HURON INVESTMENT FUND, INC.
Statement of Assets and Liabilities
June 30, 1998
(Unaudited)
Assets
Investments, at value (@ cost $594,372,477) $ 883,830,193
Cash 91,220
Dividends receivable 563,141
Income receivable 72,874
Deferred Organizational Costs 4,007
Prepaid expenses 13,670
Receivable for securities sold - unsettled trades 8,893,259
Total Assets 893,468,364
Liabilities
Accrued expenses 171,615
Notes payable 203,500
Accrued interest expense 5,093
Payable for securities purchased - unsettled trades 307,353
Total Liabilities 687,561
Net Assets $ 892,780,803
Net assets are represented by:
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 602,709,325
Net unrealized appreciation of investments 289,457,716
Net Assets $ 892,780,803
Net asset value per common shares outstanding $ 14.55
See accompanying notes to the financial statements.
HURON INVESTMENT FUND, INC.
Statement of Operations
For the period from January 1, 1998 to June 30, 1998
(Unaudited)
Investment income:
Dividend income $ 7,054,849
Interest income 1,078,288
Total investment income 8,133,137
Expenses:
Administration fees 119,923
Investment management fee 45,911
Independent auditors 20,339
Interest expense 9,663
Insurance 8,182
Rating agencies fees 4,583
Directors fees and expenses 3,571
Legal fees 1,488
Other expenses 922
Amortization of Organizational Cost 793
Total expenses 215,375
Net investment income 7,917,762
Net realized and unrealized gains on investments:
Net realized gain on investments:
Proceeds from sales $ 810,144,475
Cost of securities sold (474,919,479)
335,224,996
Unrealized appreciation of investments:
Beginning of period 442,106,936
End of period 289,457,716
Increase in net unrealized appreciation of investments (152,649,220)
Net increase in net assets resulting
from operations $ 190,493,538
See accompanying notes to the financial statements.
HURON INVESTMENT FUND, INC.
Statement of Changes in Net Assets
For the period from January 1, 1998 to June 30, 1998
and for the year ended December 31, 1997
(Unaudited)
For the six
months ended For the
June 30, 1998 year ended
(UNAUDITED) December 31, 1997
From operations:
Net investment income $ 7,917,762 16,871,016
Net realized gain on investments 335,224,996 22,087,361
Net change in unrealized appreciation
on investments (152,649,220) 308,940,341
Increase in net assets resulting from
operations 190,493,538 347,898,718
Dividends from net investment income:
Auction market preferred stock 0 (16,541,265)
Common stock (7,917,762) (329,751)
(7,917,762) (16,871,016)
Distributions from net realized gains:
Common stock (335,224,996) (22,087,361)
Decrease in net assets resulting from
distributions to stockholders (343,142,758) (38,958,377)
Increase (decrease) from capital share transactions:
Capital contribution from common stockholder 22,417,112 450,000,000
Redemption of auction market preferred stock 0 (450,000,000)
Distribution of capital to common
stockholder (432,856,427) 0
(410,439,315) 0
Total increase in net assets (563,088,535) 308,940,341
Net assets:
Beginning of period 1,455,869,338 1,146,928,997
End of period $ 892,780,803 1,455,869,338
See accompanying notes to the financial statements.
HURON INVESTMENT FUND, INC.
Notes to the Financial Statements
June 30, 1998
(Unaudited)
1. Organization and Significant Accounting Policies
The Huron Investment Fund, Inc. (the "Fund") is registered as
a diversified, closed-end management investment company under
the Investment Company Act of 1940, as amended. The Fund
commenced investment operations on March 4, 1996.
The Fund's objective is long-term capital appreciation with
income as a secondary objective. The Fund's investments
consist primarily of common stocks of large, medium and small
capitalization U.S. companies. The Fund's investment
portfolio must conform to certain rating agency asset coverage
tests so long as the Fund has preferred stock outstanding.
The following is a summary of significant accounting policies
consistently followed by the Fund in preparation of its
financial statements.
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.
Security Transactions
Security transactions are accounted for on a trade date plus
one business day basis which does not differ materially from 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.
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.
Distribution of Income and Gains
The Fund distributes substantially all of its taxable income
in excess of the dividends paid to the preferred stockholders
to the common stockholder. Dividends to the common
stockholder are declared and paid at least annually. Net
capital gains, if any, are generally distributed annually.
The character of income and gains to be distributed is
determined in accordance with income tax regulations which may
differ from generally accepted accounting principles. Amounts
distributed in excess of taxable income and net realized
gains, if any, are considered a return of capital.
1. Organization and Significant Accounting Policies
(continued)
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.
Organization Costs
Organization costs have been deferred and are being amortized
by the Fund on a straight-line basis over five years.
2. Related Party Transactions
A collective trust fund for employee benefit plans is the sole
common stockholder of the Fund. Certain officers and
directors of the Fund are affiliated with the common
stockholder. No fees or expenses were paid to the affiliated
officers and directors.
For the period ended June 30, 1998 and the year ended December
31, 1997, dividend and capital gain distributions to the
common stockholder were $343,142,758 and $22,417,112
respectively.
During the six months ended June 30, 1998 and the year ended
December 31, 1997, return of capital distributions to the
common stockholder amounted to approximately $432,900,000 and
$0, respectively.
During the six months ended June 30, 1998 and the year ended
December 31, 1997, capital contributions made by the common
stockholder amounted to approximately $22,400,000 and
$450,000,000, respectively.
Comerica Bank serves as both custodian and administrator for
the Fund and receives a fee based on net assets outstanding at
the end of the fiscal year. An affiliate of Comerica Bank
serves as investment advisor to the Fund. The annual
investment management fee is 0.01% of average equity
investments. The administration and management fees are
calculated and accrued on a monthly basis and generally paid
on a quarterly basis.
3. Investment Transactions
The aggregate cost of securities purchased and the aggregate
proceeds of securities sold excluding short-term securities,
for the six months ended June 30, 1998 were $34,039,444 and
$855,039,408, respectively.
As of June 30, 1998, the net unrealized appreciation of
$289,457,716 is comprised of aggregate gross unrealized
appreciation and depreciation of investments of $342,492,408
and $53,034,692, respectively.
4. Auction Market Preferred Stock ("AMPS")
During 1997, the Fund redeemed 1000 shares of Series A, 1000
shares of Series B, 1000 shares of Series C, 1000 shares of
Series D and 500 shares of Series E AMPS.
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. Dividends are cumulative
from the date of original issue and are paid every 49 days at
a rate set through Dutch Auction. The Fund is subject to
certain asset coverage tests, and the AMPS are subject to
mandatory redemption if the tests are not met.
In addition, the AMPS are subject to mandatory redemption if
the Fund ceases to qualify as a regulated investment company
or if Merrill Lynch, Pierce, Fenner & Smith Incorporated
ceases to be the broker dealer. The liquidation value under
mandatory redemption of the AMPS is $100,000 per share plus
accumulated and unpaid dividends.
5. Notes Payable
As of June 30, 1998, the Fund had $203,500 of principal notes
outstanding to investors. The notes due on March 15, 2021,
bear interest at a floating rate. The interest rate, which
resets annually, is set at the one-year U.S. Treasury bill
rate plus 3.50%. As of June 30, 1998, the Fund was paying
interest at 9.23% per annum.
6. Year 2000 (Unaudited)
Like other mutual funds, financial and business organizations
and individuals around the world, the Fund could be adversely
affected if the computer systems used by the
advisor/administrator and other service providers do not
properly process and calculate date-related information and
data from and after January 1, 2000. This is commonly known
as the "Year 2000 Problem". The advisor/administrator is
taking steps that it believes are reasonably designed to
address the Year 2000 Problem with respect to computer systems
that it uses and to obtain reasonable assurances that
comparable steps are being taken by the Fund's other major
service providers. At this time, however, there can be no
assurance that these steps will be sufficient to avoid any
adverse impact to the Fund.
HURON INVESTMENT FUND, INC.
Financial Highlights
For the six
months ended
June 30, 1998 1997 1996 (1)
For a share of common stock outstanding
throughout the period:
Net asset value, beginning of period 23.72 11.36 10.00
Net investment income 0.13 0.28 0.20
Net realized and unrealized gains
on investments 2.97 5.39 2.21
Total from investment operations 3.10 5.67 2.41
Capital contribution 0.37 7.33 0.00
Less distributions from net investment income:
Common stock equivalent of dividends
paid to AMPS holders 0.00 (0.27) (0.22)
Dividends paid to common shareholders (0.13) (0.01) (0.02)
Less distributions from net realized gains:
Distribution paid to common shareholders (5.46) (0.36) 0.00
Less distributions from paid-in capital:
Distribution of capital to common stockholder (7.05) 0.00 (0.81)
Total distributions (12.64) (0.64) (1.05)
Net asset value, end of period 14.55 $23.72 $11.36
Total investment return 13.08% 30.33% 24.13%(2)
Ratios/supplemental data:
Net assets at end of period (000s) 892,781 1,455,869 1,146,929
Average net assets (000s) 1,133,238 1,322,905 1,107,778
Ratio of expenses to average net assets
applicable to common stock (4) 0.02% 0.32% 0.33%(3)
Ratio of net investment income to average net
assets applicable to common stock (4) 0.70% 1.28% 1.12%(3)
Portfolio turnover 3.00% 0.65% 5.47%
Average commissions paid on equity
securities transactions (4) 0.0051 $0.0147 $0.0200
Asset coverage per AMPS share
end of period 0.00 0 $254,873
AMPS shares outstanding 0 0 4,500
Asset coverage for notes payable,
end of period 438713% 691724% 537303%
Notes payable, end of period $203,500 $210,500 $213,500
(1)For the period March 4, 1996 (commencement of operations) to December 31,
1996.
(2)Total investment return for the period; not annualized.
(3)Annualized.
(4)Ratios are calculated on the basis of income and expenses applicable to
both the common and preferred stock relative to the average net assets
of the common stockholders. Ratios do not reflect the effect of
dividend payments to AMPS holders. Ratios from 1996 and years prior have
been restated to exclude the effect of dividend payments to AMPS holders.
See accompanying notes to financial statements.
HURON INVESTMENT FUND, INC.
Portfolio of Investments
June 30, 1998
(Unaudited)
No. of
Shares Market Value
COMMON STOCK
BUILDING AND CONSTRUCTION 2.05%
BUILDING EQUIPMENT
2,500 CLARIFY INC 33,750.00
36,650 CLAYTON HOMES INC 696,350.00
7,500 SIMPSON MFG INC 289,687.50
