMARK CORP 548,625.00
7,000 TRANSAMERICA CORP 654,937.50
7,500 TRANSATLNTC HLDGS INC 744,375.00
67,600 TRAVELERS INC. 4,263,058.80
100 TRIAD GUARANTY INC 4,537.50
18,400 TWENTIETH CENTURY INDS 386,400.00
8,900 UICI INS-LIFE 262,550.00
14,700 UNITED STATIONERS INC. 371,175.00
4,700 UNITED WISCONSIN SERV INC 158,331.25
39,500 UNITRIN INC. 2,409,500.00
15,400 UNUM CORP 646,800.00
12,500 USF & G CORP 300,000.00
5,200 VESTA INSURANCE GROUP INC 224,900.00
2,300 WELLCARE MGT GROUP 11,212.50
2,600 WESCO FINANCIAL CORP 845,650.00
23,000 WESTERN NATIONAL CORP 616,687.50
LIFE INSURANCE
3,735 AEGON NV ORD 261,685.31
25,696 AMERICAN GENERAL CORP 1,226,961.56
14,800 AMERICAN NATL INS CO 1,320,900.00
27,626 CONSECO INC 1,022,162.00
7,700 JEFFERSON PILOT CORP 538,037.50
2,200 KANSAS CITY LIFE INS CO 173,800.00
11,200 LINCOLN NATL CORP IND 721,000.00
12,500 PRESIDENTIAL LIFE CORP 242,187.50
MUTUAL FUNDS
63,200 EQUITABLE COS INC 2,101,400.00
4,700 JOHN NUVEEN CO CL A 146,875.00
18,900 PRICE ASSOCIATES 975,712.50
35,000 UNITED ASSET MGMT CORP 990,937.50
REAL ESTATE
10,800 CASTLE & COOKE 178,875.00
19,200 DANAHER CORP 975,600.00
2,140 ECHELON INTL CORP 48,818.75
2,500 FAIRFIELD COMMUNITIES INC 84,062.50
6,800 INSIGNIA FINL GROUP INC 123,250.00
3,500 MEGO FINANCIAL CORP CL B 25,375.00
8,700 PRICE ENTERPRISES INC 167,475.00
30,600 ROUSE CO 902,700.00
875 SLH CORPORATION 67,375.00
SAVINGS & LOANS
11,300 AHMANSON H F & CO 485,900.00
5,640 ALBANK FINANCIAL CORP 222,780.00
4,000 AMERICAN FED BK 129,000.00
3,200 ANCHOR BANCORP WIS INC 156,000.00
600 BANK PLUS CORP 6,525.00
4,400 BANKERS CORP 123,200.00
5,200 BAYVIEW CAP CORP CALIF 136,500.00
2,760 CAROLINA FIRST CORP 40,710.00
2,400 CITFED BANCORP INC 93,000.00
2,300 COMMONWEALTH BANCORP INC 37,662.50
2,300 FIRST FINANCIAL HOLDINGS 73,600.00
1,600 FIRST PALM BEACH BANCORP 54,400.00
3,800 FSF FINANCIAL CORP 66,025.00
15,300 GLENDALE FED BK FED SVGS 399,712.50
6,200 GOLDEN WEST FINL CORP 434,000.00
4,700 GREAT FINANCIAL CORP 165,087.50
14,500 GREAT WESTERN FINL 779,375.00
20,000 GREENPOINT FINANCIAL CORP 1,331,260.00
4,300 HFNC FINANCIAL CORP 70,950.00
5,290 IBS FINANCIAL CORP 95,881.25
4,000 JEFFERIES GROUP INC 228,000.00
4,000 LIFE BANCORP INC 103,500.00
2,000 MAF BANCORP INC 83,750.00
3,400 MAGNA BANCORP INC 93,075.00
7,350 NEW YORK BANCORP INC 255,412.50
2,100 OCEAN FINANCIAL CORP 74,025.00
9,900 PEOPLES HERITAGE FINL 374,962.50
3,500 RELIANCE BANCORP INC 103,031.25
3,600 SECURITY CAPITAL CORP 340,200.00
7,600 T R FINANCIAL CORP 191,425.00
17,820 WASHINGTON FEDERAL INC 457,751.25
5,200 WILEY, JOHN & SON CL A 176,150.00
7,800 WORLD ACCEP CORP SC NEW 49,725.00
BROKERAGE
41,826 BEAR STEARNS COS INC 1,429,926.38
12,000 COUNTRYWIDE CREDIT INC 374,250.00
21,000 EDWARDS A G INC 905,625.00
40,200 FRANKLIN RESOURCES 2,917,012.50
38,200 LEHMAN BROS HLDGS INC 1,547,100.00
35,800 MERRILL LYNCH & CO 2,134,575.00
6,800 MORGAN KEEGAN INC 136,000.00
31,000 PAINE WEBBER GROUP INC 1,085,000.00
11,300 SALOMON INC 628,562.50
58,000 SCHWAB CHARLES CORP NEW 2,359,875.00
MISCELLANEOUS
2,100 AAMES FINANCIAL CORP. 38,850.00
7,400 CITYSCAPE FINANCIAL CORP 147,537.50
11,600 HEALTHCARE COMPARE CORP 607,550.00
2,800 ISB FINANCIAL CORP 72,800.00
2,700 JAYHAWK ACCEPTANCE CORP 4,387.50
3,200 MCDONALD & CO INVESTMENTS 146,800.00
8,400 PMT SERVICES INC 128,100.00
5,800 STANDARD FINANCIAL INC 142,100.00
18,800 TELLABS INC 1,050,450.00
3,100 TFC ENTERPRISES INC 4,262.50
3,500 TRANSMEDIA NETWORK 14,000.00
1,800 VERMONT FINL SVCS CORP 84,600.00
TOTAL FINANCIAL $282,503,613.25
METALS AND MINING 1.12%
ALUMINUM
18,500 ALUMINUM CO AMER 1,394,437.50
2,700 CENTURY ALUMINUM CO 39,487.50
3,900 KAISER ALUMINUM CORP 47,775.00
MINING
3,700 ASHLAND COAL 105,450.00
31,400 FREEPRT COPPER&GOLD CL A 918,450.00
15,800 HOMESTAKE MNG CO 206,387.50
19,000 MAPCO INC 598,500.00
17,500 MERIDIAN GOLD INC 76,562.50
7,400 MINERALS TECHNOLOGIES INC 277,500.00
4,100 NEWMONT GOLD CO 163,743.75
3,100 PITTSON MINERALS GROUP 36,231.25
STEEL
9,600 AK STEEL HOLDING CORP 423,600.00
22,265 ALLEGHENY TELEDYNE 601,155.00
11,500 ARMCO, INC. 44,562.50
11,700 BETHLEHEM STEEL CORP 122,118.75
5,400 CARPENTER TECHNOLOGY CORP 247,050.00
10,500 CHAPARRAL STL CO. 156,843.75
3,800 CLEVELAND CLIFFS INC 154,850.00
9,700 GENEVA STL CL A 26,068.75
900 GIBRALTAR STEEL CORP 20,700.00
16,600 HARSCO CORP 672,300.00
5,100 INLAND STEEL INDUS INC 133,237.50
