Report of Independent Auditors
Board of Directors and Stockholder
Huron Investment Fund, Inc.
We have audited the accompanying statement of assets and
liabilities, including the portfolio of investments, of
Huron Investment Fund, Inc. as of December 31, 1997, and the
related statement of operations, the statement of changes in
net assets, and the financial highlights for the year then
ended. These financial statements and financial highlights
are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial
statements and financial highlights based on our audit. The
statement of changes in net assets and financial highlights
of Huron Investment Fund, Inc. for the period from March 4,
1996 (commencement of operations) to December 31, 1996 were
audited by other auditors whose report dated February 14,
1997, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan
and perform the audit to obtain reasonable assurance about
whether the financial statements and financial highlights
are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures
included confirmation of securities owned as of December 31,
1997, by correspondence with the custodian. An audit also
includes assessing the accounting principles used and
significant estimates made by management, as well as
evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the 1997 financial statements and financial
highlights referred to above present fairly, in all material
respects, the financial position of Huron Investment Fund,
Inc., at December 31, 1997, the results of its operations,
the changes in its net assets, and its financial highlights
for the year then ended, in conformity with generally
accepted accounting principles.
Ernst & Young LLP
Detroit, Michigan
January 23, 1998
Huron Investment Fund, Inc.
Statement of Assets and Liabilities
December 31, 1997
Assets
Investments, at fair value (cost $1,035,252,512) $1,477,359,448
Cash 288,117
Dividends receivable 1,695,618
Prepaid expenses 5,750
Deferred organization costs, net 4,800
Total assets 1,479,353,733
Liabilities
Common stock dividend payable 22,417,112
Accrued expenses 851,514
Notes payable (Note 5) 210,500
Accrued interest expense 5,269
Total liabilities 23,484,395
Net assets $1,455,869,338
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 1,013,148,640
Net unrealized appreciation of investments 442,106,936
Net assets $1,455,869,338
Net asset value per common shares outstanding $23.72
See accompanying notes.
Huron Investment Fund, Inc.
Statement of Operations
For the year ended December 31, 1997
Investment income:
Dividend income $ 19,590,809
Interest income 1,537,447
Total investment income 21,128,256
Expenses:
Administration fee (Note 2) 3,225,729
Investment management fee (Note 2) 119,554
Broker dealer fee on AMPS 799,360
Independent accountants 24,107
Auction agent fee 22,720
Interest expense 18,902
Rating agencies fees 18,417
Insurance 13,930
Directors fees and expenses 10,875
Other expenses 1,811
Amortization of organization costs 1,600
Legal fees 235
Total expenses 4,257,240
Net investment income 16,871,016
Net realized and unrealized gains on investments:
Net realized gain on investments 22,087,361
Change in net unrealized appreciation of investments 308,940,341
Net increase in net assets resulting from operations $347,898,718
See accompanying notes.
Huron Investment Fund, Inc.
Statement of Changes in Net Assets
For the year ended December 31, 1997
and for the period from March 4, 1996 (commencement of
operations) to December 31, 1996
1997 1996
From operations:
Net investment income $16,871,016 $12,422,412
Net realized gain on investments 22,087,361 2,495,394
Net change in unrealized appreciation
of investments 308,940,341 133,166,595
Increase in net assets resulting from operations 347,898,718 148,084,401
Dividends from net investment income:
Auction market preferred stock (16,541,265) (13,751,745)
Common stock (329,751) (1,166,061)
(16,871,016) (14,917,806)
Distributions from net realized gains:
Common stock (22,087,361) -
Decrease in net assets resulting from distributi (38,958,377) (14,917,806)
Increase (decrease) from capital transactions:
Issuance of auction market preferred stock - 450,000,000
Issuance of common stock - 613,762,402
Capital contribution from common stockholder 450,000,000 -
Redemption of auction market preferred stock (450,000,000) -
Distribution of capital to common stockholder - (50,000,000)
- 1,013,762,402
Total increase in net assets 308,940,341 1,146,928,997
Net assets:
Beginning of period 1,146,928,997 -
End of period $1,455,869,338 $1,146,928,997
See accompanying notes.
Huron Investment Fund, Inc.
Notes to Financial Statements
December 31, 1997
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.