BUILDING MATERIALS
3,600 ABT BLDG PRODS CORP 61,875.00
500 AMERICAN BILTRITE INC 14,875.00
2,300 AMERICAN BUILDING CO 68,425.00
1,900 AMERON INTERNATIONAL CORP 109,843.75
12,200 CALGON CARBON CORP 121,237.50
3,000 CAVALIER HOMES INC 38,812.50
3,900 CENTEX CONSTRUCTION PRODU 150,150.00
9,700 CHAMPION INTL CORP 477,118.75
14,000 CYTEC INDS INC 619,500.00
4,800 ELCOR CORP 121,200.00
8,800 FLORIDA ROCK IND 256,850.00
300 GEORGIA PACIFIC CORP 17,681.25
3,600 GIANT CEMENT HOLDING INC 103,050.00
4,950 HOME DEPOT 411,159.38
10,800 HOMEBASE INC 85,725.00
200 ICC TECHNOLOGIES INC 937.50
1,600 INTERNATIONAL ALUM CORP 49,600.00
15,900 LONGVIEW FIBRE CO 226,575.00
11,100 LOUISIANA PAC CORP 202,575.00
3,200 MARTIN MARIETTA MATERIALS 144,000.00
700 MASCO CORP 42,350.00
2,800 MAXXAM INC 158,900.00
4,100 NATIONAL SVC INDS 208,587.50
1,900 NCI BUILDING SYSTEMS INC 109,725.00
4,200 NORTEK INC 129,150.00
4,200 NVR INC 172,462.50
30,300 RPM INC. 515,100.00
3,400 SCOTSMAN INDS INC 94,350.00
5,300 TRIANGLE PACIFIC CORP 291,500.00
15,900 USG CORP NEW 860,587.50
10,400 VULCAN MATLS CO 1,109,550.00
CEMENT
7,600 CALMAT CO 167,200.00
33,500 LAFARGE CORP 1,316,968.75
2,000 PUERTO RICAN CEMENT CO 94,500.00
5,700 SOUTHDOWN INC 406,837.50
CONSTRUCTION EQUIPMENT
6,200 CMI CORP CL A 44,175.00
PAINT AND FLAT GLASS
17,100 SHERWIN WILLIAMS CO 566,437.50
21,500 VALSPAR CORP 851,937.50
INDUSTRIAL CHEMICALS
17,100 ALBEMARLE CORP 377,268.75
9,200 BETZ LABS INC 388,125.00
8,000 DEXTER CORP 254,500.00
25,700 ETHYL CORP 157,412.50
4,600 FULLER H B CO 255,012.50
5,400 GREAT LAKES CHEM CRP 212,962.50
17,600 LUBRIZOL CORP 532,400.00
200 PPG INDUS INC 13,912.50
5,500 ROHM & HAAS CO 571,656.25
9,600 WELLMAN INC 217,800.00
17,700 WITCO CORP 517,725.00
MISCELLANEOUS
26,500 AMERICAN STANDARD COS INC 1,184,218.75
4,960 CHAMPION ENTERPRISES INC 145,080.00
1,900 CHRISTIANA COS INC. 58,900.00
6,000 COMMERCIAL INTERTECH 108,750.00
1,750 CORRPRO COS INC 19,687.50
12,500 FASTENAL CO. 580,468.75
8,300 FLUOR CORP 423,300.00
9,700 FOAMEX INTL INC 169,143.75
5,850 GRANITE CONSTR INC 179,156.25
8,500 JACOBS ENGR GROUP 273,062.50
2,800 SCHULER HOMES INC 24,500.00
TOTAL BUILDING AND CONSTRUCTION $18,106,339.38
CHEMICALS AND DRUGS 6.87%
CHEMICALS
22,600 AIRGAS INC. 324,875.00
9,600 ARCO CHEMICAL CO 550,800.00
2,200 BUSH BOAKE ALLEN INC 64,487.50
20,900 CABOT CORP 675,331.25
22,619 CROMPTON & KNOWLES 569,716.06
1,300 DOW CHEMICAL CO 125,693.75
6,700 DUPONT DENEMOURS & CO 499,987.50
11,600 FERRO CORP 293,625.00
3,200 FMC CORP-NEW 218,200.00
2,260 FREEPORT MCMORAN SULPHUR 29,945.00
9,800 GEON CO 224,787.50
10,200 GEORGIA GULF CORP 232,687.50
15,600 HANNA M A CO 285,675.00
9,000 HERCULES INC 370,125.00
34,890 IMC GLOBAL, INC. 1,051,061.25
1,900 INTEGRA LIFESCIENCES CORP 13,300.00
3,300 LANDEC CORP 23,100.00
14,900 LAWTER INTL 162,037.50
6,450 LEARONAL INC. 153,993.75
3,000 LESCO INC OHIO 56,250.00
24,500 LYONDELL PETROCHEMICAL 745,718.75
60,300 MONSANTO CO 3,369,262.50
12,300 MORTON INTERNATIONAL INC 307,500.00
6,700 NALCO CHEM CO 235,337.50
2,500 NCH CORP 160,156.25
1,350 OCTEL CORP 26,831.25
3,500 OIL DRI CORP AMER 50,531.25
15,200 OLIN CORP 633,650.00
15,500 PRAXAIR INC 725,593.75
11,000 SCHULMAN A INC 215,187.50
10,100 SIGMA-ALDRICH CORP 354,762.50
12,360 SOLUTIA INC 354,577.50
3,600 STEPAN CO. 107,325.00
2,000 SYBRON CHEM INDS INC 64,000.00
6,200 SYNETIC INC 353,400.00
13,700 UNION CARBIDE CORP 731,237.50
5,900 WEBB DEL CORP 153,031.25
8,900 WR GRACE & CO NEW 151,856.25
DRUGS
10,900 ABBOT LABS 445,537.50
7,800 AGOURON PHARMACEUTICALS 236,437.50
4,900 ALPHA BETA TECHNOLOGY INC 11,943.75
300 ALZA CORP CL A 12,975.00
9,400 AMERICAN HOME PRODUCTS 486,450.00
26,000 AMGEN INC 1,699,750.00
10,500 AMYLIN PHARMACEUTICALS 39,703.13
1,900 AUTOIMMUNE INC 4,868.75
3,500 AXYS PHARMACEUTICALS INC 24,937.50
6,975 BARR LABS INC 277,256.25
16,375 BERGEN BRUNSWIG 759,390.63
5,333 BINDLEY WESTN INDS INC. 175,999.99
3,000 BONE CARE INTERNATIONAL 26,250.00
6,300 BRISTOL MYERS SQUIBB CO 724,106.25
2,000 CAMBRIDGE NEUROSCIENCE IN 1,187.50
10,700 CARDINAL HEALTH INC 1,003,125.00
2,800 CARRINGTON LABS INC 13,475.00
14,100 CARTER WALLACE INC 254,681.25
800 CONNECTICS CORPORATION 3,050.00
6,000 COPLEY PHARMACEUTICAL 36,750.00
2,900 DEPOTECH CORP 4,531.25
9,000 DURA PHARMACEUTICALS INC 201,375.00
14,200 ENGLEHARD CORP 287,550.00
3,200 ERGO SCIENCE CORP 11,400.00
6,050 FUISZ TECHNOLOGIES LTD 66,928.13
3,400 GELTEX PHARMACEUTICAL INC 63,325.00
35,900 GENENTECH INC SPECIAL COM 2,436,712.50
13,800 GENSIA PHARMACEUTICALS 55,200.00
8,500 GILEAD SCIENCES INC 272,531.25
22,400 ICN PHARMACEUTICALS INC 1,023,400.00
12,000 ICOS CORP 229,500.00
1,100 IGI INC 3,437.50
2,400 INCYTE PHARMACEUTICALS 81,900.00
12,000 INTERNUERON PHARM INC. 43,500.00
8,500 ISIS PHARMACEUTICALS 116,343.75
9,900 LIDAK PHARMACEUTICAL CL A 14,850.00
10,000 LIGAND PHARMACEUTCAL CL B 128,750.00
6,600 LILLY ELI & CO 436,012.50
4,300 MAGAININ PHARMACEUTICALS 22,843.75
4,000 MATRITECH INC 8,250.00
5,900 MATRIX PHARMACEUTICAL INC 25,812.50
28,400 MCKESSON CORP NEW 2,307,500.00
7,100 MERCK & CO., INC 949,625.00
37,600 MYLAN LABS INC 1,130,350.00
3,500 NEOPROBE CORP 9,625.00
800 NEOSE TECHNOLOGIES INC 12,800.00
4,100 NEUROCRINE BIOSCIENCES IN 32,543.75
3,700 NEUROGEN CORP 65,675.00
10,200 NORTH AMERN VACCINE 158,100.00
23,600 PERRIGO CO. 237,475.00
9,300 PFIZER INC 1,010,793.75
3,200 PHARMACIA & UPJOHN INC 147,600.00
2,700 PHARMACOPEIA INC 38,475.00
9,600 RIBI IMMUNOCHEM RESH INC 48,600.00
7,800 SCHERER R P CORP DEL 691,275.00
4,700 SCHERING PLOUGH 430,637.50
6,800 SEPRACOR INC 282,200.00
2,100 SONUS PHARMACEUTICALS INC 25,856.25
8,100 TWINLAB CORP 353,868.75
5,700 VICAL INC 96,543.75
5,400 WARNER-LAMBERT 374,625.00
24,000 WATSON PHARMACEUTICALS 1,120,500.00
15,500 XOMA CORP 74,593.75
COSMETICS
5,700 ALBERTO CULVER CO CL B 165,300.00
500 AVON PRODUCTS INC 38,750.00
4,500 FOSSIL INC 111,937.50
500 INTL FLAVORS & FRAGRANCES 21,718.75
3,800 JEAN PHILIPPE FRAGRANCES 30,637.50
17,100 LAUDER ESTEE COS INC 1,191,656.25
11,300 PLAYTEX PRODUCTS INC 180,093.75
4,363 THERMOLASE CORP 31,631.75
HEALTH PRODUCTS/CARE
9,100 ACUSON COM 165,506.25
2,000 ADVANCED MAGNETICS INC 22,625.00
6,600 ALLERGAN INC 306,075.00
4,200 AMERICAN HOMEPATIENT INC 80,325.00
8,000 AMERISOURCE HEALTH CL A 525,500.00
4,000 APHTON CORP 66,500.00
16,800 APRIA HEALTHCARE GRP INC 112,350.00
8,700 ARROW INTL INC 238,706.25
4,800 BARD CR INC 182,700.00
4,700 BAUSCH & LOMB 235,587.50
2,592 BAXTER INTL INC. 139,482.00
12,400 BECTON DICKINSON & CO 962,550.00
7,200 BEVERLY ENTERPRISES INC 99,450.00
23,700 BIOGEN INC 1,161,300.00
7,532 BLOCK DRUG CL A 286,230.82
3,000 CARDIOGENESIS CORP 15,937.50
200 CARDIOTHORACIC SYS INC 1,012.50
21,600 CENTOCOR 783,000.00
2,000 CHROMAVISION MED SYS INC 15,375.00
3,600 CHRONIMED INC 46,350.00
3,000 CLINTRIALS RESEARCH INC 14,625.00
8,600 COASTAL PHYSICIAN GROUP 6,987.50
8,100 COLOMBIA LABS INC COM 46,575.00
63,950 COLUMBIA/HCA HEALTHCARE 1,862,543.75
11,700 CORAM HEALTHCARE CORP 22,668.75
9,600 CRAIG JENNY INC 58,200.00
2,000 CREATIVE BIOMOLECULES INC 9,625.00
4,400 DIAGNOSTIC PRODUCTS CORP 126,775.00
800 EMERITUS CORP 9,450.00
24,800 FOREST LABS 886,600.00
26,000 GENERAL NUTRITION CO 809,250.00
7,322 GILLETTE CO 415,065.88
15,200 GUIDANT CORP 1,083,950.00
1,100 HCIA INC 14,162.50
38,775 HEALTH MGMT IN CL A NEW 1,296,539.06
3,633 HERBALIFE INTL CL A 89,462.63
7,267 HERBALIFE INTL CL B 149,881.88
5,700 HYDRON TECHNOLOGIES INC 3,028.13
4,200 I-STAT CORP 47,250.00
2,600 ICU MED INC 37,375.00
8,300 IMMUNEX CORP NEW 549,875.00
8,600 IMMUNOMEDICS INC 38,162.50
2,900 INCONTROL INC 7,612.50
1,700 INTERCARDIA INC 17,000.00
4,600 KERAVISION INC 36,800.00
1,500 LAIDLAW INC 18,281.25
3,400 MARTEK BIOSCIENCES CORP 49,512.50
2,800 MEDCATH INC 51,362.50
17,400 MID ATLANTIC MED SVCS 200,100.00
3,500 MINIMED INC 183,312.50
800 NEOPATH INC 5,750.00
8,900 NEXSTAR PHARMACEUTICALS 88,721.88
3,700 NORTHFIELD LABORATORIES 54,575.00
8,200 OEC MEDICAL SYSTEMS INC 184,500.00
9,000 ONCOR INC 6,750.00
23,000 OXFORD HEALTH PLANS INC 352,187.50
7,978 PHARMERICA INC 96,234.63
15,200 PHYSICIAN RELIANCE NETWK 173,850.00
4,900 PHYSICIANS RESOURCE GROUP 22,356.25
600 PHYSIO-CONTROL INC. 15,787.50
700 PROJECT SOFTWARE & DEV 14,043.75
13,000 PSS WORLD MEDICAL INC 190,125.00
9,700 QUINTILES TRANSNATIONAL 477,118.75
3,900 RES-CARE INC 71,906.25
8,205 RESPIRONICS INC 127,690.31
4,356 RESPONSE ONCOLOGY INC 28,586.25
17,400 REXALL SUNDOWN INC 613,350.00
4,050 RTW INC 31,387.50
5,900 SERAGEN INC 3,068.00
1,500 SHERIDAN HEALTHCARE INC 17,812.50
3,900 STAAR SURGICAL CO 60,693.75
400 SUNRISE ASSISTED LIVING 13,750.00
30,000 SYBRON INTL CORP 757,500.00
2,135 TENET HEALTHCARE CORP 66,718.75
350 TREX MEDICAL CORP 5,775.00
7,400 U S SURGICAL 337,625.00
12,900 UNILAB CORP 30,637.50
2,400 UNITED AMERN HEALTHCARE 2,850.00
1,520 UROMED CORP 8,455.00
19,365 UTD HEALTHCARE CORP 1,229,677.50
21,500 VENTAS INC 296,968.75
4,874 VETERINARY CNTRS OF AMER 91,692.13
10,200 VIVUS INC 61,518.75
MISCELLANEOUS
8,300 MOLTEN METAL TECHNOLOGY 996.00
59,416 TYCO INTERNATIONAL LTD 3,743,208.00
TOTAL CHEMICALS AND DRUGS $60,681,117.29
CONSUMER PRODUCTS 11.26%
CONFECTIONS AND BEVERAGES
2,600 ANHEUSER-BUSCH COS 122,687.50
5,900 BOSTON BEER INC 75,225.00
6,900 BROWN FORMAN INC CL B 443,325.00
7,400 CANADAIGUA WINE INC CLB 360,750.00
14,900 COCA COLA CO 1,273,950.00
119,100 COCA COLA ENTERPRISES 4,674,675.00
22,800 INTERSTATE BAKERIES 756,675.00
6,300 PEPSICO INC 259,481.25
3,100 PETES BREWING CO 18,890.63
2,500 PYRAMID BREWERIES INC 6,406.25
2,600 REDHOOK ALE BREWERY INC 15,437.50
13,142 TOOTSIE ROLL INDS 1,008,648.50
CONTAINERS
11,800 AVERY DENNISON CORP 634,250.00
2,500 BALL CORP 100,468.75
4,500 BEMIS CO 183,937.50
11,800 CROWN CORK & SEAL INC 560,500.00
2,400 LIQUI BOX 113,700.00
12,784 SEALED AIR CORP 469,826.70
1 SEALED AIR NEW CONV PFD 21.00
4,400 SEALRIGHT CO. INC. 56,650.00
4,700 TEMPLE INLAND INC 253,212.50
DAIRY PRODUCTS
12,500 DEAN FOODS INC 686,718.75
8,800 DREYERS GRD ICE CREAM 177,100.00
28,500 IOWA BEEF PROCESSOR 516,562.50
PACKAGED FOOD
2,600 ALICO INC. 53,300.00
57,453 ARCHER DANIELS MIDLAND CO 1,113,151.88
2,600 BEN & JERRYS HOMEMADE CLA 50,375.00
29,100 BESTFOODS 1,689,618.75
3,850 BRIDGFORD FOODS CORP 47,643.75
4,100 BROTHERS GOURMET COFFEE 4,100.00
900 CAGLES INC 15,018.75
2,100 CAMPBELL SOUP CO 111,562.50
6,400 CHURCH & DWIGHT INCTURE 207,200.00
3,500 CONAGRA 110,906.25
1,380 DNAP HOLDING CORP 5,778.75
600 FARMER BROS CO 143,400.00
27,250 FLOWERS INDUS INC 556,921.88
2,500 GARDENBURGER INC 29,062.50
2,300 HEINZ H J CO 129,087.50
14,100 HERSHEY FOODS CORP 972,900.00
23,400 HORMEL FOODS CORP 808,762.50
1,700 KELLOGG CO 63,856.25
9,900 LANCE INC 221,512.50
3,500 MIDWEST GRAIN PRODUCTS 50,750.00
17,200 NABISCO HOLDINGS CORP CL 620,275.00
1,900 NORTHLAND CRANBERRIES INC 29,331.25
2,550 PERFORMANCE FOOD GROUP CO 50,681.25
15,500 PHILLIP MORRIS CO INC 610,312.50
7,500 PILGRIMS PRIDE CORP 150,000.00
18,600 PIONEER HI BRED INTL INC 769,575.00
600 QUAKER OATS CO 32,962.50
12,200 RALCORP HOLDINGS INC - W 230,275.00
10,600 RALSTON-RALSTON PURINA GR 1,238,212.50
2,000 RIVIANA FOODS INC 46,125.00
3,800 SANDERSON FARMS INC 56,050.00
2,900 SARA LEE CORP 162,218.75
400 SEABOARD CORP DEL 116,400.00
9,600 SMUCKER J M CO. 238,200.00
5,695 SUIZA FOODS CORP 339,920.31
34,000 SYSCO CORP 871,250.00
2,600 TREMONT CORP DEL NEW 146,087.50
1,300 UNILEVER NV NEW YORK 102,618.75