14,300 J & L SPECIALTY STEEL INC 171,600.00
39,500 LTV CORP NEW 562,875.00
4,800 LUKENS INC 90,300.00
7,600 NATIONAL STL CORP CL B 127,775.00
9,200 NUCOR CORP 526,700.00
3,700 OLYMPIC STEEL INC 56,887.50
8,500 OREGON STEEL MILLS 169,468.75
4,500 RELIANCE STEEL & ALUMINUM 117,000.00
6,900 REPUBLIC ENGINEERED STEEL 9,056.25
5,200 ROUGE STEEL CO CL A 87,750.00
2,200 SCHNITZER STEEL INDS INC 65,450.00
4,900 SHILOH INDUSTRIES INC 98,918.75
13,900 TERRA INDUSTRIES 161,587.50
4,500 TRIMAS CORP 126,562.50
5,000 US LONG DISTANCE CORP 86,250.00
17,600 WEIRTON STL CORP 52,800.00
9,800 WORTHINGTON INDS INC 179,462.50
OTHER METALS
4,300 APPLIED INDUSTRIAL TECH 154,800.00
4,600 ASARCO INC 140,875.00
8,700 BARNES GROUP INC. 256,650.00
24,200 BATTLE MOUNTAIN GOLD CL A 137,637.50
5,300 BRUSH WELLMAN INC 110,968.75
3,700 CHASE INDUSTRIES INC 90,187.50
5,800 CITATION CORP 99,325.00
3,500 EASCO INC 34,125.00
21,000 FREEPORT-MCMORAN COPPER-B 653,625.00
8,700 KENNAMETAL INC 374,100.00
15,806 NEWMONT MNG CORP 616,434.00
7,800 NEWPARK RESOURCES INC NEW 263,250.00
5,300 NN BALL & ROLLER INC 66,250.00
6,900 PHELPS DODGE CORP 587,793.75
8,000 REYNOLDS METALS CO 570,000.00
12,900 WYMAN-GORDON CO 348,300.00
PRECIOUS GEMS
600 MARKS BROS JEWELERS 7,500.00
MINERALS
19,000 AMAX GOLD INC 116,375.00
9,800 CYPRUS AMAX MINERALS CO 240,100.00
1,800 SOLV EX CORP 5,962.50
COAL
1,000 NACCO INDUS INC CL A 56,437.50
FOREST PRODUCTS
4,228 DELTIC TIMBER CORP 123,933.25
46,600 JOHNS MANVILLE CORP 550,462.50
MISCELLANEOUS
1,870 VARLEN CORP 50,256.25
TOTAL METALS AND MINING $14,812,803.50
COLLECTIBLES & PRECIOUS MATERIALS 0.04%
JEWELRY
11,300 TIFFANY & CO 521,918.75
15,500 TOPPS CO 64,906.25
TOTAL COLLECTIBLES & PRECIOUS MATERIALS $586,825.00
OIL-ENERGY 6.04%
OIL & GAS PRODUCERS
10,000 AMERADA HESS CORP 555,625.00
52,400 AMOCO CORP 4,555,525.00
19,600 ANADARKO PETE CORP 1,176,000.00
26,000 APACHE CORP 845,000.00
4,700 AQUILA GAS PIPELINE CORP 65,506.25
7,700 BERRY PETE CO 146,300.00
12,600 BJ SVCS CO COM 675,675.00
7,600 BROWN TOM INC NEW 161,500.00
6,200 CAIRN ENERGY USA INC 81,375.00
5,600 CAPSURE HOLDINGS CORP 72,450.00
2,400 CARBO CERAMICS INC 65,400.00
18,900 CHESAPEAKE ENERGY CORP 187,828.20
2,600 CMS ENERGY CORP CLASS G 51,675.00
11,100 COASTAL CORP 590,386.80
4,300 COMSTOCK RESOURCES INC 44,881.25
4,700 EDISTO RESOURCES CORP 43,475.00
7,300 ENSERCH CORP 162,425.00
12,800 FALCON DRILLING CO INC 737,600.00
900 FORCENERGY INC 27,337.50
6,300 FOREST OIL CORP 92,531.25
11,300 FREEPORT MCMORAN INC 326,287.50
13,800 GLOBAL INDS LTD 322,359.38
2,266 H S RESOURCES INC 32,007.25
2,700 HELMERICH & PAYNE INC. 155,587.50
2,500 HONDO OIL & GAS CO 17,500.00
4,900 HUGOTON ENERGY CORP 67,987.50
6,800 J RAY MCDERMOTT S A 183,600.00
10,200 KELLEY OIL & GAS CORP 31,237.50
10,300 LOUIS DREYFUS NAT GAS CRP 167,375.00
16,200 MARINE DRILLING COS INC 317,925.00
4,600 MERIDIAN RESOURCE CORP 55,200.00
30,300 MITCHELL ENGY & DEV CL B 659,025.00
28,600 NABORS INDS INC 707,850.00
36,400 NGC CORPORATION 561,925.00
17,500 NOBLE AFFILIATES INC 677,031.25
10,700 NOEL GROUP INC 45,475.00
3,400 NUEVO ENERGY 139,400.00
34,100 OCCIDENTAL PETROLEUM 854,631.25
2,900 ONEOK INC 93,343.75
2,000 PENN VA CORP 98,000.00
2,800 PROVIDENCE ENERGY CORP 49,000.00
13,400 QUESTAR CORP 541,025.00
20,200 READING & BATES NEW 540,350.00
9,600 SANTA FE ENERGY RES INC 141,000.00
28,108 SEAGULL ENERGY CORP 491,890.00
5,843 SEMCO ENERGY INC 102,252.50
3,400 STONE ENERGY CORP 93,075.00
9,100 TATHAM OFFSHORE INC 4,550.00
7,900 TEEKAY SHIPPING CORP 273,043.75
9,200 TESORO PETE CORP 136,275.00
43,359 TOSCO CORP COM NEW 1,298,060.06
27,800 TRANSTEXAS GAS CORP 444,800.00
13,800 TRITON ENERGY LTD-CLASS A 632,212.50
26,292 ULTRAMAR DIAMOND SHAMROCK 857,776.50
32,679 UNION PACIFIC RESOURCES 812,890.13
33,000 UNION TEX PETRO HLDG INC 690,954.00
5,600 UNIT CORP 58,450.00
4,000 USX-DELHI GROUP 52,500.00
30,800 USX-MARTHON GROUP COM NEW 889,350.00
8,900 USX-US STEEL GROUP 312,056.25
14,400 VALERO ENERGY CORP 522,000.00
10,300 VARCO INTL INC 332,175.00
6,000 VASTAR RES INC 210,375.00
7,400 WAINOCO OIL CORP 31,450.00
15,000 WESTERN GAS RESOURCES 292,500.00
31,200 WHLBRTR TECH INC PAR .01 481,650.00
72,300 XCL LTD 13,556.25
11,600 ZAPATA CORP NEW 57,275.00
NATURAL RESOURCES
18,800 DRESSER INDUS INC 700,300.00
5,300 KERR MCGEE CORP 335,887.50
3,700 LOUISIANA LD & EXPL CO 211,362.50
