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HURON INVESTMENT FUND, INC.
Financial Statements
December 31, 1996
(With Independent Auditors' Report Thereon)
Independent Auditors' Report
To the Board of Directors and Stockholder of
Huron Investment Fund Inc.:
We have audited the accompanying statement of assets and liabilities of Huron
Investment Fund, Inc. including the portfolio of investments, as of December
31, 1996, and the related statements of operations, changes in net assets and
financial highlights for the period from March 4, 1996 (commencement of
operations) through December 31, 1996. These financial statements and
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of December 31, 1996, by correspondence with the
custodian and brokers and other appropriate procedures. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of Huron
Investment Fund, Inc. as of December 31, 1996, the results of its operations,
its changes in net assets and its financial highlights for the period from
March 4, 1996 (commencement of operations) through December 31, 1996, in
conformity with generally accepted accounting principles.
KPMG Peat Marwick LLP
February 14, 1997
HURON INVESTMENT FUND, INC.
Statement of Assets and Liabilities
December 31, 1996
Assets
Investments, at value (cost $1,015,952,705) $ 1,149,119,300
Cash 18
Dividends receivable 1,600,490
Interest receivable 17,614
Prepaid expenses 1,364
Deferred organization costs, net 6,400
Total assets 1,150,745,186
Liabilities
Common stock dividend payable 1,166,061
Accrued expenses 2,431,285
Notes payable (note 5) 213,500
Accrued interest expense 5,343
Total liabilities 3,816,189
Net assets $ 1,146,928,997
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 564,314,701
Accumulated overdistribution of net investment income (1,166,061)
Net unrealized appreciation of investments 133,166,595
Net assets $ 1,146,928,997
Net asset value per common shares
outstanding $ 11.36
See accompanying notes to the financial statements.
HURON INVESTMENT FUND, INC.
Statement of Operations
For the period from March 4, 1996 (commencement of
operations) to December 31, 1996
Investment income:
Dividend income $ 15,987,432
Interest income 131,217
Total investment income 16,118,649
Expenses:
Broker dealer fee 1,003,510
Legal fees 161,156
Rating agencies fees 110,000
Independent accountants 29,917
Auction agent fee 37,500
Administration fee (note 2) 2,228,215
Directors fees and expenses 11,188
Interest expense 14,972
Insurance 6,820
Investment management fee (note 2) 89,230
Other expenses 2,129
Amortization of organization costs 1,600
Total expenses 3,696,237
Net investment income 12,422,412
Net realized and unrealized gains on investments:
Net realized gain on investments:
Proceeds from sales $ 65,564,527
Cost of securities sold (63,069,133)
2,495,394
Net unrealized appreciation of investments:
Beginning of period 0
End of period 133,166,595
Increase in net unrealized appreciation of investments 133,166,595
Net increase in net assets resulting
from operations $ 148,084,401
See accompanying notes to the financial statements.
HURON INVESTMENT FUND, INC.
Statement of Changes in Net Assets
For the period from March 4, 1996 (commencement of
operations) to December 31, 1996
From operations:
Net investment income $ 12,422,412
Net realized gain on investments 2,495,394
Net change in unrealized appreciation on investments 133,166,595
Increase in net assets resulting
from operations 148,084,401
Dividends to stockholders from net investment income:
Auction market preferred stock (13,751,745)
Common stock (1,166,061)
(14,917,806)
Decrease in net assets resulting
from dividends to stockholders (14,917,806)
Increase (decrease) from capital share transactions:
Issuance of Auction market preferred stock 450,000,000
Issuance of Common stock 613,762,402
Return of additional paid-in capital to common
stockholder (50,000,000)
Increase in net assets resulting
from capital share transactions 1,013,762,402
Total increase in net assets 1,146,928,997
Net assets:
Beginning of period 0
End of period $ 1,146,928,997
See accompanying notes to the financial statements.
HURON INVESTMENT FUND, INC.
Financial Highlights
For the period from March 4, 1996 (commencement of
operations) to December 31, 1996
For a share of common stock outstanding throughout the period:
Net asset value, beginning of period $ 10.00
Net investment income 0.20
Net realized and unrealized gains on investments 2.21
Total income from investment operations 2.41
Less distributions from net investment income:
Common stock equivalent of dividends paid to AMPS holders (0.22)
Dividends paid to common stockholder (0.02)
Less distributions from paid-in capital:
Return of capital paid to common stockholder (0.81)
Total distributions (1.05)
Net asset value, end of period $ 11.36
Total investment return 24.13%*
Net assets at end of period (000s) $ 1,146,929
Ratio of expenses to average net assets applicable to common shares 0.33%
Ratio of net investment income to average net assets applicable
to common shares + (0.12%)
Portfolio turnover 5.47%
Average commissions paid on equity security transactions $ 0.02
+ Net investment income is adjusted for distributions paid to AMPS holders.
* Total investment return for the period; not annualized.
See accompanying notes to financial statements.
HURON INVESTMENT FUND, INC.
Notes to Financial Statements
For the period from March 4, 1996 (commencement of
operations) to December 31, 1996
(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 61,376,240.20 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 distributed annually.
2
HURON INVESTMENT FUND, INC.
Notes to Financial Statements, Continued
For the period from March 4, 1996 (commencement of
operations) to December 31, 1996
(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 Funds' 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 5 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.
For the period March 4, 1996 (commencement of operations) to December 31,
1996, dividends paid to the common stockholder were $1,166,061.
For the period March 4, 1996 (commencement of operations) to December 31,
1996, the Fund made a return of capital distribution to the common stockholder
in the amount of $50,000,000 of which approximately $1,200,000 is considered
taxable for IRS purposes.
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 management fee is calculated and accrued on
a monthly basis.
3
HURON INVESTMENT FUND, INC.
Notes to Financial Statements, Continued
For the period from March 4, 1996 (commencement of
operations) to December 31, 1996
(3) Investment Transactions
The aggregate cost of securities purchased and the aggregate proceeds of
securities sold, excluding short-term securities, for the period March 4,
1996 (commencement of operations) to December 31, 1996 were $58,546,877
and $65,564,527, respectively.
At December 31, 1996, the aggregate gross unrealized appreciation and
depreciation of investments for Federal income tax purposes, were $178,900,253
and $45,733,658, respectively.
(4) Auction Market Preferred Stock
The Fund has outstanding at December 31, 1996, 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 December 31, 1996 were 4.15%,
4.05%, 4.15%, 4.20% and 4.1% 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 December 31, 1996, 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 December 31, 1996, the Fund was paying
interest at 8.5% per annum.
HURON INVESTMENT FUND
Portfolio of Investments
December 31, 1996
Shares Market
Outstanding Value
COMMON STOCK
BUILDING AND CONSTRUCTION 1.83%
BUILDING EQUIPMENT
3,100 CHECKFREE CORP 53,087
2,500 CLARIFY INC 120,000
39,250 CLAYTON HOMES INC 529,875
7,500 SIMPSON MFG INC 172,500
BUILDING MATERIALS
3,600 ABT BLDG PRODS CORP 90,000
500 AMERICAN BILTRITE INC 11,125
2,300 AMERICAN BUILDING CO 54,913
1,900 AMERON INTERNATIONAL CORP 98,087
13,300 CALGON CARBON CORPPTURE 162,925
3,000 CAVALIER HOMES INC 34,500
3,900 CENTEX CONSTRUCTION PRODU 70,200
10,000 CHAMPION INTL CORP 432,500
9,612 D R HORTON INC 104,531
8,000 DURIRON INC 217,000
3,200 ELCOR CORP 68,400
7,300 EXABYTE 97,637
4,400 FLORIDA ROCK IND 144,100
9,800 GEORGIA PACIFIC CORP 705,600
3,600 GIANT CEMENT HOLDING INC 58,050
50,500 HOME DEPOT 2,531,313
200 ICC TECHNOLOGIES INC 1,087
1,600 INTERNATIONAL ALUM CORP 40,800
17,100 LONGVIEW FIBRE CO 314,212
11,400 LOUISIANA PAC CORP 240,825
3,200 MARTIN MARIETTA MATERIALS 74,400
17,300 MASCO CORP 622,800
2,800 MAXXAM INC 133,350
5,100 NATIONAL SVC INDS 190,613
1,900 NCI BUILDING SYSTEMS INC 65,550
4,200 NORTEK INC 84,000
4,200 NVR INC 54,600
25,600 RPM INC. 435,200
3,400 SCOTSMAN INDS INC 80,325
5,300 TRIANGLE PACIFIC CORP 127,531
16,900 USG CORP NEW 572,488
11,500 VULCAN MATLS CO 700,063
CEMENT
7,600 CALMAT CO 142,500
37,400 LAFARGE CORP 752,675
2,000 PUERTO RICAN CEMENT CO 62,500
5,700 SOUTHDOWN INC 177,413
CONSTRUCTION EQUIPMENT
6,200 CMI CORP CL A 27,125
3,700 GIDDINGS & LEWIS 47,638
PAINT AND FLAT GLASS
9,100 SHERWIN WILLIAMS CO 509,600
11,700 VALSPAR CORP 662,513
INDUSTRIAL CHEMICALS
18,700 ALBEMARLE CORP 338,938
9,200 BETZ LABS INC 538,200
8,000 DEXTER CORP 255,000
39,100 ETHYL CORP 376,337
4,600 FULLER H B CO 216,200
5,400 GREAT LAKES CHEM CRP 252,450
19,900 LUBRIZOL CORP 616,900
18,700 PPG INDUS INC 1,049,537
6,900 ROHM & HAAS CO 563,212
11,000 WELLMAN INC 188,375
18,700 WITCO CORP 570,350
MISCELLANEOUS
50,900 ADT LTD 1,164,337
28,100 AMERICAN STANDARD COS INC 1,074,825
4,960 CHAMPION ENTERPRISES INC 96,720
1,900 CHRISTIANA COS INC. 48,925
6,000 COMMERCIAL INTERTECH 81,750
1,400 CORRPRO COS INC 13,300
12,500 FASTENAL CO. 571,875
8,800 FLUOR CORP 552,200
9,700 FOAMEX INTL INC 160,050
5,850 GRANITE CONSTR INC 111,150
8,500 JACOBS ENGR GROUP 200,812
2,800 SCHULER HOMES INC 17,500
4,600 ZURN INDUSTRIES INC 120,175
TOTAL BUILDING AND CONSTRUCTION $21,055,269
CHEMICALS AND DRUGS 9.47%
CHEMICALS
22,600 AIRGAS INC. 497,200
11,600 ARCADIAN CORP 307,400
9,600 ARCO CHEMICAL CO 470,400
3,700 BLESSINGS CORP 34,456
2,200 BUSH BOAKE ALLEN INC 58,575
23,600 CABOT CORP 592,950
24,119 CROMPTON & KNOWLES 464,291
25,900 DOW CHEMICAL CO 2,029,913
59,600 DUPONT DENEMOURS & CO 5,624,750
8,200 EASTMAN CHEMICAL 453,050
8,600 FERRO CORP 244,025
3,900 FMC CORP-NEW 273,486
9,800 GEON CO 192,325
11,400 GEORGIA GULF CORP 306,375
9,300 GRACE W.R & CO. 481,275
17,200 HANNA M A CO 376,250
11,300 HERCULES INC 488,725
30,420 IMC GLOBAL, INC. 1,190,183
3,300 LANDEC CORP 25,162
14,900 LAWTER INTL 188,113
4,300 LEARONAL INC. 98,900
3,000 LESCO INC OHIO 49,500
10,700 LOCTITE CORP 651,362
26,500 LYONDELL PETROCHEMICAL 583,000
61,800 MONSANTO CO 2,402,475
15,300 MORTON INTERNATIONAL 623,475
7,200 NALCO CHEM CO 260,100
2,500 NCH CORP 150,625
3,500 OIL DRI CORP AMER 52,500
16,500 OLIN CORP 620,813
3,900 PETROLITE CORP 187,200
16,800 PRAXAIR INC 774,900
5,700 REXENE CORP NEW 77,663
12,400 SCHULMAN A INC 303,800
5,200 SIGMA-ALDRICH CORP 324,675
8,300 SOMATOGEN INC 91,300
3,600 STEPAN CO. 73,350
2,000 SYBRON CHEM INDS INC 32,000
6,200 SYNETIC INC 300,700
13,900 UNION CARBIDE CORP 568,163
19,100 UNR INDS INC 114,600
5,900 WEBB DEL CORP 96,613
DRUGS
83,700 ABBOT LABS 4,247,775
3,900 AGOURON PHARMACEUTICALS 264,225
4,900 ALPHA BETA TECHNOLOGY INC 51,756