17,000 UNIVERSAL FOODS CORP 377,187.50
1,260 VLASIC FOODS INTL 25,357.50
3,200 WOLOHAN LUMBER CO 41,800.00
11,700 WRIGLEY WM JR CO 1,146,600.00
PAPER
9,950 ALBANY INTER CORP CL A 238,166.16
5,700 BOISE CASCADE CORP 186,675.00
12,400 BOWATER CORP 585,900.00
7,800 CHESAPEAKE CORP 303,712.50
27,600 CONSOLIDATED PAPERS 752,100.00
3,400 CROWN VANTAGE INC 35,700.00
22,187 FORT JAMES CORPORATION 987,321.50
17,700 GAYLORD CONTAINER CL A 136,068.75
9,800 GEORGIA PACIFIC TIMBER 225,400.00
13,000 GLATFELTER PH CO 205,562.50
2,400 INTERNATIONAL PAPER CO 103,200.00
9,450 INTERPOOL INC 136,434.38
3,600 KIMBERLY CLARK CORP 165,150.00
35,200 LOWES COS INC 1,427,800.00
10,400 MEAD CORP 330,200.00
10,400 OWENS ILL INC 465,400.00
12,400 PENTAIR INC 527,000.00
2,400 POTLATCH CORP 100,800.00
8,800 RAYONIER INC 404,800.00
11,880 ROCK-TENN COMPANY CLA 149,242.50
33,110 SONOCO PRODS CO 1,001,577.50
61,100 ST JOE CORPORATION 1,672,612.50
77,100 STAPLES INC 2,231,081.25
4,000 U S CAN CORPORATION 58,750.00
6,200 UNION CAMP CORP 307,675.00
6,850 UNISOURCE WORLDWIDE 74,065.63
12,100 WAUSAU MOSINEE PAPER CORP 276,787.50
10,200 WESTVACO CORP 288,150.00
800 WEYERHAEUSER CO 36,950.00
11,200 WILLIAMETTE INDUSTRIAL 358,400.00
PRINTING AND PUBLISHING
7,300 AMERICAN GREETINGS CL A 371,843.75
7,700 AMERICAN MEDIA INC CL A 51,012.50
1,680 APPLIED GRAPHICS TECHNOLO 76,860.00
9,200 BANTA CORP 284,050.00
20,000 BARNES & NOBLE INC 748,750.00
29,400 BELO AH CORP COM SER A 716,625.00
6,000 BIG FLOWER HLDGS 180,000.00
2,300 CADMUS COMMUNICATIONS 55,775.00
8,600 CENTRAL NEWSPAPERS CL A 599,850.00
8,100 DE LUXE CORP. 290,081.25
14,300 DONNELLEY RR & SONS 654,225.00
3,250 DONNELLY CORP 55,859.38
9,600 DOW JONES & CO 535,200.00
1,900 GANNETT CO., INC 135,018.75
28,500 GARTNER GROUP INC CL A 997,500.00
8,100 GOLDEN BOOKS FAMILY ENTMT 31,134.38
700 HARLAND JOHN H CO 11,856.25
9,700 HOLLINGER INTERNATIONAL 164,900.00
9,600 HOUGHTON MIFFLIN CO 307,200.00
8,200 KNIGHT-RIDDER INC 451,512.50
13,900 LEE ENTERPRISES INC 425,687.50
9,300 MAIL-WELL INC 201,693.75
37,500 MARVEL ENTMT GROUP INC 10,500.00
9,550 MCCLATCHY NEWSPAPER CL A 330,668.75
8,700 MEDIA GENERAL INC 424,125.00
4,600 MEREDITH CORP 215,912.50
9,700 NEW YORK TIMES CO CL A 768,725.00
60,600 READERS DIGEST CLASS B 1,643,775.00
5,200 SCHOLASTIC CORP 207,350.00
4,700 SCIENTIFIC GAMES HLDGS 108,100.00
9,375 TIME WARNER INC 800,976.56
9,600 TIMES MIRROR CO CL A NEW 603,600.00
12,300 TRIBUNE CO 846,393.75
3,600 VALUE LINE INC 137,700.00
3,600 WASHINGTON POST CO CL B 2,073,600.00
11,700 WISCONSIN CENT TRANS CORP 255,937.50
460 WORKFLOW MGMT INC 3,708.75
RECREATIONAL EQUIPMENT
4,300 AMERISTAR CASINOS INC 21,500.00
3,100 BALLY'S TOTAL FITNESS 111,600.00
21,400 BOYD GAMING CORP 123,050.00
9,900 BRUNSWICK CORP 245,025.00
23,000 CALLAWAY GOLF CO 452,812.50
2,200 CANNONDALE CORP 29,425.00
1,147 CARLYLE INDS INC 1,433.75
10,599 CHRIS CRAFT INDUS INC 579,616.41
18,300 COLEMAN INC NEW 211,593.75
4,050 FAMILY GOLF CENTERS INC 102,515.63
2,000 FIRST TEAM SPORTS 4,000.00
346 GART SPORTS CO 4,368.25
46,900 HARLEY DAVIDSON INC 1,817,375.00
9,900 HARRAH'S ENTERTAINMENT 230,175.00
35,100 INTRNTL GAME TECH 851,175.00
15,700 MGM GRAND INC 495,531.25
1,780 MICROPOSE INC 7,898.75
800 NORTH FACE INC 19,200.00
2,700 SHUFFLE MASTER INC 24,637.50
18,600 SUNGLASS HUT INTL INC 205,762.50
4,200 WEST MARINE INC 75,600.00
OTHER CONSUMER PRODUCTS
3,900 AMERICAN SAFETY RAZOR CO 57,037.50
12,750 BLYTH INDS INC 423,937.50
1,650 BOLLE INC 9,074.99
27,800 BORDERS GROUP INC 1,028,600.00
30,100 CINTAS CORP 1,535,100.00
10,200 CLOROX CO 972,825.00
1,800 COLGATE PALMOLIVE CO 158,400.00
2,600 CROWN CRAFTS INC 39,975.00
7,100 ECKO GROUP INC 55,912.50
2,900 FAB INDS INC. 80,837.50
12,200 FIRST BRANDS CORP 312,625.00
6,223 GENERAL CIGAR HLDGS INC B 61,452.13
7,100 HARCOURT GENERAL INC 422,450.00
2,100 MINNESOTA MNG & MFR 172,593.75
15,700 NEWELL CO. 782,056.25
24,600 OAKLEY INC 319,800.00
5,850 ONEIDA LTD. 179,156.25
8,800 PRESSTEK INC 98,450.00
2,175 PRICESMART INC 34,935.94
8,200 PROCTER & GAMBLE CO 746,712.50
15,100 RUBBERMAID INC 501,131.25
3,200 RUSSELL CORP 96,600.00
38,300 SHAW INDUSTRIES INC 675,037.50
1,700 SPRINGS INDUS INC 78,412.50
2,626 STANDARD COMMERCIAL CORP 28,886.00
3,000 SUPERIOR SURGICAL 48,750.00
6,300 TUPPERWARE CORPORATION 177,187.50
11,500 UNIVERSAL CORP 429,812.50
1,300 UST INC 35,100.00
12,300 V F CORP 632,681.25
17,200 WARNACO GROUP INC CL A 729,925.00
11,300 WHITMAN CORP 259,193.75
PHOTOGRAPHY
1,200 AEP INDUSTRIES INC 25,950.00
3,900 CPI CORP. 92,868.75
1,800 EASTMAN KODAK CO. 131,512.50
3,800 POLAROID CORP 135,137.50
HOUSEHOLD FURN/APPLIANCES
4,000 ARMSTRONG WORLD IND 269,500.00
4,200 CHROMCRAFT REVINGTON INC 76,125.00
3,100 COORS ADOLPH CO CL B 105,400.00
3,000 CORT BUSINESS SVCS CORP 94,500.00
4,100 CULP INC 53,043.75
9,000 DEPARTMENT 56 INC 319,500.00
1,000 FALCON PRODS INC 12,625.00
22,300 FURNITURE BRANDS INTL INC 625,793.75
31,900 HANOVER DIRECT INC 107,662.50
3,100 HAVERTY FURNITURE COS INC 68,587.50
16,000 HELIG MEYERS CO 197,000.00
10,000 KIMBALL INT INC CL B 181,250.00
8,200 LIBBEY INC 314,162.50
4,730 LIFETIME HOAN CORP 47,300.00
9,500 MAYTAG CO 469,062.50
8,300 MIKASA INC 105,825.00
27,700 MILLER HERMAN INC 673,456.25
3,300 REX STORES CORP 41,662.50
29,000 SUNBEAM CORPORATION 300,875.00
RETAIL
15,400 AUTOZONE INC 491,837.50
21,300 BED BATH & BEYOND INC 1,103,606.25
6,100 BRADLEES INC 953.13
3,000 COLE NATL CORP NEW 120,000.00
2,700 FINLAY ENTERPRISES INC 65,137.50
15,000 INTIMATE BRANDS INC 413,437.50
3,100 MULTIPLE ZONES INTL 8,912.50
75 PROFFITTS INC 3,028.13
383 SCHOOL SPECIALTY INC 6,277.08
5,400 SPIEGAL INC CL A 38,812.50
32,200 TJX COS INC (NEW) 776,825.00
11,800 VALUE CITY DEPT STORES 247,800.00
3,100 WILMAR INDS 79,050.00
7,100 WINDMERE-DURABLE HOLDINGS 254,268.75
APPAREL
356 ABERCROMBIE & FITCH CL A 15,680.58
6,075 AMERICAN EAGLE OUTFITTERS 234,267.19
2,600 CHIC BY H I S INC 20,475.00
3,100 DECKERS OUTDOOR CORP 21,312.50
5,000 DONNKENNY INC DEL 14,062.50
210 EDISON BROS STORES WTS 840.00
3,195 FOOTSTAR INC 153,360.00
6,200 FRUIT OF THE LOOM CL A 205,762.50
1,900 GADZOOKS INC 52,368.75
31,600 JONES APPAREL GROUP 1,155,375.00
9,600 LANDS END INC. 303,600.00
26,070 LIMITED INC 863,568.75
6,400 LIZ CLAIBORNE INC 334,400.00
2,200 LOEHMANNS INC 10,587.50
700 NIKE INC CL B 34,081.25
11,800 NINE WEST GROUP 316,387.50
2,900 NORTON MCNAUGHTON INC 18,850.00
5,000 QUIKSILVER INC 99,687.50
3,800 STAGE STORES INC 171,950.00
9,600 STARTER CORP 27,000.00
12,000 TALBOTS INC 314,250.00
4,400 UNITED RETAIL GROUP INC 69,850.00
400 VANS INC 3,875.00
13,400 VENATOR GROUP INC 256,275.00
21,600 WESTPOINT STEVENS INC 712,800.00
AUDIO/VISUAL
8,800 ACKERLEY COMMUNICATIONS 185,900.00
3,800 CKS GROUP INC 68,400.00
400 GREY ADVERTISING INC. 158,400.00
4,400 MOVIE GALLERY INC 31,900.00
5,300 NATIONAL MEDIA CORP 5,962.50
19,000 OMNICOM GROUP INC 947,625.00
2,300 OPTICAL CABLE CORP 23,000.00
3,200 SINCLAIR BROADCAST GROUP 92,000.00
3,000 WEST COAST ENTERTAINMENT 5,062.50
BROADCASTING
5,000 ADELPHIA COMM CORP CL A 185,625.00
5,600 AMERICAN TELECASTING INC 4,550.00
1,775 CABLE MICHIGAN INC 69,225.00
10,400 CABLEVISION SYS CORP 868,400.00
19,700 CHANCELLOR MEDIA CORP /A 978,228.13
86,000 COX COMM INC CL A NEW 4,165,625.00
2,900 EMMIS BROADCASTING CORP 138,656.25
5,180 GAYLORD ENT CL/A 167,055.00
169 HEARST-ARGYLE TELEVISION 6,760.00
4,100 HEARTLAND WIRELESS COMM 3,331.25
7,100 JACOR COMMUNICATIONS INC 418,900.00
4,700 JONES INTERCABLE INC CL A 117,500.00
7,400 KING WORLD INC 188,700.00
8,200 TCA CABLE TV INC 492,000.00
3,900 TRANSACTION NETWORK SVCS 82,143.75
2,400 TV FILME INC 7,800.00
4,000 UNITED VIDEO SATELLITE 158,500.00
33,327 USA NETWORKS INC 837,335.85
7,900 VALUEVISION INTL INC CL A 31,600.00
3,000 WAVEPHORE INC 34,687.50
MISCELLANEOUS
400 FEDDERS CORP CL A 2,550.00
3,300 JOSTENS INC 79,612.50
2,000 OAO TECHNOLOGY SOLUTIONS 10,000.00
12,465 PALL CORP 255,532.50
2,700 PHP HEALTHCARE CORP 19,912.50
25,800 SERVICE CORP INTL 1,106,175.00
21,600 STARBUCKS CORP 1,154,250.00
TOTAL CONSUMER PRODUCTS $99,477,100.83
DURABLE GOODS 24.22%
AEROSPACE-AIRCRAFT
7,242 BOEING CO 322,721.63
24,400 COLTEC INDS INC 484,950.00
11,200 CORDANT TECHNOLOGIES INC 516,600.00
2,200 CURTISS WRIGHT CORP 86,212.50
3,400 FAIRCHILD CORP CL A 68,637.50
12,700 GENERAL DYNAMICS CORP 590,550.00
3,278 ICG COMMUNICATIONS 119,851.88
14,200 LITTON INDUS INC 837,800.00
1,300 LOCKHEED MARTIN CORP 137,637.50
6,900 M & F WORLDWIDE CORP 68,568.75
6,000 NORTHROP GRUMMAN CORP 618,750.00
6,700 OEA INC 107,200.00
1,650 PRIMEX TECHNOLOGIES INC 84,562.50
2,600 SIMULA INC 42,737.50
2,300 SPECIAL DEVICES INC 81,362.50
18,300 SUNDSTRAND CORP 1,047,675.00
800 TEXTRON INC 57,350.00
1,100 UNITED TECHNOLOGIES CORP 101,750.00
AGRICULTURAL MACHINERY
1,700 CATERPILLAR INC 89,887.50
1,400 DEERE & CO 74,025.00
3,200 TRACTOR SUPPLY CO 79,600.00
AUTOMOBILE AND PARTS
4,700 APS HOLDING CORP CL A 3,084.38
7,300 ARVIN INDUST INC 265,081.25
7,900 BORG WARNER SEC CORP 178,737.50
3,700 CHRYSLER CORP 208,587.50
8,000 COACHMEN INDS INC 209,000.00
22,700 COLLINS & AIKMAN CORP NEW 168,831.25
7,000 COOPER TIRE & RUBBER 144,375.00
3,700 COPART INC 85,562.50
3,400 CUMMINS ENGINE INC 174,250.00
10,700 DANA CORP 572,450.00
6,400 DETROIT DIESEL CORP 138,000.00
15,300 DONALDSON INC 360,506.25
1,400 DURAKON INDS 15,575.00
6,400 ECHLIN INC 314,000.00
3,900 EXCEL INDS INC 55,818.75
7,500 EXIDE CORP 126,093.75
11,700 FEDERAL-MOGUL CORP 789,750.00
8,800 FORD MTR CO 519,200.00
1,800 GENERAL MTRS CORP 120,262.50
750 GENUINE PARTS CO 25,921.88
19,400 LEAR CORPORATION 995,462.50
12,200 MASCOTECH INC 292,800.00
7,666 MERITOR AUTOMOTIVE INC 183,984.00
1,883 MIDAS INC 37,895.38
9,800 MODINE MFG CO 339,325.00
2,431 MONRO MUFFLER BRAKE INC 38,284.31
6,200 NAVISTAR INTL CORP NEW 179,025.00
2,000 OSHKOSH TRUCK CORP. 50,000.00
7,900 PACCAR INC 412,775.00
5,050 SNAP ON TOOLS CORP 183,062.50
14,200 SPEEDWAY MOTORSPORTS INC 362,987.50
4,600 STRATTEC SECURITY CORP 138,575.00
9,400 SUPERIOR INDUSTRIES INTL 264,962.50
700 TENNECO INC 26,643.75
10,300 TOP SOURCE TECH INC 10,300.00
1,200 TOWER AUTOMOTIVE INC 51,450.00
2,500 TRANSPRO INC 18,593.75
500 TRW INC 27,312.50
5,900 VICORP RESTAURANTS 90,712.50
26,200 VIKING OFFICE PRODS INC 822,025.00
7,700 WESTINGHOUSE AIR BRAKE CO 203,087.50
ELECTRICAL
2,400 ADFLEX SOLUTIONS INC 21,300.00
3,250 AFC CABLE SYSTEMS INC 115,375.00
1,000 AMP INC 34,375.00
200 BARNETT INC 4,050.00
2,200 BOLDER TECHNOLOGIES CORP 27,500.00
2,400 C&D TECHNOLOGY INC 139,200.00
6,400 C-CUBE MICROSYSTEMS INC 118,800.00
2,800 CHERRY CORP CL A 44,100.00
5,200 CIDCO INC 24,050.00
2,700 EMERSON ELEC CO 162,843.75
4,725 ENCORE WIRE CORP 76,190.63
17,600 EXECUTONE INFORMATION SYS 35,200.00
2,300 FRANKLIN ELEC. INC. 156,400.00
5,000 GASONICS INTL CORP 35,000.00
9,800 GRAINGER W W INC 488,162.50
500 HONEYWELL INC 41,781.25
20,700 HUBBELL INC CL B 861,637.50
3,500 INSILCO CORP NEW 155,312.50
25,800 INTEGRATED DEVICE TECH 184,631.25
7,200 LEVEL ONE COMMUNICATIONS 169,200.00
7,400 LITTLEFUSE INC 186,850.00
8,100 MAGNETEK INC 127,575.00
2,100 MERIX CORP 20,868.75
8,400 RAYCHEM CORP 248,325.00
3,000 THERMO ECOTEK CORP 46,875.00
5,600 THOMAS & BETTS CORP 275,800.00
700 ULTRALIFE BATTERIES INC 5,950.00
3,900 WOODHEAD INDS INC 59,962.50
ELECTRONICS
6,500 ACTEL CORPK 69,875.00
3,200 ADVANCED LIGHTING TECH 74,400.00
14,400 ADVANCED MICRO-DEVICES 245,700.00
7,000 AFFINITY TECH GRP 5,906.25
14,100 ALLIANCE SEMICONDUCTOR 49,790.63