33,300 MIDAMERICAN ENERGY HLD 576,506.25
6,900 NL INDUSTRIES COM NEW 100,050.00
5,600 OCEAN ENERGY INC 259,000.00
8,300 PETROLEUM HEAT & PWR CLA 22,306.25
13,100 SMITH INTL INC 795,825.00
3,700 TRIGEN ENERGY CORP 92,500.00
16,500 WILLIAMS COS INC-DEL 721,875.00
OIL EQUIPMENT, WELLS & SVCS
8,200 ASHLAND, INC. 380,275.00
13,200 BAKER HUGHES INC 510,675.00
4,000 BELDEN AND BLAKE CORP 108,000.00
3,200 ENRON GLOBAL PWR & PIPELI 106,600.00
23,462 ENSCO INTERNATIONAL INC 1,237,620.50
10,400 EVI INCORPORATED 436,800.00
4,100 GETTY REALTY CORPORATION 72,262.50
4,400 GIANT INDS INC 69,575.00
55,500 GLOBAL MARINE NEW 1,290,375.00
13,100 HALLIBURTON CO 1,038,175.00
4,200 LOMAK PETE INC 74,812.50
4,400 LUFKIN INDUST. 115,500.00
6,200 MATRIX SVC CO. 53,475.00
4,100 NUI CORP 91,993.75
11,800 PARKER & PARSLEY CO 417,425.00
24,300 PARKER DRILLING CO 270,337.50
9,200 ROWAN COS INC 259,325.00
4,400 RPC ENERGY SVCS INC 64,900.00
1,300 SEACOR HOLDINGS INC 68,006.90
20,400 TIDEWATER INC 897,600.00
11,300 TRANSOCEAN OFFSHORE INC 820,662.50
4,600 VERITAS DGC INC 103,500.00
17,200 WEATHERFORD ENTERRA INC 662,200.00
5,600 WESTERN ATLAS INC 410,200.00
OIL - DOMESTIC
13,500 BURLINGTON RESOURCES INC 595,687.50
1,700 CROWN CENT PETE CL A 24,862.50
13,481 EL PASO NAT GAS CO. 741,455.00
56,200 ENRON OIL & GAS CO 1,018,625.00
1,600 FINA IN CL A 102,000.00
3,000 HOLLY CORP 74,625.00
7,600 LONE STAR TECHNOLOGY INC 217,550.00
4,900 PENNZOIL CO 376,075.00
27,800 PHILLIPS PETE CO 1,216,250.00
11,900 QUAKER STATE CORP 181,475.00
9,100 SONAT INC 466,375.00
6,450 TEJAS GAS CORP DEL 253,162.50
26,200 UNOCAL CORP 1,016,887.50
OIL - INTERNATIONAL
34,000 ATLANTIC RICHFIELD CO 2,397,000.00
68,800 CHEVRON CORP 5,086,900.00
261,800 EXXON CORP. 16,035,250.00
84,800 MOBIL CORP 5,925,400.00
14,800 MURPHY OIL CORP 721,500.00
11,300 ORYX ENERGY COMPANY 238,712.50
8,000 SUN CO INC 248,000.00
27,900 TEXACO INC 3,034,125.00
7,700 UNIFIRST CORP MASS 154,000.00
MISCELLANEOUS
4,100 GETTY PETRO MARKETING INC 20,500.00
TOTAL OIL-ENERGY $79,737,062.22
RETAIL 3.99%
DEPARTMENT STORES
2,000 ALEXANDERS INC 140,750.00
900 BON-TON STORES INC 7,200.00
11,400 CALDOR CORP. 16,387.50
31,082 CVS CORP 1,592,952.50
22,800 DAYTON HUDSON CORP 1,212,675.00
12,000 DILLARDS INC /CL A 415,500.00
6,600 DOLLAR TREE STORES INC 332,475.00
22,400 FEDERATED DEPT STORES INC 778,400.00
2,600 HILLS STORES CO NEW 8,937.50
51,200 K MART 627,200.00
24,400 KOHLS CORP 1,291,675.00
26,300 MAY DEPT STORES CO 1,242,675.00
4,000 MERCANTILE STORES 251,750.00
10,000 MEYER INC 516,875.00
11,300 NEIMAN-MARCUS GROUP 296,625.00
33,447 PENNEY JC INC 1,745,532.04
4,000 RENTERS CHOICE INC 79,500.00
41,300 SEARS ROEBUCK & CO 2,219,875.00
14,000 WOOLWORTH CORP 336,000.00
GROCERY
26,400 ALBERTSON'S INC 963,600.00
15,400 AMERICAN STORES CO 760,375.00
23,700 BRUNOS INC NEW 272,550.00
3,500 DELCHAMPS INC. 112,000.00
262,100 FOOD LION CLASS A 1,875,653.13
6,400 GIANT FOOD INC 207,200.00
4,100 GREAT ATLANTIC & PAC TEA 111,468.75
14,000 HANNAFORD BROS. CO 497,875.00
26,600 KROGER CO 771,400.00
4,000 PENN TRAFFIC CO NEW 31,500.00
5,400 QUALITY FOOD CENTERS INC 205,200.00
15,400 RUDDICK CORP 240,625.00
109,362 SAFEWAY INC 5,044,322.25
137,400 SOUTHLAND CORP 459,431.25
19,100 WEIS MKTS INC 551,512.50
15,900 WINN-DIXIE STORES INC 592,275.00
OTHER RETAIL
22,467 ACCUSTAFF INC 532,187.06
6,300 AVATEX CORPORATION 7,481.25
14,300 BEST BUY INC. 212,712.50
11,400 BEST PRODS INC 114.00
5,700 CARR-GOTTSTEIN FOODS CO 28,500.00
10,300 CIRCUIT CITY STORES 366,293.75
27,500 CONSOLIDATED STORES CORP 955,625.00
32,085 CORPORATE EXPRESS INC 463,243.23
20,700 COSTCO COMPANIES INC 680,512.50
1,000 DART GROUP CORP. 102,750.00
29,968 DOLLAR GENERAL 1,123,800.00
3,100 EZCORP INC CL A NON-VTG 31,000.00
18,700 FAMILY DOLLAR STORES 509,575.00
15,400 FINGERHUT COS INC 268,537.50
4,100 FLEMING COS 73,800.00
18,000 FORTUNE BRANDS INC 671,625.00
11,686 GENERAL HOST 40,170.63
4,900 GOOD GUYS INC. 27,562.50
7,000 HANCOCK FABRICS INC 96,250.00
13,650 HASBRO INC 387,318.75
13,000 HOLLYWOOD ENTERTAINMENT 297,375.00
13,800 IDEX CORP 455,400.00
11,400 INTELLIGENT ELEC INC 32,062.50
4,400 LONGS DRUG STORES CORP 115,225.00
8,300 MAC FRUGALS BARGINS CLOSE 226,175.00
29,400 MATTEL INC 995,925.00
6,700 PEP BOYS-MAN, MO, JACK 228,222.10
3,650 PETCO ANIMAL SUPPLIES 109,500.00
13,500 RITE AID CORP 673,312.50
33,000 SERVICE MERCHANDISE CO 99,000.00