On the date of commencement, the Fund issued 61,376,140.20
shares of common stock with a par value of $.01 at $10 per
share in exchange for securities with a value in the
aggregate of approximately $613.8 million and 4,000 shares
of AMPS with a par value of $.01 at $100,000 per share in
exchange for $400 million in cash.
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
stockholders. 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 realized capital gains, if any, are generally
distributed annually.
The character of income and gains 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
capital gains, if any, are considered a return of capital.
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 year ended December 31, 1997 and the period March 4,
1996 (commencement of operations) to December 31, 1996,
dividend and capital gain distributions to the common
stockholder were $22,417,112 and $1,166,061, respectively.
For the period March 4, 1996 (commencement of operations) to
December 31, 1996, the Fund made a return of capital
distribution to the common stockholder in the amount of
$50,000,000.
During 1997 the common stockholder made a capital
contribution to the Fund in the amount of $450,000,000.
Comerica Bank serves as both custodian and administrator for
the Fund and receives a fee based on a percentage of net
assets outstanding at the end of the fiscal year. An
affiliate of Comerica Bank serves as investment advisor to
the Fund. The annual investment management fee is 0.01% of
average equity investments. The administration and
management fees are calculated, accrued and paid on a
monthly basis.
3. Investment Transactions
The aggregate cost of securities purchased and the aggregate
proceeds of securities sold excluding short-term securities,
for the year ended December 31, 1997 were $8,566,813 and
$66,268,968, respectively.
As of December 31, 1997, the net unrealized appreciation of
$442,106,936 is comprised of aggregate gross unrealized
appreciation and depreciation of investments of $496,479,047
and $54,372,111, 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.
In June 1996, the Fund issued 500 shares of AMPS in exchange
for $50 million in cash and with the proceeds paid a
dividend in the same amount to the common stockholder.
Each series of AMPS was 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 were
cumulative from the date of original issue and were paid
every 49 days at a rate set through Dutch Auction. The Fund
was subject to certain asset coverage tests, and the AMPS
were subject to mandatory redemption if the tests were not
met.
In addition, the AMPS were subject to mandatory redemption
if the Fund ceased to qualify as a regulated investment
company or if Merrill Lynch, Pierce, Fenner & Smith
Incorporated ceased to be the broker dealer. The
liquidation value under mandatory redemption of the AMPS was
$100,000 per share plus accumulated and unpaid dividends.
5. Notes Payable
As of December 31, 1997, the Fund had $210,500 of principal
notes outstanding to investors. The notes are due on March
15, 2021 and bear interest at a floating rate. The interest
rate, which resets annually, is set at the one-year U.S.
Treasury bill rate plus 3.50%. As of December 31, 1997, 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 year ended December 31, 1997 and for the period
March 4, 1996 (commencement of operations) through December 31, 1996
1997 1996 (1)
For a share of common stock outstanding throughout the period:
Net asset value, beginning of period $11.36 $10.00
Net investment income 0.28 0.20
Net realized and unrealized gains on investments 5.39 2.21
Total from investment operations 5.67 2.41
Capital contribution 7.33 -
Less distributions from net investment income:
Common stock equivalent of dividends
paid to AMPS holders (0.27) (0.22)
Dividends paid to common stockholder (0.01) (0.02)
Less distributions from net realized gains:
Distribution to common stockholder (0.36) -
Less distributions from paid-in capital:
Distribution of capital to common stockholder - (0.81)
Total distributions (0.64) (1.05)
Net asset value, end of period $23.72 $11.36
Total investment return 30.33% 24.13%(2)
Ratios/supplemental data:
Net assets at end of period (000s) $1,455,869 $1,146,929
Average net assets (000s) $1,322,905 $1,107,778
Ratio of expenses to average net assets
applicable to common stock (4) 0.32% 0.33%(3)
Ratio of net investment income to average net
assets applicable to common stock (4) 1.28% 1.12%(3)
Portfolio turnover 0.65% 5.47%
Average commissions paid on equity
securities transactions $0.01 $0.02
Asset coverage per AMPS share, end of period - $254,873
AMPS shares outstanding - 4,500
Asset coverage for notes payable, end of period 691724% 537303%
Notes payable, end of period $210,500 $213,500
(1) For the period March 4, 1993 (commencement of operations) to
December 31, 1993.
(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 stockholder. 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.
(5) For fiscal years beginning on or after September 1, 1995, a fund is
required to disclose its average commission rate per share for trades
on which commissions are charged.