5,700 ALTRON INC 73,387.50
29,300 AMERICAN POWER CONVERSION 879,000.00
3,500 AMERICAN SUPERCONDUCTOR 42,000.00
1,003 AMPHENOL CORP CL/A 39,117.00
49,900 ANALOG DEVICES INC 1,225,668.75
36,000 APPLIED MATLS INC 1,062,000.00
30,300 ARROW ELECTRONICS INC 659,025.00
5,800 ASPEN TECHNOLOGY INC 292,900.00
30,700 ATMEL CORP. 418,287.50
19,100 AURA SYS INC. 37,006.25
12,300 AVNET INC 672,656.25
29,300 AVX CORP 470,631.25
17,000 BEC ENERGY 705,500.00
3,900 CELLULAR COMM INTL INC 194,512.50
2,866 CHYRON CORPORATION 10,568.38
2,300 CINCINNATI MICROWAVE INC 23.00
103,000 CISCO SYS INC 9,482,437.50
7,300 CLECO CORP 217,175.00
4,600 COHERENT COMMUNICATIONS S 215,337.50
3,500 COHU INC 85,093.75
8,100 COMPUTER NETWORK TECH 37,462.50
2,500 CORNERSTONE IMAGING INC 18,281.25
9,700 CREDENCE SYSTEMS CORP 184,300.00
3,300 CUBIC CORP. 78,787.50
28,200 CYPRESS SEMINCONDUCTOR 234,412.50
21,250 DIEBOLD INC 613,593.75
2,300 DSP GROUP INC 45,425.00
2,800 E G & G INC 84,000.00
3,200 EIS INTERNATIONAL INC 17,200.00
2,500 ELECTRO SCIENTIFIC INDS 78,906.25
18,400 ELECTRONICS FOR IMAGING 388,700.00
500 ELTRON INTL INC 13,750.00
3,400 EMERSON RADIO CORP 1,700.00
5,000 ESTERLINE TECHNOLOGIES CO 102,812.50
4,300 EXAR CORP. 90,300.00
22,400 FORE SYSTEMS INC 593,600.00
2,600 FRANKLIN ELECTRONIC PUBLI 26,000.00
2,900 FUSION SYSTEMS -CVR 181.25
15,016 GENERAL ELECTRIC CO 1,366,456.00
15,100 GENERAL INSTRUMENT CORP 410,531.25
8,400 GENERAL MAGIC INC 103,425.00
88 GENERAL MILLS INC 6,017.00
32,900 GENERAL MOTORS CL H 1,550,412.50
6,800 GENRAD INC 134,300.00
5,500 GENUS INC 5,500.00
2,700 GTI CORP 7,593.75
5,900 HOLOPHANE CORP 150,450.00
8,000 IDENTIX INC 51,000.00
12,473 IMATION CORP 206,584.06
700 INFORMATON STORAGE DEVICE 3,675.00
5,900 INTEGRATED SILICON SOL 41,300.00
16,200 INTEL CORP 1,200,825.00
2,500 ITI TECHNOLOGIES INC 70,781.25
8,200 JOHNSON CTLS INC 467,912.50
13,100 KENETECH CORP 4,192.00
8,000 KLA INSTRUMENTS CORP 221,500.00
3,400 KOPIN CORP 65,450.00
11,690 LAM RESH CORP. 223,571.25
3,800 LEXMARK INTL GROUP INC 231,800.00
23,400 LINEAR TECHNOLOGY CORP 1,411,312.50
14,200 LSI LOGIC CORP 327,487.50
11,800 LTX CORP 57,893.75
2,475 LUMEN TECHNOLOGIES INC 21,965.63
13,100 MACROMEDIA INC 244,806.25
5,100 MATTSON TECHNOLOGY INC 26,775.00
40,000 MAXIM INTEGRATED PRODS 1,267,500.00
20,100 MENTOR GRAPHICS 212,306.25
5,200 MICREL INC 169,000.00
4,400 MICRO LINEAR CORP 20,075.00
21,400 MICRON TECH 530,987.50
3,000 MICROTEST INC 13,687.50
48,231 MOLEX INC 1,205,775.00
3,800 MOTOROLA INC 199,737.50
2,500 MRV COMMUNICATIONS INC 51,875.00
10,000 MTS SYS CORP. 160,625.00
16,500 NATIONAL SEMICONDUCTOR 217,593.75
31,400 NEXTEL COMM INC CL A 781,075.00
8,000 NIMBUS CD INTERNATIONAL 91,000.00
52,100 NOISE CANCELLATION TECH 35,818.75
14,600 OAK TECHNOLOGY INC 66,612.50
24,100 OIS OPTICAL IMAGING SYS 22,593.75
900 OPTI INC 6,075.00
4,600 PERKIN ELMER CORP 286,062.50
4,200 PRI AUTOMATION INC 71,662.50
3,500 PSC INC 31,718.75
38,200 QUANTUM CORP 792,650.00
620 RADIUS INC 1,511.25
0 RAYTHEON CO CL A 11.93
34,100 RAYTHEON CO CL B 2,016,162.50
4,200 RECOTON CORP 140,700.00
5,400 ROBOTIC VISION SYSTEMS 24,975.00
2,200 ROGERS CORP 72,600.00
10,000 SAFEGUARD SCIENTIFICS INC 416,875.00
4,900 SEMITOOL INC 40,118.75
22,900 SENSORMATIC ELEC CORP 320,600.00
10,700 SILICON VALLEY GROUP INC 171,868.75
1,100 SILICONIX INC 26,950.00
3,400 SIPEX CORP 73,100.00
34,600 SOLECTRON CORP 1,455,362.50
2,500 SPEEDFAM INTL INC 46,093.75
4,500 SUPERTEX INC 54,562.50
19,350 SYMBOL TECHNOLOGIES 730,462.50
2,100 TECH SYM CORP 58,406.25
5,050 TEKTRONIX INC 178,643.75
25,700 TERADYNE INC 687,475.00
39,300 TEXAS INSTRUMENTS 2,291,681.25
5,400 THERMO CARDIOSYSTEMS 122,850.00
2,100 THORN APPLE VALLEY 16,800.00
22,700 TIG HOLDINGS INC 522,100.00
26,400 TRUSTMARK CORP 579,150.00
9,300 VARIAN ASSOCIATES 362,700.00
20,860 VISHAY INTERTECHNOLOGY 374,182.53
8,600 WATERS CORP 506,862.50
4,600 XICOR INC 8,050.00
18,600 ZENITH ELECTRONICS CRP 5,580.00
INDUSTRIAL MACHINERY
2,300 AEROQUIP-VICKERS INC 134,262.50
19,600 AGCO CORP 403,025.00
23,600 AIR PRODS & CHEMS INC 944,000.00
7,500 ALLIED PRODUCTS CORP COM 158,906.25
2,500 BRIGGS & STRATTON CORP 93,593.75
7,400 CASE CORP 357,050.00
3,750 CHART INDS INC 89,531.25
3,400 CINCINNATI MILACRON INC 82,662.50
24,800 CORRECTIONS CORP AMER 582,800.00
5,800 DII GROUP INC 98,962.50
22,500 DOVER CORP 770,625.00
1,900 DT INDUSTRIES INC 46,075.00
8,696 FLOWSERVE CORP 214,139.00
3,400 FOSTER WHEELER CORP 72,887.50
4,000 GLEASON CORP 112,500.00
4,000 HARNISCHFEGER INDUS INC 113,250.00
19,000 IMATRON INC 52,250.00
16,350 INGERSOLL RAND CO 720,421.88
4,900 INTEGRATED PROCESS EQUIP 55,125.00
10,350 MILLER INDUSTRIES INC 80,212.50
5,900 NORDSON CORP. 277,300.00
4,700 OSMONICS INC 56,400.00
4,100 PARK OHIO HLDGS CORP 75,850.00
20,800 ROCKWELL INTL CORP W/I 999,700.00
3,200 SEQUA CORP CL A 213,600.00
10,900 STEWART & STEVENSON SVSC 196,200.00
11,600 TELEFLEX INC. 440,800.00
1,600 THERMO POWER CORPORATION 16,800.00
5,600 UNOVA INC 120,400.00
12,800 YORK INTL CORP NEW 557,600.00
OFFICE EQUIPMENT AND SUPPLIES
9,600 3DO CO 30,300.00
3,600 7TH LEVEL INC 14,962.50
60,000 AMERICA ONLINE INC 6,360,000.00
5,800 AMERICAN BUS PROD INC. 118,900.00
6,800 AMERICAN PAD & PAPER CO N 30,600.00
4,000 ANSYS INC 39,500.00
5,900 APPLIED INNOVATION INC 58,631.25
2,800 ASPECT DEVELOPMENT INC 211,750.00
10,000 BLACK BOX CORP 331,875.00
3,400 BOISE CASCADE OFFICE PROD 52,700.00
4,900 BROADVISION INC 116,987.50
10,200 BT OFFICE PRODUCTS INTL 137,700.00
3,400 CASINO DATA SYS 9,137.50
7,200 CERIDIAN CORP 423,000.00
2,875 CHAMPION INDUSTRIES INC/W 34,500.00
2,800 COMPUTER MGMT SCIENCES 66,500.00
4,100 CSS INDUSTRIES 134,275.00
2,600 CYBERCASH INC 31,687.50
3,000 DAISYTEK INTERNATIONAL CO 76,312.50
800 DIGITAL LINK CORP 6,200.00
2,500 ELCOM INTL INC 9,218.75
5,400 ENNIS BUSINESS FORMS 62,775.00
3,600 EXCALIBUR TECHNOLOGIES 39,600.00
15,000 GATEWAY 2000 INC 759,375.00
5,900 GENERAL BINDING 217,193.75
4,200 GENERAL SIGNAL CORP 151,200.00
5,100 GEOWORKS 17,850.00
7,800 HARRIS CORP-DEL 348,562.50
19,800 HON INDS INC 673,200.00
5,800 HUNT CORPORATION 137,387.50
2,800 IBM COMMON 321,475.00
13,100 IKON OFFICE SOLUTIONS 190,768.75
16,600 INTERGRAPH CORP 142,137.50
15,400 INTUIT INC 943,250.00
21,100 KEANE INC 1,181,600.00
1,600 MANUGISTICS GROUP INC 39,600.00
1,700 MAPINFO CORP 18,275.00
11,200 MICRO WAREHOUSE INC 173,600.00
5,800 MICROS SYS INC 191,943.75
2,900 MICROTOUCH SYS INC 53,831.25
5,300 NEOSTAR RETAIL GROUP INC 53.00
7,600 NU-KOTE HLDG INC CL A 3,087.50
8,000 OBJECTIVE SYS INTEGRATORS 59,000.00
6,100 ODS NETWORKS INCORPORATED 39,650.00
48,700 OFFICE DEPOT INC 1,537,093.75
38,200 OFFICEMAX INC 630,300.00
2,400 PERCEPTRON INC 28,800.00
1,100 PITNEY BOWES INC 52,937.50
8,500 RACOTEK INC 23,375.00
24,300 REYNLDS&REYNLDS CO CL A 441,956.25
9,400 SECURITY DYNAMICS TECH 173,900.00
9,500 STANDARD REGISTER 336,062.50
5,700 SUBMICRON SYS CORP 5,700.00
7,000 SYSTEMSOFT CORP 10,500.00
3,168 THERMOLASE CORP (NEW) 51,480.00
3,600 UNITED TELEVISION INC. 412,200.00
863 US OFFICE PRODUCTS CO 16,818.75
3,500 VIDEOSERVER INC 42,875.00
6,200 VWR SCIENTIFIC PROD CORP 152,675.00
13,300 WALLACE COMPUTER SVCS 315,875.00
7,425 WIND RIVER SYSTEMS INC 266,371.88
1,400 XEROX CORP. 142,275.00
RUBBER
3,600 BANDAG INC 140,400.00
10,200 CARLISLE COS INC 439,237.50
9,040 GOODRICH B F CO 448,610.00
600 GOODYEAR TIRE & RUBBER 38,662.50
10,000 STONE CONTAINER 156,250.00
OTHER DURABLE GOODS
2,400 AG CHEM EQUIP INC 53,100.00
3,600 ALLIED-SIGNAL INC 159,750.00
10,900 AMETEK INC (NEW) 319,506.25
9,500 BECKMAN COULTER INC 553,375.00
7,600 BORG-WARNER AUTOMOTIVE 365,275.00
2,200 COLUMBUS MCKINNON CORP 57,200.00
1,600 CORNING INCORPORATED 55,600.00
3,700 CRANE CO 179,681.25
5,900 HARMAN INTL INDS INC NEW 227,150.00
5,650 HUSSMAN INTL INC 105,937.50
25,200 ILLINOIS TOOL WORKS 1,680,525.00
3,767 IMC GLOBAL INC WTS 9,416.67
11,000 KAYDON CORP. 388,437.50
3,600 MILLIPORE CORP 98,100.00
3,400 NEWPORT NEWS SHIPBUILDING 90,950.00
5,300 OWENS CORNING 216,306.25
1,500 PENN ENGINEERING & MFG 36,937.50
500 PENN ENGINEERING & MFG CO 10,125.00
7,500 PRECISION CASTPARTS 400,312.50
2,300 ROCKSHOX INC 9,200.00
1,566 SONOSIGHT INC 11,451.38
2,600 STARRETT LS CO CL A 102,700.00
1,500 STIMSONITE CORP 11,250.00
7,100 TECUMSEH PROD CO CL A 374,968.75
6,400 THERMEDICS INC. 79,200.00
3,500 THOMASTON MILLS CL A 20,562.50
6,300 TIMKEN CO 194,118.75
14,000 TRINITY INDS INC. 581,000.00
19,000 UNIFI INC 650,750.00
COMPUTERS AND SOFTWARE
18,100 ACCLAIM ENTERTAINMENT 107,468.75
2,000 ACT NETWORKS INC 17,500.00
1,700 ACTIVE VOICE CORP 17,850.00
6,700 ADOBE SYSTEMS INC 284,331.25
7,800 AMERICAN BUS INFO CL/A 118,950.00
7,800 AMERICAN BUS INFO INC 124,800.00
4,900 APERTUS TECHNOLOGIES INC 5,512.50
13,400 APPLE COMPUTER INC 384,412.50
3,100 ARDENT SOFTWARE 42,625.00
5,200 ARTISOFT INC. 14,300.00
5,102 AUTODESK INC 197,064.75
2,000 AUTOMATIC DATA PROC 145,750.00
138 AXHIOM TRANSACT SOLUTIONS 1,414.50
690 AZTEC TECHNOLOGY PARTNERS 5,261.25
6,900 BELL & HOWELL COMPANY 178,106.25
62,600 BMC SOFTWARE INC 3,251,287.50
3,400 BOCA RESEARCH INC 15,300.00
3,000 BROADWAY & SEYMOUR INC 16,875.00
9,400 CABLETRON SYS INC 126,312.50
3,700 CACI INTERNTL INC CL A 77,931.25
47,500 CADENCE DESIGN SYS INC 1,484,375.00
4,700 CAERE CORP 61,687.50
2,200 CCC INFO SERV GROUP 36,300.00
7,500 CDW COMPUTER CENTERS INC 375,000.00
7,800 CELLULAR TECHNICAL SVCS I 3,656.25
4,400 CENTURA SOFTWARE CORP 7,150.00
21,400 CIRRUS LOGIC INC 238,075.00
22,761 COMPAQ COMPUTER CORP 645,843.38
15,800 COMPUCOM SYS INC 102,700.00
55,000 COMPUTER ASSOC INTL INC 3,055,937.50
7,800 COMPUTER HORIZONS CORP 289,087.50
12,638 COMPUTER SCIENCES CORP 808,832.00
55,600 COMPUWARE CORP COM 2,842,550.00
3,500 COMSHARE INC 27,343.75
22,300 COPYTELE INC 50,175.00
2,100 CYBERGUARD CORP 20,212.50
4,700 DATA GENL CORP 70,206.25
64,900 DELL COMPUTER CORP 6,023,531.25
3,900 DENDRITE INTERNATIONAL 146,737.50
12,900 DIAMOND MULTIMEDIA SYS 88,284.38
2,000 DOCUCORP INTL W I 13,125.00
9,600 DST SYSTEMS INC 537,600.00
5,200 EDIFY CORP 52,650.00
18,620 ELECTRONIC ARTS INC 1,005,480.00
156,500 ELECTRONIC DATA SYSTEMS 6,260,000.00
50,100 EMC CORP. 2,245,106.25
1,400 EMULEX CORP 8,312.50
5,200 EVANS & SUTHERLAND 130,975.00
600 EXPERT SOFTWARE INC 2,475.00
45,000 FIRST DATA CORP 1,499,062.50
9,300 FTP SOFTWARE INC 15,693.75
10,900 GT INTERACTIVE SOFTWARE 82,090.63
43,280 HBO & CO 1,525,620.00
6,000 HEWLETT PACKARD CO 359,250.00
600 IDT CORP 18,037.50
9,200 INFOR RESOURSE INC 170,200.00
47,000 INFORMIX CORP 371,593.75
6,400 INFOSEEK CORP 229,600.00
13,056 INPRISE CORP 96,288.00
7,100 INTERSOLV INC. 114,043.75
82,700 IOMEGA CORP 485,862.50
13,500 JTS CORPORATION 810.00
3,000 KEY TRONIC CORP 8,250.00
4,000 LYCOS INC 301,500.00
4,900 MAC NEAL SCHWENDLER CORP 48,081.25
4,000 MAPICS INC 78,750.00
2,000 MARCAM SOLUTIONS 36,000.00
5,700 MAY AND SPEH INC 113,287.50
2,297 METACREATIONS CORP 10,623.63
27,800 MICRON ELECTRONICS INC 335,337.50
238,200 MICROSOFT CORP 25,814,925.00
700 MICROWARE SYSTEMS CORP 3,237.50
5,600 MYLEX CORP 37,800.00
2,100 NATIONAL TECHTEAM INC 21,000.00
10,625 NCR CORP 345,312.50
14,400 NETMANAGE INC 43,200.00
22,140 NETSCAPE COMMUNICATIONS 599,163.75
5,900 NETWORK COMPUTING DEVICES 47,937.50
4,100 NETWORK PERIPHERALS INC 20,756.25
22,612 NETWORKS ASSOCIATES INC 1,082,549.50
34,500 NOVELL INC 439,875.00
2,500 ONEWAVE INC 6,250.00
98,025 ORACLE CORPORATION 2,407,739.06