8,200 SODAK GAMING INC 120,950.00
6,300 SUN TV & APPLIANCES INC 12,403.13
6,000 SUPERVALUE INC 207,000.00
6,600 SYMS CORP. 65,587.50
6,300 TANDY CORP 352,800.00
5,600 TOY BIZ INC 46,200.00
34,078 TOYS R US 1,192,730.00
10,800 WABAN INC 347,625.00
243,100 WAL MART STORES INC 8,219,818.75
26,500 WALGREEN CO 1,421,062.50
6,200 XTRA CORP 272,412.50
SPORTING GOODS
4,200 CONVERSE INC 92,925.00
5,900 REEBOK INTL LTD 275,825.00
2,100 SPORTMART INC 7,875.00
6,000 THE FINISH LINE-CL A 87,750.00
APPAREL
3,400 BLAIR CORP 48,875.00
5,200 BUCKLE INC 119,600.00
15,500 BURLINGTON COAT WHS 302,250.00
20,700 BURLINGTON INDS INC 248,400.00
10,900 CHARMING SHOPPES INC 56,884.38
15,800 CLAIRES STORES INC 276,500.00
16,600 CML GROUP 30,087.50
4,800 DONNA KARAN INTL INC 53,400.00
4,600 EDISON BROS STORES 5,750.00
30,900 GAP INC 1,201,237.50
2,400 GARGOYLES INC 19,800.00
6,100 GOODYS FAMILY CLOTHING 166,987.50
8,700 NORDSTROM INC 426,843.75
13,328 PAYLESS SHOESOURCE INC 728,875.00
MISCELLANEOUS
2,625 AMERICAN HOMESTAR CORP 56,109.38
2,600 CREATIVE COMPUTERS INC 20,150.00
2,300 FRIEDMANS INC CL A 52,612.50
5,000 GARDEN RIDGE CORP 62,500.00
35,400 PETSMART INC 407,100.00
3,700 SAFETY 1ST INC 21,737.50
5,800 URBAN OUTFITTERS INC 81,200.00
TOTAL RETAIL $52,731,092.58
UTILITIES 8.27%
ELECTRIC
500 ACME ELECTRIC CORP 3,312.50
24,900 AES CORP 1,761,675.00
40,100 ALLEGHENY PWR SYS INC 1,070,168.75
19,800 AMERICAN ELEC PWR INC 831,600.00
17,400 ATLANTIC ENERGY INC 292,537.50
15,600 BALTIMORE GAS & ELEC 416,325.00
4,800 BLACK HILLS CORP 136,800.00
18,100 BOSTON EDISON CO 477,387.50
17,300 CALENERGY INC 657,400.00
12,800 CAROLINA PWR & LT CO 459,200.00
73,400 CENTERIOR ENERGY CORP 821,162.50
22,600 CENTRAL & SOUTH WEST CORP 480,250.00
7,300 CENTRAL LOUISIANA EL-NEW 205,312.50
10,600 CENTRAL MAINE PWR CO 131,175.00
16,600 CINERGY CORP 577,887.50
12,600 CIPSCO INC 460,687.50
117,653 CITIZENS UTILS CO CL A 1,102,995.00
30,600 CMS ENERGY CORP 1,078,650.00
20,200 CON. EDISON NY INC 594,637.50
6,500 CTG RESOURCES INC 143,000.00
20,100 DELMARVA PWR & LT CO 383,156.25
5,600 DESTEC ENERGY INC 121,240.00
19,200 DOMINION RES INC-VA 703,200.00
77,400 DPL INC 1,905,975.00
30,700 DQE INC 867,275.00
15,300 DTE ENERGY CO 422,662.50
38,405 DUKE POWER CO 1,841,058.89
46,100 EDISON INTERNATIONAL 1,146,737.50
8,900 EMPIRE DIST ELEC CO 154,081.25
42,700 ENOVA CORPORATION 1,027,468.75
21,400 ENTERGY CORP NEW 585,825.00
32,100 FLORIDA PROGRESS CORP 1,005,131.25
19,800 FPL GROUP INC 912,037.50
13,000 GPU INC 466,375.00
10,100 HAWAIIAN ELEC INDUS INC 390,112.50
28,300 HOUSTON INDS INC 606,681.25
12,300 IDAHO PWR CO 385,912.50
10,900 IES INDS INC 321,550.00
24,900 ILLINOVA CORP 547,800.00
7,400 INDIANA ELEC INC 180,837.50
18,500 IPALCO ENTERPRISES INC 578,125.00
2,300 JABIL CIRCUIT INC 192,912.50
20,500 KANSAS CTY PWR & LT CO 585,531.25
25,300 KU ENERGY CORP 863,362.50
21,800 LG&E ENERGY CORP 480,962.50
10,000 LONG ISLAND BANCORP INC 363,125.00
44,100 LONG ISLAND LTG CO 1,014,300.00
5,900 MADISON GAS & ELECTRIC 120,950.00
16,900 MDU RESOURCES GROUP INC 405,600.00
10,600 MINNESOTA PWR & LT CO 321,975.00
18,100 MONTANA PWR CO 419,693.75
15,800 NEVADA PWR CO 335,750.00
21,400 NEW ENGLAND ELEC SYS 791,800.00
23,600 NEW YORK ST ELEC & GAS 492,650.00
15,600 NIAGARA MOHAWK PWR 133,575.00
20,200 NIPSCO INDUSTRIES INC 834,512.50
42,300 NORTHEAST UTILS 404,493.75
7,300 NORTHERN STS PWR CO 377,775.00
6,200 NORTHWESTERN PUB SVC 133,300.00
13,400 OGE ENERGY CORP 609,700.00
16,400 OHIO EDISON CO 357,725.00
4,100 OTTER TAIL POWER CO 135,300.00
17,000 P P & L RESOURCES INC 338,937.50
31,000 PACIFICORP 682,000.00
23,500 PECO ENERGY CO 493,500.00
43,800 PG&E CORP 1,062,150.00
28,800 PINNACLE WEST CAP CORP 865,800.00
16,900 PORTLAND GENL CORP 670,718.75
39,200 POTOMAC ELEC PWR CO 906,500.00
21,300 PUBLIC SVC COLORADO 883,950.00
24,100 PUBLIC SVC ENTERPRISE GRP 602,500.00
13,800 PUBLIC SVC NEW MEXICO 246,675.00
20,900 PUGET SOUND PWR & LT CO 553,850.00
14,500 ROCHESTER GAS & ELEC 305,406.25
34,700 SCANA CORP 860,993.75
15,900 SIG CORP INC 403,462.50
71,600 SOUTHERN CO 1,566,250.00
13,400 SOUTHWESTERN PUB SVC 526,787.50
5,400 ST. JOSEPH LGT & PWR CO 88,425.00
38,800 TECO ENERGY 991,844.40
11,720 TUCSON ELECTRIC POWER CO 169,940.00
20,700 UNICOM CORPORATION 460,575.00
9,500 UNION ELECTRIC CO 358,031.25
15,500 UTILICORP UNITED INC 451,437.50
19,900 WASHINGTON WTR PWR 390,537.50