See accompanying notes.
HURON INVESTMENT FUND, INC.
Portfolio of Investments
December 31, 1997
No. of
Shares Market Value
COMMON STOCK
BUILDING AND CONSTRUCTION 1.62%
BUILDING EQUIPMENT
2,500 CLARIFY INC 29,062.50
39,250 CLAYTON HOMES INC 706,500.00
7,500 SIMPSON MFG INC 249,843.75
BUILDING MATERIALS
3,600 ABT BLDG PRODS CORP 64,800.00
500 AMERICAN BILTRITE INC 12,000.00
2,300 AMERICAN BUILDING CO 58,075.00
1,900 AMERON INTERNATIONAL CORP 120,175.00
13,300 CALGON CARBON CORP 142,975.00
3,000 CAVALIER HOMES INC 29,250.00
3,900 CENTEX CONSTRUCTION PRODU 117,487.50
10,000 CHAMPION INTL CORP 453,125.00
4,800 ELCOR CORP 115,200.00
8,800 FLORIDA ROCK IND 200,200.00
9,800 GEORGIA PACIFIC CORP 595,350.00
3,600 GIANT CEMENT HOLDING INC 83,250.00
75,750 HOME DEPOT 4,459,781.25
10,800 HOMEBASE INC 85,050.00
200 ICC TECHNOLOGIES INC 350.00
1,600 INTERNATIONAL ALUM CORP 50,000.00
17,100 LONGVIEW FIBRE CO 259,706.25
11,400 LOUISIANA PAC CORP 216,600.00
3,200 MARTIN MARIETTA MATERIALS 117,000.00
17,300 MASCO CORP 880,137.50
2,800 MAXXAM INC 122,150.00
5,100 NATIONAL SVC INDS 252,768.75
1,900 NCI BUILDING SYSTEMS INC 67,450.00
4,200 NORTEK INC 111,562.50
4,200 NVR INC 91,875.00
32,000 RPM INC. 488,000.00
3,400 SCOTSMAN INDS INC 83,087.50
5,300 TRIANGLE PACIFIC CORP 179,537.50
16,900 USG CORP NEW 828,100.00
11,500 VULCAN MATLS CO 1,174,437.50
CEMENT
7,600 CALMAT CO 211,850.00
37,400 LAFARGE CORP 1,105,637.50
2,000 PUERTO RICAN CEMENT CO 100,375.00
5,700 SOUTHDOWN INC 336,300.00
CONSTRUCTION EQUIPMENT
6,200 CMI CORP CL A 32,162.50
PAINT AND FLAT GLASS
18,200 SHERWIN WILLIAMS CO 505,050.00
23,400 VALSPAR CORP 745,875.00
INDUSTRIAL CHEMICALS
18,700 ALBEMARLE CORP 446,462.50
9,200 BETZ LABS INC 561,775.00
8,000 DEXTER CORP 345,500.00
39,100 ETHYL CORP 300,581.25
4,600 FULLER H B CO 227,700.00
5,400 GREAT LAKES CHEM CRP 242,325.00
19,900 LUBRIZOL CORP 733,812.50
18,700 PPG INDUS INC 1,068,237.50
6,900 ROHM & HAAS CO 660,675.00
11,000 WELLMAN INC 214,500.00
18,700 WITCO CORP 763,193.75
MISCELLANEOUS
28,100 AMERICAN STANDARD COS INC 1,076,581.25
4,960 CHAMPION ENTERPRISES INC 101,990.00
1,900 CHRISTIANA COS INC. 75,287.50
6,000 COMMERCIAL INTERTECH 124,500.00
1,400 CORRPRO COS INC 20,650.00
12,500 FASTENAL CO. 478,125.00
8,800 FLUOR CORP 328,900.00
9,700 FOAMEX INTL INC 105,487.50
5,850 GRANITE CONSTR INC 134,550.00
8,500 JACOBS ENGR GROUP 215,687.50
2,800 SCHULER HOMES INC 18,025.00
4,600 ZURN INDUSTRIES INC 144,612.50
TOTAL BUILDING AND CONSTRUCTION $23,871,296.25
CHEMICALS AND DRUGS 9.80%
CHEMICALS
22,600 AIRGAS INC. 316,400.00
9,600 ARCO CHEMICAL CO 448,200.00