28,456 PARAMETRIC TECHNOLOGY 771,869.00
4,700 PC DOCS GROUP INTL INC 30,843.75
62,000 PEOPLESOFT INC 2,914,000.00
4,900 PHOENIX TECHNOLOGIES LTD 62,475.00
2,100 PITTWAY CORP 160,125.00
8,300 PIXAR INC 501,112.50
4,700 PLANAR SYS INC 49,350.00
8,100 PMC - SIERRA INC 379,687.50
11,800 POLICY MGMNT SYS CORP 463,150.00
3,000 PRINTRONIX INC 48,000.00
8,400 PSINET INC 109,200.00
4,700 QRS CORP 176,837.50
4,100 QUICKTURN DESIGN SYSTEMS 29,981.25
2,200 RAINBOW TECHNOLOGIES INC 45,100.00
11,789 RATIONAL SOFTWARE CORP 179,782.25
11,700 SANTA CRUZ OPERATION INC 55,575.00
24,500 SEAGATE TECHNOLOGY INC 583,406.25
11,100 SEQUENT COMP SYS INC 133,893.75
1,900 SHARED MEDICAL SYS CORP 139,531.25
10,000 SHIVA CORP 83,750.00
160 SIEBEL SYSTEMS 5,160.00
19,000 SILICON GRAPHICS 230,375.00
200 SMART MODULAR TECHNO 2,925.00
2,800 SPYGLASS INC 32,025.00
8,500 STAC INC 36,656.25
33,800 STORAGE TECH CRP PAR $.01 1,466,075.00
5,000 STORMEDIA INC 9,687.50
7,700 STRATUS COMPUTER INC 195,387.50
9,900 STREAMLOGIC CORP 154.69
10,700 STRUCTURAL DYNAMICS 247,437.50
31,100 SUNGARD DATA SYSTEMS 1,193,462.50
2,700 SUNQUEST INFORMATION SYS 24,637.50
25,000 SYBASE INC 174,218.75
18,100 SYMANTEC CORP 472,862.50
14,243 SYNOPSYS INC 651,617.25
4,000 SYQUEST TECHNOLOGY INC 5,875.00
10,200 SYSTEMS & COMPUTER TECH 275,400.00
35,825 THREE COM CORP 1,099,379.69
22,050 TOTAL SYSTEMS SERVICE 463,050.00
4,000 TRIDENT MICROSYSTEMS INC 21,250.00
5,100 UNISYS CORP 144,075.00
1,000 USDATA CORPORATION 4,875.00
6,750 VERITAS SOFTWARE CO 279,281.25
1,900 WANDEL & GOLTERMANN TECH 28,618.75
11,900 WANG LABS INC NEW 302,706.25
33,200 WESTERN DIGITAL CORP 392,175.00
2,300 XCELLENET INC 51,606.25
23,800 XILINX INC 809,200.00
HOUSEHOLD FURN/APPLIANCES
2,300 BUSH INDS INC CL A 50,025.00
500 DIAMOND HOME SERVICES INC 2,500.00
13,350 LANCASTER COLONY CORP 505,631.25
59,200 LEGGETT & PLATT INC 1,480,000.00
6,200 O'SULLIVAN INDS HLDGS INC 86,800.00
7,500 WHIRLPOOL CORP 515,625.00
TELECOMMUNICATIONS
41,100 ADC TELECOMM INC 1,501,434.38
14,500 ADTRAN INC 378,812.50
57,700 AIRTOUCH COMMUNICATIONS 3,371,843.75
8,600 AMERICAN MOBILE SATELLITE 83,850.00
2,070 AMERICAN TOWER SYS CORP 51,620.63
8,950 ANDREW CORP 161,659.38
7,800 ANTEC CORP 180,862.50
3,600 APPLIED DIGITAL ACCESS 18,000.00
9,900 ASSOCIATED GROUP CL A 405,900.00
13,500 ASSOCIATED GROUP CL B 536,625.00
3,200 BRITE VOICE SYS INC 36,400.00
21,300 CELLSTAR CORP 275,568.75
45,900 COMDISCO 872,100.00
4,733 COMMONWEALTH TELEPHONE EN 124,832.88
3,400 COMMUNICATIONS SYSTEM INC 54,400.00
11,400 DSC COMMUNICATIONS 342,000.00
12,800 DSP COMMUNICATIONS INC 176,000.00
1,200 EXCEL COMMUNICATIONS INC 27,525.00
7,300 GENERAL DATACOMM INDS INC 36,500.00
21,300 GLENAYRE TECHNOLOGIES INC 228,975.00
5,200 INTELIDATA TECHNOLOGIES 5,037.50
7,600 IXC COMMUNICATIONS INC 368,600.00
19,433 LORAL SPACE & COMM LTD 548,982.25
9,112 LUCENT TECHNOLOGIES INC 758,004.50
11,800 MCLEOD INC. CL A 458,725.00
55,300 MEDIAONE GROUP INC (NEW) 2,429,743.75
3,700 MICRODYNE CORP 16,650.00
11,000 MOBILEMEDIA CORP 1,100.00
2,200 NATURAL MICROSYSTEMS CORP 35,200.00
14,900 NTL INCORPORATED 797,150.00
2,900 ONEWORLD SYSTEMS INC 1,812.50
200 P-COM INC 1,831.25
2,400 PACIFIC GATEWAY EXCHANGE 96,150.00
10,854 PANAMSAT CORPORATION /NEW 617,321.25
800 POWERTEL INC 14,800.00
6,400 PREMISYS COMMUNICATIONS 159,200.00
19,600 QUALCOMM INC 1,101,275.00
14,200 RCN CORPORATION 275,125.00
19,100 ROHN INDUSTRIES INC 89,531.25
4,300 SALIENT 3 COMMUNICATIONS 39,237.50
7,900 SCIENTIFIC-ATLANTA 200,462.50
2,200 SITEL CORP 14,575.00
19,800 SKYTEL COMMUNICATIONS INC 463,443.75
3,600 TELCO SYSTEMS INC 51,075.00
700 TELE-COMMUNICATIONS INTL 14,065.63
18,400 TELEPHONE & DATA SYS INC 724,500.00
3,818 TELEPORT COMMUNICATIONS 207,126.50
3,400 U.S. CELLULAR CORP 104,550.00
12,400 VANGUARD CELLULAR SY CL A 234,050.00
9,100 WINSTAR COMMUNICATIONS 390,731.25
MISCELLANEOUS
2,800 ABC RAIL PRODUCTS 48,300.00
6,200 ACX TECHNOLOGIES INC 134,850.00
27,500 ALTERA CORP 812,968.75
14,900 ALUMAX INC 690,987.50
3,400 ASYST TECHNOLOGIES INC 42,925.00
7,000 AVIALL INC NEW 95,812.50
9,600 BLACK & DECKER CORP 585,600.00
5,800 CASCADE CORP. 105,850.00
17,600 DENTSPLY INTL INC 440,000.00
7,700 FSI INTL INC 74,593.75
10,100 FURON CO 183,062.50
11,000 GENCORP INC 277,750.00
5,700 GORMAN RUPP CO. 103,312.50
7,308 HALTER MARINE GROUP INC 110,076.75
29,300 INTL SPECIALTY PRODUCTS 545,712.50
11,900 ITT INDS INC 444,762.50
34,800 JEFFERSON SMURFIT CORP 547,012.50
2,000 JOHNSTOWN AMER INDS INC 34,750.00
8,100 LOJACK CORP 100,743.75
19,529 MARK IV INDUSTRIES INC 422,314.63
6,600 MATTHEWS INTL CORP 162,112.50
11,100 PARKER HANNIFIN CORP 423,187.50
8,800 SOFAMOR/DANEK GROUP 761,750.00
2,900 SPECTRIAN CORP 46,943.75
8,900 STANLEY WORKS 369,906.25
16,000 THERMO ELECTRON CORP 547,000.00
4,600 THERMO FIBERTEK INC 47,437.50
3,400 WHITE RIVER CORP 307,700.00
TOTAL DURABLE GOODS $214,053,221.30
FINANCIAL 23.15%
BANKS
10,500 AMERICREDIT CORP 374,718.75
65,925 AMSOUTH BANCORP 2,591,676.56
1,056 BANC ONE CORP 58,949.16
15,800 BANCORPSOUTH INC 331,800.00
7,312 BANK GRANITE CORP 230,328.00
2,300 BANK NEW YORK INC 139,581.25
3,600 BANK UNITED CORP-CL A 172,350.00
3,300 BANKAMERICA CORP 285,243.75
2,224 BANKBOSTON CORPORATION 123,710.00
10,256 BB&T CORPORATION 693,562.00
3,000 BSB BANCORP INC 90,750.00
4,400 CATHAY BANCORP INC 204,600.00
6,400 CHASE MANHATTAN CORP NEW 483,200.00
3,638 CHEMICAL FINL CORP 155,307.80
4,843 CHITTENDEN CORP 169,505.00
17,700 CINCINNATI FINANCIAL CORP 679,237.50
1,900 CITICORP 283,575.00
10,950 CITIZENS BANKING 368,193.75
14,500 CITY NATL CORP 535,593.75
5,953 CNB BANCSHARES INC 285,744.00
11,200 COLONIAL BANCGROUP 361,200.00
37,162 COMMERCE BANCSHARES 1,813,970.13
6,800 COMMUNITY FIRST BANKSHARE 178,075.00
3,190 COMMUNITY TRUST BANCORP 106,067.50
21,450 COMPASS BANCSHARES INC 967,931.25
5,700 CORUS BANKSHARES INC 229,425.00
6,000 CPB INC 112,500.00
34,018 CRESTAR FINCL CORP 1,856,107.13
5,280 CVB FINL CORP 128,040.00
32,000 DIME BANCORP INC NEW 958,000.00
420 F & M BANCORP MD 18,716.25
6,300 F & M NATL CORP 182,700.00
27,118 FIFTH THIRD BANCORP COM 1,708,434.00
21,400 FIRST AMERICAN CORP 1,029,875.00
1,200 FIRST CHICAGO NBD CORP 106,350.00
4,900 FIRST CITIZENS BCSHS 490,306.25
7,600 FIRST COMWLTH FINL CORP 214,700.00
11,374 FIRST FINL BANCORP 294,302.25
22,300 FIRST HAWAIIAN INC 811,162.50
4,800 FIRST INDIANA CORP 125,400.00
3,500 FIRST MIDWEST BANCORP DEL 153,890.63
53,550 FIRST SEC CORP DEL 1,146,304.69
5,225 FIRST SOURCE CORP 186,793.75
39,500 FIRST TENN NATL CORP 1,246,718.75
31,633 FIRST UNION CORP 1,842,640.31
2,415 FIRST UNITED CORP 48,300.00
16,050 FIRST VIRGINIA BANKS 820,556.25
6,150 FIRST WESTERN BANCORP 181,040.63
44,600 FIRSTAR CORP 1,694,800.00
6,900 FIRSTBANK ILL CO 289,800.00
3,800 FIRSTFED FINL CORP DEL 197,600.00
2,800 FLEET FINANCIAL GROUP INC 233,800.00
16,638 FULTON FINL CORP PA 422,176.56
4,255 HANCOCK HLDG CO 225,515.00
12,600 HARRIS FINANCIAL INC 277,200.00
4,650 HERITAGE FINL SVCS INC 159,843.75
40,400 HIBERNIA CORP CL A 815,575.00
1,300 HUNTINGTON BANCSHARES INC 43,550.00
11,880 IMPERIAL BANCORP 356,400.00
11,600 IMPERIAL CR INDS INC 272,600.00
1,800 INVESTORS FINANCIAL SVC 95,400.00
5,200 IRWIN FINANCIAL CORP 151,125.00
1,900 KEYCORP 67,687.50
2,100 MAINSTREET BANKGROUP INC 61,950.00
30,400 MARSHALL & ILSLEY CORP 1,552,300.00
3,075 MBNA CORP 101,475.00
2,100 MELLON BANK CORP 146,212.50
16,100 MERCANTILE BANCORP INC 811,037.50
22,150 MERCANTILE BANKSHARES 771,096.88
4,100 MERCER INTL INC SBI NEW 40,871.88
3,000 MERCHANTS NY BANCORP INC 111,000.00
7,502 MID AM INC 189,425.50
4,349 MID AMER BANCORP 140,798.88
500 MORGAN J P & CO 58,562.50
10,400 NATIONAL BANCORP ALASKA 321,100.00
2,528 NATIONAL CITY BANCORP 84,056.00
13,025 NATIONAL CITY CORP 924,775.00
17,300 NATIONAL COMM BANCORP 724,437.50
6,860 NATIONAL PENN BANCSHARES 233,240.00
7,583 NATIONSBANK CORP 580,133.01
3,674 NBT BANCORP INC 93,227.75
41,643 NORTH FORK BANCORP INC NY 1,017,650.81
12,000 NORTHERN TRUST CO 915,000.00
4,800 NORWEST CORP 179,400.00
30,473 OLD KENT FINL CORP 1,096,079.32
12,789 OLD NATL BANCORP IND 610,674.75
9,687 ONE VALLEY BANCORP INC 352,364.63
24,800 PACIFIC CENTURY FINL CORP 595,200.00
3,200 PARK NATL CORP 323,000.00
8,300 PENNCORP FINL GROUP INC 170,150.00
19,400 PEOPLES BANK BRIDGEPORT 671,725.00
1,200 PINNACLE BANC GROUP INC 39,900.00
39,900 POPULAR INC 2,653,350.00
6,483 PROVIDENT BANKSHARES CORP 191,239.65
41,614 REGIONS FINANCIAL CORP 1,708,774.88
7,381 REPUBLIC BANCORP INC 139,316.38
9,600 REPUBLIC NEW YORK CORP 604,200.00
3,400 S & T BANCORP INC 187,850.00
46,371 SOUTHTRUST CORP 2,017,138.50
52,819 STAR BANC CORP 3,373,813.63
16,200 STATE STREET CORP 1,125,900.00
2,800 SUFFOLK BANCORP 91,000.00
6,200 SUMITOMO BANK CA 234,050.00
17,850 SUMMIT BANCORP 847,875.00
1,400 SUNTRUST BANKS INC 113,837.50
31,368 SYNOVUS FINANCIAL CP 744,990.00
2,100 TRANS FINANCIAL INC 120,487.50
2,000 TRIANGLE BANCORP INC 62,750.00
7,100 TRUST CO OF NEW JERSEY 191,700.00
8,464 TRUSTCO BK CORP NY 222,180.00
5,200 U.S. BANCORP 223,600.00
10,033 UMB FINANCIAL CORP 496,621.13
14,100 UNIONBANCAL CORPORATION 1,360,650.00
2,000 USBANCORP INC PA 154,625.00
17,363 VALLEY NATL BANCORP 503,527.00
3,560 WACHOVIA CORP 300,820.00
2,500 WASHINGTON MUTUAL INC 108,593.75
33 WELLS FARGO & CO 12,177.00
4,800 WESBANCO INC. 129,000.00
9,450 WESTCORP INC 129,937.50
10,400 WILMINGTON TRUST CORP 633,100.00
FINANCE COMPANIES
2,688 ADVANTA CORP 58,968.00
6,750 AMCOR FINL INC 162,000.00
2,600 AMERICAN EXPRESS CO 296,400.00
8,200 ARCADIA FINANCIAL LTD 62,012.50
1,814 ASTORIA FINANCIAL CORP 97,049.00
4,600 BENEFICIAL CORP 704,662.50
3,388 BT FINL CORP 89,782.00
6,600 CAPITAL ONE FIN CORP 819,637.50
5,600 CNA SURETY CORP 82,600.00
17,100 CREDIT ACCEP CORP MICH 145,350.00
2,700 FED HOME LN MTG CORP 127,068.75
4,100 FEDERAL NATL MTGE ASSN 249,075.00
17,300 FINOVA GROUP, INC 979,612.50
2,500 FIRST MERCHANTS ACCEP 50.00
14,100 GREEN TREE FINL CORP 603,656.25
2,100 HOUSEHOLD INTL CORP 104,475.00
200 IMC MORTGAGE COMPANY 2,112.50
3,800 INSO CORPORATION 52,012.50
2,600 ITT EDUCATIONAL SERVICES 83,850.00
7,986 KEYSTONE FINL INC 295,482.00
3,500 LAB HOLDINGS INC 81,156.25
13,050 LIBERTY FINANCIAL CO INC 450,225.00
1,666 MEGO MORTGAGE CORP 3,123.75
63,200 MERCURY FINANCE CO. 8,216.00
4,400 MORGAN ST DE WTR DISC 402,050.00
3,700 PMC CAP INC 50,875.00
1,500 PNC FINANCIAL 80,718.75
5,618 RESOURCE BANCSHARES MTG 104,625.94
2,000 STUDENT LN CORP 94,125.00
21,250 SUNAMERICA 1,220,546.88
10,500 UNITED COS FINCL CORP 164,062.50
2,200 WEBSTER FINL CRP WATRBURY 73,150.00
HOLDING COMPANY
18,100 AMERICAN FINANCIAL GROUP 783,956.25
6,300 AMPAL AMER ISRAELI CL A 33,862.50
1,700 EASTERN ENTERPRISES 72,887.50
4,100 GETTY REALTY CORP 79,437.50
15,300 GOLDEN STATE BANCORP 455,175.00
1,600 GRYPHON HOLDING INC 26,400.00
3,100 LANDAMERICA FINANCIAL 177,475.00
4,000 M & T BANK CORP 2,216,000.00
52,920 MARKETSPAN CORP 1,584,292.50
6,500 PEC ISRAEL ECONOMIC CORP 155,187.50
39,900 RELIANCE GROUP HOLDINGS 698,250.00
104,700 RJR NABISCO HLDGS CORP 2,486,625.00
17,300 SOTHEBY'S HLDS INC CL A 387,087.50
1,700 ST FRANCIS CAPITAL CORP 65,875.00
5,900 TEJON RANCH CO. 156,350.00
37,660 U S INDUSTRIES INC 932,085.00
32,500 VALHI INC 339,218.75
9,800 ZEIGLER COAL HLDG CO 167,825.00
FIRE AND CASUALTY INSURANCE
5,600 ACCEPTANCE INS COS INC 137,550.00
4,600 BALDWIN & LYONS INC CL B 106,950.00
10,500 BERKLEY (WR) CORP 420,656.25
2,100 FUND AMER COS INC 310,800.00
10,700 GAINSCO INC 72,225.00