23,300 WESTERN RES INC 755,793.75
36,700 WISCONSIN ENERGY CORP 908,325.00
10,100 WPL HOLDING INC 282,168.75
6,900 YANKEE ENERGY SYS INC 169,050.00
2,500 YORK RESEARCH CORP 19,375.00
GAS
18,400 AGL RESOURCES 377,200.00
7,600 BAY STATE GAS CO COMM 202,350.00
16,400 BROOKLYN UNION GAS CO 469,450.00
5,900 COLUMBIA GAS SYS INC 384,975.00
7,700 CONSOLIDATED NATL GAS 414,356.25
13,100 EQUITABLE RESOURCES 371,712.50
9,000 LACLEDE GAS CO 195,750.00
22,200 MCN CORP HLDG CO 679,875.00
12,500 NATIONAL FUEL GAS CO NJ 524,218.75
5,300 NICOR INC 190,137.50
11,500 NORAM ENERGY CORP 175,375.00
2,300 NORTH CAROLINA NTL GAS 76,762.50
9,000 PACIFIC ENTERPRISES 302,625.00
3,700 PEOPLES ENERGY CORP 138,518.75
300 SJW CORP 15,750.00
6,400 SOUTH JERSEY INDUSTRIES 142,400.00
5,599 SOUTHERN UNION CO NEW 128,077.13
23,700 TEXAS UTILITIES CO 816,168.75
13,700 UGI CORP 303,112.50
14,400 WASHINGTON GAS LIGHT 361,800.00
9,300 WPS RESOURCES CORP 248,775.00
TELEPHONE
170,000 A T & T 5,960,625.00
4,200 ACC CORP 129,675.00
20,000 ALLTEL CORP 668,750.00
59,200 AMERITECH CORP NEW 4,021,900.00
46,200 BELL ATLANTIC CORP 3,505,425.00
104,800 BELLSOUTH CORP 4,860,100.00
9,800 CAI WIRELESS SYS INC 10,412.50
19,800 CENTURY TELEPHONE ENTERP 667,022.40
53,000 CINCINNATI BELL INC 1,669,500.00
26,700 ENRON CORP 1,089,693.75
54,100 FRONTIER CORP 1,078,618.75
102,100 GTE CORP 4,479,637.50
16,500 INTERDIGITAL COMM CORP 90,750.00
72,500 MCI COMMUNICATIONS 2,775,390.63
42,200 NYNEX CORP 2,431,775.00
21,700 SOUTHERN NW ENGL TELECOM 843,587.50
46,000 SPRINT CORP 2,420,750.00
46,400 U S WEST INC 1,748,700.00
50,000 U S WEST MEDIA GROUP 1,012,500.00
3,600 UTAH MED PRODS INC. 28,350.00
170,613 WORLDCOM INC 5,459,616.00
WATER & SEWER
25,800 AMERICAN WATER WORKS CO 551,475.00
4,600 CALIFORNIA WTR SVC CO 202,400.00
7,100 CULLIGAN WATER TECH INC 317,725.00
2,900 E TOWN CORP 89,537.50
6,900 UNITRODE CORP. 347,587.50
WASTE DESPOSAL
11,100 ALLIED WASTE INDS INC 192,862.50
24,100 AMER WASTE SVCS CL A 39,162.50
22,900 BROWNING FERRIS IND 761,425.00
10,100 ENVIROTEST SYS CORP CL A 25,250.00
2,100 GTS DURATEX INC 20,212.50
9,000 MID-AMER WAST SYS INC 270.00
2,600 SUPERIOR SERVICES INC 61,750.00
23,300 UNITED STATES FILTER CORP 634,925.00
31,950 USA WASTE SERVICES INC 1,234,068.75
52,287 WASTE MANAGEMENT INC 1,679,719.88
TOTAL UTILITIES $109,275,924.33
MISCELLANEOUS 10.34%
BROADCAST/COMMUNICATIONS
4,400 AMERICAN PAGING, INC 6,600.00
6,100 ARCH COMMUNICATIONS GROUP 46,512.50
200 ARGYLE TELEVISION INC CL 5,100.00
33,900 ASCEND COMMUNICATIONS INC 1,334,812.50
2,700 ATLANTIC TELE-NETWORK INC 33,750.00
4,400 BET HLDGS INC CLA A 144,100.00
11,800 BHC COMMUNICATIONS INC 1,411,575.00
3,800 CANWEST GLOBAL COMM 56,287.50
16,600 CASCADE COMMUNICATIONS CO 458,575.00
5,900 CENTENNIAL CELLULAR CORP 93,662.50
11,800 CENTRY COMM CL A 63,425.00
1,100 CHANCELLOR BROADCASTING 44,000.00
25,800 CLEAR CHANNEL COMM INC 1,588,312.50
55,228 COMCAST CORP CL A SPL 1,180,498.50
2,500 COX RADIO INC CLASS A 64,062.50
70,500 DISNEY WALT CO 5,657,625.00
8,850 EVERGREEN MEDIA CORP CL A 394,931.25
15,540 GAYLORD ENTMT CO CL A 358,391.25
12,771 HARTE-HANKS COMM INC 376,744.50
15,024 HSN INC 469,500.00
3,800 INACOM CORP 118,275.00
4,800 INTER TEL 102,000.00
800 INTERCEL INC 11,000.00
7,600 JACOR COMMUNICATIONS-WTS 26,600.00
3,500 JONES INTERCABLE INC. 40,687.50
2,600 KATZ MEDIA GROUP INC 16,900.00
4,700 METRICOM INC 29,962.50
5,000 METROCALL INC 22,500.00
8,000 NATIONAL INSTRUMENTS 282,000.00
4,200 NUMEREX CORP 23,625.00
4,000 ORTEL CORP 72,000.00
21,600 PAIRGAIN TECHNOLOGIES 334,800.00
8,700 PAXSON COMMUNICATIONS 110,925.00
3,600 PEOPLES CHOICE TV CORP 5,850.00
2,600 PLANTRONICS INC NEW 130,325.00
8,300 PLAYBOY ENTERPRISES CL B 95,968.75
20,400 SCRIPPS CO (EW)-CL A 849,150.00
2,300 SFX BROADCASTING INC CL A 97,031.25
7,500 SPELLING ENTERTAINMENT 51,562.50
6,940 TCI SATELLITE INT CL-A 54,652.50
80,700 TELE COMM LIBERTY MEDIA 1,916,625.00
69,400 TELE COMM. INC CL A 1,032,325.00
8,600 TELULAR CORP 30,637.50
6,500 TENNANT CORP 216,125.00
7,900 UNITED INTL HLDGS CLASS A 81,962.50
38,700 VIACOM INC 1,148,906.25
38,300 VIACOM INC CL B NON VTG 1,149,000.00
2,400 XPEDITE SYSTEMS INC 41,400.00
BUSINESS SERVICES
58,400 ADAPTEC INC 2,029,400.00
1,600 ALTERNATIVE RESOURCES CRP 32,600.00
18,900 APOLLO GROUP INC CL A 666,225.00
2,700 APPLIX INC 18,731.25
19,500 BAY NETWORKS INC 517,968.75