3,700 BLESSINGS CORP 54,575.00
2,200 BUSH BOAKE ALLEN INC 57,612.50
23,600 CABOT CORP 651,950.00
24,119 CROMPTON & KNOWLES 639,153.50
25,900 DOW CHEMICAL CO 2,628,850.00
119,200 DUPONT DENEMOURS & CO 7,159,450.00
8,200 EASTMAN CHEMICAL 488,412.50
12,900 FERRO CORP 313,631.25
3,900 FMC CORP-NEW 262,520.70
2,260 FREEPORT MCMORAN SULPHUR 26,555.00
9,800 GEON CO 229,075.00
11,400 GEORGIA GULF CORP 349,125.00
9,300 GRACE W.R & CO. 748,068.75
17,200 HANNA M A CO 434,300.00
11,300 HERCULES INC 565,706.25
40,590 IMC GLOBAL, INC. 1,329,322.50
3,300 LANDEC CORP 11,550.00
14,900 LAWTER INTL 162,037.50
6,450 LEARONAL INC. 151,575.00
3,000 LESCO INC OHIO 62,625.00
26,500 LYONDELL PETROCHEMICAL 702,250.00
61,800 MONSANTO CO 2,595,600.00
15,300 MORTON INTERNATIONAL INC 525,937.50
7,200 NALCO CHEM CO 284,850.00
2,500 NCH CORP 163,750.00
3,500 OIL DRI CORP AMER 57,750.00
16,500 OLIN CORP 773,437.50
16,800 PRAXAIR INC 756,000.00
12,400 SCHULMAN A INC 311,550.00
10,400 SIGMA-ALDRICH CORP 413,400.00
12,360 SOLUTIA INC 329,857.50
8,300 SOMATOGEN INC 36,831.25
3,600 STEPAN CO. 106,650.00
2,000 SYBRON CHEM INDS INC 67,000.00
6,200 SYNETIC INC 226,300.00
13,900 UNION CARBIDE CORP 596,831.25
5,900 WEBB DEL CORP 153,400.00
DRUGS
85,500 ABBOT LABS 5,605,593.75
7,800 AGOURON PHARMACEUTICALS 229,125.00
4,900 ALPHA BETA TECHNOLOGY INC 12,709.38
9,100 ALZA CORP CL A 289,493.75
70,400 AMERICAN HOME PRODUCTS 5,385,600.00
28,500 AMGEN INC 1,542,562.50
10,500 AMYLIN PHARMACEUTICALS 57,093.75
1,900 AUTOIMMUNE INC 6,293.75
6,975 BARR LABS INC 238,021.88
16,375 BERGEN BRUNSWIG 689,796.88
4,000 BINDLEY WESTN INDS INC. 123,500.00
3,000 BONE CARE INTERNATIONAL 30,562.50
108,000 BRISTOL MYERS SQUIBB CO 10,219,500.00
2,000 CAMBRIDGE NEUROSCIENCE IN 3,937.50
12,000 CARDINAL HEALTH INC 901,500.00
2,800 CARRINGTON LABS INC 12,075.00
15,200 CARTER WALLACE INC 256,500.00
800 CONNECTICS CORPORATION 2,450.00
6,000 COPLEY PHARMACEUTICAL 33,750.00
2,900 DEPOTECH CORP 10,331.25
9,000 DURA PHARMACEUTICALS INC 412,875.00
15,200 ENGLEHARD CORP 264,100.00
3,200 ERGO SCIENCE CORP 48,800.00
4,600 FAULDIG INC 61,812.50
6,050 FUISZ TECHNOLOGIES LTD 51,425.00
3,400 GELTEX PHARMACEUTICAL INC 90,100.00
41,900 GENENTECH INC SPECIAL COM 2,540,187.50
13,800 GENSIA PHARMACEUTICALS 80,212.50
8,500 GILEAD SCIENCES INC 325,125.00
12,000 ICOS CORP 219,750.00
1,100 IGI INC 4,125.00
4,800 INCYTE PHARMACEUTICALS 216,000.00
12,000 INTERNUERON PHARM INC. 114,000.00
8,500 ISIS PHARMACEUTICALS 104,656.25
9,900 LIDAK PHARMACEUTICAL CL A 23,512.50
10,000 LIGAND PHARMACEUTCAL CL B 128,750.00
117,400 LILLY ELI & CO 8,173,975.00