2,200 MARKEL CORP. 392,562.50
12,556 MEDICAL ASSURANCE INC 348,429.00
2,050 MFC BANCORP LTD 21,012.50
2,500 NAVIGATORS GROUP INC 47,343.75
4,950 STATE AUTO FINL CORP. 157,781.25
4,200 UNITED FIRE & GAS CO 164,587.50
INSURANCE
14,652 AETNA INC 1,115,383.50
83,600 AFLAC INC 2,534,125.00
15,300 ALFA CORP 317,475.00
2,700 ALLEGHANY CORP. NEW 629,775.00
14,896 ALLMERICA FINANCIAL CORP 968,240.00
1,800 ALLSTATE CORP. 164,812.50
20,800 AMBAC INC 1,216,800.00
16,000 AMERICAN ANNUITY 385,000.00
9,000 AMERICAN HERITAGE LIFE IN 208,125.00
4,200 AMERICAN INTL GROUP 613,200.00
1,100 AON CORP 77,275.00
9,100 ARGONAUT INC 287,787.50
650 BERKSHIRE HATHAWAY 50,898,250.00
3,800 BLANCH E W HLDGS INC 139,650.00
13,500 CITIZENS CORP 422,718.75
6,100 CITIZENS INC 37,362.50
11,100 CNA FINANCIAL CORP 516,843.75
14,300 COMMERCE GROUP 554,125.00
28,100 CRAWFORD & CO 526,875.00
4,700 DANIELSON HLDG CORP 34,662.50
2,000 EMC INSURANCE GROUP 29,500.00
17,500 EVEREST REINSURANCE HLDGS 672,656.25
10,000 FBL FINANCIAL GROUP CL A 256,250.00
9,100 FINANCIAL SECURITY ASSUR 534,625.00
19,600 FIRST HEALTH GROUP CORP 558,600.00
11,700 FOREMOST CORP OF AM 282,262.50
800 GUARANTEE LIFE COS INC 17,500.00
10,200 HARLEYSVILLE GROUP INC 211,650.00
12,750 HCC INS HLDGS INC 280,500.00
4,400 HIGHLANDS INS GROUP INC 81,400.00
19,900 HORACE MANN EDUCATORS 686,550.00
10,050 HSB GROUP INC 537,675.00
9,200 JOHN ALDEN FINL CORP 202,400.00
20,300 LEUCADIA NATIONAL CORP 671,168.75
7,400 LIBERTY CORP 372,312.50
7,200 LIFE USA HOLDING INC 93,150.00
11,600 LOEWS CORP 1,010,650.00
1,650 MARSH & MCLENNAN CO. 99,721.88
9,800 MBIA INC. 733,775.00
2,600 MEADOWBROOK INS GROUP INC 70,687.50
19,800 MERCURY GEN CORP NEW 1,273,387.50
10,200 MGIC INVT CORP WIS 582,037.50
3,000 MIDLAND CO. 68,625.00
3,300 MMI COS INC 76,312.50
1,200 NATIONAL WESTN LIFE INS 145,200.00
3,800 NYMAGIC INC 104,025.00
13,500 OHIO CASUALTY CORP 597,375.00
42,975 OLD REPUBLIC INTL CORP 1,259,704.69
13,476 PACIFICARE HEALTH SYS-B 1,190,941.50
4,500 POE & BROWN INC 167,343.75
7,300 PROGRESSIVE 1,029,300.00
44,368 PROVIDENT COMPANIES INC 1,530,696.00
9,400 PROVIDIAN FINANCIAL CORP 738,487.50
4,820 PXRE CORP 144,600.00
8,850 REINSURANCE GROUP AMER IN 523,256.25
4,400 RELIANCE ACCEPT GROUP INC 792.00
27,300 RELIASTAR FINL CORP 1,310,400.00
5,500 RISK CAPITAL HOLDING INC 137,156.25
3,500 RLI CORP 142,406.25
7,784 ST PAUL COS INC 327,414.50
2,700 STEWART INFO SVCS CORP 131,118.75
10,000 THE PMI GROUP INC 733,750.00
13,800 TORCHMARK CORP 631,350.00
6,000 TRANSAMERICA CORP 690,750.00
11,250 TRANSATLNTC HLDGS INC 869,765.63
7,400 TRAVELERS INC. 448,625.00
200 TRIAD GUARANTY INC 6,800.00
18,400 TWENTIETH CENTURY INDS 527,850.00
8,900 UICI INS-LIFE 242,525.00
12,100 UNITED STATIONERS INC. 783,475.00
4,700 UNITED WISCONSIN SERV INC 133,362.50
35,500 UNITRIN INC. 2,467,250.00
13,900 UNUM CORP 771,450.00
5,200 VESTA INSURANCE GROUP INC 110,825.00
2,300 WELLCARE MGT GROUP 5,175.00
2,600 WESCO FINANCIAL CORP 1,016,600.00
LIFE INSURANCE
1,600 AMERICAN GENERAL CORP 113,900.00
13,500 AMERICAN NATL INS CO 1,420,875.00
2,218 AMERUS LIFE HOLDINGS INC 71,807.75
18,826 CONSECO INC 880,115.50
10,700 JEFFERSON PILOT CORP 619,931.25
2,200 KANSAS CITY LIFE INS CO 200,200.00
400 LINCOLN NATL CORP IND 36,550.00
12,500 PRESIDENTIAL LIFE CORP 267,187.50
MUTUAL FUNDS
59,600 EQUITABLE COS INC 4,466,275.00
4,700 JOHN NUVEEN CO CL A 186,531.25
37,800 PRICE ASSOCIATES 1,419,862.50
31,700 UNITED ASSET MGMT CORP 830,143.75
REAL ESTATE
10,800 CASTLE & COOKE 205,200.00
8,100 CHICAGO TITLE CORP W I 374,118.75
36,000 DANAHER CORP 1,320,750.00
2,140 ECHELON INTL CORP 56,308.75
7,500 FAIRFIELD COMMUNITIES INC 143,906.25
1,400 GRIFFIN LAND & NURSERIES 24,500.00
6,800 INSIGNIA FINL GROUP INC 166,600.00
3,500 MEGO FINANCIAL CORP CL B 12,031.25
8,700 PRICE ENTERPRISES INC 159,862.50
30,600 ROUSE CO 961,987.50
5,250 SLH CORPORATION 95,812.50
SAVINGS & LOANS
11,100 AHMANSON H F & CO 788,100.00
5,640 ALBANK FINANCIAL CORP 397,972.50
6,400 ANCHOR BANCORP WIS INC 250,000.00
600 BANK PLUS CORP 7,350.00
5,200 BAYVIEW CAP CORP CALIF 165,100.00
2,760 CAROLINA FIRST CORP 70,035.00
2,300 COMMONWEALTH BANCORP INC 52,756.25
4,600 FIRST FINANCIAL HOLDINGS 109,250.00
1,600 FIRST PALM BEACH BANCORP 69,600.00
3,800 FSF FINANCIAL CORP 68,400.00
4,900 GOLDEN WEST FINL CORP 520,931.25
40,000 GREENPOINT FINANCIAL CORP 1,505,000.00
4,300 HFNC FINANCIAL CORP 48,375.00
5,290 IBS FINANCIAL CORP 100,510.00
8,000 JEFFERIES GROUP INC 328,000.00
3,000 MAF BANCORP INC 109,125.00
4,200 OCEAN FINANCIAL CORP 80,325.00
17,800 PEOPLES HERITAGE FINL 420,525.00
3,500 RELIANCE BANCORP INC 134,093.75
7,600 T R FINANCIAL CORP 318,250.00
19,602 WASHINGTON FEDERAL INC 541,505.25
5,200 WILEY, JOHN & SON CL A 316,550.00
7,800 WORLD ACCEP CORP SC NEW 44,362.50
BROKERAGE
11,665 BEAR STEARNS COS INC 663,446.88
12,000 COUNTRYWIDE CREDIT INC 609,000.00
29,500 EDWARDS A G INC 1,259,281.25
27,900 FRANKLIN RESOURCES 1,506,600.00
11,900 LEHMAN BROS HLDGS INC 922,993.75
3,400 MERRILL LYNCH & CO 313,650.00
10,200 MORGAN KEEGAN INC 263,925.00
40,800 PAINE WEBBER GROUP INC 1,749,300.00
26,900 SCHWAB CHARLES CORP NEW 874,250.00
MISCELLANEOUS
2,100 AAMES FINANCIAL CORP. 28,875.00
7,400 CITYSCAPE FINANCIAL CORP 296.00
2,800 ISB FINANCIAL CORP 74,200.00
2,700 JAYHAWK ACCEPTANCE CORP 1,687.50
6,400 MCDONALD & CO INVESTMENTS 210,000.00
15,700 PHOENIX INVESTMENT PARTNE 136,393.75
17,250 SLM HOLDING CORP 845,250.00
18,800 TELLABS INC 1,346,550.00
3,100 TFC ENTERPRISES INC 8,137.50
3,500 TRANSMEDIA NETWORK 19,906.25
3,600 VERMONT FINL SVCS CORP 98,775.00
TOTAL FINANCIAL $204,611,518.83
METALS AND MINING 1.10%
ALUMINUM
1,200 ALCAN ALUM LTD-NEW 33,150.00
2,700 CENTURY ALUMINUM CO 39,825.00
3,900 KAISER ALUMINUM CORP 37,293.75
MINING
5,700 BARRICK GOLD CROP 109,368.75
29,500 FREEPRT COPPER&GOLD CL A 420,375.00
21,300 HOMESTAKE MNG CO 220,987.50
17,500 MERIDIAN GOLD INC 37,187.50
7,400 MINERALS TECHNOLOGIES INC 376,475.00
4,100 NEWMONT GOLD CO 101,218.75
3,100 PITTSON MINERALS GROUP 18,212.50
1,800 PLACER DOME INC 21,150.00
STEEL
15,300 AK STEEL HOLDING CORP 273,487.50
17,665 ALLEGHENY TELEDYNE 404,086.88
10,900 ARMCO, INC. 69,487.50
17,933 BETHLEHEM STEEL CORP 223,039.20
5,400 CARPENTER TECHNOLOGY CORP 271,350.00
3,800 CLEVELAND CLIFFS INC 203,775.00
8,500 GENEVA STL CL A 21,250.00
900 GIBRALTAR STEEL CORP 18,450.00
14,900 HARSCO CORP 682,606.25
14,900 INLAND STEEL INDUS INC 419,993.75
14,300 J & L SPECIALTY STEEL INC 84,906.25
37,800 LTV CORP NEW 361,462.50
7,600 NATIONAL STL CORP CL B 90,250.00
8,600 NUCOR CORP 395,600.00
3,700 OLYMPIC STEEL INC 46,250.00
8,500 OREGON STEEL MILLS 158,312.50
4,500 RELIANCE STEEL & ALUMINUM 173,812.50
6,900 REPUBLIC ENGINEERED STEEL 29,756.25
5,200 ROUGE INDUSTRIES INC 66,300.00
2,200 SCHNITZER STEEL INDS INC 51,975.00
4,900 SHILOH INDUSTRIES INC 99,225.00
13,900 TERRA INDUSTRIES 125,100.00
17,600 WEIRTON STL CORP 64,900.00
9,700 WORTHINGTON INDS INC 146,106.25
OTHER METALS
3,700 ASARCO INC 82,325.00
22,600 BATTLE MOUNTAIN GOLD CL A 134,187.50
5,300 BRUSH WELLMAN INC 108,981.25
5,550 CHASE INDUSTRIES INC 109,612.50
5,800 CITATION CORP 116,000.00
3,500 EASCO INC 35,218.75
800 FREEPORT-MCMORAN COPPER-B 12,150.00
8,700 KENNAMETAL INC 363,225.00
15,506 NEWMONT MNG CORP 366,329.25
15,600 NEWPARK RESOURCES INC NEW 173,550.00
5,300 NN BALL & ROLLER INC 63,268.75
5,500 PHELPS DODGE CORP 314,531.25
7,300 REYNOLDS METALS CO 408,343.75
12,900 WYMAN-GORDON CO 257,193.75
PRECIOUS GEMS
15,207 KINROSS GOLD CORP 49,422.75
600 MARKS BROS JEWELERS 11,700.00
MINERALS
9,200 CYPRUS AMAX MINERALS CO 121,900.00
1,800 SOLV EX CORP 1,116.00
COAL
3,700 ARCH COAL INC 92,037.50
800 NACCO INDUS INC CL A 103,400.00
FOREST PRODUCTS
4,228 DELTIC TIMBER CORP 105,964.25
43,800 JOHNS MANVILLE CORP 659,737.50
MISCELLANEOUS
2,805 VARLEN CORP 96,772.50
TOTAL METALS AND MINING $9,683,693.33
COLLECTIBLES & PRECIOUS MATERIALS 0.07%
JEWELRY
11,300 TIFFANY & CO 542,400.00
15,500 TOPPS CO 47,953.13
TOTAL COLLECTIBLES & PRECIOUS MATERIALS $590,353.13
OIL-ENERGY 3.92%
OIL & GAS PRODUCERS
9,200 AMERADA HESS CORP 499,675.00
4,700 AMOCO CORP 195,637.50
6,000 ANADARKO PETE CORP 403,125.00
8,400 APACHE CORP 264,600.00
4,700 AQUILA GAS PIPELINE CORP 57,575.00
7,700 BERRY PETE CO 100,100.00
23,800 BJ SVCS CO COM 691,687.50
7,600 BROWN TOM INC NEW 142,975.00
2,400 CARBO CERAMICS INC 81,900.00
22,470 CHESAPEAKE ENERGY CORP 89,880.00
2,600 CMS ENERGY CORP CLASS G 64,025.00
10,700 COASTAL CORP 746,993.75
4,300 COMSTOCK RESOURCES INC 31,981.25
10,946 EEX CORP 102,618.75
1,580 FORCENERGY INC 28,143.75
6,300 FOREST OIL CORP 90,168.75
7,400 FRONTIER OIL CORP 61,975.00
25,600 GLOBAL INDS LTD 432,000.00
2,266 H S RESOURCES INC 32,998.63
4,200 HELMERICH & PAYNE INC. 93,450.00
2,500 HONDO OIL & GAS CO 1,562.50
6,800 J RAY MCDERMOTT S A 282,200.00
10,200 KELLEY OIL & GAS CORP 23,587.50
9,000 LOUIS DREYFUS NAT GAS CRP 170,437.50
16,200 MARINE DRILLING COS INC 259,200.00
1,600 MCDERMOTT INTL INC 55,100.00
9,396 MERIDIAN RESOURCE CORP 66,359.25
26,700 MITCHELL ENGY & DEV CL B 540,675.00
28,600 NABORS INDS INC 566,637.50
34,100 NGC CORPORATION 426,250.00
17,500 NOBLE AFFILIATES INC 665,000.00
10,700 NOEL GROUP INC 26,750.00
3,400 NUEVO ENERGY 109,225.00
5,000 OCCIDENTAL PETROLEUM 135,000.00
4,000 PENN VA CORP 103,500.00
11,800 PIONEER NATURAL RESOURCES 281,725.00
2,800 PROVIDENCE ENERGY CORP 58,975.00
26,800 QUESTAR CORP 525,950.00
9,600 SANTA FE ENERGY RES INC 103,200.00
19,508 SEAGULL ENERGY CORP 323,101.25
6,135 SEMCO ENERGY INC 107,748.57
3,400 STONE ENERGY CORP 120,912.50
910 TATHAM OFFSHORE INC 2,730.00
7,900 TEEKAY SHIPPING CORP 197,993.75
9,200 TESORO PETE CORP 146,050.00
42,159 TOSCO CORP COM NEW 1,238,420.63
27,800 TRANSTEXAS GAS CORP 246,725.00
13,800 TRITON ENERGY LTD-CLASS A 492,487.50
26,292 ULTRAMAR DIAMOND SHAMROCK 829,841.25
26,779 UNION PACIFIC RESOURCES 470,306.19
5,600 UNIT CORP 33,950.00
1,200 USX-MARTHON GROUP COM NEW 41,175.00
8,700 USX-US STEEL GROUP 287,100.00
14,400 VALERO ENERGY CORP(NEW) 478,800.00
20,600 VARCO INTL INC 408,137.50
6,000 VASTAR RES INC 262,125.00
13,600 WESTERN GAS RESOURCES 198,900.00
4,820 XCL LTD 18,677.50
11,600 ZAPATA CORP NEW 114,550.00
NATURAL RESOURCES
17,300 DRESSER INDUS INC 762,281.25
4,200 KERR MCGEE CORP 243,075.00
29,700 MIDAMERICAN ENERGY HLD 642,262.50
6,900 NL INDUSTRIES COM NEW 138,000.00
13,104 OCEAN ENERGY INC 256,347.00
3,200 ONEOK INC 127,600.00
8,300 PETROLEUM HEAT & PWR CLA 16,600.00
13,100 SMITH INTL INC 456,043.75
3,700 TRIGEN ENERGY CORP 49,718.75
12,535 WILLIAMS COS INC-DEL 423,056.25
OIL EQUIPMENT, WELLS & SVCS
7,700 ASHLAND, INC. 397,512.50
19,492 BAKER HUGHES INC 673,692.25
43,824 ENSCO INTERNATIONAL INC 761,442.00
24,590 EVI WEATHERFORD INC 912,903.75
4,400 GIANT INDS INC 76,450.00
53,100 GLOBAL MARINE NEW 992,306.25
26,500 HALLIBURTON CO 1,180,906.25
4,200 LOMAK PETE INC 43,837.50
4,400 LUFKIN INDUST. 145,200.00
6,200 MATRIX SVC CO. 44,950.00
4,100 NUI CORP 104,293.75
24,300 PARKER DRILLING CO 171,618.75
49,436 R & B FALCON CORP 1,118,489.50
8,800 ROWAN COS INC 171,050.00
8,800 RPC ENERGY SVCS INC 110,000.00
1,300 SEACOR HOLDINGS INC 79,706.25
18,800 TIDEWATER INC 620,400.00
19,700 TRANSOCEAN OFFSHORE INC 876,650.00
4,600 VERITAS DGC INC 229,712.50
5,500 WESTERN ATLAS INC 466,812.50
OIL - DOMESTIC
17,142 BURLINGTON RESOURCES INC 738,177.38
1,700 CROWN CENT PETE CL A 21,356.25
26,962 EL PASO NAT GAS CO. 1,031,296.50