3,700 BERLITZ INTL - NEW 92,268.75
11,100 BLOCK H&R INC 357,975.00
2,300 BRC HOLDINGS INC 87,400.00
15,900 CAMBRIDGE TECHNOLOGY PART 508,800.00
500 CHILDRENS DISCOVERY CTRS 3,375.00
20,550 CONCORD EFS INC 531,731.25
6,825 CORESTAFF INC 184,275.00
36,682 CUC INTERNATIONAL 946,872.47
27,100 DIAL CORPORATION (NEW) 423,437.50
14,700 DUN & BRADSTREET 385,875.00
6,900 ECOLAB INC 329,475.00
2,600 EDUCATION ALTERNATIVES 11,375.00
6,200 EGGHEAD INC/WA 24,412.50
19,700 EQUIFAX INC 732,603.60
3,450 EQUITY CORP INTL 83,448.60
16,823 FISERV INC 750,726.38
2,700 GRC INTERNATIONAL INC COM 14,850.00
3,100 IN FOCUS SYSTEMS INC 79,437.50
833 INTEGRATED SYS CONS GROUP 9,058.88
7,000 INTEGRATED SYS INC 82,250.00
880 INTERIM SERVICES INC 39,160.00
8,600 INTERPUBLIC GROUP COS 527,287.50
5,500 INVESTMENT TECHNOLOGY GRP 147,812.50
3,000 JDA SOFTWARE GROUP INC 102,375.00
12,600 KELLY SERVICES INC CL A 395,325.00
4,700 LABONE INC 85,775.00
2,700 LABOR READY INC 27,337.50
3,100 LAWYERS TITLE CORP 58,512.50
4,500 LEAP GROUP INC 12,375.00
800 LEASING SOLUTIONS INC 12,200.00
27,100 MANPOWER INC WIS 1,205,950.00
15,075 MCAFEE ASSOCS INC 951,609.38
23,700 MEDAPHIS CORP 238,481.25
13,400 METROMEDIA INTL GROUP 170,012.50
16,300 NATIONAL PROCESSING INC 167,075.00
16,300 OGDEN CORP 354,525.00
26,000 OLSTEN CORP 505,375.00
8,900 OPEN MKT INC 117,925.00
38,400 PAGING NETWORK INC 337,200.00
35,550 PAYCHEX INC 1,350,900.00
2,700 PERSONNEL GROUP AMER INC 77,793.75
1,900 PHYMATRIX CORP 29,212.50
15,500 PHYSICIAN COMPUTER NETWK 104,625.00
3,600 PINKERTONS INC. NEW 110,700.00
2,700 PRE PAID LEGAL SVCS INC 57,206.25
2,000 PROFIT RECOVERY GROUP INT 27,750.00
1,100 PROTECTION ONE INC 14,850.00
9,200 QUARTERDECK OFFICE SYS 23,287.50
300 RED BRICK SYSTEMS INC 2,156.25
20,600 ROBERT HALF INTL INC. 969,487.50
11,800 ROLLINS INC 237,475.00
100 ROMAC INTERNATIONAL INC 3,275.00
800 RURAL / METRO CORP 23,225.00
2,700 SPS TRANSACTION SVCS INC 49,950.00
7,248 STERLING COMMERCE, INC 238,278.00
38,800 SUN MICROSYSTEMS 1,444,087.50
6,150 SYLVAN LEARNING SYS INC 209,100.00
3,300 UNITOG CO NEW 89,512.50
2,100 VERSANT OBJECT TECHNOLOGY 12,600.00
27,300 VIAD CORP 525,525.00
FOOD SERVICE
15,000 APPLE SOUTH INC 228,750.00
14,100 BOB EVANS FARMS 238,818.75
21,700 BOSTON CHICKEN INC 303,800.00
25,400 BRINKER INTL 361,950.00
10,414 BUFFETS INC 87,868.13
15,600 CPC INTL INC 1,440,082.80
20,000 CRACKER BARREL CTRY STORE 530,000.00
17,000 DARDEN RESTAURANTS INC 154,062.50
3,600 DAVE & BUSTER'S INC 96,300.00
19,900 DOLE FOOD COMPANY 850,725.00
6,000 INTERNATL MULTIFOODS 150,750.00
7,500 INTL DAIRY QUEEN INC CL A 180,000.00
2,100 INTL DAIRY QUEEN INC CL B 49,612.50
13,400 LONE STAR STEAKHOUSE 348,400.00
2,600 LUBYS CAFETERIAS INC 51,837.50
26,900 MCCORMICK & CO 679,225.00
73,300 MCDONALDS CORP 3,541,306.25
2,850 MORRISON FRESH COOKING 13,181.25
3,800 MORRISON HEALTH CARE INC 60,562.50
17,100 NPC INTERNATIONAL 198,787.50
15,900 OUTBACK STEAKHOUSE INC 384,581.25
2,800 QUALITY DINING INC 13,125.00
5,500 ROCK BOTTOM RESTAURANTS 52,250.00
3,700 RUBY TUESDAY INC 83,018.75
5,400 RYANS FAMILY STEAK HOUSE 46,237.50
8,600 SAVANNAH FOODS & IND INC 151,037.50
5,200 SHONEY'S INC 30,875.00
19,600 SIZZLER INTL INC 57,575.00
72,000 TYSON FOODS INC CL A 1,377,000.00
13,800 WENDYS INTL INC 357,944.40
FOREIGN
3,400 AMERIN CORP 82,450.00
100 ARBOR SOFTWARE 3,525.00
800 OLICOM A/S ORD 12,501.56
323 OLICOM A/S WTS 09/09/99 1,229.53
HOTEL & MOTEL
5,800 BRISTOL HOTEL CO 223,300.00
18,700 CHOICE HOTELS CORP INC 316,731.25
34,400 CIRCUS CIRCUS ENTPR 847,100.00
880 CONSOLIDATED PRODUCTS INC 16,390.00
7,244 DOUBLETREE CORPORATION 297,909.50
10,554 EXTENDED STAY AMERICA INC 166,225.50
1,493 GREATE BAY CASINO CORP 2,052.88
500 HAMMONS JOHN Q HOTELS 4,625.00
3,200 HARVEYS CASINO RESORTS 56,200.00
22,787 HFS INC 1,321,646.00
26,500 HILTON HOTELS CORP 705,562.50
8,900 HOLLYWOOD CASINO CRP CL A 26,700.00
70,500 HOST MARRIOTT CORP 1,255,781.25
14,100 HOST MARRIOTT SERVICES 165,675.00
7,900 INTERSTATE HOTELS CO 232,560.20
12,600 ITT CORP NEW 769,387.50
29,850 LA QUINTA MTR INNS 652,968.75
13,400 MARRIOTT INTL INC. 822,425.00
60,700 MIRAGE RESORTS INC 1,532,675.00
8,775 PAPA JOHNS INTL INC 322,481.25
11,600 PRIMADONNA RESORTS INC 224,025.00
17,000 PROMUS HOTEL CORP 658,750.00
6,800 RED ROOF INNS INC 122,400.00
7,700 RIO HOTEL & CASINO 115,981.25
6,700 S BARRO INC 185,925.00
3,000 SHOLODGE INC 44,437.50