9,100 ALZA CORP CL A 235,462
68,200 AMERICAN HOME PRODUCTS 3,998,225
28,500 AMGEN INC 1,549,687
10,500 AMYLIN PHARMACEUTICALS 136,500
1,900 AUTOIMMUNE INC 29,212
4,650 BARR LABS INC 117,994
13,100 BERGEN BRUNSWIG 373,350
4,000 BINDLEY WESTN INDS INC. 77,500
1,500 BONE CARE INTERNATIONAL 10,875
54,000 BRISTOL MYERS SQUIBB CO 5,872,500
2,000 CAMBRIDGE NEUROSCIENCE IN 23,750
31,903 CARDINAL HEALTH INC 1,858,350
2,800 CARRINGTON LABS INC 21,700
15,200 CARTER WALLACE INC 237,500
800 CONNECTIVE THERAPEUTICS 6,600
6,000 COPLEY PHARMACEUTICAL 55,500
2,900 DEPOTECH CORP 47,488
9,000 DURA PHARMACEUTICALS INC 429,750
7,094 ELAN PLC ADR 235,875
15,200 ENGLEHARD CORP 290,700
3,200 ERGO SCIENCE CORP 42,000
4,600 FAULDIG INC 28,175
6,300 FOXMEYER HEALTH CORP 10,237
6,050 FUISZ TECHNOLOGIES LTD 47,644
3,400 GELTEX PHARMACEUTICAL INC 82,450
41,900 GENENTECH INC SPECIAL COM 2,246,888
13,800 GENSIA PHARMACEUTICALS 63,825
8,500 GILEAD SCIENCES INC 212,500
11,800 ICN PHARMACEUTICALS INC 231,575
12,000 ICOS CORP 91,500
1,100 IGI INC 7,425
2,400 INCYTE PHARMACEUTICALS 123,600
12,000 INTERNUERON PHARM INC. 312,000
8,500 ISIS PHARMACEUTICALS 153,000
9,900 LIDAK PHARMACEUTICAL CL A 17,325
10,000 LIGAND PHARMACEUTCAL CL B 148,750
58,700 LILLY ELI & CO 4,285,100
4,300 MAGAININ PHARMACEUTICALS 41,387
4,000 MATRITECH INC 34,000
5,900 MATRIX PHARMACEUTICAL INC 36,138
14,200 MCKESSON CORP NEW 795,200
130,500 MERCK & CO., INC 10,342,125
40,300 MYLAN LABS INC 675,025
3,500 NEOPROBE CORP 53,813
800 NEOSE TECHNOLOGIES INC 14,400
4,100 NEUROCRINE BIOSCIENCES IN 41,000
3,700 NEUROGEN CORP 71,225
10,200 NORTH AMERN VACCINE 247,350
25,100 PERRIGO CO. 229,037
68,900 PFIZER INC 5,710,087
53,300 PHARMACIA & UPJOHN INC 2,112,013
2,700 PHARMACOPEIA INC 52,312
9,600 RIBI IMMUNOCHEM RESH INC 37,200
7,800 SCHERER R P CORP DEL 391,950
39,700 SCHERING PLOUGH 2,570,575
6,800 SEPRACOR INC 113,050
2,100 SONUS PHARMACEUTICALS INC 62,475
8,100 TWINLAB CORP 98,213
5,700 VICAL INC 94,050
29,100 WARNER-LAMBERT 2,182,500
12,000 WATSON PHARMACEUTICALS 539,250
17,700 XOMA CORP 90,712
COSMETICS
3,000 ALBERTO CULVER CO CL B 144,000
14,000 AVON PRODUCTS INC 799,750
3,000 FOSSIL INC 40,500
10,900 HERBALIFE INTL INC 355,613
1,650 INBRAND CORP 34,650
11,600 INTL FLAVORS & FRAGRANCES 522,000
3,800 JEAN PHILIPPE FRAGRANCES 24,700
18,400 LAUDER ESTEE COS INC 936,100
11,300 PLAYTEX PRODUCTS INC 90,400
8,000 THERMOLASE CORP 126,000
HEALTH PRODUCTS/CARE
4,000 ACCESS HEALTH INC 179,000
9,100 ACUSON COM 221,812
2,000 ADVANCED MAGNETICS INC 31,000
3,200 AHI HEALTHCARE SYSTEMS 28,000
6,900 ALLERGAN INC 245,813
4,100 AMER ONCOLOGY RESC INC 42,025
4,200 AMERICAN HOMEPATIENT INC 114,450
8,000 AMERISOURCE HEALTH CL A 386,000
4,000 APHTON CORP 78,000
16,800 APRIA HEALTHCARE GRP INC 315,000
3,500 ARRIS PHARMACEUTICAL CORP 47,250
8,700 ARROW INTL INC 250,125
6,100 BARD CR INC 170,800
6,000 BAUSCH & LOMB 210,000
29,200 BAXTER INTL INC. 1,197,200
13,100 BECTON DICKINSON & CO 568,212
10,500 BEVERLY ENTERPRISES INC 133,875
23,700 BIOGEN INC 918,375
7,313 BLOCK DRUG CL A 336,398
6,800 CAPSTONE PHARMACY SVCS 77,350
3,000 CARDIOGENESIS CORP 33,750
200 CARDIOTHORACIC SYS INC 3,700
22,700 CENTOCOR 811,525
3,600 CHRONIMED INC 49,050
3,000 CLINTRIALS RESEARCH INC 68,250
8,600 COASTAL PHYSICIAN GROUP 30,100
8,100 COLOMBIA LABS INC COM 117,450
71,050 COLUMBIA/HCA HEALTHCARE 2,895,288
11,700 CORAM HEALTHCARE CORP 58,500
9,600 CRAIG JENNY INC 85,200
2,000 CREATIVE BIOMOLECULES INC 20,750
4,400 DIAGNOSTIC PRODUCTS CORP 113,850
800 EMERITUS CORP 10,800
14,700 FOREST LABS 481,425
33,300 GENERAL NUTRITION CO 561,937
47,000 GILLETTE CO 3,654,250
25,000 GUIDANT CORP 1,425,000
5,100 GULF SOUTH MEDICAL SUPPLY 130,688
1,100 HCIA INC 37,950
38,850 HEALTH MGMT IN CL A NEW 874,125
8,400 HEALTH SYS INTL INC COM 207,900
8,900 HEALTHDYNE TECHNOLOGIES 78,987
21,100 HEALTHSOURCE INC 276,937
17,200 HORIZON/CMS HEALTHCARE 217,150
5,700 HYDRON TECHNOLOGIES INC 10,866
2,600 ICU MED INC 20,475
8,300 IMMUNEX CORP NEW 161,850
8,600 IMMUNOMEDICS INC 47,300
2,900 INCONTROL INC 23,200
3,800 INTEGRA LIFESCIENCES 17,575
1,700 INTERCARDIA INC 36,550
4,200 I-STAT CORP 99,750
4,600 KERAVISION INC 63,250
3,400 MARTEK BIOSCIENCES CORP 68,000
2,800 MEDCATH INC 44,800
17,400 MID ATLANTIC MED SVCS 232,725
3,500 MINIMED INC 112,875
8,100 MULTICARE COS INC 164,025
800 NEOPATH INC 14,600
8,900 NEXSTAR PHARMACEUTICALS 133,500
3,700 NORTHFIELD LABORATORIES 39,775
8,200 OEC MEDICAL SYSTEMS INC 123,000
9,000 ONCOR INC 35,438
14,000 ORTHODONTIC CTRS OF AMER 224,000
25,800 OXFORD HEALTH PLANS INC 1,510,912
14,400 PHYSICIAN CORP OF AMERICA 144,000
15,200 PHYSICIAN RELIANCE NETWK 117,800
13,000 PHYSICIAN SALES & SVC 186,875
4,900 PHYSICIANS RESOURCE GROUP 86,975
600 PHYSIO-CONTROL INC. 13,500
700 PROJECT SOFTWARE & DEV 29,663
2,300 PRONET INC 10,063
5,600 QUINTILES TRANSNATIONAL 371,000
7,600 RENAL TREATMENT CTRS INC 193,800
2,600 RES-CARE INC 45,500
8,700 REXALL SUNDOWN INC 236,531
22,300 RHONE POULENC RORER INC 1,742,187
8,800 ROTECH MED CORP 184,800
4,050 RTW INC 74,419
5,900 SERAGEN INC 5,900
1,500 SHERIDAN HEALTHCARE INC 8,812
3,900 STAAR SURGICAL CO 51,675
2,500 SUMMIT CARE CORP 40,938
400 SUNRISE ASSISTED LIVING 11,150
12,100 TAMBRANDS INC 494,587
23,300 TENET HEALTHCARE CORP 509,688
2,074 TEVA PHARM INDS LTD ADR 104,218
7,500 THERATX INC 76,875
350 TREX MEDICAL CORP 4,550
6,600 U S SURGICAL 259,875
12,900 UNILAB CORP 5,644
2,400 UNITED AMERN HEALTHCARE 14,100
7,600 UROMED CORP 74,100
19,765 UTD HEALTHCARE CORP 889,425
4,874 VETERINARY CNTRS OF AMER 53,614
5,100 VIVUS INC 184,875
MISCELLANEOUS
8,300 MOLTEN METAL TECHNOLOGY 97,525
15,800 TYCO LABS INC 835,425
TOTAL CHEMICAL AND DRUGS $108,861,488
CONSUMER PRODUCTS 12.52%
CONFECTIONS AND BEVERAGES
52,300 ANHEUSER-BUSCH COS 2,092,000
5,900 BOSTON BEER INC 60,475
7,400 BROWN FORMAN INC CL B 338,550
7,400 CANADAIGUA WINE INC CLB 247,900
4,000 CANANDAIGUA WINE INC CL A 114,000
268,800 COCA COLA CO 14,145,600
40,800 COCA COLA ENTERPRISES 1,978,800
165,800 PEPSICO INC 4,849,650
3,100 PETES BREWING CO 24,800
2,500 PYRAMID BREWERIES INC 9,375
2,600 REDHOOK ALE BREWERY INC 25,025
13,802 TOOTSIE ROLL INDS 546,904
CONTAINERS
11,000 AVERY DENNISON CORP 389,125
3,200 BALL CORP 83,200
5,700 BEMIS CO 210,188
11,800 CROWN CORK & SEAL INC 641,625
2,400 LIQUI BOX 78,000
4,400 SEALRIGHT CO. INC. 46,200
6,000 TEMPLE INLAND INC 324,750
DAIRY PRODUCTS
13,600 DEAN FOODS INC 438,600
4,400 DREYERS GRD ICE CREAM 127,600
31,300 IOWA BEEF PROCESSOR 759,025
PACKAGED FOOD
2,600 ALICO INC. 48,750
57,575 ARCHER DANIELS MIDLAND CO 1,266,650
2,600 BEN & JERRYS HOMEMADE CLA 28,275
3,500 BRIDGFORD FOODS CORP 29,750
4,100 BROTHERS GOURMET COFFEE 10,763
900 CAGLES INC 12,937
25,800 CAMPBELL SOUP CO 2,070,450
6,400 CHURCH & DWIGHT INCTURE 146,400
25,600 CONAGRA 1,273,600
1,380 DNAP HOLDING CORP 4,830
600 FARMER BROS CO 91,200
4,840 FINANCIAL TR CORP 192,995
19,300 FLOWERS INDUS INC 414,950
1,600 FOODBRANDS AMERICA INC 22,000
39,000 HEINZ H J CO 1,394,250
16,200 HERSHEY FOODS CORP 708,750
28,400 HORMEL FOODS CORP 766,800
7,200 HUDSON FOODS INC CL A 136,800
5,600 JP FOODSERVICE INC 156,100
22,300 KELLOGG CO 1,463,438
9,900 LANCE INC 178,200
3,500 MIDWEST GRAIN PRODUCTS 59,500
6,700 MORNINGSTAR GROUP INC 131,487
18,300 NABISCO HOLDINGS CORP CL 711,413
1,900 NORTHLAND CRANBERRIES INC 43,700
2,550 PERFORMANCE FOOD GROUP CO 39,525
87,700 PHILLIP MORRIS CO INC 9,877,212
7,500 PILGRIMS PRIDE CORP 64,688
6,200 PIONEER HI BRED INTL INC 434,000
14,300 QUAKER OATS CO 545,187
12,200 RALCORP HOLDINGS INC 257,725
11,200 RALSTON-RALSTON PURINA GR 821,800
2,000 RIVIANA FOODS INC 34,500
3,800 SANDERSON FARMS INC 63,650
51,200 SARA LEE CORP 1,907,200
400 SEABOARD CORP DEL 106,400
9,600 SMUCKER J M CO. 169,200
2,600 SUPER RITE CORP 43,602
19,600 SYSCO CORP 639,450
2,600 TREMONT CORP DEL NEW 93,925
8,500 UNIVERSAL FOODS CORP 299,625
2,500 WHOLESOME & HEARTY FOODS 15,625
3,200 WOLOHAN LUMBER CO 40,000
12,200 WRIGLEY WM JR CO 686,250
PAPER
9,900 ALBANY INTER CORP CL A 228,938
1,400 AMERICAN FILTRONA CORP 57,750
5,200 BOISE CASCADE CORP 165,100
12,400 BOWATER CORP 466,550
100 BUCKEYE CELL CORP 2,662
7,800 CHESAPEAKE CORP 244,725
14,800 CONSOLIDATED PAPERS 727,050
3,400 CROWN VANTAGE INC 28,900
23,800 FORT HOWARD CORP NEW 658,963
17,700 GAYLORD CONTAINER CL A 108,412
5,300 GIBSON GREETINGS INC 104,012
14,100 GLATFELTER PH CO 253,800
32,263 INTERNATIONAL PAPER CO 1,302,619
6,300 INTERPOOL INC 147,263
8,900 JAMES RIVER CORP 294,812
29,700 KIMBERLY CLARK CORP 2,828,925
17,900 LOWES COS INC 635,450
5,500 MEAD CORP 319,688
43,500 OWENS ILL INC 989,625
12,400 PENTAIR INC 399,900
3,100 POTLATCH CORP 133,300
9,800 RAYONIER INC 376,075
11,880 ROCK-TENN COMPANY CLA 234,630
30,100 SONOCO PRODS CO 778,837
22,600 ST JOE CORPORATION 1,469,000
52,800 STAPLES INC 953,700
4,000 U S CAN CORPORATION 67,500
7,300 UNION CAMP CORP 348,575
12,100 WAUSAU PAPER MILLS 223,850
10,700 WESTVACO CORP 307,625
20,900 WEYERHAEUSER CO 990,138
6,000 WILLIAMETTE INDUSTRIAL 417,750
PRINTING AND PUBLISHING
7,900 AMERICAN GREETINGS CL A 224,162
7,700 AMERICAN MEDIA INC CL A 45,238
10,200 BANTA CORP 233,325
12,300 BARNES & NOBLE INC 332,100
14,700 BELO AH CORP COM SER A 512,662
6,000 BIG FLOWER PRESS HLDGS 111,750
2,300 CADMUS COMMUNICATIONS 35,650
8,600 CENTRAL NEWSPAPERS CL A 378,400
8,700 DE LUXE CORP. 284,925
400 DESKTOP DATA INC 7,700
2,800 DEVON GROUP 77,000
16,500 DONNELLEY RR & SONS 517,687
2,600 DONNELLY CORP 63,700
10,500 DOW JONES & CO 355,688
14,900 GANNETT CO., INC 1,115,637
30,400 GARTNER GROUP INC CL A 1,183,700
8,100 GOLDEN BOOKS FAMILY ENTMT 90,113
4,100 GRAPHIC INDUSTRIES 41,512
3,100 HARLAND JOHN H CO 102,300
10,800 HOLLINGER INTERNATIONAL 124,200
4,800 HOUGHTON MIFFLIN CO 271,800
10,200 KNIGHT-RIDDER INC 390,150
15,500 LEE ENTERPRISES INC 360,375
3,100 MAIL-WELL INC 50,763
37,500 MARVEL ENTMT GROUP INC 70,312
9,400 MCCLATCHY NEWSPAPER CL A 329,000
10,500 MCGRAW-HILL COMPANIES INC 484,312
8,700 MEDIA GENERAL INC 263,175
2,900 MEREDITH CORP 152,975
10,500 NEW YORK TIMES CO CL A 399,000
74,100 READERS DIGEST CLASS B 2,686,125
5,200 SCHOLASTIC CORP 349,700
4,700 SCIENTIFIC GAMES HLDGS 125,725
3,600 STECK-VAUGHN PUBG CORP 39,600
77,575 TIME WARNER INC 2,909,063
9,600 TIMES MIRROR CO CL A NEW 477,600
6,600 TRIBUNE CO 520,575
3,600 VALUE LINE INC 159,300
3,600 WASHINGTON POST CO CL B 1,206,450
18,300 WISCONSIN CENT TRANS CORP 725,138
3,800 WORLD COLOR PRESS INC 73,150
RECREATIONAL EQUIPMENT
4,300 AMERISTAR CASINOS INC 23,113
3,100 BALLY'S TOTAL FITNESS 24,606
21,400 BOYD GAMING CORP 176,550
10,400 BRUNSWICK CORP 249,600
24,000 CALLAWAY GOLF CO 690,000
2,200 CANNONDALE CORP 49,500
9,991 CHRIS CRAFT INDUS INC 418,373
19,400 COLEMAN INC NEW 266,750
2,700 FAMILY GOLF CENTERS INC 81,337
2,000 FIRST TEAM SPORTS 13,250
25,100 HARLEY DAVIDSON INC 1,179,700
10,800 HARRAH'S ENTERTAINMENT 214,650
41,500 INTRNTL GAME TECH 757,375
1,400 LESLIES POOLMART 18,025
16,800 MGM GRAND INC 585,900
800 NORTH FACE INC 15,400
10,300 POLARIS INDUSTRIES INC 244,625
2,700 SHUFFLE MASTER INC 23,963
8,900 SPECTRUM HOLOBYTE INC 66,750
19,600 SUNGLASS HUT INTL INC 142,100
4,200 WEST MARINE INC 118,650
OTHER CONSUMER PRODUCTS
11,700 ALLIANCE ENTERTAINMENT 21,937
18,000 AMERICAN BRANDS INC 893,250
3,900 AMERICAN SAFETY RAZOR CO 54,600