52,600 ENRON OIL & GAS CO 1,065,150.00
1,600 FINA IN CL A 104,000.00
3,000 HOLLY CORP 77,250.00
7,600 LONE STAR TECHNOLOGY INC 115,900.00
4,800 PENNZOIL CO 243,000.00
1,100 PHILLIPS PETE CO 53,006.25
10,800 QUAKER STATE CORP 176,850.00
10,300 SONAT INC 397,837.50
1,000 UNOCAL CORP 35,750.00
OIL - INTERNATIONAL
2,000 ATLANTIC RICHFIELD CO 156,250.00
3,800 CHEVRON CORP 315,637.50
13,400 EXXON CORP. 955,587.50
4,600 MOBIL CORP 352,475.00
13,800 MURPHY OIL CORP 699,487.50
10,400 ORYX ENERGY COMPANY 230,100.00
4,000 ROYAL DUTCH PETRO - NY 219,250.00
9,400 SUN CO INC 364,837.50
2,700 TEXACO INC 161,156.25
7,700 UNIFIRST CORP MASS 194,425.00
MISCELLANEOUS
867 FIRSTENERGY CORP 26,660.25
4,100 GETTY PETRO MARKETING INC 18,706.25
TOTAL OIL-ENERGY $34,679,640.65
RETAIL 5.58%
DEPARTMENT STORES
2,000 ALEXANDERS INC 178,000.00
900 BON-TON STORES INC 14,456.25
11,400 CALDOR CORP. 5,130.00
38,764 CVS CORP 1,509,373.25
2,600 DAYTON HUDSON CORP 126,100.00
10,900 DILLARDS INC /CL A 451,668.75
14,850 DOLLAR TREE STORES INC 603,281.25
20,700 FEDERATED DEPT STORES INC 1,113,918.75
30,260 FRED MEYER INC 1,286,050.00
2,600 HILLS STORES CO NEW 14,950.00
3,000 K MART 57,750.00
48,800 KOHLS CORP 2,531,500.00
900 MAY DEPT STORES CO 58,950.00
3,100 MERCANTILE STORES 244,706.25
9,700 NEIMAN-MARCUS GROUP 421,343.75
6,347 PENNEY JC INC 458,967.44
4,000 RENTERS CHOICE INC 113,500.00
2,300 SEARS ROEBUCK & CO 140,443.75
GROCERY
1,600 ALBERTSON'S INC 82,900.00
26,900 AMERICAN STORES CO 650,643.75
23,700 BRUNOS INC NEW 24,885.00
262,100 FOOD LION CLASS A 2,784,812.50
6,000 GIANT FOOD INC 258,375.00
3,200 GREAT ATLANTIC & PAC TEA 105,800.00
13,000 HANNAFORD BROS. CO 572,000.00
25,800 KROGER CO 1,106,175.00
4,000 PENN TRAFFIC CO NEW 13,250.00
14,400 RUDDICK CORP 261,000.00
201,924 SAFEWAY INC 8,215,782.75
132,100 SOUTHLAND CORP 363,275.00
19,100 WEIS MKTS INC 701,925.00
14,700 WINN-DIXIE STORES INC 752,456.25
OTHER RETAIL
22,467 ACCUSTAFF INC 702,093.75
6,300 AVATEX CORPORATION 12,993.75
28,600 BEST BUY INC. 1,033,175.00
10,800 BJ'S WHOLESALE CLUB INC 438,750.00
5,700 CARR-GOTTSTEIN FOODS CO 42,037.50
9,000 CIRCUIT CITY STORES 421,875.00
10,802 CONSOLIDATED STORES CORP 391,572.50
30,785 CORPORATE EXPRESS INC 390,584.69
21,700 COSTCO COMPANIES INC 1,368,456.25
44,325 DOLLAR GENERAL 1,753,607.81
3,100 EZCORP INC CL A NON-VTG 33,906.25
52,900 FAMILY DOLLAR STORES 978,650.00
14,300 FINGERHUT COS INC 471,900.00
17,400 FORTUNE BRANDS INC 668,812.50
4,900 GOOD GUYS INC. 65,996.88
13,350 HASBRO INC 524,821.88
13,000 HOLLYWOOD ENTERTAINMENT 176,312.50
13,800 IDEX CORP 476,100.00
3,500 LONGS DRUG STORES CORP 101,062.50
29,600 MATTEL INC 1,252,450.00
6,200 PEP BOYS-MAN, MO, JACK 117,412.50
3,650 PETCO ANIMAL SUPPLIES 72,771.88
26,000 RITE AID CORP 976,625.00
8,200 SODAK GAMING INC 51,250.00
6,300 SUN TV & APPLIANCES INC 12,600.00
6,000 SUPERVALUE INC 266,250.00
6,600 SYMS CORP. 94,050.00
10,200 TANDY CORP 541,237.50
5,600 TOY BIZ INC 51,800.00
28,378 TOYS R US 668,656.63
13,900 WAL MART STORES INC 844,425.00
50,000 WALGREEN CO 2,065,625.00
6,200 XTRA CORP 375,100.00
SPORTING GOODS
4,200 CONVERSE INC 23,100.00
5,700 REEBOK INTL LTD 157,818.75
6,000 THE FINISH LINE-CL A 168,750.00
APPAREL
3,400 BLAIR CORP 108,800.00
7,800 BUCKLE INC 230,100.00
17,600 BURLINGTON COAT WHS 396,000.00
18,400 BURLINGTON INDS INC 258,750.00
9,400 CHARMING SHOPPES INC 44,650.00
15,800 CLAIRES STORES INC 323,900.00
16,600 CML GROUP 32,162.50
4,800 DONNA KARAN INTL INC 70,500.00
39,550 GAP INC 2,437,268.75
2,400 GARGOYLES INC 2,700.00
6,100 GOODYS FAMILY CLOTHING 334,737.50
6,900 NORDSTROM INC 533,025.00
11,528 PAYLESS SHOESOURCE INC 849,469.50
1,575 TODAY'S MAN INC 3,839.06
MISCELLANEOUS
3,938 AMERICAN HOMESTAR CORP 94,265.88
2,600 CREATIVE COMPUTERS INC 17,875.00
2,300 FRIEDMANS INC CL A 38,093.75
5,000 GARDEN RIDGE CORP 96,875.00
33,100 PETSMART INC 331,000.00
3,700 SAFETY 1ST INC 24,975.00
5,800 URBAN OUTFITTERS INC 105,850.00
TOTAL RETAIL $49,350,837.65
UTILITIES 7.04%
ELECTRIC
500 ACME ELECTRIC CORP 2,406.25
49,800 AES CORP 2,617,612.50
37,700 ALLEGHENY ENERGY INC 1,135,712.50
11,878 AMEREN CORP 472,150.50
1,300 AMERICAN ELEC PWR INC 58,987.50
600 BALTIMORE GAS & ELEC 18,637.50
7,200 BLACK HILLS CORP 165,600.00
17,300 CALENERGY INC 520,081.25
800 CENTRAL & SOUTH WEST CORP 21,500.00
10,600 CENTRAL MAINE PWR CO 206,700.00
1,000 CINERGY CORP 35,000.00
30,600 CMS ENERGY CORP 1,346,400.00
33,150 CONECTIV INC 679,575.00
2,175 CONECTIV INC CL A 78,843.75
6,500 CTG RESOURCES INC 152,750.00
1,400 DOMINION RES INC-VA 57,050.00
104,200 DPL INC 1,888,625.00
29,000 DQE INC 1,044,000.00
2,305 DUKE POWER CO 136,571.25
1,100 EDISON INTERNATIONAL 32,518.75
8,900 EMPIRE DIST ELEC CO 185,787.50
20,200 ENERGY EAST CORP 840,825.00
1,700 ENTERGY CORP NEW 48,875.00
29,900 FLORIDA PROGRESS CORP 1,229,637.50
1,100 FPL GROUP INC 69,300.00
500 GPU INC 18,906.25
10,100 HAWAIIAN ELEC INDUS INC 400,843.75
4,505 HOUSTON INDS INC 139,091.88
12,300 IDAHO PWR CO 425,887.50
22,100 ILLINOVA CORP 663,000.00
7,400 INDIANA ELEC INC 221,075.00
13,700 IPALCO ENTERPRISES INC 608,793.75
4,600 JABIL CIRCUIT INC 152,087.50
19,100 KANSAS CTY PWR & LT CO 553,900.00
13,508 LG&E ENERGY CORP 365,560.25
10,000 LONG ISLAND BANCORP INC 607,500.00
5,900 MADISON GAS & ELECTRIC 134,962.50
15,200 MDU RESOURCES GROUP INC 542,450.00
10,600 MINNESOTA PWR & LT CO 421,350.00
16,800 MONTANA PWR CO 583,800.00
15,800 NEVADA PWR CO 406,850.00
34,030 NEW CENTURY ENERGIES INC 1,546,238.13
20,000 NEW ENGLAND ELEC SYS 865,000.00
38,700 NIPSCO INDUSTRIES INC 1,083,600.00
40,100 NORTHEAST UTILS 679,193.75
1,200 NORTHERN STS PWR CO 34,350.00
6,200 NORTHWESTERN CORP 155,000.00
24,800 OGE ENERGY CORP 669,600.00
4,100 OTTER TAIL POWER CO 151,956.25
1,200 P P & L RESOURCES INC 27,225.00
1,900 PACIFICORP 42,987.50
900 PECO ENERGY CO 26,268.75
1,877 PG&E CORP 59,242.81
26,100 PINNACLE WEST CAP CORP 1,174,500.00
36,500 POTOMAC ELEC PWR CO 914,781.25
1,300 PUBLIC SVC ENTERPRISE GRP 44,768.75
13,800 PUBLIC SVC NEW MEXICO 313,087.50
20,900 PUGET SOUND PWR & LT CO 560,381.25
14,500 ROCHESTER GAS & ELEC 463,093.75
33,100 SCANA CORP 986,793.75
14,000 SIG CORP INC 448,875.00
5,000 SOUTHERN CO 138,437.50
5,400 ST. JOSEPH LGT & PWR CO 100,575.00
38,800 TECO ENERGY 1,040,325.00
200 UNICOM CORPORATION 7,012.50
11,720 UNISOURCE ENERGY CORP 184,590.00
15,500 UTILICORP UNITED INC 584,156.25
18,700 WASHINGTON WTR PWR 419,581.25
21,900 WESTERN RES INC 849,993.75
34,300 WISCONSIN ENERGY CORP 1,041,862.50
6,900 YANKEE ENERGY SYS INC 169,912.50
2,500 YORK RESEARCH CORP 15,156.25
GAS
18,400 AGL RESOURCES 365,700.00
7,600 BAY STATE GAS CO COMM 291,175.00
8,400 COLUMBIA GAS SYS INC 467,250.00
13,100 EQUITABLE RESOURCES 399,550.00
9,000 LACLEDE GAS CO 220,500.00
22,200 MCN CORP HLDG CO 552,225.00
12,500 NATIONAL FUEL GAS CO NJ 544,531.25
4,200 NICOR INC 168,525.00
3,450 NORTH CAROLINA NTL GAS 87,543.75
2,900 PEOPLES ENERGY CORP 112,012.50
300 SJW CORP 17,700.00
6,400 SOUTH JERSEY INDUSTRIES 176,800.00
5,599 SOUTHERN UNION CO NEW 180,567.75
1,042 TEXAS UTILITIES CO 43,373.25
13,700 UGI CORP 340,787.50
13,400 WASHINGTON GAS LIGHT 358,450.00
9,300 WPS RESOURCES CORP 305,156.25
TELEPHONE
10,100 A T & T 576,962.50
1,200 ALLTEL CORP 55,800.00
7,400 AMERITECH CORP NEW 332,075.00
1,080 ATLANTIC TELE NETWORK INC 13,230.00
9,618 BELL ATLANTIC CORP 438,821.25
6,000 BELLSOUTH CORP 402,750.00
9,800 CAI WIRELESS SYS INC 1,176.00
28,050 CENTURY TELEPHONE ENTERP 1,286,793.75
42,500 CINCINNATI BELL INC 1,216,562.50
2,700 EMERGING COMMUNICATIONS 23,118.75
3,644 ENRON CORP 197,003.75
1,700 FRONTIER CORP 53,550.00
6,500 GTE CORP 361,562.50
16,500 INTERDIGITAL COMM CORP 88,687.50
73,000 MCI COMMUNICATIONS 4,243,125.00
20,500 SOUTHERN NW ENGL TELECOM 1,342,750.00
1,900 SPRINT CORP 133,950.00
21,828 TELECOMM-TCI VENTURES GRP 437,924.25
6,272 US WEST INC (NEW) 294,784.42
3,600 UTAH MED PRODS INC. 26,100.00
103,913 WORLDCOM INC 5,033,285.94
WATER & SEWER
24,500 AMERICAN WATER WORKS CO 759,500.00
8,000 CALIFORNIA WATER SVC GRP 202,000.00
2,900 E TOWN CORP 108,750.00
WASTE DESPOSAL
11,100 ALLIED WASTE INDS INC 266,400.00
1,800 BROWNING FERRIS IND 62,550.00
8,700 ENVIROTEST SYS CORP CL A 135,937.50
2,100 GTS DURATEX INC 21,787.50
12,500 LAIDLAW ENVIROMENTAL SVCS 45,312.50
38,758 UNITED STATES FILTER CORP 1,087,632.37
38,755 USA WASTE SERVICES INC 1,913,528.13
4,887 WASTE MANAGEMENT INC 171,045.00
MISCELLANEOUS
22,526 INTERSTATE ENERGY CORP 732,095.00
52,832 SEMPRA ENERGY 1,466,085.78
TOTAL UTILITIES $62,254,235.21
MISCELLANEOUS 12.18%
BROADCAST/COMMUNICATIONS
6,100 ARCH COMMUNICATIONS GROUP 24,018.75
19,400 ASCEND COMMUNICATIONS INC 961,512.50
4,400 BET HLDGS INC CLA A 276,925.00
9,500 BHC COMMUNICATIONS INC 1,332,968.75
3,800 CANWEST GLOBAL COMM 61,037.50
14,507 CBS CORP 460,597.25
5,900 CENTENNIAL CELLULAR CORP 220,143.75
11,800 CENTRY COMM CL A 221,250.00
9,600 CLEAR CHANNEL COMM INC 1,047,600.00
37,128 COMCAST CORP CL A SPL 1,507,164.75
2,500 COX RADIO INC CLASS A 108,125.00
4,900 DISNEY WALT CO 514,806.25
24,542 HARTE-HANKS COMM INC 633,490.38
3,800 INACOM CORP 120,650.00
7,600 JACOR COMMUNICATIONS-WTS 53,200.00
3,500 JONES INTERCABLE INC. 86,625.00
4,700 METRICOM INC 39,509.38
7,070 METROCALL INC 42,861.88
4,200 NUMEREX CORP 18,900.00
4,000 ORTEL CORP 62,000.00
20,200 PAIRGAIN TECHNOLOGIES 352,237.50
8,700 PAXSON COMMUNICATIONS 104,400.00
3,600 PEOPLES CHOICE TV CORP 4,500.00
5,200 PLANTRONICS INC NEW 267,800.00
8,300 PLAYBOY ENTERPRISES CL B 147,325.00
7,682 QWEST COMMUNICATIONS INTL 267,919.06
19,000 SCRIPPS CO (EW)-CL A 1,041,437.50
7,500 SPELLING ENTERTAINMENT 70,312.50
6,440 TCI SATELLITE INT CL-A 37,835.00
114,750 TELE COMM LIBERTY MEDIA 4,453,734.38
51,086 TELE COMM. INC CL A 1,963,618.13
8,600 TELULAR CORP 16,662.50
6,500 TENNANT CORP 287,625.00
7,900 UNITED INTL HLDGS CLASS A 126,400.00
38,700 VIACOM INC 2,263,950.00
35,900 VIACOM INC CL B NON VTG 2,091,175.00
BUSINESS SERVICES
53,200 ADAPTEC INC 761,425.00
1,600 ALTERNATIVE RESOURCES CRP 19,800.00
26,850 APOLLO GROUP INC CL A 887,728.13
2,700 APPLIX INC 10,293.75
22,400 BAY NETWORKS INC 722,400.00
3,700 BERLITZ INTL - NEW 99,900.00
10,600 BLOCK H&R INC 446,525.00
4,600 BRC HOLDINGS INC 88,262.50
15,900 CAMBRIDGE TECHNOLOGY PART 868,537.50
12,041 CENDANT CORP 251,355.88
3,100 CHECKFREE HLDGS CORP 91,256.25
1,970 CHOICEPOINT INC 99,731.25
3,000 CONCENTRA MANAGED CARE 78,000.00
30,825 CONCORD EFS INC 805,303.13
27,100 DIAL CORPORATION (NEW) 702,906.25
12,800 ECOLAB INC 396,800.00
6,200 EGGHEAD INC/WA 52,312.50
16,200 EQUIFAX INC 588,262.50
3,450 EQUITY CORP INTL 82,800.00
25,235 FISERV INC 1,071,677.67
2,700 GRC INTERNATIONAL INC COM 27,675.00
6,200 IN FOCUS SYSTEMS INC 43,787.50
833 INTEGRATED SYS CONS GROUP 11,453.75
7,000 INTEGRATED SYS INC 107,625.00
1,760 INTERIM SERVICES INC 56,540.00
13,700 INTERPUBLIC GROUP COS 831,418.75
5,500 INVESTMENT TECHNOLOGY GRP 151,250.00
3,000 JDA SOFTWARE GROUP INC 131,250.00
12,600 KELLY SERVICES INC CL A 445,725.00
4,700 LABONE INC 78,137.50
6,075 LABOR READY INC 183,389.06
4,500 LEAP GROUP INC 12,375.00
800 LEASING SOLUTIONS INC 23,000.00
25,000 MANPOWER INC WIS 717,187.50
22,600 MEDAPHIS CORP 135,600.00
6,825 METAMOR WORLDWIDE INC 240,154.69
13,400 METROMEDIA INTL GROUP 159,962.50
16,300 NATIONAL PROCESSING INC 174,206.25
400 NEWSEDGE CORP 3,950.00
16,300 OGDEN CORP 451,306.25
26,000 OLSTEN CORP 290,875.00
8,900 OPEN MKT INC 167,987.50
36,200 PAGING NETWORK INC 506,800.00