4,300 MAGAININ PHARMACEUTICALS 34,668.75
4,000 MATRITECH INC 19,500.00
5,900 MATRIX PHARMACEUTICAL INC 20,281.25
14,200 MCKESSON CORP NEW 1,536,262.50
130,500 MERCK & CO., INC 13,833,000.00
40,300 MYLAN LABS INC 843,781.25
3,500 NEOPROBE CORP 21,000.00
800 NEOSE TECHNOLOGIES INC 12,200.00
4,100 NEUROCRINE BIOSCIENCES IN 32,287.50
3,700 NEUROGEN CORP 49,950.00
10,200 NORTH AMERN VACCINE 254,362.50
25,100 PERRIGO CO. 335,712.50
137,800 PFIZER INC 10,274,781.40
54,800 PHARMACIA & UPJOHN INC 2,007,050.00
2,700 PHARMACOPEIA INC 43,200.00
9,600 RIBI IMMUNOCHEM RESH INC 35,400.00
7,800 SCHERER R P CORP DEL 475,800.00
79,400 SCHERING PLOUGH 4,932,725.00
6,800 SEPRACOR INC 272,425.00
2,100 SONUS PHARMACEUTICALS INC 69,562.50
8,100 TWINLAB CORP 200,475.00
5,700 VICAL INC 68,400.00
29,100 WARNER-LAMBERT 3,613,870.80
24,000 WATSON PHARMACEUTICALS 778,500.00
17,700 XOMA CORP 98,456.25
COSMETICS
6,000 ALBERTO CULVER CO CL B 192,375.00
14,400 AVON PRODUCTS INC 883,800.00
3,000 FOSSIL INC 75,000.00
11,600 INTL FLAVORS & FRAGRANCES 597,400.00
3,800 JEAN PHILIPPE FRAGRANCES 26,125.00
18,400 LAUDER ESTEE COS INC 946,450.00
11,300 PLAYTEX PRODUCTS INC 115,825.00
4,363 THERMOLASE CORP 45,811.50
HEALTH PRODUCTS/CARE
9,100 ACUSON COM 150,718.75
2,000 ADVANCED MAGNETICS INC 17,500.00
6,900 ALLERGAN INC 231,581.25
4,200 AMERICAN HOMEPATIENT INC 98,700.00
8,000 AMERISOURCE HEALTH CL A 470,000.00
4,000 APHTON CORP 40,500.00
16,800 APRIA HEALTHCARE GRP INC 225,750.00
3,500 ARRIS PHARMACEUTICAL CORP 29,312.50
8,700 ARROW INTL INC 321,900.00
6,100 BARD CR INC 191,006.25
6,000 BAUSCH & LOMB 237,750.00
30,894 BAXTER INTL INC. 1,558,216.13
13,100 BECTON DICKINSON & CO 655,000.00
10,500 BEVERLY ENTERPRISES INC 136,500.00
23,700 BIOGEN INC 862,087.50
7,532 BLOCK DRUG CL A 325,775.87
3,000 CARDIOGENESIS CORP 18,750.00
200 CARDIOTHORACIC SYS INC 1,100.00
22,700 CENTOCOR 754,775.00
2,000 CHROMAVISION MED SYS INC 18,000.00
3,600 CHRONIMED INC 43,650.00
3,000 CLINTRIALS RESEARCH INC 23,625.00
8,600 COASTAL PHYSICIAN GROUP 6,987.50
8,100 COLOMBIA LABS INC COM 128,587.50
71,050 COLUMBIA/HCA HEALTHCARE 2,104,856.25
11,700 CORAM HEALTHCARE CORP 39,487.50
9,600 CRAIG JENNY INC 72,600.00
2,000 CREATIVE BIOMOLECULES INC 14,750.00
4,400 DIAGNOSTIC PRODUCTS CORP 122,100.00
800 EMERITUS CORP 10,200.00
14,700 FOREST LABS 724,893.75
26,000 GENERAL NUTRITION CO 884,000.00
115,161 GILLETTE CO 11,566,482.94
50,000 GUIDANT CORP 3,112,500.00
5,100 GULF SOUTH MEDICAL SUPPLY 189,975.00
1,100 HCIA INC 13,062.50
40,875 HEALTH MGMT IN CL A NEW 1,032,093.75
8,900 HEALTHDYNE TECHNOLOGIES 181,337.50
3,633 HERBALIFE INTL CL A 76,299.99