3,300 ARMOR ALL PRODUCTS 62,700
8,500 BLYTH INDS INC 387,813
14,700 BORDERS GROUP INC 527,362
15,700 CINTAS CORP 922,375
5,600 CLOROX CO 562,100
15,500 COLGATE PALMOLIVE CO 1,429,875
5,500 CROSS AT CLASS A 63,938
2,600 CROWN CRAFTS INC 26,000
1,400 CULBRO CORP 90,825
7,100 ECKO GROUP INC 31,062
2,900 FAB INDS INC. 79,750
13,700 FIRST BRANDS CORP 388,738
7,700 GRACO INC. 188,650
7,700 HARCOURT GENERAL INC 355,162
2,400 MAFCO CONS GROUP INC 60,900
44,400 MINNESOTA MNG & MFR 3,679,650
17,100 NEWELL CO. 538,650
24,600 OAKLEY INC 267,525
3,900 ONEIDA LTD. 70,200
4,400 PRESSTEK INC 313,500
72,900 PROCTER & GAMBLE CO 7,836,750
15,800 RUBBERMAID INC 359,450
4,100 RUSSELL CORP 121,975
6,100 SCHWEITZER-MAUDUIT INTL 192,912
45,100 SHAW INDUSTRIES INC 529,925
2,200 SPRINGS INDUS INC 94,600
6,100 STAN HOME INC 161,650
2,575 STANDARD COMMERCIAL CORP 52,144
3,000 SUPERIOR SURGICAL 40,500
6,600 TUPPERWARE CORPORATION 353,925
11,500 UNIVERSAL CORP 369,438
19,900 UST INC 644,262
6,800 V F CORP 459,000
17,200 WARNACO GROUP INC CL A 509,550
11,300 WHITMAN CORP 258,487
PHOTOGRAPHY
1,200 AEP INDUSTRIES INC 66,000
3,900 CPI CORP. 65,325
35,400 EASTMAN KODAK CO. 2,840,850
4,800 POLAROID CORP 208,800
HOUSEHOLD FURN/APPLIANCES
3,900 ARMSTRONG WORLD IND 271,050
2,100 CHROMCRAFT REVINGTON INC 58,275
4,000 COORS ADOLPH CO CL B 76,000
3,000 CORT BUSINESS SVCS CORP 61,875
4,100 CULP INC 62,525
9,000 DEPARTMENT 56 INC 222,750
1,000 FALCON PRODS INC 14,250
22,300 FURNITURE BRANDS INTL INC 312,200
31,900 HANOVER DIRECT INC 23,925
700 HAPPINESS EXPRESS INC 7
3,100 HAVERTY FURNITURE COS INC 35,263
16,000 HELIG MEYERS CO 260,000
5,000 KIMBALL INT INC CL B 206,875
9,200 LIBBEY INC 256,450
4,300 LIFETIME HOAN CORP 50,525
10,700 MAYTAG CO 211,325
8,300 MIKASA INC 85,075
8,100 MILLER HERMAN INC 458,662
3,300 REX STORES CORP 26,813
30,800 SUNBEAM CORPORATION 793,100
4,400 SYRATECH CORP 138,600
RETAIL
60,300 AUTOZONE INC 1,658,250
22,600 BED BATH & BEYOND INC 548,050
6,100 BRADLEES INC 5,338
2,100 CARSON PIRIE SCOTT & CO 53,025
3,000 COLE NATL CORP NEW 78,750
9,000 DUTY FREE INTL 130,500
2,700 FINLAY ENTERPRISES INC 41,850
15,000 INTIMATE BRANDS INC 255,000
3,100 MULTIPLE ZONES INTL 30,225
22,600 REVCO D S INC NEW 836,200
5,400 SPIEGAL INC CL A 38,138
1,200 SWING-N-SLIDE CORP 3,900
7,700 TJX COS INC (NEW) 364,787
11,800 VALUE CITY DEPT STORES 123,900
3,100 WILMAR INDS 86,025
7,100 WINDMERE-DURABLE HOLDINGS 91,413
APPAREL
2,700 AMERICAN EAGLE OUTFITTERS 21,262
8,300 ANN TAYLOR STORES INC 145,250
2,600 CHIC BY H I S INC 12,350
3,100 DECKERS OUTDOOR CORP 21,312
5,000 DONNKENNY INC DEL 23,125
3,195 FOOTSTAR INC 79,476
6,200 FRUIT OF THE LOOM CL A 234,825
1,900 GADZOOKS INC 34,675
9,300 GYMBOREE CORP 212,738
17,300 JONES APPAREL GROUP 646,588
10,900 LANDS END INC. 288,850
28,070 LIMITED INC 515,786
6,400 LIZ CLAIBORNE INC 247,200
2,200 LOEHMANNS INC 50,600
6,800 MEN'S WEARHOUSE INC 166,600
30,600 NIKE INC CL B 1,828,350
11,800 NINE WEST GROUP 547,225
2,900 NORTON MCNAUGHTON INC 24,650
2,500 QUIKSILVER INC 53,437
3,800 STAGE STORES INC 69,350
9,600 STARTER CORP 55,200
5,200 STRIDE RITE CORP 52,000
12,000 TALBOTS INC 343,500
900 TODAYS MAN 1,463
4,400 UNITED RETAIL GROUP INC 14,300
400 VANS INC 5,000
12,300 WESTPOINT STEVENS INC 367,462
AUDIO/VISUAL
8,800 ACKERLEY COMMUNICATIONS 103,400
1,000 CINERGI PICTURES ENTMT IN 1,969
3,800 CKS GROUP INC 105,925
400 GREY ADVERTISING INC. 100,000
4,400 MOVIE GALLERY INC 57,200
5,300 NATIONAL MEDIA CORP 37,100
26,400 OMNICOM GROUP INC 1,207,800
2,300 OPTICAL CABLE CORP 26,450
1,600 SINCLAIR BROADCAST GROUP 41,600
3,000 WEST COAST ENTERTAINMENT 26,250
BROADCASTING
5,000 ADELPHIA COMM CORP CL A 28,750
5,600 AMERICAN TELECASTING INC 32,200
5,200 CABLEVISION SYS CORP 159,250
90,700 COX COMM INC CL A NEW 2,097,437
2,900 EMMIS BROADCASTING CORP 94,975
2,300 EZ COMMUNICATIONS INC 84,237
4,100 HEARTLAND WIRELESS COMM 53,813
13,000 HERITAGE MEDIA CORP 146,250
7,100 JACOR COMMUNICATIONS INC 194,363
4,700 JONES INTERCABLE INC CL A 48,762
4,000 KING WORLD INC 147,500
10,900 LIN TELEVISION CORP 460,525
8,900 NEW WORLD COMMUNICATIONS 224,725
10,800 RENAISSANCE COMM. CORP 386,100
7,200 STARSIGHT TELECAST INC 67,500
8,200 TCA CABLE TV INC 247,025
3,900 TRANSACTION NETWORK SVCS 44,850
2,400 TV FILME INC 30,600
4,000 UNITED VIDEO SATELLITE 70,000
9,400 UNITED WASTE SYS INC 323,125
7,900 VALUEVISION INTL INC CL A 42,463
3,000 WAVEPHORE INC 20,625
11,800 WESTWOOD ONE INC 196,175
MISCELLANEOUS
400 FEDDERS CORP CL A 2,000
4,200 JOSTENS INC 88,725
12,400 PALL CORP 316,200
2,900 PEAK TECHNOLOGIES GROUP I 34,800
2,700 PHP HEALTHCARE CORP 69,187
24,600 SERVICE CORP INTL 688,800
26,500 STARBUCKS CORP 758,563
13,200 ZALE CORP NEW 252,450
TOTAL CONSUMER PRODUCTS $143,878,266
DURABLE GOODS 23.28%
AEROSPACE-AIRCRAFT
37,666 BOEING CO 4,006,721
25,900 COLTEC INDS INC 488,862
1,100 CURTISS WRIGHT CORP 55,413
3,400 FAIRCHILD CORP CL A 50,150
6,600 GENERAL DYNAMICS CORP 465,300
35,000 GENERAL MOTORS CL H 1,968,750
15,400 LITTON INDUS INC 733,425
21,600 LOCKHEED MARTIN CORP 1,976,400
22,700 MCDONNELL DOUGLAS CORP 1,452,800
6,100 NORTHROP GRUMMAN CORP 504,775
6,700 OEA INC 306,525
6,900 POWER CONTROL TECH 51,750
24,900 RAYTHEON CO 1,198,312
7,200 ROHR INDUSTRIES INC 162,900
2,600 SIMULA INC 35,100
2,300 SPECIAL DEVICES INC 40,825
20,200 SUNDSTRAND CORP 858,500
8,500 TEXTRON INC 801,125
6,100 THIOKOL CORP 272,975
25,600 UNITED TECHNOLOGIES CORP 1,689,600
AGRICULTURAL MACHINERY
20,300 CATERPILLAR INC 1,527,575
3,800 CENTRAL TRACTOR FARM & CO 52,250
27,100 DEERE & CO 1,100,938
3,200 TRACTOR SUPPLY CO 66,000
AUTOMOBILE AND PARTS
4,700 APS HOLDING CORP CL A 72,850
7,300 ARVIN INDUST INC 180,675
7,900 BORG WARNER SEC CORP 84,925
76,800 CHRYSLER CORP 2,534,400
8,000 COACHMEN INDS INC 227,000
24,200 COLLINS & AIKMAN CORP NEW 151,250
8,800 COOPER TIRE & RUBBER 173,800
3,700 COPART INC 48,562
4,300 CUMMINS ENGINE INC 197,800
10,700 DANA CORP 349,088
6,400 DETROIT DIESEL CORP 147,200
8,600 DONALDSON INC 288,100
1,400 DURAKON INDS 17,850
6,600 ECHLIN INC 208,725
12,200 ENVIROSOURCE INC 32,787
3,900 EXCEL INDS INC 64,838
7,500 EXIDE CORP 172,500
11,700 FEDERAL-MOGUL CORP 257,400
124,700 FORD MTR CO 3,974,812
79,100 GENERAL MTRS CORP 4,409,825
12,700 GENUINE PARTS CO 565,150
20,600 LEAR CORPORATION 702,975
12,200 MASCOTECH INC 199,775
9,800 MODINE MFG CO 262,150
2,205 MONRO MUFFLER BRAKE INC 35,831
7,900 NAVISTAR INTL CORP NEW 72,088
2,000 OSHKOSH TRUCK CORP. 21,250
4,100 PACCAR INC 278,800
6,450 SNAP ON TOOLS CORP 229,781
14,200 SPEEDWAY MOTORSPORTS INC 298,200
5,000 STANT CORP 78,750
4,600 STRATTEC SECURITY CORP 83,950
9,400 SUPERIOR INDUSTRIES INTL 217,375
17,000 TENNECO INC 767,125
1,900 THOMPSON PBE INC 11,875
10,300 TOP SOURCE TECH INC 25,750
1,200 TOWER AUTOMOTIVE INC 37,500
2,500 TRANSPRO INC 22,813
13,600 TRW INC 673,200
5,900 VICORP RESTAURANTS 78,175
27,500 VIKING OFFICE PRODS INC 733,906
7,700 WESTINGHOUSE AIR BRAKE CO 97,213
ELECTRICAL
2,400 ADFLEX SOLUTIONS INC 24,600
2,600 AFC CABLE SYSTEMS INC 62,075
10,900 AMETEK INC 242,525
23,100 AMP INC 886,462
20,800 ANIXTER INTERNATIONAL INC 335,400
200 BARNETT INC 5,450
9,800 BELDEN INC 362,600
2,200 BOLDER TECHNOLOGIES CORP 36,163
10,400 C-CUBE MICROSYSTEMS INC 384,150
2,400 CHARTER POWER SYS INC 73,200
2,800 CHERRY CORP CL A 44,800
5,200 CIDCO INC 91,000
5,300 DATASCOPE CORP 106,000
24,200 EMERSON ELEC CO 2,341,350
2,100 ENCORE WIRE CORP 36,225
17,600 EXECUTONE INFORMATION SYS 41,800
2,300 EXIDE ELECTRS GROUP INC 33,925
2,300 FRANKLIN ELEC. INC. 107,525
5,000 GASONICS INTL CORP 51,250
13,800 GENERAL INSTR CORP NEW 298,425
5,300 GRAINGER W W INC 425,325
13,300 HONEYWELL INC 874,475
21,800 HUBBELL INC CL B 942,850
29,000 INFINITY BROADCASTING CLA 975,125
3,500 INSILCO CORP NEW 134,750
25,800 INTEGRATED DEVICE TECH 351,525
3,200 LEVEL ONE COMMUNICATIONS 114,400
3,700 LITTLEFUSE INC 179,450
8,100 MAGNETEK INC 104,287
2,100 MERIX CORP 32,025
4,700 RAYCHEM CORP 376,588
2,600 ROBBINS & MYERS INC 65,000
3,000 THERMO ECOTEK CORP 45,750
4,300 THOMAS & BETTS CORP 190,812
700 ULTRALIFE BATTERIES INC 6,038
44,400 WESTINGHOUSE ELEC CORP 882,450
3,900 WOODHEAD INDS INC 53,625
ELECTRONICS
6,500 ACTEL CORPK 154,375
3,200 ADVANCED LIGHTING TECH 77,600
14,600 ADVANCED MICRO-DEVICES 375,950
7,000 AFFINITY TECH GRP 45,500
14,100 ALLIANCE SEMICONDUCTOR 100,462
5,700 ALTRON INC 119,700
31,000 AMERICAN POWER CONVERSION 844,750
3,500 AMERICAN SUPERCONDUCTOR 37,188
17,700 AMPHENOL CORP CL A 393,825
38,400 ANALOG DEVICES INC 1,300,800
4,500 ANALOGIC CORP 150,750
18,900 APPLIED MATLS INC 679,219
16,900 ARROW ELECTRONICS INC 904,150
2,900 ASPEN TECHNOLOGY INC 232,725
32,400 ATMEL CORP. 1,073,250
20,200 AURA SYS INC. 44,187
14,300 AVNET INC 832,975
31,200 AVX CORP 670,800
1,500 BRIGHTPOINT INC 44,625
6,100 BURR BROWN CORP 158,600
6,800 CABLE DESIGN TECHNOLOGIES 211,650
2,600 CELLULAR COMM INTL INC 75,400
10,400 CHECKPOINTE SYSTEM 257,400
15,800 CHYRON CORP 45,425
2,300 CINCINNATI MICROWAVE INC 2,156
68,000 CISCO SYS INC 4,326,500
4,600 COHERENT COMMUNICATIONS S 89,700
3,500 COHU INC 81,375
8,100 COMPUTER NETWORK TECH 40,500
2,500 CORNERSTONE IMAGING INC 18,125
9,700 CREDENCE SYSTEMS CORP 195,213
1,200 CTS CORP 51,300
3,300 CUBIC CORP. 76,312
26,500 CYPRESS SEMINCONDUCTOR 374,313
15,100 DIEBOLD INC 949,412
2,300 DSP GROUP INC 19,550
75,400 DURACELL INTL INC 5,268,575
2,800 E G & G INC 56,350
8,200 EATON CORP 571,950
3,200 EIS INTERNATIONAL INC 27,600
2,500 ELECTRO SCIENTIFIC INDS 65,000
9,200 ELECTRONICS FOR IMAGING 756,700
500 ELTRON INTL INC 10,125
3,400 EMERSON RADIO CORP 4,038
2,500 ESTERLINE TECHNOLOGIES CO 65,312
3,700 ETEC SYSTEMS INC 141,525
4,300 EXAR CORP. 66,650
8,200 FIRST ALERT INC 27,675
23,800 FORE SYSTEMS INC 782,425
2,600 FRANKLIN ELECTRONIC PUBLI 31,525
175,100 GENERAL ELECTRIC CO 17,313,013
8,400 GENERAL MAGIC INC 19,425
16,800 GENERAL MILLS INC 1,064,700
6,800 GENRAD INC 158,100
5,500 GENUS INC 30,250
2,700 GTI CORP 13,162
3,500 HADCO CORP 171,500
5,900 HOLOPHANE CORP 112,100
8,000 IDENTIX INC 65,500
13,873 IMATION CORP 390,178
700 INFORMATON STORAGE DEVICE 5,163
5,900 INTEGRATED SILICON SOL 50,888
86,800 INTEL CORP 11,365,375
3,300 INTL IMAGING MATLS INC 75,075
2,500 ITI TECHNOLOGIES INC 37,812
4,500 JOHNSON CTLS INC 372,938
13,100 KENETECH CORP 655
20,500 KLA INSTRUMENTS CORP 727,750
3,400 KOPIN CORP 40,375
10,400 LAM RESH CORP. 292,500
3,800 LEXMARK INTL GROUP INC 104,975
24,800 LINEAR TECHNOLOGY CORP 1,088,100
13,600 LSI LOGIC CORP 363,800
11,800 LTX CORP 69,325
13,100 MACROMEDIA INC 235,800
5,100 MATTSON TECHNOLOGY INC 48,450
20,000 MAXIM INTEGRATED PRODS 865,000
21,300 MENTOR GRAPHICS 207,675
12,300 METHODE ELECTRONICS CL A 249,075
2,600 MICREL INC 82,225
4,400 MICRO LINEAR CORP 37,950
22,000 MICRON TECH 640,750
3,000 MICROTEST INC 29,250
33,300 MOLEX INC 1,302,862
62,500 MOTOROLA INC 3,835,938
2,500 MRV COMMUNICATIONS INC 54,375
5,000 MTS SYS CORP. 100,000
14,600 NATIONAL SEMICONDUCTOR 355,875
2,400 NATL PRESTO INDS INC 89,700
19,900 NELLCOR INC 435,312
74,500 NEXTEL COMM INC CL A 973,156
8,000 NIMBUS CD INTERNATIONAL 68,000
56,000 NOISE CANCELLATION TECH 22,750
14,600 OAK TECHNOLOGY INC 164,250
24,100 OIS OPTICAL IMAGING SYS 37,656
3,000 ONTRAK SYSTEMS INC 43,875
900 OPTI INC 4,613
4,600 PERKIN ELMER CORP 270,825