2,000 SUBURBAN LODGES OF AMERIC 42,000.00
432 SUN INTERNATIONAL HOTELS 15,957.00
7,600 TRUMP HOTELS & CASINO 81,700.00
4,100 UNO RESTAURANT CORP 28,956.25
HOUSING
2,400 BEAZER HOMES USA INC 38,400.00
4,100 KAUFMAN & BROAD HOME CORP 72,006.25
16,100 LENNAR CORP 514,193.75
9,400 MCGRATH RENTCORP 192,700.00
2,800 PALM HARBOR HOMES INC 92,050.00
2,600 PULTE CORP 89,862.50
6,000 WEST CO INC 171,750.00
MED SERV & SUPPLIES
4,700 ADVANCED TECHNOLOGY LABS 202,100.00
4,400 AKSYS LTD 25,850.00
2,300 APOGEE INC 10,062.50
7,700 ARTERIAL VASCULAR ENG. 247,843.75
4,950 BEC GROUP INC 22,275.00
9,500 BECKMAN INSTRS INC NEW 458,375.00
2,550 BIO RAD LABS INC. CL A 66,459.38
12,200 BIOMET INC 227,225.00
19,038 BOSTON SCIENTIFIC 1,169,656.64
56,200 CHIRON CORP 1,173,175.00
4,300 CNS INC 39,237.50
3,400 CONMED CORP 57,800.00
6,075 COVANCE INCORPORATED 117,323.44
9,900 CRYOMEDICAL SCIENCES INC. 4,331.25
13,900 CYTOGEN CORP 67,762.50
2,400 EMCARE HOLDINGS INC 87,900.00
5,300 EMPI INC 96,725.00
4,400 EPITOPE INC. 34,650.00
37,620 FOUNDATION HEALTH SYS /A 1,140,356.25
3,723 FPA MEDICAL MGT INC 88,190.42
22,800 GENZYME CORP-GENL DIV 632,700.00
13,300 HAEMONETICS CORP 254,362.50
3,400 HEALTH MANAGEMENT INC 850.00
5,800 HEALTH MGMT SYSTEMS INC 26,462.50
5,767 HEALTHPLAN SERVICES CORP 108,852.13
109,056 HEALTHSOUTH CORPORATION 2,719,638.53
3,000 HEARTPORT INC 52,875.00
26,700 HILLENBRAND INDUS INC 1,268,250.00
15,150 HLTH CARE & RETIRMNT CORP 505,631.25
6,900 HUMAN GENOME SCIENCES 229,425.00
17,000 HUMANA INC 393,125.00
4,300 IDEC PHARMACEUTICALS CORP 104,275.00
6,800 INTERMEDIA COMMUNICATIONS 220,150.00
10,100 ISOLYSER INC 27,459.38
4,700 ISOMEDIX INC. 73,731.25
39,900 IVAX CORP 448,875.00
16,400 KINETIC CONCEPTS INC 295,200.00
40,700 LABORATORY CORP AMER HLDG 106,837.50
5,700 LANDAUER INC. 132,168.75
3,750 LIFE TECH INC. 104,062.50
3,000 LIFECORE BIOMEDICAL INC 41,250.00
3,000 LUNAR CORP. 65,250.00
6,600 MANOR CARE INC 215,325.00
5,800 MARQUETTE MED SYS-CL A 127,600.00
15,200 MATRIA HEALTHCARE INC 60,800.00
6,300 MAXICARE HEALTH PLANS 140,962.50
2,400 MAXXIM MEDICAL INC 41,700.00
2,000 MEDICAL RESOURCES INC 33,000.00
19,903 MEDPARTNERS INC 430,402.38
25,700 MEDTRONIC INC 2,081,700.00
10,400 NABI INC 68,900.00
2,600 NCS HEALTHCARE INC 78,975.00
4,100 NEUREX CORP 57,912.50
10,000 NEUROMEDICAL SYSTEMS INC 55,312.50
20,700 NOVACARE INC 287,212.50
6,000 ORGANOGENESIS INC 117,000.00
8,000 ORTHOLOGIC CORP 44,000.00
7,000 PALOMAR MEDICAL TECHNOLOG 16,625.00
6,600 PARACELSUS HEALTH CORP 33,412.50
3,932 PHARMACEUTICAL PROD DEV 86,504.00
11,483 QUEST DIAGNOSTICS INC 236,119.19
18,000 QUORUM HEALTH GROUP INC 643,500.00
5,600 REGENCY HEALTH SERVICES 86,100.00
2,500 SABRATEX CORP 70,000.00
23,300 SCIOS INC 148,537.50
3,450 SEROLOGICALS CORP 79,350.00
200 SERVICE EXPERTS INC 4,900.00
12,350 ST. JUDE MED INC. 481,650.00
32,000 STRYKER CORP 1,116,000.00
3,300 SULLIVAN DENTAL PRODS INC 60,225.00
17,700 SUN HEALTHCARE GROUP INC 368,381.25
3,400 TECHNE CORP 102,850.00
640 THERMEDICS DETECTION INC 7,680.00
5,600 THERMO INSTR SYS INC COM 171,500.00
3,500 THERMOTREX CORP 86,843.75
6,200 TRANSCEND SERVICES INC 17,050.00
4,200 TRANSITION SYSTEMS INCS 76,387.50
17,900 VALUE HEALTH INC. 362,475.00
23,300 VENCOR INC 1,007,725.00
1,200 VITALINK PHARMACY SERVICE 22,950.00
4,735 WELLPOINT HEALTH NETWORKS 217,218.13
4,187 WESTAMERICA BANCORPATION 318,212.00
REAL ESTATE
26,600 CATELLUS DEV CORP 482,125.00
3,000 CENTEX CORP 121,875.00
2,850 FOREST CITY ENTER CL A 136,087.50
TRANSPORTATION
6,900 AIRBORNE FREIGHT CORP 288,937.50
4,800 ALASKA AIR GROUP INC 123,000.00
15,100 ALEXANDER & BALDWIN 394,487.50
16,300 AMERICA WEST HOLDINGS B 236,350.00
9,600 AMR CORP 888,000.00
2,500 AMTRAN INC 20,625.00
3,500 ANSALDO SIGNAL NV 15,312.50
8,600 APL LTD 268,750.00
8,800 ARNOLD INDS INC 149,600.00
10,100 ASA HOLDINGS INC 289,112.50
5,300 AVONDALE INDS INC 111,300.00
2,200 BUDGET GROUP INC 75,900.00
15,500 BURLINGTON NRTHN SANTA FE 1,393,062.50
4,200 CALIBER SYSTEM INC 156,450.00
700 CELADON GROUP INC 8,050.00
5,900 CIRCLE INTERNATIONAL GRP 155,612.50
14,800 CNF TRANSPORTATION INC 477,300.00
7,400 CONSOLIDATED FRTWYS CORP 121,175.00
15,200 CONTINENTAL AIRLS CL B 531,050.00
4,000 COVENANT TRANSPORT INC CL 65,500.00
22,300 CSX CORP 1,237,650.00
8,300 DELTA AIR LINES INC 680,600.00
2,200 EAGLE USA AIRFREIGHT INC 59,675.00
12,200 FEDERAL EXPRESS CORP 704,550.00