7,267 HERBALIFE INTL CL B 156,240.50
5,700 HYDRON TECHNOLOGIES INC 2,493.75
4,200 I-STAT CORP 66,412.50
2,600 ICU MED INC 32,175.00
8,300 IMMUNEX CORP NEW 448,200.00
8,600 IMMUNOMEDICS INC 31,175.00
2,900 INCONTROL INC 17,037.50
3,800 INTEGRA LIFESCIENCES 16,862.50
1,700 INTERCARDIA INC 30,387.50
4,600 KERAVISION INC 29,325.00
3,400 MARTEK BIOSCIENCES CORP 28,050.00
2,800 MEDCATH INC 42,350.00
17,400 MID ATLANTIC MED SVCS 221,850.00
3,500 MINIMED INC 136,062.50
800 NEOPATH INC 10,400.00
8,900 NEXSTAR PHARMACEUTICALS 101,237.50
3,700 NORTHFIELD LABORATORIES 33,762.50
8,200 OEC MEDICAL SYSTEMS INC 163,487.50
9,000 ONCOR INC 41,625.00
25,800 OXFORD HEALTH PLANS INC 401,512.50
11,578 PHARMERICA INC 120,121.75
15,200 PHYSICIAN RELIANCE NETWK 158,650.00
13,000 PHYSICIAN SALES & SVC 279,500.00
4,900 PHYSICIANS RESOURCE GROUP 21,437.50
600 PHYSIO-CONTROL INC. 9,525.00
700 PROJECT SOFTWARE & DEV 16,450.00
11,200 QUINTILES TRANSNATIONAL 428,400.00
2,600 RES-CARE INC 75,400.00
4,356 RESPONSE ONCOLOGY INC 36,481.50
17,400 REXALL SUNDOWN INC 525,262.50
4,050 RTW INC 24,300.00
5,900 SERAGEN INC 1,770.00
1,500 SHERIDAN HEALTHCARE INC 22,500.00
3,900 STAAR SURGICAL CO 67,031.25
2,500 SUMMIT CARE CORP 40,937.50
400 SUNRISE ASSISTED LIVING 17,250.00
15,000 SYBRON INTL CORP 704,062.50
53,135 TENET HEALTHCARE CORP 1,760,096.88
350 TREX MEDICAL CORP 4,878.30
7,700 U S SURGICAL 225,706.25
12,900 UNILAB CORP 24,187.50
2,400 UNITED AMERN HEALTHCARE 5,250.00
7,600 UROMED CORP 26,837.50
19,765 UTD HEALTHCARE CORP 982,073.44
4,874 VETERINARY CNTRS OF AMER 65,494.38
10,200 VIVUS INC 108,375.00
MISCELLANEOUS
8,300 MOLTEN METAL TECHNOLOGY 778.13
86,417 TYCO INTERNATIONAL LTD 3,894,209.27
TOTAL CHEMICALS AND DRUGS $144,798,357.62
CONSUMER PRODUCTS 11.79%
CONFECTIONS AND BEVERAGES
52,300 ANHEUSER-BUSCH COS 2,301,200.00
5,900 BOSTON BEER INC 46,093.75
7,400 BROWN FORMAN INC CL B 408,850.00
7,400 CANADAIGUA WINE INC CLB 421,800.00
268,800 COCA COLA CO 17,908,800.00
122,400 COCA COLA ENTERPRISES 4,352,850.00
165,800 PEPSICO INC 6,041,337.50
3,100 PETES BREWING CO 12,593.75
2,500 PYRAMID BREWERIES INC 6,718.75
2,600 REDHOOK ALE BREWERY INC 13,650.00
14,216 TOOTSIE ROLL INDS 888,500.00
CONTAINERS
11,000 AVERY DENNISON CORP 492,250.00
3,200 BALL CORP 113,000.00
5,700 BEMIS CO 251,156.25
11,800 CROWN CORK & SEAL INC 591,475.00
2,400 LIQUI BOX 96,600.00
4,400 SEALRIGHT CO. INC. 54,450.00
6,000 TEMPLE INLAND INC 313,875.00
DAIRY PRODUCTS
13,600 DEAN FOODS INC 809,200.00
8,800 DREYERS GRD ICE CREAM 212,300.00
31,300 IOWA BEEF PROCESSOR 655,343.75
PACKAGED FOOD
2,600 ALICO INC. 60,450.00