14,076 PREMIER FARNELL PLC-ADR 404,685
17,471 PREMIER FARNELL PLC-ADR 441,143
2,100 PRI AUTOMATION INC 95,550
3,500 PSC INC 24,937
19,100 QUANTUM CORP 546,738
4,200 RECOTON CORP 62,738
5,400 ROBOTIC VISION SYSTEMS 64,125
2,200 ROGERS CORP 59,675
10,000 SAFEGUARD SCIENTIFICS INC 317,500
4,900 SEMITOOL INC 46,550
24,400 SENSORMATIC ELEC CORP 408,700
8,100 SIERRA SEMICONDUCTOR 121,500
10,700 SILICON VALLEY GROUP INC 215,337
1,100 SILICONIX INC 25,850
1,700 SIPEX CORP 54,825
17,300 SOLECTRON CORP 923,388
2,500 SPEEDFAM INTL INC 71,250
4,500 SUPERTEX INC 59,062
8,600 SYMBOL TECHNOLOGIES 380,550
2,100 TECH SYM CORP 62,475
3,500 TEKTRONIX INC 179,375
27,600 TERADYNE INC 672,750
20,000 TEXAS INSTRUMENTS 1,275,000
5,400 THERMO CARDIOSYSTEMS 162,000
2,100 THORN APPLE VALLEY 27,825
24,000 TIG HOLDINGS INC 813,000
5,100 TRACOR INC NEW 108,375
13,200 TRUSTMARK CORP 336,600
7,300 ULTRATECH STEPPER INC 173,375
10,300 VARIAN ASSOCIATES 524,013
20,255 VISHAY INTERTECHNOLOGY 473,461
8,600 WATERS CORP 261,225
4,600 XICOR INC 47,150
19,800 ZENITH ELECTRONICS CRP 215,325
INDUSTRIAL MACHINERY
12,000 AIR PRODS & CHEMS INC 829,500
5,000 ALLIED PRODUCTS CORP COM 148,750
5,000 APPLIED POWER INC CL A 198,125
3,100 BRIGGS & STRATTON CORP 136,400
7,800 CASE CORP 425,100
2,500 CHART INDS INC 42,812
3,700 CINCINNATI MILACRON INC 80,937
11,400 COOPER INDUS INC 480,225
2,900 DII GROUP INC 67,425
12,000 DOVER CORP 603,000
1,900 DT INDUSTRIES INC 66,500
4,400 FOSTER WHEELER CORP 163,350
2,000 GLEASON CORP 66,250
6,900 GOULDS PUMPS INC 158,269
4,100 HARNISCHFEGER INDUS INC 197,312
19,000 IMATRON INC 62,938
11,500 INGERSOLL RAND CO 511,750
4,900 INTEGRATED PROCESS EQUIP 88,200
11,700 KEYSTONE INTERNATL INC 235,462
7,100 KULICKE & SOFFA INDS INC 134,900
5,200 MEASUREX CORP 124,800
10,350 MILLER INDUSTRIES INC 207,000
5,900 NORDSON CORP. 376,125
4,700 OSMONICS INC 103,400
4,100 PARK-OHIO INDUSTRIES 52,788
2,730 RAYMOND CORP 47,434
23,000 ROCKWELL INTL CORP W/I 1,400,125
3,200 SEQUA CORP CL A 125,600
10,900 STEWART & STEVENSON SVSC 317,462
5,800 TELEFLEX INC. 302,325
1,600 THERMO POWER CORPORATION 12,700
14,200 YORK INTL CORP NEW 793,425
OFFICE EQUIPMENT AND SUPPLIES
9,600 3DO CO 46,200
3,600 7TH LEVEL INC 13,500
13,700 ALCO STANDARD CORP 707,262
30,000 AMERICA ONLINE INC 997,500
5,800 AMERICAN BUS PROD INC. 145,725
1,400 AMERICAN LIST CORP 42,525
6,800 AMERICAN PAD & PAPER CO N 153,850
4,000 ANSYS INC 54,000
5,900 APPLIED INNOVATION INC 36,138
2,800 ASPECT DEVELOPMENT INC 76,300
11,400 BLACK BOX CORP 470,250
3,400 BOISE CASCADE OFFICE PROD 71,400
9,450 BOOLE & BABBAGE INC 236,250
4,900 BROADVISION INC 38,587
10,200 BT OFFICE PRODUCTS INTL 90,525
3,400 CASINO DATA SYS 23,375
7,400 CERIDIAN CORP 299,700
2,300 CHAMPION INDUSTRIES INC/W 54,050
2,800 COMPUTER MGMT SCIENCES 65,100
22,600 COMPUTERVISION CORP 209,050
3,000 CROSSCOMM CORP 15,750
4,100 CSS INDUSTRIES 106,600
2,600 CYBERCASH INC 59,800
1,500 DAISYTEK INTERNATIONAL CO 61,500
800 DIGITAL LINK CORP 19,400
2,500 ELCOM INTL INC 19,688
5,400 ENNIS BUSINESS FORMS 60,750
3,600 EXCALIBUR TECHNOLOGIES 56,700
27,300 GATEWAY 2000 INC 1,462,256
5,900 GENERAL BINDING 175,525
5,400 GENERAL SIGNAL CORP 230,850
5,100 GEOWORKS 124,950
4,200 HARRIS CORP-DEL 288,225
9,900 HON INDS INC 326,700
5,800 HUNT MFG. CO. 105,125
58,700 IBM COMMON 8,863,700
4,200 INNOVEX INC 113,400
5,100 INTERGRAPH CORP 52,275
15,400 INTUIT INC 485,100
800 MANUGISTICS GROUP INC 31,800
1,700 MAPINFO CORP 18,913
11,200 MICRO WAREHOUSE INC 131,600
2,900 MICROS SYS INC 89,175
2,900 MICROTOUCH SYS INC 69,600
5,300 NEOSTAR RETAIL GROUP INC 497
5,900 NETFRAME SYS INC 15,119
7,600 NU-KOTE HLDG INC CL A 77,900
8,000 OBJECTIVE SYS INTEGRATORS 191,000
51,900 OFFICE DEPOT INC 921,225
40,900 OFFICEMAX INC 434,562
6,100 OPTICAL DATA SYS INC 73,200
2,400 PERCEPTRON INC 82,200
15,700 PITNEY BOWES INC 855,650
2,300 PROXIMA CORP 29,612
8,500 RACOTEK INC 36,656
26,800 REYNLDS&REYNLDS CO CL A 696,800
9,400 SECURITY DYNAMICS TECH 296,100
2,100 SOFTDESK INC 32,025
9,500 STANDARD REGISTER 308,750
5,700 SUBMICRON SYS CORP 23,513
7,000 SYSTEMSOFT CORP 104,125
2,300 U S OFFICE PRODUCTS CO 78,487
3,600 UNITED TELEVISION INC. 310,050
3,500 VIDEOSERVER INC 148,750
6,200 VWR SCIENTIFIC PROD CORP 103,850
15,100 WALLACE COMPUTER SVCS 520,950
4,950 WIND RIVER SYSTEMS INC 234,506
2,400 WINTHROP RES CORP 69,000
4,700 WONDERWARE CORP 41,786
35,000 XEROX CORP. 1,841,875
RUBBER
5,400 BANDAG INC 255,825
5,100 CARLISLE COS INC 308,550
5,700 GOODRICH B F CO 230,850
16,700 GOODYEAR TIRE & RUBBER 857,962
14,000 SEALED AIR CORP 582,750
10,400 STONE CONTAINER 154,700
OTHER DURABLE GOODS
2,400 AG CHEM EQUIP INC 43,800
30,400 ALLIED-SIGNAL INC 2,036,800
4,400 BLOUNT INTERNATIONAL 168,850
7,600 BORG-WARNER AUTOMOTIVE 292,600
2,200 COLUMBUS MCKINNON CORP 34,375
24,300 CORNING INCORPORATED 1,123,875
4,800 CRANE CO 139,200
2,900 FUSION SYSTEMS CORP 61,625
5,900 HARMAN INTL INDS INC NEW 328,187
12,900 ILLINOIS TOOL WORKS 1,030,388
5,500 KAYDON CORP. 259,188
4,600 MILLIPORE CORP 190,325
3,400 NEWPORT NEWS SHIPBUILDING 51,000
5,500 OWENS CORNING 234,437
1,500 PENN ENGINEERING & MFG 30,750
500 PENN ENGINEERING & MFG CO 10,375
8,600 PRECISION CASTPARTS 426,775
2,300 ROCKSHOX INC 33,350
2,600 STARRETT LS CO CL A 73,775
1,500 STIMSONITE CORP 9,188
7,100 TECUMSEH PROD CO CL A 407,363
6,400 THERMEDICS INC. 116,000
3,500 THOMASTON MILLS CL A 39,375
3,400 TIMKEN CO 155,975
14,000 TRINITY INDS INC. 525,000
3,000 TRINOVA CORP 109,125
21,500 UNIFI INC 690,687
5,500 WATSCO INC. 158,813
COMPUTERS AND SOFTWARE
19,100 ACCLAIM ENTERTAINMENT 62,075
2,000 ACT NETWORKS INC 73,000
1,700 ACTIVE VOICE CORP 23,375
24,000 ADOBE SYSTEMS INC 897,000
12,700 AMDAHL CORP 153,987
7,800 AMERICAN BUS INFO INC 173,550
2,600 AMISYS MANAGED CARE SYS 44,200
5,200 ANALYSTS INTL CORP 146,900
4,900 APERTUS TECHNOLOGIES INC 11,025
13,100 APPLE COMPUTER INC 273,463
9,500 APPLIED MAGNETICS 283,812
5,200 ARTISOFT INC. 26,975
19,100 AST RESEARCH INC 79,981
4,800 AUTODESK INC 134,400
30,500 AUTOMATIC DATA PROC 1,307,688
7,200 AVID TECHNOLOGY INC 74,700
4,700 BDM INTERNATIONAL INC 254,975
6,900 BELL & HOWELL COMPANY 163,875
33,200 BMC SOFTWARE INC 1,373,650
3,400 BOCA RESEARCH INC 35,275
13,056 BORLAND INTL INC 70,992
3,000 BROADWAY & SEYMOUR INC 31,500
9,400 CABLETRON SYS INC 312,550
3,700 CACI INTERNTL INC CL A 77,700
25,750 CADENCE DESIGN SYS INC 1,023,562
4,700 CAERE CORP 54,050
2,200 CCC INFO SERV GROUP 35,200
7,500 CDW COMPUTER CENTERS INC 444,844
7,800 CELLULAR TECHNICAL SVCS I 156,000
4,400 CENTURA SOFTWARE CORP 12,100
21,400 CIRRUS LOGIC INC 331,700
28,400 COMPAQ COMPUTER CORP 2,108,700
15,800 COMPUCOM SYS INC 169,850
38,400 COMPUTER ASSOC INTL INC 1,910,400
5,200 COMPUTER HORIZONS CORP 200,200
2,900 COMPUTER LANGUAGE RES INC 31,175
6,319 COMPUTER SCIENCES CORP 518,948
3,500 COMPUTER TASK GROUP INC 150,937
13,900 COMPUWARE CORP COM 696,738
3,500 COMSHARE INC 61,250
23,600 COPYTELE INC 116,525
2,100 CYBERGUARD CORP 25,462
4,100 DATA GENL CORP 59,450
22,000 DELL COMPUTER CORP 1,168,750
3,900 DENDRITE INTERNATIONAL 32,175
2,400 DH TECHNOLOGY INC 57,600
5,600 DIALOGIC CORP 176,400
12,900 DIAMOND MULTIMEDIA SYS 153,188
16,400 DIGITAL EQUIP CORP 596,550
9,600 DST SYSTEMS INC 301,200
5,200 EDIFY CORP 83,200
17,600 ELECTRONIC ARTS INC 526,900
163,800 ELECTRONIC DATA SYSTEMS 7,084,350
24,900 EMC CORP. 824,812
1,400 EMULEX CORP 22,050
4,600 EPIC DESIGN TECHNOLOGY 115,000
5,200 EVANS & SUTHERLAND 130,000
600 EXPERT SOFTWARE INC 2,025
47,200 FIRST DATA CORP 1,722,800
2,800 FRACTAL DESIGN CORP 29,400
9,300 FTP SOFTWARE INC 55,800
2,900 GLOBAL VILLAGE COMM 9,244
10,900 GT INTERACTIVE SOFTWARE 77,662
3,600 HARBINGER CORP 94,500
31,860 HBO & CO 1,891,688
108,800 HEWLETT PACKARD CO 5,467,200
2,500 HUTCHINSON TECH 190,000
600 IDT CORP 6,600
9,200 INFOR RESOURSE INC 128,800
49,300 INFORMIX CORP 1,004,487
6,400 INFOSEEK CORP 49,600
7,100 INTERSOLV INC. 65,675
43,200 IOMEGA CORP 750,600
13,500 JTS CORPORATION 44,719
3,000 KEY TRONIC CORP 22,500
4,000 LYCOS INC 42,000
4,900 MAC NEAL SCHWENDLER CORP 38,587
4,000 MARCAM CORP. 52,000
2,800 MAXIS INC 34,300
5,700 MAY AND SPEH INC 69,825
8,200 MEDIC COMPUTER SYSTEMS 330,563
5,400 MERCURY INTERACTIVE CORP 70,200
200 METATOOLS INC 2,350
5,300 MICROCOM INC. 65,587
29,900 MICRON ELECTRONICS INC 581,181
126,200 MICROSOFT CORP 10,427,275
700 MICROWARE SYSTEMS CORP 9,975
5,600 MYLEX CORP 70,000
2,100 NATIONAL TECHTEAM INC 42,000
14,400 NETMANAGE INC 86,400
23,700 NETSCAPE COMMUNICATIONS 1,347,938
5,900 NETWORK COMPUTING DEVICES 59,738
4,100 NETWORK PERIPHERALS INC 72,775
9,300 NOVA CORP 205,762
37,200 NOVELL INC 352,238
2,500 ONEWAVE INC 19,531
68,950 ORACLE CORPORATION 2,878,663
42,000 PARAMETRIC TECNOLOGY 2,157,750
4,700 PC DOCS GROUP INTL INC 45,825
33,200 PEOPLESOFT INC 1,591,525
4,900 PHOENIX TECHNOLOGIES LTD 79,012
2,100 PITTWAY CORP 109,463
8,300 PIXAR INC 107,900
4,700 PLANAR SYS INC 55,225
5,900 POLICY MGMNT SYS CORP 272,137
3,000 PRINTRONIX INC 40,125
8,400 PSINET INC 91,350
7,877 PURE ATRIA CORP 194,956
4,700 QUICKRESPONSE SVCS INC 133,950
4,100 QUICKTURN DESIGN SYSTEMS 84,050
6,200 RADIUS INC NEW 3,294
2,200 RAINBOW TECHNOLOGIES INC 40,975
9,400 RATIONAL SOFTWARE CORP 371,887
1,000 SANCHEZ COMP ASSOC-RTS 0
11,700 SANTA CRUZ OPERATION INC 81,900
22,200 SEAGATE TECHNOLOGY INC 876,900
11,100 SEQUENT COMP SYS INC 197,025
2,500 SHARED MEDICAL SYS CORP 123,125
10,000 SHIVA CORP 348,750
18,300 SILICON GRAPHICS 466,650
100 SMART MODULAR TECHNO 2,512
2,800 SPYGLASS INC 35,000
8,500 STAC INC 56,313
3,200 STATE OF THE ART INC 39,600
20,300 STORAGE TECH CRP PAR $.01 966,787
5,000 STORMEDIA INC 80,625
7,700 STRATUS COMPUTER INC 209,825
9,900 STREAMLOGIC CORP 6,806
10,700 STRUCTURAL DYNAMICS 214,000
2,700 SUNQUEST INFORMATION SYS 38,475
26,600 SYBASE INC 443,888
18,100 SYMANTEC CORP 262,450
14,700 SYNOPSYS INC 679,875
4,000 SYQUEST TECHNOLOGY INC 14,750
5,100 SYSTEMS & COMPUTER TECH 81,600
12,400 TANDEM COMPUTERS INC 170,500
17,800 THREE COM CORP 1,306,075
16,600 TOTAL SYSTEMS SERVICE 446,125
5,300 TRIAD SYSTEMS CORP 48,694
4,000 TRIDENT MICROSYSTEMS INC 67,500
18,300 UNISYS CORP 123,525
1,000 USDATA CORPORATION 5,625
8,200 VERIFONE INC 241,900
3,000 VERITAS SOFTWARE CO 149,250
3,100 VMARK SOFTWARE INC 23,250
1,900 WANDEL & GOLTERMANN TECH 55,575
11,900 WANG LABS INC NEW 240,975
17,700 WESTERN DIGITAL CORP 1,006,687
2,300 XCELLENET INC 37,088
23,800 XILINX INC 876,137
100 XYLAN CORP 2,825
HOUSEHOLD FURN/APPLIANCES
2,300 BUSH INDS INC CL A 44,275
500 DIAMOND HOME SERVICES INC 13,750
9,900 LANCASTER COLONY CORP 455,400
29,600 LEGGETT & PLATT INC 1,024,900
6,200 O'SULLIVAN INDS HLDGS INC 86,800
8,000 WHIRLPOOL CORP 373,000
TELECOMMUNICATIONS
42,900 ADC TELECOMM INC 1,335,262
14,500 ADTRAN INC 601,750
52,200 AIRTOUCH COMMUNICATIONS 1,318,050
8,600 AMERICAN MOBILE SATELLITE 105,350
6,500 ANDREW CORP 344,906
7,800 ANTEC CORP 70,200
3,600 APPLIED DIGITAL ACCESS 19,800
5,500 ASSOCIATED GROUP CL A 169,125
7,000 ASSOCIATED GROUP CL B 208,250
9,600 BOSTON TECH INC 276,000
3,200 BRITE VOICE SYS INC 47,600
7,100 CELLSTAR CORP 127,800
4,000 CELLULAR COMM OF PUERTO R 79,000
16,700 COMDISCO 530,225
3,400 COMMUNICATIONS SYSTEM INC 51,000
12,300 DSC COMMUNICATIONS 219,863
12,800 DSP COMMUNICATIONS INC 248,000
1,200 EXCEL COMMUNICATIONS INC 25,200