3,200 FLORIDA EAST COAST INDS 355,200.00
6,700 GATX CORP 386,925.00
4,200 GREENBRIER 47,512.50
12,200 GREYHOUND LINES INC 54,137.50
12,700 HUNT JB TRANS SVCS INC 188,912.50
400 HVIDE MARINE-CL A 8,850.00
20,300 ILL CENT COR SER A 709,241.40
12,500 KANSAS CTY SOUTHERN INDS 806,250.00
800 KNIGHT TRANSPORTATION 20,300.00
2,400 MIDWEST EXPRESS HLDGS INC 65,700.00
13,300 NORFOLK SOUTHERN CORP 1,339,975.00
29,300 NORTHWEST AIR CL A 1,065,787.50
1,800 OLD DOMINION FGHT LINES 24,975.00
14,400 OMI CORP. 137,700.00
11,900 OVERSEAS SHIPHOLDING GRP 233,537.50
13,700 PITTSTON BRINKS GROUP 411,000.00
6,100 ROADWAY EXPRESS INC 142,587.50
8,600 RYDER SYSTEMS INC 283,800.00
15,300 SOUTHWEST AIRLINES CO 395,887.50
7,500 SWIFT TRANSN INC 221,250.00
4,700 TOWER AIR INC 14,687.50
5,900 U S AIR GROUP 206,500.00
18,800 UAL CORP NEW 1,345,375.00
43,072 UNION PACIFIC CORP 3,036,576.00
800 USA TRUCK INC 9,000.00
18,600 VALUJET INC 128,456.25
4,800 WESTERN PACIFIC AIRLINES 26,400.00
8,645 WLR FOODS INC. 70,240.63
4,800 WORLDCORP INC 12,300.00
MISCELLANEOUS
7,900 ACNIELSEN CORP 155,037.50
2,600 ALGOS PHARMACEUT 47,450.00
5,740 ALLEGIANCE CORP 156,415.00
7,300 AMERICAN CLASSIC VOYAGES 78,475.00
4,200 ANCHOR GAMING 200,550.00
9,000 ARGOSY GAMING CORP 29,250.00
12,921 ASCENT ENTERTAINMENT GRP 117,902.30
11,200 AUTOTOTE CORP CL A 14,000.00
5,082 BHA GROUP INC CLA A 94,017.00
2,500 BIOMATRIX INC 47,500.00
3,300 C/NET INC 96,525.00
6,150 CASINO AMER INC 13,453.13
4,700 CFW COMMUNICATIONS CO 86,362.50
14,700 COGNIZANT CORP 595,350.00
12,100 CUNO INC 202,675.00
200 DBT ONLINE 10,750.00
21,400 DISCOVERY ZONE INC 2,140.00
3,100 EDUCATION MGT CORP 80,600.00
4,300 EMPLOYEE SOLUTIONS INC 23,918.75
14,900 FEDERAL SIGNAL CORP 374,362.50
3,800 FLEETWOOD ENTERPRISES 113,287.50
7,964 GEMSTAR INTL GROUP LTD 146,338.50
14,200 GTECH HLDGS CORP 457,950.00
3,300 HANDLEMAN CO-DEL 21,037.50
5,300 HEXCEL CORP NEW 91,425.00
3,225 INTL TECHNOLOGY CORP 24,590.63
142,900 JOHNSON & JOHNSON 9,199,187.50
3,000 JOHNSON WORLDWIDE ASSOC 38,625.00
6,900 MAFCO CONS GRP RTS 1/1/99 3,018.75
7,000 MALLINCKRODT 273,000.00
2,200 MINE SAFETY APPLIANCES 133,100.00
6,300 PRESIDENT CASINOS INC 3,543.75
2,300 PRINS RECYCLING CORP 71.88
46,480 REPUBLIC INDUSTRIES INC 1,127,140.00
24,900 ROYAL CARRIBEAN CRUISES 869,943.75
6,100 SAFETY KLEEN CORP 102,937.50
2,500 SDL INC 47,812.50
5,400 SEATTLE FILMWORKS INC 64,800.00
13,000 STATION CASINOS INC 108,875.00
14,100 STEWART ENTERPRISES CL A 592,200.00
8,100 STRATOSPHERE CORP 3,543.75
3,500 TETRA TECH INC NEW 84,437.50
3,900 THERMO REMEDIATION INC 27,300.00
2,200 THERMO TERRATECH INC 25,025.00
3,800 TICKETMASTER GROUP INC 63,175.00
2,100 UNITED NATURAL FOODS INC 44,100.00
9,100 WATTS INC 218,400.00
TELECOMMUNICATIONS
40,800 360 COMMUNICATIONS CO 698,700.00
18,000 AERIAL COMM INC 153,000.00
12,100 ALIANT COMM INC 235,950.00
2,800 ALLTRISTA CORP 76,650.00
2,700 BACOU USA INC 43,875.00
5,000 BILLING INFORMATION CON 174,375.00
3,000 BOK FINL CORP COM NEW 105,750.00
4,000 BOSTON COMM GROUP 57,500.00
7,100 C TEC CORP 247,612.50
3,000 CENTRAL GARDEN & PET CO 75,000.00
16,000 COMSAT CORPORATION 381,000.00
4,000 CORECOMM INC 69,000.00
2,000 DATA TRANSMISSION NETWORK 63,500.00
8,000 FIRST PAC NETWORKS INC 160.00
1,700 INTERNATIONAL SHIPHOLDING 29,006.25
24,200 LCI INTL INC 529,375.00
8,850 MASTEC INC 418,715.63
19,800 MOBILE TELECOMM TECH 283,387.50
4,100 ORION NETWORK SYSTEMS INC 45,100.00
6,500 PRICELLULUAR CORP CL A 59,718.75
97,880 SBC COMMUNICATIONS INC 6,056,325.00
4,400 TEKELEC 155,650.00
7,600 VIATEL INC 51,300.00
TOTAL MISCELLANEOUS $136,567,185.53
0.18%
4,000 ADVANCED POLYMERS SYS INC 32,000.00
4,400 AVATAR HOLDINGS 147,400.00
5,200 COLONIAL GAS CO. 109,525.00
2,700 FILM ROMAN INC 4,725.00
7,500 JASON INC. 43,125.00
7,500 MEDCO RESH INC. 72,187.50
7,400 SMART & FINAL INC. 181,300.00
3,500 STRAWBRIDGE & CLOTHIER CO 56,875.00
1,863 TCF FINANCIAL CORP 91,985.63
22,642 UNION PLANTERS CORP 1,174,553.75
100 UNITED DENTAL CARE INC 1,500.00
15,000 UNITED DOMINION INDUS. 368,437.50
2,400 WET SEAL INC CL A 75,750.00
TOTAL $2,359,364.38
TOTAL COMMON STOCK $1,297,947,688.76
OTHER
1.72%
CASH EQUIVALENTS
22,764,058 AIM SHORT TERM INV SER 2 22,764,057.97
TOTAL $22,764,057.97
TOTAL OTHER $22,764,057.97
TOTAL INVESTMENTS - 100.00% $1,320,711,746.73
(cost $1,017,613,482)
See accompanying notes to financial statements