50,325 PAYCHEX INC 2,047,598.44
5,400 PERSONNEL GROUP AMER INC 108,000.00
1,900 PHYMATRIX CORP 16,743.75
15,500 PHYSICIAN COMPUTER NETWK 4,960.00
5,400 PINKERTONS INC. NEW 112,050.00
2,700 PRE PAID LEGAL SVCS INC 85,218.75
2,000 PROFIT RECOVERY GROUP INT 55,875.00
1,100 PROTECTION ONE INC 12,031.25
9,200 QUARTERDECK OFFICE SYS 6,325.00
300 RED BRICK SYSTEMS INC 1,237.50
24,700 ROBERT HALF INTL INC. 1,380,112.50
10,400 ROLLINS INC 213,200.00
200 ROMAC INTERNATIONAL INC 6,075.00
800 RURAL / METRO CORP 10,400.00
1,596 SNYDER COMMUNICATIONS INC 70,224.00
2,700 SPS TRANSACTION SVCS INC 84,712.50
7,248 STERLING COMMERCE, INC 351,528.00
38,200 SUN MICROSYSTEMS 1,659,312.50
9,225 SYLVAN LEARNING SYS INC 302,118.75
3,300 UNITOG CO NEW 72,600.00
2,100 VERSANT OBJECT TECHNOLOGY 8,400.00
27,300 VIAD CORP 757,575.00
FOOD SERVICE
880 AGRITOPE INC 3,520.00
15,000 APPLE SOUTH INC 195,937.50
13,100 BOB EVANS FARMS 277,556.25
21,700 BOSTON CHICKEN INC 34,584.38
20,600 BRINKER INTL 396,550.00
10,414 BUFFETS INC 163,369.63
19,000 CRACKER BARREL CTRY STORE 603,250.00
13,500 DARDEN RESTAURANTS INC 214,312.50
5,400 DAVE & BUSTER'S INC 134,325.00
18,500 DOLE FOOD COMPANY 919,218.75
6,000 INTERNATL MULTIFOODS 165,000.00
13,400 LONE STAR STEAKHOUSE 185,087.50
2,600 LUBYS CAFETERIAS INC 45,662.50
23,000 MCCORMICK & CO 821,531.25
4,100 MCDONALDS CORP 282,900.00
3,800 MORRISON HEALTH CARE INC 70,300.00
17,100 NPC INTERNATIONAL 209,475.00
14,700 OUTBACK STEAKHOUSE INC 573,300.00
2,800 QUALITY DINING INC 10,675.00
5,500 ROCK BOTTOM RESTAURANTS 35,062.50
7,400 RUBY TUESDAY INC 114,700.00
5,400 RYANS FAMILY STEAK HOUSE 55,350.00
5,200 SHONEY'S INC 18,200.00
19,500 SIZZLER INTL INC 53,625.00
15,380 TRICON GLOBAL RESTRAUNTS 487,353.75
71,460 TYSON FOODS INC CL A 1,549,788.75
5,600 US FOODSERVICE 196,350.00
13,200 WENDYS INTL INC 310,200.00
FOREIGN
3,400 AMERIN CORP 99,237.50
100 ARBOR SOFTWARE 3,143.75
8,300 BAXTER INT RIGHTS 3/15/08 1,660.00
1,783 PRIMUS TELECOMM INC 33,758.56
HOTEL & MOTEL
8,700 BRISTOL HOTEL CO 213,150.00
18,700 CHOICE HOTELS INTL INC 253,618.75
29,300 CIRCUS CIRCUS ENTPR 496,268.75
10,554 EXTENDED STAY AMERICA INC 118,732.50
1,493 GREATE BAY CASINO CORP 746.50
500 HAMMONS JOHN Q HOTELS 3,531.25
3,200 HARVEYS CASINO RESORTS 86,800.00
24,700 HILTON HOTELS CORP 703,950.00
8,900 HOLLYWOOD CASINO CRP CL A 16,687.50
67,200 HOST MARRIOTT CORP 1,197,000.00
14,100 HOST MARRIOTT SERVICES 205,331.25
28,050 LA QUINTA MTR INNS 592,556.25
31,700 MARRIOTT INTL CL A 1,026,287.50
21,000 MIRAGE RESORTS INC 447,562.50
8,775 PAPA JOHNS INTL INC 346,064.06
11,600 PRIMADONNA RESORTS INC 166,387.50
12,869 PROMUS HOTEL CORP HLDG CO 495,456.50
6,800 RED ROOF INNS INC 115,175.00
7,700 RIO HOTEL & CASINO 145,337.50
6,700 S BARRO INC 181,737.50
3,000 SHOLODGE INC 23,625.00
2,000 SUBURBAN LODGES OF AMERIC 30,250.00
432 SUN INTERNATIONAL HOTELS 19,656.00
6,233 SUNBURST HOSPITALITY CORP 43,243.75
7,600 TRUMP HOTELS & CASINO 53,675.00
4,100 UNO RESTAURANT CORP 30,237.50
HOUSING
2,400 BEAZER HOMES USA INC 62,250.00
3,200 KAUFMAN & BROAD HOME CORP 101,600.00
12,600 LENNAR CORP 371,700.00
8,400 MCGRATH RENTCORP 177,450.00
3,500 PALM HARBOR HOMES INC 149,187.50
4,200 PULTE CORP 125,475.00
6,000 WEST CO INC 169,875.00
MED SERV & SUPPLIES
4,400 AKSYS LTD 25,850.00
2,300 APOGEE INC 5,175.00
15,400 ARTERIAL VASCULAR ENG. 550,550.00
4,700 ATL ULTRASOUND INC 214,437.50
2,550 BIO RAD LABS INC. CL A 78,093.75
11,000 BIOMET INC 363,687.50
19,038 BOSTON SCIENTIFIC 1,363,596.75
54,100 CHIRON CORP 848,693.75
4,300 CNS INC 20,021.88
3,400 CONMED CORP 78,200.00
6,075 COVANCE INCORPORATED 142,003.13
9,900 CRYOMEDICAL SCIENCES INC. 1,237.50
13,900 CYTOGEN CORP 10,859.38
5,300 EMPI INC 87,781.25
4,400 EPITOPE INC. 28,600.00
35,320 FOUNDATION HEALTH SYS /A 931,565.00
3,723 FPA MEDICAL MGT INC 4,304.72
22,800 GENZYME CORP-GENL DIV 582,825.00
684 GENZYME CORP-TISSUE REPR 4,488.75
13,300 HAEMONETICS CORP 212,800.00
5,800 HEALTH MGMT SYSTEMS INC 65,250.00
5,981 HEALTHPLAN SERVICES CORP 104,667.50
40,362 HEALTHSOUTH CORPORATION 1,077,160.88
3,000 HEARTPORT INC 19,687.50
1,325 HENRY SCHEIN INC 61,115.63
16,100 HILLENBRAND INDUS INC 966,000.00
13,750 HLTH CARE & RETIRMNT CORP 542,265.63
6,900 HUMAN GENOME SCIENCES 246,243.75
1,300 HUMANA INC 40,543.75
4,300 IDEC PHARMACEUTICALS CORP 101,318.75
13,600 INTERMEDIA COMMUNICATIONS 570,350.00
10,100 ISOLYSER INC 26,828.13
37,500 IVAX CORP 346,875.00
40,700 LABORATORY CORP AMER HLDG 94,118.75
5,700 LANDAUER INC. 170,287.50
3,750 LIFE TECH INC. 117,656.25
3,000 LIFECORE BIOMEDICAL INC 49,500.00
3,000 LUNAR CORP. 55,125.00
6,300 MANOR CARE INC 242,156.25
2,900 MARQUETTE MED SYS-CL A 74,403.13
15,200 MATRIA HEALTHCARE INC 53,200.00
6,300 MAXICARE HEALTH PLANS 42,525.00
2,400 MAXXIM MEDICAL INC 69,600.00
2,000 MEDICAL RESOURCES INC 6,125.00
19,903 MEDPARTNERS INC 159,224.00
47,300 MEDTRONIC INC 3,015,375.00
10,400 NABI INC 31,525.00
4,100 NEUREX CORP 124,537.50
10,000 NEUROMEDICAL SYSTEMS INC 7,187.50
18,900 NOVACARE INC 222,075.00
9,375 ORGANOGENESIS INC 185,156.25
8,000 ORTHOLOGIC CORP 41,000.00
7,000 PALOMAR MEDICAL TECHNOLOG 7,437.50
6,600 PARACELSUS HEALTH CORP 20,625.00
3,932 PHARMACEUTICAL PROD DEV 86,504.00
11,483 QUEST DIAGNOSTICS INC 251,190.63
17,800 QUORUM HEALTH GROUP INC 471,700.00
2,500 SABRATEX CORP 56,875.00
20,900 SCIOS INC 185,487.50
3,450 SEROLOGICALS CORP 111,262.50
200 SERVICE EXPERTS INC 6,900.00
10,250 ST. JUDE MED INC. 377,328.13
29,600 STRYKER CORP 1,135,900.00
17,700 SUN HEALTHCARE GROUP INC 259,968.75
6,800 TECHNE CORP 129,625.00
640 THERMEDICS DETECTION INC 6,160.00
7,000 THERMO INSTR SYS INC COM 183,750.00
3,500 THERMOTREX CORP 59,937.50
6,200 TRANSCEND SERVICES INC 18,212.50
4,200 TRANSITION SYSTEMS INCS 44,625.00
1,200 VITALINK PHARMACY SERVICE 26,475.00
4,735 WELLPOINT HEALTH NETWORKS 350,390.00
11,361 WESTAMERICA BANCORPATION 364,972.13
REAL ESTATE
26,600 CATELLUS DEV CORP 470,487.50
6,000 CENTEX CORP 226,500.00
2,850 FOREST CITY ENTER CL A 168,684.38
16,100 LNR PROPERTY CORP 412,562.50
6,001 PATROIT AMER HOSPITALITY 143,648.34
TRANSPORTATION
15,800 AIRBORNE FREIGHT CORP 552,012.50
18,600 AIRTRAN HLDGS INC 140,081.25
4,800 ALASKA AIR GROUP INC 261,900.00
14,000 ALEXANDER & BALDWIN 407,750.00
16,300 AMERICA WEST HOLDINGS B 465,568.75
1,200 AMR CORP 99,900.00
2,500 AMTRAN INC 61,562.50
8,800 ARNOLD INDS INC 129,800.00
10,100 ASA HOLDINGS INC 501,212.50
5,300 AVONDALE INDS INC 146,246.88
700 BURLINGTON NRTHN SANTA FE 68,731.25
700 CELADON GROUP INC 13,300.00
5,900 CIRCLE INTERNATIONAL GRP 165,200.00
14,800 CNF TRANSPORTATION INC 629,000.00
7,400 CONSOLIDATED FRTWYS CORP 103,137.50
15,200 CONTINENTAL AIRLS CL B 925,300.00
4,000 COVENANT TRANSPORT INC CL 78,000.00
1,500 CSX CORP 68,250.00
7,600 DELTA AIR LINES INC 982,300.00
2,200 EAGLE USA AIRFREIGHT INC 76,312.50
14,860 FDX CORP 932,465.00
12,800 FLORIDA EAST COAST INDS 374,400.00
13,400 GATX CORP 587,925.00
4,200 GREENBRIER 72,450.00
11,300 GREYHOUND LINES INC 68,506.25
11,200 HUNT JB TRANS SVCS INC 399,000.00
400 HVIDE MARINE-CL A 5,425.00
33,200 KANSAS CTY SOUTHERN INDS 1,647,550.00
1,200 KNIGHT TRANSPORTATION 22,950.00
1,440 MARINE TRANSPORT CORP 5,850.00
3,600 MIDWEST EXPRESS HLDGS INC 130,275.00
345 NAVIGANT INTL INC 2,932.50
2,500 NORFOLK SOUTHERN CORP 74,531.25
27,900 NORTHWEST AIR CL A 1,075,893.75
1,800 OLD DOMINION FGHT LINES 27,928.13
11,900 OVERSEAS SHIPHOLDING GRP 242,462.50
12,700 PITTSTON BRINKS GROUP 468,312.50
6,100 ROADWAY EXPRESS INC 115,137.50
6,800 RYDER SYSTEMS INC 214,625.00
21,650 SOUTHWEST AIRLINES CO 641,381.25
11,250 SWIFT TRANSN INC 222,890.63
4,700 TOWER AIR INC 17,184.38
10,200 U S AIR GROUP 808,350.00
17,700 UAL CORP NEW 1,380,600.00
1,472 UNION PACIFIC CORP 64,952.00
800 USA TRUCK INC 12,900.00
4,800 WESTERN PACIFIC AIRLINES 225.00
8,700 WLR FOODS INC. 57,637.50
4,800 WORLDCORP INC 1,500.00
MISCELLANEOUS
7,900 ACNIELSEN CORP 199,475.00
2,600 ALGOS PHARMACEUT 70,200.00
5,740 ALLEGIANCE CORP 294,175.00
7,300 AMERICAN CLASSIC VOYAGES 107,675.00
4,200 ANCHOR GAMING 326,025.00
9,000 ARGOSY GAMING CORP 27,562.50
11,520 ASCENT ENTERTAINMENT GRP 128,160.00
11,200 AUTOTOTE CORP CL A 32,200.00
2,675 AVALON HLDGS CORP A W I 17,721.88
5,590 BHA GROUP INC CLA A 92,238.30
2,500 BIOMATRIX INC 102,500.00
3,300 C/NET INC 225,225.00
6,150 CASINO AMER INC 21,525.00
4,700 CFW COMMUNICATIONS CO 109,275.00
14,700 COGNIZANT CORP 926,100.00
12,000 CUNO INC 259,500.00
400 DBT ONLINE 10,800.00
3,100 EDUCATION MGT CORP 101,912.50
4,300 EMPLOYEE SOLUTIONS INC 16,393.75
6,100 ENESCO GROUP INC 187,575.00
1,743 ENVIROSOURCE INC 30,500.00
14,900 FEDERAL SIGNAL CORP 362,256.25
2,900 FLEETWOOD ENTERPRISES 116,000.00
6,664 GEMSTAR INTL GROUP LTD 249,483.50
15,300 GOLDEN ST BANCORP LIT WTS 81,281.25
12,800 GTECH HLDGS CORP 431,200.00
3,300 HANDLEMAN CO-DEL 37,950.00
5,300 HEXCEL CORP NEW 119,912.50
3,225 INTL TECHNOLOGY CORP 30,637.50
8,300 JOHNSON & JOHNSON 612,125.00
3,000 JOHNSON WORLDWIDE ASSOC 37,875.00
7,400 MALLINCKRODT 219,687.50
2,200 MINE SAFETY APPLIANCES 165,000.00
322 OLICOM A/S WTS 09/09/99 2,978.50
14,400 OMI CORP NEW 115,200.00
1,200 PLAYCORE INC 5,400.00
1,050 PRESIDENT CASINOS INC 2,100.00
2,300 PRINS RECYCLING CORP 69.00
46,480 REPUBLIC INDUSTRIES INC 1,162,000.00
24,900 ROYAL CARRIBEAN CRUISES 1,979,550.00
4,100 SCHLUMBERGER LTD 280,081.25
2,500 SDL INC 59,687.50
5,400 SEATTLE FILMWORKS INC 41,681.25
2,300 SFX ENTERTAINMENT CL A 105,512.50
13,000 STATION CASINOS INC 190,937.50
21,400 STEWART ENTERPRISES CL A 569,775.00
8,100 STRATOSPHERE CORP 445.50
4,375 TETRA TECH INC NEW 106,093.75
2,600 THE TESSERACT GROUP 13,000.00
3,900 THERMO REMEDIATION INC 18,037.50
2,200 THERMO TERRATECH INC 9,900.00
450 TODAYS MAN INC WTS 196.88
2,100 UNITED NATURAL FOODS INC 59,850.00
21,500 VENCOR INC NEW 155,875.00
9,100 WATTS INC 189,962.50
TELECOMMUNICATIONS
10,391 360 COMMUNICATIONS CO 332,512.00
18,000 AERIAL COMM INC 112,500.00
12,100 ALIANT COMM INC 331,993.75
2,800 ALLTRISTA CORP 71,575.00
2,700 BACOU USA INC 56,193.75
3,090 BOK FINL CORP COM NEW 146,002.50
4,000 BOSTON COMM GROUP 35,500.00
3,000 CENTRAL GARDEN & PET CO 93,375.00
16,000 COMSAT CORPORATION 453,000.00
4,000 CORECOMM INC 105,000.00
2,000 DATA TRANSMISSION NETWORK 80,000.00
8,000 FIRST PAC NETWORKS INC 80.00
1,700 INTERNATIONAL SHIPHOLDING 27,306.25
8,850 MASTEC INC 211,293.75
2,796 PREMIERE TECH INC 23,198.06
12,000 SBC COMMUNICATIONS INC 480,000.00
8,800 TEKELEC 393,800.00
7,600 VIATEL INC 129,200.00
TOTAL MISCELLANEOUS $107,683,020.10
0.65%
4,000 ADVANCED POLYMERS SYS INC 28,000.00
4,400 AVATAR HOLDINGS 122,650.00
1,780 CCB FINL CORP 189,125.00
107,252 CITIZENS UTIL CO CL B 1,032,300.50
5,200 COLONIAL GAS CO. 148,850.00
28,500 COMPUSA INC 514,781.25
2,700 FILM ROMAN INC 4,050.00
2,802 IMPERIAL HOLLY CORP 25,393.13
7,500 JASON INC. 65,625.00
7,500 MEDCO RESH INC. 191,250.00
4,950 PAXAR CORP 56,925.00
7,400 SMART & FINAL INC. 126,725.00
18,536 SOVEREIGN BANCORP 302,954.29
24,800 STERLING SOFTWARE INC 733,150.00
7,206 TCF FINANCIAL CORP 212,577.00
24,398 UNION PLANTERS CORP 1,434,907.38
100 UNITED DENTAL CARE INC 1,928.13
15,000 UNITED DOMINION INDUS. 500,625.00
2,400 WET SEAL INC CL A 76,800.00
TOTAL $5,768,616.68
TOTAL COMMON STOCK $866,939,694.38
OTHER
1.91%
CASH EQUIVALENTS
16,890,499 AIM SHORT TERM INV SER 2 16,890,498.51
TOTAL $16,890,498.51
TOTAL OTHER $16,890,498.51
TOTAL INVESTMENTS - 100.00% $883,830,192.89
(cost $594,372,477)
See accompanying notes