7,300 GENERAL DATACOMM INDS INC 76,650
4,300 GILBERT ASSOC INC CL A 59,125
21,300 GLENAYRE TECHNOLOGIES INC 459,281
5,200 INTELIDATA TECHNOLOGIES 37,700
3,800 IPC INFORMATION SYS INC 57,475
7,600 IXC COMMUNICATIONS INC 233,700
19,200 LORAL SPACE & COMM LTD 352,800
68,094 LUCENT TECHNOLOGIES INC 3,149,360
11,800 MCLEOD INC. CL A 300,900
3,700 MICRODYNE CORP 21,275
11,000 MOBILEMEDIA CORP 4,813
2,200 NATURAL MICROSYSTEMS CORP 69,300
3,800 NETCOM ON-LINE COMM SVCS 49,400
500 NORTHERN TELECOM LTD 30,938
16,800 OCTEL COMM CORP 294,000
2,400 PACIFIC GATEWAY EXCHANGE 87,600
17,900 PANAMSAT CORP 501,200
100 P-COM INC 2,963
6,400 PREMISYS COMMUNICATIONS 216,000
32,000 QUALCOMM INC 1,276,000
8,100 SCIENTIFIC-ATLANTA 121,500
2,200 SITEL CORP 31,075
3,600 TELCO SYSTEMS INC 68,400
700 TELE-COMMUNICATIONS INTL 9,275
20,100 TELEPHONE & DATA SYS INC 728,625
2,900 TRESCOM INTL INC 23,200
29,100 US ROBOTICS CORP 2,095,200
3,400 U.S. CELLULAR CORP 94,775
13,800 VANGUARD CELLULAR SY CL A 217,350
9,100 WINSTAR COMMUNICATIONS 191,100
MISCELLANEOUS
2,800 ABC RAIL PRODUCTS 55,650
6,200 ACX TECHNOLOGIES INC 123,225
14,500 ALTERA CORP 1,053,969
14,900 ALUMAX INC 497,287
1,700 ASYST TECHNOLOGIES INC 29,113
7,000 AVIALL INC NEW 64,750
9,200 BLACK & DECKER CORP 277,150
6,100 BRADY WH CO CL A 150,212
5,800 CASCADE CORP. 93,525
8,800 DENTSPLY INTL INC 418,000
6,600 ELECTROGLAS INC 106,425
7,700 FSI INTL INC 115,500
5,700 FURON CO. 121,125
11,000 GENCORP INC 199,375
5,700 GORMAN RUPP CO. 77,663
3,500 HELIX TECHNOLOGY CORP 101,500
31,500 INTL SPECIALTY PRODUCTS 385,875
12,400 ITT INDS INC 303,800
36,900 JEFFERSON SMURFIT CORP 592,706
2,000 JOHNSTOWN AMER INDS INC 8,750
3,800 LAWSON PRODUCTS INC 83,125
8,100 LOJACK CORP 81,000
20,790 MARK IV INDUSTRIES INC 470,374
3,300 MATTHEWS INTL CORP 93,225
8,000 PARKER HANNIFIN CORP 310,000
8,800 SOFAMOR/DANEK GROUP 268,400
2,900 SPECTRIAN CORP 22,475
9,400 STANLEY WORKS 253,800
46,800 THERMO ELECTRON CORP 1,930,500
4,600 THERMO FIBERTEK INC 42,838
3,400 WHITE RIVER CORP 185,300
TOTAL DURABLE GOODS $267,509,995
FINANCIAL 20.48%
BANKS
2,900 ALLIED BANKSHARES INC GA 32,987
10,500 AMERICREDIT CORP 215,250
31,500 AMSOUTH BANCORP 1,523,813
300 ASSOCIATED BANC CORP 12,750
45,900 BANC ONE CORP 1,973,700
13,500 BANCORP HAWAII INC 567,000
7,900 BANCORPSOUTH INC 219,225
5,850 BANK GRANITE CORP 169,650
40,800 BANK NEW YORK INC 1,377,000
16,012 BANK OF BOSTON CORP 1,028,771
3,600 BANK UNITED CORP-CL A 96,300
37,900 BANKAMERICA CORP 3,780,525
8,500 BANKERS TR NY CORP 733,125
3,700 BANKNORTH GROUP INC 153,550
43,600 BANPONCE CORP - NEW 1,471,500
20,300 BARNETT BANKS INC 834,837
16,500 BOATMEN'S BANCSHARES 1,064,250
2,000 BSB BANCORP INC 53,500
4,400 CATHAY BANCORP INC 86,350
19,750 CENTRAL FID BKS INC 508,563
46,040 CHASE MANHATTAN CORP NEW 4,109,070
3,465 CHEMICAL FINL CORP 137,734
3,875 CHITTENDEN CORP 92,516
21,470 CINCINNATI FINANCIAL CORP 1,392,866
50,500 CITICORP 5,201,500
5,400 CITIZENS BANCORP MD 334,800
7,300 CITIZENS BANKING 229,950
14,500 CITY NATL CORP 313,562
5,670 CNB BANCSHARES INC 236,723
4,400 COLE TAYLOR FINL GRP 116,600
5,600 COLONIAL BANCGROUP 224,000
4,300 COMMERCE BANCORP INC N.J. 141,900
24,675 COMMERCE BANCSHARES 1,141,219
3,400 COMMUNITY FIRST BANKSHARE 93,500
14,300 COMPASS BANCSHARES INC 568,425
23,995 CORESTATES FINL CORP 1,244,741
5,700 CORUS BANKSHARES INC 183,825
3,000 CPB INC 89,250
14,200 CRESTAR FINCL CORP 1,056,125
3,200 CVB FINL CORP 66,800
10,200 DAUPHIN DEPOSIT CORP 336,600
17,400 DEAN WITTER DISCOVER 1,152,750
67,000 DIME BANCORP INC NEW 988,250
400 F & M BANCORP MD 9,600
6,300 F & M NATL CORP 134,662
12,400 FIFTH THIRD BANCORP COM 778,875
11,200 FIRST AMERICAN CORP 645,400
14,200 FIRST BANK SYS INC 969,150
34,100 FIRST CHICAGO NBD CORP 1,832,875
4,900 FIRST CITIZENS BCSHS 377,300
14,400 FIRST COMMERCE CORP 559,800
7,600 FIRST COMWLTH FINL CORP 141,550
4,000 FIRST EMPIRE ST CORP 1,152,000
5,170 FIRST FINL BANCORP 168,025
22,300 FIRST HAWAIIAN INC 780,500
3,200 FIRST INDIANA CORP 85,600
5,500 FIRST MIDWEST BANCORP DEL 179,437
20,400 FIRST OF AMERICA BANK 1,226,550
25,000 FIRST SEC CORP DEL 843,750
3,800 FIRST SOURCE CORP 93,100
22,300 FIRST TENN NATL CORP 836,250
31,676 FIRST UNION CORP 2,344,024
2,415 FIRST UNITED CORP 36,225
10,700 FIRST VIRGINIA BANKS 512,262
4,100 FIRST WESTERN BANCORP 107,625
24,300 FIRSTAR CORP 1,275,750
4,600 FIRSTBANK ILL CO 159,850
3,800 FIRSTFED FINL CORP DEL 83,600
27,700 FLEET FINANCIAL GROUP INC 1,381,538
4,200 FORT WAYNE NATL CORP IND 159,600
12,100 FULTON FINL CORP PA 260,150
4,700 GREATER NY SAVINGS BANK 64,037
4,255 HANCOCK HLDG CO 172,328
4,200 HARRIS SAVINGS BK PA 76,650
3,100 HERITAGE FINL SVCS INC 65,875
40,400 HIBERNIA CORP CL A 535,300
3,900 HOMELAND BANKSHARES CORP 161,850
5,150 HUBCO INC 126,175
56,540 HUNTINGTON BANCSHARES INC 1,491,242
7,200 IMPERIAL BANCORP 172,800
11,600 IMPERIAL CR INDS INC 243,600
1,800 INVESTORS FINANCIAL SVC 49,950
2,600 IRWIN FINANCIAL CORP 64,350
9,200 JEFFERSON BKNSHRS INC VA 263,350
24,400 KEYCORP 1,232,200
2,100 MAINSTREET BANKGROUP INC 39,900
30,400 MARSHALL & ILSLEY CORP 1,052,600
23,500 MBNA CORP 975,250
12,550 MELLON BANK CORP 891,050
19,800 MERCANTILE BANCORP INC 1,017,225
15,700 MERCANTILE BANKSHARES 502,400
4,100 MERCER INTL INC SBI NEW 42,025
1,500 MERCHANTS NY BANCORP INC 48,750
6,820 MID AM INC 116,792
4,223 MID AMER BANCORP 80,237
18,900 MORGAN J P & CO 1,845,112
2,600 NATIONAL BANCORP ALASKA 178,100
2,090 NATIONAL CITY BANCORP 43,367
23,900 NATIONAL CITY CORP 1,072,513
9,200 NATIONAL COMM BANCORP 351,900
5,145 NATIONAL PENN BANCSHARES 134,413
31,300 NATIONSBANK CORP 3,059,575
2,625 NBT BANCORP INC 47,250
8,200 NORTH FORK BANCORP INC NY 292,125
37,400 NORTHERN TRUST CO 1,355,750
39,085 NORWEST CORP 1,700,198
25,725 OLD KENT FINL CORP 1,228,369
11,600 OLD NATL BANCORP IND 455,300
7,750 ONE VALLEY BANCORP INC 287,719
3,200 PARK NATL CORP 169,600
8,300 PENNCORP FINL GROUP INC 298,800
13,800 PEOPLES BANK BRIDGEPORT 398,475
2,900 PIKEVILLE NATL CORP 71,050
800 PINNACLE BANC GROUP INC 22,600
2,940 PROVIDENT BANKSHARES CORP 114,660
3,066 QUEENS CNTY BANCORP INC 145,252
20,152 REGIONS FINANCIAL CORP 1,041,606
6,710 REPUBLIC BANCORP INC 78,004
4,800 REPUBLIC NEW YORK CORP 391,800
3,400 S & T BANCORP INC 104,550
21,800 SIGNET BANKING CORP 670,350
3,000 SILICON VALLEY BNCSHRES 96,750
39,742 SOUTHERN NATL CORP NC 1,440,647
30,914 SOUTHTRUST CORP 1,078,126
11,900 STANDARD FEDERAL BNCRP 676,812
18,200 STAR BANC CORP 1,672,125
26,600 STATE STREET BOSTON 1,715,700
1,400 SUFFOLK BANCORP 53,550
6,200 SUMITOMO BANK CA 155,000
30,900 SUMMIT BANCORP 1,351,875
23,500 SUNTRUST BANKS INC 1,157,375
3,800 SUSQUEHANNA BANCSHARES 131,575
43,650 SYNOVUS FINANCIAL CP 1,402,256
2,100 TRANS FINANCIAL INC 48,300
2,000 TRIANGLE BANCORP INC 32,750
7,100 TRUST CO OF NEW JERSEY 99,400
7,360 TRUSTCO BK CORP NY 157,320
16,300 U S BANCORP ORE 732,481
9,555 UMB FINANCIAL CORP 386,977
14,100 UNIONBANCAL CORPORATION 747,300
6,800 UNITED BANKSHARES W VA 224,400
8,200 UNITED CAROLINA BANCSHARE 323,900
2,000 USBANCORP INC PA 84,750
6,400 UST CORP 132,000
13,230 VALLEY NATL BANCORP 339,019
17,700 WACHOVIA CORP 1,000,050
26,900 WASHINGTON MUTUAL INC 1,165,106
9,933 WELLS FARGO & CO 2,679,427
3,200 WESBANCO INC. 104,000
9,450 WESTCORP INC 206,719
11,700 WILMINGTON TRUST CORP 462,150
FINANCE COMPANIES
6,500 ADVANTA CORP 277,875
4,500 AMCOR FINL INC 120,375
50,200 AMERICAN EXPRESS CO 2,836,300
5,800 BENEFICIAL CORP 367,575
1,540 BT FINL CORP 61,023
54,700 CAPITAL ONE FIN CORP 1,969,200
17,100 CREDIT ACCEP CORP MICH 401,850
19,300 FED HOME LN MTG CORP 2,125,413
115,100 FEDERAL NATL MTGE ASSN 4,287,475
14,300 FINOVA GROUP, INC 918,775
2,500 FIRST MERCHANTS ACCEP 47,812
33,600 FIRST USA INC 1,163,400
17,300 GREEN TREE FINL CORP 668,213
10,400 HOUSEHOLD INTL CORP 959,400
100 IMC MORTGAGE COMPANY 3,350
3,800 INSO CORPORATION 151,050
2,600 ITT EDUCATIONAL SERVICES 60,125
8,700 LIBERTY FINANCIAL CO INC 338,212
64,900 MERCURY FINANCE CO. 795,025
19,100 MONEY STORE INC 527,638
8,200 OLYMPIC FINANCIAL LTD 117,875
15,700 PHOENIX DUFF & PHELPS 111,862
3,700 PMC CAP INC 51,800
35,900 PNC FINANCIAL 1,350,738
5,350 RESOURCE BANCSHARES MTG 76,237
3,500 SEAFIELD CAP CORP 135,625
2,000 STUDENT LN CORP 74,500
29,500 STUDENT LOAN MKTG NEW 2,747,188
39,500 SUNAMERICA 1,752,813
10,500 UNITED COS FINCL CORP 279,562
1,100 WEBSTER FINL CRP WATRBURY 40,425
HOLDING COMPANY
6,300 AMPAL AMER ISRAELI CL A 30,319
2,200 EASTERN ENTERPRISES 77,825
1,600 GRYPHON HOLDING INC 22,600
4,500 ML BANCORP INC 63,562
6,500 PEC ISRAEL ECONOMIC CORP 108,875
42,400 RELIANCE GROUP HOLDINGS 386,900
107,700 RJR NABISCO HLDGS CORP 3,661,800
18,400 SOTHEBY'S HLDS INC CL A 342,700
1,700 ST FRANCIS CAPITAL CORP 44,200
5,900 TEJON RANCH CO. 84,813
20,200 U S INDUSTRIES INC 694,375
34,000 VALHI INC 216,750
3,700 VALLICORP HLDGS INC 75,387
9,800 ZEIGLER COAL HLDG CO 209,475
FIRE AND CASUALTY INSURANCE
5,600 ACCEPTANCE INS COS INC 110,600
23,200 ALLMERICA PPTY & CAS COS 704,700
20,200 AMERICAN FINANCIAL GROUP 762,550
2,050 ARBATAX INTERNATIONAL INC 10,250
5,000 AVEMCO CORP 78,125
4,600 BALDWIN & LYONS INC CL B 84,525
7,000 BERKLEY (WR) CORP 355,250
18,400 CHUBB CORP 989,000
6,700 FUND AMER COS INC 641,525
10,700 GAINSCO INC 102,988
8,900 GENERAL RE CORP 1,403,975
1,637 GUARANTY NATL CORP NEW 27,420
2,200 MARKEL CORP. 198,000
2,500 NAVIGATORS GROUP INC 45,625
13,300 SAFECO CORP 524,519
4,950 STATE AUTO FINL CORP. 89,100
4,200 UNITED FIRE & GAS CO 148,050
INSURANCE
5,100 ACORDIA INC 147,900
16,152 AETNA INC 1,292,160
1,318 AETNA INC 6.25% CV PFD 104,616
46,100 AFLAC INC 1,970,775
4,700 ALEXANDER & ALEXANDER SVC 81,662
15,300 ALFA CORP 193,163
2,700 ALLEGHANY CORP. NEW 572,400
9,200 ALLMERICA FINANCIAL CORP 308,200
47,900 ALLSTATE CORP. 2,772,212
20,400 AMBAC INC 1,354,050
16,000 AMERICAN ANNUITY 226,000
4,500 AMERICAN HERITAGE LIFE IN 118,125
50,600 AMERICAN INTL GROUP 5,477,450
3,300 AMVESTORS FINL CORP 48,675
11,600 AON CORP 720,650
9,100 ARGONAUT INC 279,825
650 BERKSHIRE HATHAWAY 22,100,000
3,800 BLANCH E W HLDGS INC 76,475
8,000 CIGNA CORP 1,093,000
13,500 CITIZENS CORP 303,750
6,100 CITIZENS INC 51,850
3,700 CNA FINANCIAL CORP 395,900
14,300 COMMERCE GROUP 361,075
21,400 CRAWFORD & CO 489,525
700 CROP GROWERS CORP 4,900
4,700 DANIELSON HLDG CORP 23,500
2,900 DELPHI FINL GRP CL A 85,550
2,000 EMC INSURANCE GROUP 24,000
11,800 EQUITABLE IOWA COS 541,325
18,600 EVEREST REINSURANCE HLDGS 534,750
2,300 EXECUTIVE RISK INC 85,100
5,000 FBL FINANCIAL GROUP CL A 124,375
13,500 FHP INTERNATIONAL CORP 501,188
9,100 FINANCIAL SECURITY ASSUR 299,162
3,900 FOREMOST CORP OF AM 234,000
800 GUARANTEE LIFE COS INC 14,800
5,100 HARLEYSVILLE GROUP INC 155,550
6,700 HARTFORD STEAM BOILER INS 310,713
9,250 HCC INS HLDGS INC 222,000
4,400 HIGHLANDS INS GROUP INC 89,100
10,500 HORACE MANN EDUCATORS 423,937
12,400 ITT HARTFORD GROUP INC 837,000
9,200 JOHN ALDEN FINL CORP 170,200
21,600 LEUCADIA NATIONAL CORP 577,800
7,400 LIBERTY CORP 290,450
7,200 LIFE USA HOLDING INC 86,400
12,300 LOEWS CORP 1,159,275
6,000 MAIC HOLDINGS INC 203,250
7,600 MARSH & MCLENNAN CO. 790,400
18,300 MBIA INC. 1,852,875
2,600 MEADOWBROOK INS GROUP INC 54,600
9,900 MERCURY GEN CORP NEW 519,750
5,100 MGIC INVT CORP WIS 387,600
1,000 MIDLAND CO. 38,500
3,300 MMI COS INC 105,600
6,500 NAC RE CORP 220,188
1,200 NATIONAL WESTN LIFE INS 104,400
3,800 NYMAGIC INC 68,400
13,500 OHIO CASUALTY CORP 479,250
41,550 OLD REPUBLIC INTL CORP 1,111,462
3,500 PAUL REVERE CORP 130,375
3,000 POE & BROWN INC 79,500
23,500 PROGRESSIVE 1,583,313
14,900 PROVIDENT COMPANIES INC 720,787
8,600 PROVIDIAN CORP 441,825
4,821 PXRE CORP 118,108
5,900 REINSURANCE GROUP AMER IN 278,038
25,600 RELIASTAR FINL CORP 1,478,400
5,500 RISK CAPITAL HOLDING INC 106,563
2,800 RLI CORP 93,450
3,200 SECURITY CONNECTICUT CORP 112,400
9,000 ST PAUL COS INC 527,625
2,700 STEWART INFO SVCS CORP 56,025
11,700 THE PMI GROUP INC 647,887
3,675 TITAN HOLDINGS INC 60,638
7,700 TORCHMARK CORP 388,850
7,000 TRANSAMERICA CORP 553,000
7,500 TRANSATLNTC HLDGS INC 603,750
67,600 TRAVELERS INC. 3,067,350
100 TRIAD GUARANTY INC 2,875
18,400 TWENTIETH CENTURY INDS 310,500
8,900 UICI INS-LIFE 289,250
14,700 UNITED STATIONERS INC. 286,650
4,700 UNITED WISCONSIN SERV INC 123,375
39,500 UNITRIN INC. 2,202,125
7,700 UNUM CORP 556,325
12,500 USF & G CORP 260,937
5,200 VESTA INSURANCE GROUP INC 163,150
2,300 WELLCARE MGT GROUP 18,113
2,600 WESCO FINANCIAL CORP 486,200
23,000 WESTERN NATIONAL CORP 442,750
LIFE INSURANCE
21,600 AMERICAN GENERAL CORP 882,900
14,800 AMERICAN NATL INS CO 1,091,500
19,300 BANKERS LIFE HLDG CORP 482,500
32,127 CONSECO INC 2,048,066
3,300 HOME BEN CORP CL B 124,987
7,700 JEFFERSON PILOT CORP 436,013
2,200 KANSAS CITY LIFE INS CO 139,700
11,200 LINCOLN NATL CORP IND 588,000
12,500 PRESIDENTIAL LIFE CORP 150,781
3,700 USLIFE CORP 123,025
MUTUAL FUNDS
63,200 EQUITABLE COS INC 1,556,300
4,700 JOHN NUVEEN CO CL A 124,550
18,900 PRICE ASSOCIATES 822,150
35,000 UNITED ASSET MGMT CORP 931,875
REAL ESTATE
10,800 CASTLE & COOKE 171,450
19,200 DANAHER CORP 895,200
2,140 ECHELON INTL CORP 33,438
2,500 FAIRCHILD CORP CL A 61,875
6,800 INSIGNIA FINL GROUP INC 153,000
3,500 MEGO FINANCIAL CORP CL B 30,625
8,700 PRICE ENTERPRISES INC 151,162
30,600 ROUSE CO 971,550
SAVINGS & LOANS
11,300 AHMANSON H F & CO 367,250
5,640 ALBANK FINANCIAL CORP 176,955
4,000 AMERICAN FED BK 75,500
3,200 ANCHOR BANCORP WIS INC 114,400
600 BANK PLUS CORP 6,900
4,400 BANKERS CORP 88,550
2,600 BAYVIEW CAP CORP CALIF 110,175
2,300 CAROLINA FIRST CORP 44,563
2,400 CITFED BANCORP INC 79,200
2,300 COMMONWEALTH BANCORP INC 34,500
2,300 FIRST FINANCIAL HOLDINGS 51,750
1,600 FIRST PALM BEACH BANCORP 37,800
3,800 FSF FINANCIAL CORP 57,475
15,300 GLENDALE FED BK FED SVGS 355,725
6,200 GOLDEN WEST FINL CORP 391,375
4,700 GREAT FINANCIAL CORP 136,887
14,500 GREAT WESTERN FINL 420,500
20,000 GREENPOINT FINANCIAL CORP 945,000
4,300 HFNC FINANCIAL CORP 76,863
4,600 IBS FINANCIAL CORP 71,875
4,000 JEFFERIES GROUP INC 161,500
4,000 LIFE BANCORP INC 72,000
2,000 MAF BANCORP INC 69,500
3,400 MAGNA BANCORP INC 59,500
4,900 NEW YORK BANCORP INC 189,875
1,400 NORTH SIDE SAVINGS BANK 76,300
2,100 OCEAN FINANCIAL CORP 53,550
9,900 PEOPLES HERITAGE FINL 277,200
3,500 RELIANCE BANCORP INC 68,250
3,600 SECURITY CAPITAL CORP 265,500
3,800 T R FINANCIAL CORP 134,900
16,200 WASHINGTON FEDERAL INC 429,300
5,200 WILEY, JOHN & SON CL A 167,700
7,800 WORLD ACCEP CORP SC NEW 53,625
BROKERAGE
39,835 BEAR STEARNS COS INC 1,110,401
38,200 COUNTRYWIDE CREDIT INC 1,093,475
21,000 EDWARDS A G INC 706,125
26,800 FRANKLIN RESOURCES 1,832,450
38,200 LEHMAN BROS HLDGS INC 1,198,525
17,900 MERRILL LYNCH & CO 1,458,850
6,800 MORGAN KEEGAN INC 116,450
16,000 MORGAN STANLEY GRP INC 914,000
31,000 PAINE WEBBER GROUP INC 871,875
11,300 SALOMON INC 532,512
58,000 SCHWAB CHARLES CORP NEW 1,856,000
MISCELLANEOUS
1,400 AAMES FINANCIAL CORP. 50,225
7,400 CITYSCAPE FINANCIAL CORP 194,250
11,600 HEALTHCARE COMPARE CORP 491,550
2,800 ISB FINANCIAL CORP 50,400
2,700 JAYHAWK ACCEPTANCE CORP 30,375
3,200 MCDONALD & CO INVESTMENTS 111,200
8,400 PMT SERVICES INC 147,000
5,800 STANDARD FINANCIAL INC 113,825
18,800 TELLABS INC 707,350
3,100 TFC ENTERPRISES INC 5,037
3,500 TRANSMEDIA NETWORK 17,063
1,800 VERMONT FINL SVCS CORP 63,900
TOTAL FINANCIAL $235,333,458
METALS AND MINING 1.15%
ALUMINUM
3,900 KAISER ALUMINUM CORP 45,337
2,700 CENTURY ALUMINUM CO 46,575
18,500 ALUMINUM CO AMER 1,179,375
MINING
3,700 ASHLAND COAL 102,675
31,400 FREEPRT COPPER&GOLD CL A 883,125
15,800 HOMESTAKE MNG CO 225,150
19,000 MAPCO INC 646,000
17,500 MERIDIAN GOLD INC 72,188
7,400 MINERALS TECHNOLOGIES INC 303,400
4,100 NEWMONT GOLD CO 179,375
3,100 PITTSON MINERALS GROUP 47,662
14,200 SANTA FE PACIFIC GOLD 218,325
STEEL
9,600 AK STEEL HOLDING CORP 380,400
22,265 ALLEGHENY TELEDYNE 512,095
11,500 ARMCO, INC. 47,438
11,700 BETHLEHEM STEEL CORP 105,300
5,400 CARPENTER TECHNOLOGY CORP 197,775
10,500 CHAPARRAL STL CO. 127,312
3,800 CLEVELAND CLIFFS INC 172,425
9,700 GENEVA STL CL A 29,100
900 GIBRALTAR STEEL CORP 23,625
8,300 HARSCO CORP 568,550
5,100 INLAND STEEL INDUS INC 102,000
14,300 J & L SPECIALTY STEEL INC 162,663
39,500 LTV CORP NEW 469,063
4,800 LUKENS INC 96,600
7,600 NATIONAL STL CORP CL B 70,300
9,200 NUCOR CORP 469,200
3,700 OLYMPIC STEEL INC 93,887
8,500 OREGON STEEL MILLS 142,375
3,000 RELIANCE STEEL & ALUMINUM 105,000
6,900 REPUBLIC ENGINEERED STEEL 12,938
5,200 ROUGE STEEL CO CL A 109,850
2,200 SCHNITZER STEEL INDS INC 56,375
4,900 SHILOH INDUSTRIES INC 79,625
13,900 TERRA INDUSTRIES 205,025
4,500 TRIMAS CORP 107,437
5,000 US LONG DISTANCE CORP 40,000
12,600 WCI STEEL INC 126,000
17,600 WEIRTON STL CORP 61,600
9,800 WORTHINGTON INDS INC 177,625
OTHER METALS
4,600 ASARCO INC 114,425
2,900 BARNES GROUP INC. 174,000
24,200 BATTLE MOUNTAIN GOLD CL A 166,375
5,300 BRUSH WELLMAN INC 86,788
3,700 CHASE BRASS INDUSTRIES 73,537
5,800 CITATION CORP 59,450
3,500 EASCO INC 26,687
21,000 FREEPORT-MCMORAN COPPER-B 627,375
8,700 KENNAMETAL INC 338,213
9,700 NEWMONT MNG CORP 434,075
3,900 NEWPARK RESOURCES INC NEW 145,275
5,300 NN BALL & ROLLER INC 80,825
6,900 PHELPS DODGE CORP 465,750
6,700 REYNOLDS METALS CO 377,712
12,900 WYMAN-GORDON CO 287,025
PRECIOUS GEMS
600 MARKS BROS JEWELERS 6,975
MINERALS
19,000 AMAX GOLD INC 121,125
9,800 CYPRUS AMAX MINERALS CO 229,075
1,800 SOLV EX CORP 25,200
COAL
1,000 NACCO INDUS INC CL A 53,500
FOREST PRODUCTS
46,600 SCHULLER CORP 495,125
MISCELLANEOUS
1,870 VARLEN CORP 38,452
TOTAL METALS & PRECIOUS MATERIALS $13,227,734
COLLECTIBLES & PRECIOUS MATERIALS 0.04%
JEWELRY
11,300 TIFFANY & CO 413,863
MISCELLEANEOUS
15,500 TOPPS CO 62,000
TOTAL COLLECTIBLES & PRECIOUS MATERIALS $475,863
OIL-ENERGY 6.37%
OIL & GAS PRODUCERS
10,000 AMERADA HESS CORP 578,750
52,400 AMOCO CORP 4,218,200
19,600 ANADARKO PETE CORP 1,269,100
26,000 APACHE CORP 919,750
4,700 AQUILA GAS PIPELINE CORP 74,612
7,700 BERRY PETE CO 110,688
12,600 BJ SVCS CO COM 642,600
7,600 BROWN TOM INC NEW 158,650
6,200 CAIRN ENERGY USA INC 62,000
5,600 CAPSURE HOLDINGS CORP 63,700
2,400 CARBO CERAMICS INC 50,400
9,450 CHESAPEAKE ENERGY CORP 525,656
2,600 CMS ENERGY CORP CLASS G 47,775
11,100 COASTAL CORP 542,513
4,300 COMSTOCK RESOURCES INC 55,900
4,700 EDISTO RESOURCES CORP 39,362
7,300 ENSERCH CORP 167,900
12,800 FALCON DRILLING CO INC 502,400
5,600 FLORES & RUCKS INC 298,200
900 FORCENERGY INC 32,625
6,300 FOREST OIL CORP 111,038
11,300 FREEPORT MCMORAN INC 363,012
13,800 GLOBAL INDS LTD 257,025
2,266 H S RESOURCES INC 37,389
2,700 HELMERICH & PAYNE INC. 140,738
2,500 HONDO OIL & GAS CO 27,187
4,900 HUGOTON ENERGY CORP 49,613
6,800 J RAY MCDERMOTT S A 149,600
10,200 KELLEY OIL & GAS CORP 24,862
10,300 LOUIS DREYFUS NAT GAS CRP 176,388
16,200 MARINE DRILLING COS INC 318,937
30,300 MITCHELL ENGY & DEV CL B 670,388
28,600 NABORS INDS INC 550,550
36,400 NGC CORPORATION 846,300
17,500 NOBLE AFFILIATES INC 837,812
10,700 NOEL GROUP INC 74,900
3,400 NUEVO ENERGY 176,800
34,100 OCCIDENTAL PETROLEUM 797,088
2,900 ONEOK INC 87,000
2,000 PENN VA CORP 93,500
2,800 PROVIDENCE ENERGY CORP 49,000
13,400 QUESTAR CORP 492,450
20,200 READING & BATES NEW 535,300
9,600 SANTA FE ENERGY RES INC 133,200
28,108 SEAGULL ENERGY CORP 618,376
3,400 STONE ENERGY CORP 101,575
9,100 TATHAM OFFSHORE INC 6,541
7,900 TEEKAY SHIPPING CORP 258,725
9,200 TESORO PETE CORP 128,800
4,600 TEXAS MERIDIAN RES CORP 78,775
14,453 TOSCO CORP COM NEW 1,143,594
27,800 TRANSTEXAS GAS CORP 403,100
13,800 TRITON ENERGY LTD-CLASS A 669,300
26,292 ULTRAMAR DIAMOND SHAMROCK 831,484
32,679 UNION PACIFIC RESOURCES 955,861
33,000 UNION TEX PETRO HLDG INC 738,375
5,600 UNIT CORP 55,300
4,000 USX-DELHI GROUP 63,500
30,800 USX-MARTHON GROUP COM NEW 735,350
8,900 USX-US STEEL GROUP 279,237
14,400 VALERO ENERGY CORP 412,200
10,300 VARCO INTL INC 238,187
6,000 VASTAR RES INC 228,000
7,400 WAINOCO OIL CORP 23,125
15,000 WESTERN GAS RESOURCES 288,750
31,200 WHLBRTR TECH INC PAR .01 507,000
72,300 XCL LTD 13,556
11,600 ZAPATA CORP NEW 49,300
NATURAL RESOURCES
18,800 DRESSER INDUS INC 582,800
5,300 KERR MCGEE CORP 381,600
3,700 LOUISIANA LD & EXPL CO 198,413
33,300 MIDAMERICAN ENERGY HLD 528,638
6,900 NL INDUSTRIES COM NEW 75,037
8,300 PETROLEUM HEAT & PWR CLA 52,913
13,100 SMITH INTL INC 587,862
3,700 TRIGEN ENERGY CORP 106,375
16,500 WILLIAMS COS INC-DEL 618,750
OIL EQUIPMENT, WELLS & SVCS
6,900 ASHLAND, INC. 302,738
13,200 BAKER HUGHES INC 455,400
4,000 BELDEN AND BLAKE CORP 102,000
5,200 ENERGY VENTURES 264,550
3,200 ENRON GLOBAL PWR & PIPELI 86,400
23,462 ENSCO INTERNATIONAL INC 1,137,907
4,100 GETTY PETE CO. 66,625
4,400 GIANT INDS INC 61,600
55,500 GLOBAL MARINE NEW 1,144,687
13,100 HALLIBURTON CO 789,275
4,200 LOMAK PETE INC 71,925
4,400 LUFKIN INDUST. 110,000
6,200 MATRIX SVC CO. 34,875
4,100 NUI CORP 92,763
21,600 PARKER DRILLING CO 207,900
11,800 PARKER & PARSLEY CO 433,650
9,200 ROWAN COS INC 208,150
4,400 RPC ENERGY SVCS INC 66,000
1,300 SEACOR HOLDINGS INC 81,900
20,400 TIDEWATER INC 923,100
11,300 TRANSOCEAN OFFSHORE INC 707,662
4,600 VERITAS DGC INC 85,100
17,200 WEATHERFORD ENTERRA INC 516,000
5,600 WESTERN ATLAS INC 396,900
OIL - DOMESTIC
13,500 BURLINGTON RESOURCES INC 680,062
1,700 CROWN CENT PETE CL A 21,038
13,481 EL PASO NAT GAS CO. 680,791
56,200 ENRON OIL & GAS CO 1,419,050
1,600 FINA IN CL A 77,200
3,000 HOLLY CORP 80,250
7,600 LONE STAR TECHNOLOGY INC 129,200
4,900 PENNZOIL CO 276,850
27,800 PHILLIPS PETE CO 1,230,150
11,900 QUAKER STATE CORP 168,087
9,100 SONAT INC 468,650
6,450 TEJAS GAS CORP DEL 307,181
26,200 UNOCAL CORP 1,064,375
OIL - INTERNATIONAL
17,000 ATLANTIC RICHFIELD CO 2,252,500
68,800 CHEVRON CORP 4,472,000
130,900 EXXON CORP. 12,828,200
42,400 MOBIL CORP 5,183,400
14,800 MURPHY OIL CORP 823,250
11,300 ORYX ENERGY COMPANY 279,675
8,000 SUN CO INC 195,000
27,900 TEXACO INC 2,737,688
7,700 UNIFIRST CORP MASS 163,625
TOTAL OIL-ENERGY $73,206,586
RETAIL 3.83%
DEPARTMENT STORES
2,000 ALEXANDERS INC 158,250
900 BON-TON STORES INC 5,512
11,400 CALDOR CORP. 12,825
11,100 CVS CORP 459,263
22,800 DAYTON HUDSON CORP 894,900
12,000 DILLARD DEPT STORES 370,500
6,600 DOLLAR TREE STORES INC 252,450
22,400 FEDERATED DEPT STORES INC 764,400
2,600 HILLS STORES CO NEW 15,600
51,200 K MART 531,200
24,400 KOHLS CORP 957,700
26,300 MAY DEPT STORES CO 1,229,525
4,000 MERCANTILE STORES 197,500
10,000 MEYER INC 355,000
11,300 NEIMAN-MARCUS GROUP 288,150
23,800 PENNEY JC INC 1,160,250
4,000 RENTERS CHOICE INC 58,000
41,300 SEARS ROEBUCK & CO 1,904,963
14,000 WOOLWORTH CORP 306,250
GROCERY
26,400 ALBERTSON'S INC 940,500
15,400 AMERICAN STORES CO 629,475
23,700 BRUNOS INC NEW 399,937
3,500 DELCHAMPS INC. 67,813
262,100 FOOD LION CLASS A 2,563,666
6,400 GIANT FOOD INC 220,800
4,100 GREAT ATLANTIC & PAC TEA 130,687
14,000 HANNAFORD BROS. CO 476,000
13,300 KROGER CO 618,450
4,000 PENN TRAFFIC CO NEW 14,500
5,400 QUALITY FOOD CENTERS INC 182,250
15,400 RUDDICK CORP 215,600
88,700 SAFEWAY INC 3,791,925
137,400 SOUTHLAND CORP 407,906
14,500 VONS COS INC. 868,188
19,100 WEIS MKTS INC 608,813
15,900 WINN-DIXIE STORES INC 502,837
OTHER RETAIL
22,467 ACCUSTAFF INC 474,615
6,500 BABY SUPERSTORE INC 156,000
14,300 BEST BUY INC. 151,938
11,400 BEST PRODS INC 178
5,700 CARR-GOTTSTEIN FOODS CO 21,375
10,300 CIRCUIT CITY STORES 310,288
22,000 CONSOLIDATED STORES CORP 706,750
21,390 CORPORATE EXPRESS INC 629,668
1,000 DART GROUP CORP. 93,000
23,975 DOLLAR GENERAL 767,200
10,368 ECKERD CORP 331,776
3,100 EZCORP INC CL A NON-VTG 19,762
18,700 FAMILY DOLLAR STORES 381,012
15,400 FINGERHUT COS INC 188,650
4,100 FLEMING COS 70,725
11,130 GENERAL HOST 29,216
4,900 GOOD GUYS INC. 31,850
7,000 HANCOCK FABRICS INC 72,625
9,100 HASBRO INC 353,763
13,000 HOLLYWOOD ENTERTAINMENT 240,500
9,200 IDEX CORP 366,850
11,400 INTELLIGENT ELEC INC 91,200
2,200 LONGS DRUG STORES CORP 108,075
8,300 MAC FRUGALS BARGINS CLOSE 216,838
29,400 MATTEL INC 815,850
6,700 PEP BOYS-MAN, MO, JACK 206,025
3,650 PETCO ANIMAL SUPPLIES 75,737
20,700 PRICE/COSTCO INC 520,088
8,800 RITE AID CORP 349,800
33,000 SERVICE MERCHANDISE CO 140,250
8,200 SODAK GAMING INC 126,075
6,300 SUN TV & APPLIANCES INC 15,356
6,000 SUPERVALUE INC 170,250
6,600 SYMS CORP. 56,100
6,300 TANDY CORP 277,200
5,600 TOY BIZ INC 109,200
28,800 TOYS R US 864,000
10,800 WABAN INC 280,800
243,100 WAL MART STORES INC 5,560,912
26,500 WALGREEN CO 1,060,000
6,200 XTRA CORP 268,925
SPORTING GOODS
4,200 CONVERSE INC 71,400
8,400 JUST FOR FEET INC 220,500
5,900 REEBOK INTL LTD 247,800
2,100 SPORTMART INC 7,088
6,000 THE FINISH LINE-CL A 126,750
APPAREL
3,400 BLAIR CORP 65,450
2,600 BUCKLE INC 65,000
15,500 BURLINGTON COAT WHS 201,500
20,700 BURLINGTON INDS INC 227,700
10,900 CHARMING SHOPPES INC 55,181
15,800 CLAIRES STORES INC 205,400
16,600 CML GROUP 56,025
4,800 DONNA KARAN INTL INC 67,800
4,600 EDISON BROS STORES 5,175
30,900 GAP INC 930,862
2,400 GARGOYLES INC 20,700
6,100 GOODYS FAMILY CLOTHING 109,037
8,700 NORDSTROM INC 308,306
13,328 PAYLESS SHOESOURCE INC 499,800
MISCELLANEOUS
2,100 AMERICAN HOMESTAR CORP 47,776
2,600 CREATIVE COMPUTERS INC 19,175
6,750 DELTA & PINE LAND CO 216,000
2,300 FRIEDMANS INC CL A 33,925
5,000 GARDEN RIDGE CORP 43,125
35,400 PETSMART INC 774,375
3,700 SAFETY 1ST INC 37,925
5,800 URBAN OUTFITTERS INC 75,400
TOTAL RETAIL $44,011,182
UTILITIES 9.00%
ELECTRIC
500 ACME ELECTRIC CORP 3,375
24,900 AES CORP 1,157,850
40,100 ALLEGHENY PWR SYS INC 1,218,037
19,800 AMERICAN ELEC PWR INC 814,275
17,400 ATLANTIC ENERGY INC 297,975
15,600 BALTIMORE GAS & ELEC 417,300
4,800 BLACK HILLS CORP 135,000
18,100 BOSTON EDISON CO 486,438
17,300 CALENERGY INC 581,713
12,800 CAROLINA PWR & LT CO 467,200
73,400 CENTERIOR ENERGY CORP 789,050
7,300 CENTRAL LOUISIANA EL-NEW 201,662
10,600 CENTRAL MAINE PWR CO 123,225
22,600 CENTRAL & SOUTH WEST CORP 579,125
16,600 CINERGY CORP 554,025
12,600 CIPSCO INC 455,175
113,978 CITIZENS UTILS CO CL A 1,239,510
30,600 CMS ENERGY CORP 1,028,925
20,200 CON. EDISON NY INC 590,850
20,100 DELMARVA PWR & LT CO 409,537
5,600 DESTEC ENERGY INC 87,500
19,200 DOMINION RES INC-VA 739,200
77,400 DPL INC 1,896,300
30,700 DQE INC 890,300
15,300 DTE ENERGY CO 495,338
21,800 DUKE POWER CO 1,008,250
46,100 EDISON INTERNATIONAL 916,238
8,900 EMPIRE DIST ELEC CO 166,875
42,700 ENOVA CORPORATION 971,425
21,400 ENTERGY CORP NEW 593,850
32,100 FLORIDA PROGRESS CORP 1,035,225
19,800 FPL GROUP INC 910,800
13,000 GPU INC 437,125
10,100 HAWAIIAN ELEC INDUS INC 364,862
28,300 HOUSTON INDS INC 640,288
12,300 IDAHO PWR CO 382,837
10,900 IES INDS INC 325,638
24,900 ILLINOVA CORP 684,750
7,400 INDIANA ELEC INC 180,375
18,800 IPALCO ENTERPRISES INC 512,300
2,300 JABIL CIRCUIT INC 92,000
20,500 KANSAS CTY PWR & LT CO 584,250
25,300 KU ENERGY CORP 759,000
21,800 LG&E ENERGY CORP 534,100
10,000 LONG ISLAND BANCORP INC 350,000
44,100 LONG ISLAND LTG CO 975,712
5,900 MADISON GAS & ELECTRIC 119,475
16,900 MDU RESOURCES GROUP INC 388,700
10,600 MINNESOTA PWR & LT CO 291,500
18,100 MONTANA PWR CO 386,888
15,800 NEVADA PWR CO 323,900
21,400 NEW ENGLAND ELEC SYS 746,325
23,600 NEW YORK ST ELEC & GAS 510,350
15,600 NIAGARA MOHAWK PWR 154,050
20,200 NIPSCO INDUSTRIES INC 800,425
42,300 NORTHEAST UTILS 560,475
7,300 NORTHERN STS PWR CO 334,887
3,100 NORTHWESTERN PUB SVC 106,175
16,400 OHIO EDISON CO 373,100
13,400 OKLAHOMA GAS & ELEC CO 559,450
4,100 OTTER TAIL POWER CO 131,713
17,000 P P & L RESOURCES INC 391,000
43,800 PACIFIC GAS & ELEC 919,800
31,000 PACIFICORP 635,500
23,500 PECO ENERGY CO 593,375
28,800 PINNACLE WEST CAP CORP 914,400
16,900 PORTLAND GENL CORP 709,800
39,200 POTOMAC ELEC PWR CO 1,009,400
21,300 PUBLIC SVC COLORADO 828,037
24,100 PUBLIC SVC ENTERPRISE GRP 656,725
13,800 PUBLIC SVC NEW MEXICO 270,825
20,900 PUGET SOUND PWR & LT CO 501,600
14,500 ROCHESTER GAS & ELEC 277,313
34,700 SCANA CORP 928,225
10,600 SIG CORP INC 367,025
71,600 SOUTHERN CO 1,619,950
13,400 SOUTHWESTERN PUB SVC 474,025
5,400 ST. JOSEPH LGT & PWR CO 83,025
38,800 TECO ENERGY 936,050
11,720 TUCSON ELECTRIC POWER CO 194,845
20,700 UNICOM CORPORATION 561,488
9,500 UNION ELECTRIC CO 365,750
15,500 UTILICORP UNITED INC 418,500
19,900 WASHINGTON WTR PWR 370,637
23,300 WESTERN RES INC 719,387
36,700 WISCONSIN ENERGY CORP 986,313
10,100 WPL HOLDING INC 284,063
6,900 YANKEE ENERGY SYS INC 147,487
2,500 YORK RESEARCH CORP 23,750
GAS
18,400 AGL RESOURCES 388,700
7,600 BAY STATE GAS CO COMM 214,700
16,400 BROOKLYN UNION GAS CO 494,050
5,900 COLUMBIA GAS SYS INC 375,387
7,700 CONSOLIDATED NATL GAS 425,425
13,100 EQUITABLE RESOURCES 389,725
9,000 LACLEDE GAS CO 217,125
22,200 MCN CORP HLDG CO 641,025
12,500 NATIONAL FUEL GAS CO NJ 515,625
5,300 NICOR INC 189,475
11,500 NORAM ENERGY CORP 176,813
2,300 NORTH CAROLINA NTL GAS 66,412
9,000 PACIFIC ENTERPRISES 273,375
15,900 PANENERGY CORPORATION 715,500
3,700 PEOPLES ENERGY CORP 125,338
300 SJW CORP 14,062
6,400 SOUTH JERSEY INDUSTRIES 156,000
5,565 SOUTHEASTERN MICH GAS 102,953
5,599 SOUTHERN UNION CO NEW 123,178
23,700 TEXAS UTILITIES CO 965,775
13,700 UGI CORP 306,537
14,400 WASHINGTON GAS LIGHT 325,800
9,300 WPS RESOURCES CORP 265,050
TELEPHONE
170,000 A T & T 7,395,000
4,200 ACC CORP 127,050
20,000 ALLTEL CORP 627,500
59,200 AMERITECH CORP NEW 3,589,000
46,200 BELL ATLANTIC CORP 2,991,450
104,800 BELLSOUTH CORP 4,231,300
9,800 CAI WIRELESS SYS INC 9,800
19,800 CENTURY TELEPHONE ENTERP 611,325
26,500 CINCINNATI BELL INC 1,633,063
26,700 ENRON CORP 1,151,437
54,100 FRONTIER CORP 1,224,013
102,100 GTE CORP 4,645,550
16,500 INTERDIGITAL COMM CORP 94,875
72,500 MCI COMMUNICATIONS 2,369,844
42,200 NYNEX CORP 2,030,875
45,500 PACIFIC TELESIS GROUP 1,672,125
21,700 SOUTHERN NW ENGL TELECOM 843,588
46,000 SPRINT CORP 1,834,250
46,400 U S WEST INC 1,496,400
50,000 U S WEST MEDIA GROUP 925,000
3,600 UTAH MED PRODS INC. 48,150
40,600 WORLDCOM INC 1,058,137
WATER & SEWER
25,800 AMERICAN WATER WORKS CO 532,125
4,600 CALIFORNIA WTR SVC CO 193,200
7,100 CULLIGAN WATER TECH INC 287,550
2,900 E TOWN CORP 91,712
3,400 IWC RES CORP 105,825
6,900 UNITRODE CORP. 202,687
WASTE DISPOSAL
11,100 ALLIED WASTE INDS INC 102,675
24,100 AMER WASTE SVCS CL A 57,237
22,900 BROWNING FERRIS IND 601,125
100 CONTINENTAL WASTE IND INC 2,288
10,100 ENVIROTEST SYS CORP CL A 22,725
2,100 GTS DURATEX INC 27,300
9,000 MID-AMER WAST SYS INC 3,656
2,600 SUPERIOR SERVICES INC 52,975
12,000 UNITED WATER RESOURCES 186,000
31,950 USA WASTE SERVICES INC 1,018,406
52,900 WMX TECHNOLOGIES INC 1,725,863
TOTAL UTILITIES $103,351,604
MISCELLANEOUS 11.29%
BROADCAST/COMMUNICATIONS
4,400 AMERICAN PAGING, INC 20,625
6,100 ARCH COMMUNICATIONS GROUP 57,187
200 ARGYLE TELEVISION INC CL 4,900
33,900 ASCEND COMMUNICATIONS INC 2,106,038
2,700 ATLANTIC TELE-NETWORK INC 41,175
4,400 BET HLDGS INC CLA A 126,500
11,800 BHC COMMUNICATIONS INC 1,196,225
3,800 CANWEST GLOBAL COMM 38,950
16,600 CASCADE COMMUNICATIONS CO 915,075
5,900 CENTENNIAL CELLULAR CORP 71,537
11,800 CENTRY COMM CL A 67,113
1,100 CHANCELLOR BROADCASTING 26,125
25,800 CLEAR CHANNEL COMM INC 932,025
55,229 COMCAST CORP CL A SPL 983,759
2,500 COX RADIO INC CLASS A 43,750
70,500 DISNEY WALT CO 4,908,562
8,850 EVERGREEN MEDIA CORP CL A 221,250
15,540 GAYLORD ENTMT CO CL A 355,478
12,771 HARTE-HANKS COMM INC 354,395
15,024 HSN INC 356,820
3,800 INACOM CORP 152,000
4,800 INTER TEL 91,200
800 INTERCEL INC 9,800
7,600 JACOR COMMUNICATIONS-WTS 15,200
3,500 JONES INTERCABLE INC. 37,188
2,600 KATZ MEDIA GROUP INC 29,250
4,700 METRICOM INC 70,500
5,000 METROCALL INC 25,078
61,911 MFS COMMUNICATIONS CO INC 3,374,149
8,000 NATIONAL INSTRUMENTS 256,000
4,200 NUMEREX CORP 16,013
4,000 ORTEL CORP 96,000
21,600 PAIRGAIN TECHNOLOGIES 657,450
8,700 PAXSON COMMUNICATIONS 68,512
3,600 PEOPLES CHOICE TV CORP 22,050
2,600 PLANTRONICS INC NEW 117,000
8,300 PLAYBOY ENTERPRISES CL B 80,925
20,400 SCRIPPS CO (EW)-CL A 714,000
2,300 SFX BROADCASTING INC CL A 68,425
7,500 SPELLING ENTERTAINMENT 55,313
6,940 TCI SATELLITE INT CL-A 68,532
53,800 TELE COMM LIBERTY MEDIA 1,536,663
69,400 TELE COMM. INC CL A 906,537
8,600 TELULAR CORP 46,225
6,500 TENNANT CORP 178,750
7,900 UNITED INTL HLDGS CLASS A 96,775
38,700 VIACOM INC 1,335,150
38,300 VIACOM INC CL B NON VTG 1,335,713
2,400 XPEDITE SYSTEMS INC 51,000
BUSINESS SERVICES
58,400 ADAPTEC INC 2,336,000
1,600 ALTERNATIVE RESOURCES CRP 27,800
4,900 AMRE INC 7,962
18,900 APOLLO GROUP INC CL A 631,969
2,700 APPLIX INC 59,062
5,100 BAREFOOT INC 80,962
19,500 BAY NETWORKS INC 407,063
3,700 BERLITZ INTL - NEW 76,775
2,200 BHC FINANCIAL INC 34,650
11,100 BLOCK H&R INC 321,900
2,300 BRC HOLDINGS INC 102,925
15,900 CAMBRIDGE TECHNOLOGY PART 533,644
500 CHILDRENS DISCOVERY CTRS 3,500
20,550 CONCORD EFS INC 580,537
6,825 CORESTAFF INC 161,667
36,682 CUC INTERNATIONAL 871,198
27,100 DIAL CORPORATION (NEW) 399,725
14,700 DUN & BRADSTREET 349,125
6,900 ECOLAB INC 259,612
2,600 EDUCATION ALTERNATIVES 12,350
6,200 EGGHEAD INC/WA 32,550
50,300 EQUIFAX INC 1,540,437
3,450 EQUITY CORP INTL 69,000
14,900 FISERV INC 547,575
10,100 FLIGHTSAFETY INTL INC 505,000
2,700 GRC INTERNATIONAL INC COM 21,938
3,100 IN FOCUS SYSTEMS INC 67,037
833 INTEGRATED SYS CONS GROUP 11,454
7,000 INTEGRATED SYS INC 182,000
880 INTERIM SERVICES INC 31,240
8,600 INTERPUBLIC GROUP COS 408,500
5,500 INVESTMENT TECHNOLOGY GRP 105,875
3,000 JDA SOFTWARE GROUP INC 85,500
12,600 KELLY SERVICES INC CL A 340,200
4,700 LABONE INC 86,950
2,700 LABOR READY INC 36,450
3,100 LAWYERS TITLE CORP 60,837
4,500 LEAP GROUP INC 30,938
800 LEASING SOLUTIONS INC 20,600
27,100 MANPOWER INC WIS 880,750
15,075 MCAFEE ASSOCS INC 663,300
23,700 MEDAPHIS CORP 265,144
13,400 METROMEDIA INTL GROUP 132,325
11,300 NATIONAL ED 172,325
16,300 NATIONAL PROCESSING INC 260,800
16,300 OGDEN CORP 305,625
26,000 OLSTEN CORP 393,250
8,900 OPEN MKT INC 120,150
2,000 OXFORD RESOURCES CRP CL A 61,750
38,400 PAGING NETWORK INC 585,600
23,700 PAYCHEX INC 1,219,069
2,700 PERSONNEL GROUP AMER INC 65,138
11,500 PHH CORP. 494,500
1,900 PHYMATRIX CORP 27,075
15,500 PHYSICIAN COMPUTER NETWK 131,750
3,600 PINKERTONS INC. NEW 90,450
2,700 PRE PAID LEGAL SVCS INC 49,275
2,000 PROFIT RECOVERY GROUP INT 32,000
1,100 PROTECTION ONE INC 10,862
9,200 QUARTERDECK OFFICE SYS 37,950
300 RED BRICK SYSTEMS INC 6,900
20,600 ROBERT HALF INTL INC. 708,125
11,800 ROLLINS INC 236,000
100 ROMAC INTERNATIONAL INC 2,200
800 RURAL / METRO CORP 28,800
2,700 SPS TRANSACTION SVCS INC 41,175
7,248 STERLING COMMERCE, INC 255,492
38,800 SUN MICROSYSTEMS 996,675
6,150 SYLVAN LEARNING SYS INC 175,275
3,300 UNITOG CO NEW 89,925
2,100 VERSANT OBJECT TECHNOLOGY 39,113
27,300 VIAD CORP 450,450
FOOD SERVICE
15,000 APPLE SOUTH INC 202,500
14,100 BOB EVANS FARMS 190,350
21,700 BOSTON CHICKEN INC 778,487
25,400 BRINKER INTL 406,400
10,414 BUFFETS INC 95,028
15,600 CPC INTL INC 1,209,000
20,000 CRACKER BARREL CTRY STORE 507,500
17,000 DARDEN RESTAURANTS INC 148,750
3,600 DAVE & BUSTER'S INC 72,450
19,900 DOLE FOOD COMPANY 674,112
6,000 INTERNATL MULTIFOODS 108,750
7,500 INTL DAIRY QUEEN INC CL A 150,000
2,100 INTL DAIRY QUEEN INC CL B 40,425
6,800 LANDRY'S SEAFOOD REST 145,350
13,400 LONE STAR STEAKHOUSE 358,450
2,600 LUBYS CAFETERIAS INC 51,675
26,900 MCCORMICK & CO 633,831
73,300 MCDONALDS CORP 3,316,825
6,400 MICHAEL FOODS INC 81,600
2,850 MORRISON FRESH COOKING 13,181
3,800 MORRISON HEALTH CARE INC 56,050
17,100 NPC INTERNATIONAL 141,075
15,900 OUTBACK STEAKHOUSE INC 425,325
2,800 QUALITY DINING INC 50,050
5,500 ROCK BOTTOM RESTAURANTS 57,063
3,700 RUBY TUESDAY INC 68,450
5,400 RYANS FAMILY STEAK HOUSE 37,125
8,600 SAVANNAH FOODS & IND INC 116,100
5,200 SHONEY'S INC 36,400
19,600 SIZZLER INTL INC 56,350
48,000 TYSON FOODS INC CL A 1,644,000
13,800 WENDYS INTL INC 282,900
FOREIGN
3,400 AMERIN CORP 87,550
100 ARBOR SOFTWARE 2,425
HOTEL & MOTEL
5,800 BRISTOL HOTEL CO 184,150
18,700 CHOICE HOTELS CORP INC 329,588
34,400 CIRCUS CIRCUS ENTPR 1,182,500
800 CONSOLIDATED PRODUCTS INC 15,600
7,245 DOUBLETREE CORPORATION 326,006
8,100 EXTENDED STAY AMERICA INC 163,013
500 HAMMONS JOHN Q HOTELS 4,250
3,200 HARVEYS CASINO RESORTS 54,000
13,300 HFS INC 794,675
26,500 HILTON HOTELS CORP 692,313
8,900 HOLLYWOOD CASINO CRP CL A 33,375
70,500 HOST MARRIOTT CORP 1,128,000
14,100 HOST MARRIOTT SERVICES 128,662
7,900 INTERSTATE HOTELS CO 223,175
12,600 ITT CORP NEW 546,525
29,850 LA QUINTA MTR INNS 570,881
13,400 MARRIOTT INTL INC. 740,350
60,700 MIRAGE RESORTS INC 1,312,638
8,775 PAPA JOHNS INTL INC 296,156
1,494 PRATT HOTEL CORP 2,615
11,600 PRIMADONNA RESORTS INC 197,200
17,000 PROMUS HOTEL CORP 503,625
6,800 RED ROOF INNS INC 105,400
9,100 RENAISSANCE HOTEL GROUP 213,850
7,700 RIO HOTEL & CASINO 112,613
6,700 S BARRO INC 170,850
3,000 SHOLODGE INC 40,500
2,000 STUDIO PLUS HOTELS INC 31,500
2,000 SUBURBAN LODGES OF AMERIC 32,000
432 SUN INTERNATIONAL HOTELS 15,783
7,600 TRUMP HOTELS & CASINO 91,200
4,100 UNO RESTAURANT CORP 27,162
HOUSING
2,400 BEAZER HOMES USA INC 44,400
4,100 KAUFMAN & BROAD HOME CORP 52,787
16,100 LENNAR CORP 438,725
4,700 MCGRATH RENTCORP 121,025
2,800 PALM HARBOR HOMES INC 78,400
2,600 PULTE CORP 79,950
6,000 WEST CO INC 169,500
MED SERV & SUPPLIES
4,700 ADVANCED TECHNOLOGY LABS 145,700
4,400 AKSYS LTD 37,950
2,300 APOGEE INC 9,200
7,700 ARTERIAL VASCULAR ENG. 96,250
4,950 BEC GROUP INC 25,987
9,500 BECKMAN INSTRS INC NEW 364,563
2,550 BIO RAD LABS INC. CL A 76,500
15,700 BIO TECHNOLOGY GEN CORP 206,062
12,200 BIOMET INC 184,525
19,038 BOSTON SCIENTIFIC 1,142,280
56,200 CHIRON CORP 1,046,725
4,300 CNS INC 61,813
3,400 CONMED CORP 69,700
9,900 CRYOMEDICAL SCIENCES INC. 3,403
13,900 CYTOGEN CORP 76,450
2,400 EMCARE HOLDINGS INC 55,800
5,300 EMPI INC 103,350
4,400 EPITOPE INC. 50,600
19,400 FOUNDATION HEALTH CORP 615,950
2,472 FPA MEDICAL MGT INC 55,311
7,561 FRESENIUS MED CARE-ADR 212,653
1,200 GELMAN SCIENCES INC 39,000
22,800 GENZYME CORP 495,900
13,300 HAEMONETICS CORP 251,038
3,400 HEALTH MANAGEMENT INC 2,975
5,800 HEALTH MGMT SYSTEMS INC 81,200
3,800 HEALTHPLAN SERVICES CORP 80,275
54,528 HEALTHSOUTH CORPORATION 2,106,144
3,000 HEARTPORT INC 68,625
26,700 HILLENBRAND INDUS INC 967,875
15,150 HLTH CARE & RETIRMNT CORP 433,669
6,900 HUMAN GENOME SCIENCES 281,175
17,000 HUMANA INC 325,125
4,300 IDEC PHARMACEUTICALS CORP 102,125
5,900 INPHYNET MED MGMT INC 106,200
6,800 INTERMEDIA COMMUNICATIONS 175,100
10,100 ISOLYSER INC 70,700
4,700 ISOMEDIX INC. 61,100
39,900 IVAX CORP 408,975
16,400 KINETIC CONCEPTS INC 200,900
40,700 LABORATORY CORP AMER HLDG 117,012
5,700 LANDAUER INC. 139,650
3,750 LIFE TECH INC. 93,750
3,000 LIFECORE BIOMEDICAL INC 54,000
3,000 LUNAR CORP. 105,000
6,600 MANOR CARE INC 178,200
5,800 MARQUETTE MED SYS-CL A 128,325
15,200 MATRIA HEALTHCARE INC 72,200
6,300 MAXICARE HEALTH PLANS 140,175
2,400 MAXXIM MEDICAL INC 30,000
2,300 MEDEX INC. 53,475
2,000 MEDICAL RESOURCES INC 22,750
12,941 MEDPARTNERS INC 271,761
25,700 MEDTRONIC INC 1,747,600
10,400 NABI INC 91,000
2,600 NCS HEALTHCARE INC 75,725
4,100 NEUREX CORP 69,700
10,000 NEUROMEDICAL SYSTEMS INC 132,500
20,700 NOVACARE INC 227,700
4,800 ORGANOGENESIS INC 111,000
22,100 ORNDA HEALTHCORP 646,425
8,000 ORTHOLOGIC CORP 45,000
3,600 OWEN HEALTHCARE INC 95,400
10,200 PACIFICARE HEALTH SYS CLB 869,550
7,000 PALOMAR MEDICAL TECHNOLOG 45,500
6,600 PARACELSUS HEALTH CORP 23,925
3,932 PHARMACEUTICAL PROD DEV 99,283
18,000 QUORUM HEALTH GROUP INC 535,500
5,600 REGENCY HEALTH SERVICES 53,900
3,400 RESEARCH MEDICAL INC 78,200
2,500 SABRATEX CORP 39,687
23,300 SCIOS INC 143,077
2,300 SEROLOGICALS CORP 81,363
200 SERVICE EXPERTS INC 5,200
32,000 STRYKER CORP 956,000
8,500 ST. JUDE MED INC. 362,312
3,300 SULLIVAN DENTAL PRODS INC 43,313
17,700 SUN HEALTHCARE GROUP INC 238,950
2,000 SYSTEMIX INC 30,500
3,400 TECHNE CORP 88,400
5,600 THERMO INSTR SYS INC COM 185,500
3,500 THERMOTREX CORP 95,813
6,200 TRANSCEND SERVICES INC 32,550
4,200 TRANSITION SYSTEMS INCS 59,325
4,800 TRANSITIONAL HOSP CORP 46,200
17,900 VALUE HEALTH INC. 349,050
23,300 VENCOR INC 736,862
7,700 VENTRITEX INC 189,612
1,200 VITALINK PHARMACY SERVICE 27,600
4,735 WELLPOINT HEALTH NETWORKS 162,766
2,900 WESTAMERICA BANCORPATION 167,475
REAL ESTATE
26,600 CATELLUS DEV CORP 302,575
3,000 CENTEX CORP 112,875
1,900 FOREST CITY ENTER CL A 114,950
TRANSPORTATION
6,900 AIRBORNE FREIGHT CORP 161,287
4,800 ALASKA AIR GROUP INC 100,800
15,100 ALEXANDER & BALDWIN 377,500
16,300 AMERICA WEST AIRLINES B 258,763
9,600 AMR CORP 846,000
2,500 AMTRAN INC 17,500
3,500 ANSALDO SIGNAL NV 25,812
8,600 APL LTD 203,175
8,800 ARNOLD INDS INC 139,700
10,100 ATLANTIC STHEAST AIR 220,938
5,300 AVONDALE INDS INC 113,950
15,500 BURLINGTON NRTHN SANTA FE 1,338,812
4,200 CALIBER SYSTEM INC 80,850
700 CELADON GROUP INC 7,700
8,500 CONRAIL INC 846,813
14,800 CONSOLIDATED FREIGHTWAYS 329,300
7,400 CONSOLIDATED FRTWYS CORP 65,675
15,200 CONTINENTAL AIRLS CL B 429,400
4,000 COVENANT TRANSPORT INC CL 57,500
22,300 CSX CORP 942,175
8,300 DELTA AIR LINES INC 588,262
2,200 EAGLE USA AIRFREIGHT INC 57,750
12,200 FEDERAL EXPRESS CORP 542,900
3,200 FLORIDA EAST COAST INDS 279,600
6,700 GATX CORP 324,950
4,200 GREENBRIER 43,575
12,200 GREYHOUND LINES INC 47,275
5,900 HARPER GROUP INC 140,125
12,700 HUNT JB TRANS SVCS INC 177,800
400 HVIDE MARINE-CL A 8,700
20,300 ILL CENT COR SER A 649,600
12,500 KANSAS CTY SOUTHERN INDS 562,500
800 KNIGHT TRANSPORTATION 15,200
1,600 MIDWEST EXPRESS HLDGS INC 57,600
13,300 NORFOLK SOUTHERN CORP 1,163,750
29,300 NORTHWEST AIR CL A 1,146,363
1,800 OLD DOMINION FGHT LINES 19,125
14,400 OMI CORP. 126,000
11,900 OVERSEAS SHIPHOLDING GRP 202,300
13,700 PITTSTON BRINKS GROUP 369,900
6,100 ROADWAY EXPRESS INC 118,187
8,600 RYDER SYSTEMS INC 241,875
15,300 SOUTHWEST AIRLINES CO 338,513
7,500 SWIFT TRANSN INC 176,250
2,200 TEAM RENTAL GROUP INC 35,475
4,700 TOWER AIR INC 12,631
5,900 U S AIR GROUP 137,913
18,800 UAL CORP NEW 1,175,000
43,072 UNION PACIFIC CORP 2,589,704
800 USA TRUCK INC 6,400
18,600 VALUJET INC 119,737
4,800 WESTERN PACIFIC AIRLINES 33,600
8,600 WLR FOODS INC. 106,425
4,800 WORLDCORP INC 21,000
MISCELLANEOUS
7,900 ACNIELSEN CORP 119,488
2,600 ALGOS PHARMACEUT 29,250
5,740 ALLEGIANCE CORP 158,568
7,300 AMERICAN CLASSIC VOYAGES 95,812
4,200 ANCHOR GAMING 169,050
9,000 ARGOSY GAMING CORP 41,625
5,100 ASCENT ENTERTAINMENT GRP 82,237
11,200 AUTOTOTE CORP CL A 16,100
4,620 BHA GROUP INC CLA A 74,498
2,500 BIOMATRIX INC 40,000
6,150 CASINO AMER INC 19,603
4,700 CFW COMMUNICATIONS CO 103,988
14,700 COGNIZANT CORP 485,100
12,100 CUNO INC 179,987
3,300 C/NET INC 95,700
200 DBT ONLINE 5,950
21,400 DISCOVERY ZONE INC 642
3,100 EDUCATION MGT CORP 65,100
4,300 EMPLOYEE SOLUTIONS INC 88,150
14,900 FEDERAL SIGNAL CORP 385,537
3,800 FLEETWOOD ENTERPRISES 104,500
3,600 GEMSTAR INTL GROUP LTD 63,000
14,200 GTECH HLDGS CORP 454,400
3,300 HANDLEMAN CO-DEL 28,050
5,300 HEXCEL CORP NEW 86,125
3,225 INTL TECHNOLOGY CORP 27,413
3,000 JOHNSON WORLDWIDE ASSOC 39,750
142,900 JOHNSON & JOHNSON 7,109,275
7,000 MALLINCKRODT 308,875
2,200 MINE SAFETY APPLIANCES 117,150
6,300 PRESIDENT CASINOS INC 4,331
2,300 PRINS RECYCLING CORP 23
46,400 REPUBLIC INDUSTRIES INC 1,447,100
24,900 ROYAL CARRIBEAN CRUISES 582,038
6,100 SAFETY KLEEN CORP 99,888
2,500 SDL INC 65,625
3,600 SEATTLE FILMWORKS INC 73,350
13,000 STATION CASINOS INC 131,625
14,100 STEWART ENTERPRISES CL A 479,400
8,100 STRATOSPHERE CORP 6,834
3,500 TETRA TECH INC NEW 69,125
3,900 THERMO REMEDIATION INC 34,125
2,200 THERMO TERRATECH INC 21,725
3,800 TICKETMASTER GROUP INC 46,075
2,100 UNITED NATURAL FOODS INC 35,700
9,100 WATTS INC 217,262
TELECOMMUNICATIONS
40,800 360 COMMUNICATIONS CO 943,500
18,000 AERIAL COMM INC 146,250
12,100 ALIANT COMM INC 205,700
2,800 ALLTRISTA CORP 72,100
2,700 BACOU USA INC 44,888
5,000 BILLING INFORMATION CON 143,750
3,000 BOK FINL CORP COM NEW 81,000
4,000 BOSTON COMM GROUP 23,000
7,100 C TEC CORP 172,175
3,000 CENTRAL GARDEN & PET CO 63,188
16,000 COMSAT CORPORATION 394,000
2,000 DATA TRANSMISSION NETWORK 44,500
8,000 FIRST PAC NETWORKS INC 2,125
16,200 INTERNATIONAL CABLETEL 409,050
1,700 INTERNATIONAL SHIPHOLDING 31,450
24,200 LCI INTL INC 520,300
5,900 MASTEC INC 312,700
19,800 MOBILE TELECOMM TECH 168,300
4,100 ORION NETWORK SYSTEMS INC 52,788
6,500 PRICELLULUAR CORP CL A 74,750
64,600 SBC COMMUNICATIONS INC 3,343,050
4,400 TEKELEC 69,300
5,100 TEL-SAVE HOLDINGS INC 147,900
7,600 VIATEL INC 68,400
TOTAL MISCELLANEOUS $129,779,063
POOLED FUNDS 0.14%
4,000 ADVANCED POLYMERS SYS INC 30,500
4,400 AVATAR HOLDINGS 140,800
4,300 BEARINGS INC. 119,863
5,200 COLONIAL GAS CO. 110,500
6,500 CONNECTICUT NATURAL GAS 165,750
2,700 FILM ROMAN INC 20,587
7,500 JASON INC. 48,750
7,500 MEDCO RESH INC. 78,750
7,400 SMART & FINAL INC. 160,025
3,500 STRAWBRIDGE & CLOTHIER CO 55,562
5,642 UNION PLANTERS CORP 220,038
100 UNITED DENTAL CARE INC 3,036
15,000 UNITED DOMINION INDUS. 352,500
2,400 WET SEAL INC CL A 51,300
TOTAL POOLED FUNDS $1,557,961
TOTAL COMMON STOCK $1,142,248,469
CASH EQUIVALENTS 0.60%
STIFS/MONEY MARKETS
6,870,831 AIM SHORT TERM INV SER 2 6,870,831
TOTAL CASH EQUIVALENTS $6,870,831
TOTAL OTHER $6,870,831
TOTAL INVESTMENTS - (COST $1,015,952,705) 100.00% $1,149,119,300
See accompanying notes to financial statements
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