60,453 ARCHER DANIELS MIDLAND CO 1,311,074.44
2,600 BEN & JERRYS HOMEMADE CLA 40,300.00
3,850 BRIDGFORD FOODS CORP 56,787.50
4,100 BROTHERS GOURMET COFFEE 4,612.50
900 CAGLES INC 10,125.00
51,600 CAMPBELL SOUP CO 2,999,250.00
6,400 CHURCH & DWIGHT INCTURE 179,600.00
51,200 CONAGRA 1,680,000.00
1,380 DNAP HOLDING CORP 6,705.94
600 FARMER BROS CO 112,200.00
28,950 FLOWERS INDUS INC 595,284.38
2,500 GARDENBURGER INC 22,500.00
40,200 HEINZ H J CO 2,042,662.50
16,200 HERSHEY FOODS CORP 1,003,387.50
28,400 HORMEL FOODS CORP 930,100.00
7,200 HUDSON FOODS INC CL A 148,050.00
5,600 JP FOODSERVICE INC 206,850.00
44,600 KELLOGG CO 2,213,275.00
9,900 LANCE INC 260,493.75
3,500 MIDWEST GRAIN PRODUCTS 43,750.00
18,300 NABISCO HOLDINGS CORP CL 886,406.25
1,900 NORTHLAND CRANBERRIES INC 29,450.00
2,550 PERFORMANCE FOOD GROUP CO 60,562.50
263,100 PHILLIP MORRIS CO INC 11,905,275.00
7,500 PILGRIMS PRIDE CORP 116,718.75
6,200 PIONEER HI BRED INTL INC 664,950.00
14,300 QUAKER OATS CO 754,325.00
12,200 RALCORP HOLDINGS INC - W 206,637.50
11,600 RALSTON-RALSTON PURINA GR 1,078,075.00
2,000 RIVIANA FOODS INC 41,750.00
3,800 SANDERSON FARMS INC 55,100.00
51,200 SARA LEE CORP 2,883,225.60
400 SEABOARD CORP DEL 176,000.00
9,600 SMUCKER J M CO. 226,800.00
5,695 SUIZA FOODS CORP 339,208.44
19,600 SYSCO CORP 893,034.80
2,600 TREMONT CORP DEL NEW 135,850.00
8,500 UNIVERSAL FOODS CORP 359,125.00
3,200 WOLOHAN LUMBER CO 43,200.00
12,200 WRIGLEY WM JR CO 970,662.50
PAPER
9,900 ALBANY INTER CORP CL A 227,700.00
5,200 BOISE CASCADE CORP 157,300.00
12,400 BOWATER CORP 551,025.00
7,800 CHESAPEAKE CORP 268,125.00
14,800 CONSOLIDATED PAPERS 789,950.00
3,400 CROWN VANTAGE INC 23,800.00
20,587 FORT JAMES CORPORATION 787,452.75
17,700 GAYLORD CONTAINER CL A 101,775.00
9,800 GEORGIA PACIFIC TIMBER 222,337.50
5,300 GIBSON GREETINGS INC 115,937.50
14,100 GLATFELTER PH CO 262,612.50
32,563 INTERNATIONAL PAPER CO 1,404,279.38
9,450 INTERPOOL INC 139,978.13
59,400 KIMBERLY CLARK CORP 2,929,162.50
17,900 LOWES COS INC 853,606.25
11,000 MEAD CORP 308,000.00
7,100 OWENS ILL INC 269,356.25
12,400 PENTAIR INC 445,625.00
3,100 POTLATCH CORP 133,300.00
9,800 RAYONIER INC 417,112.50
11,880 ROCK-TENN COMPANY CLA 243,540.00
30,100 SONOCO PRODS CO 1,044,093.75
22,600 ST JOE CORPORATION 2,045,300.00
52,800 STAPLES INC 1,465,200.00
4,000 U S CAN CORPORATION 67,500.00
7,300 UNION CAMP CORP 391,918.75
6,850 UNISOURCE WORLDWIDE 97,612.50
12,100 WAUSAU MOSINEE PAPER CORP 243,512.50
10,700 WESTVACO CORP 336,381.25
20,900 WEYERHAEUSER CO 1,025,406.25
12,000 WILLIAMETTE INDUSTRIAL 386,250.00
PRINTING AND PUBLISHING
7,900 AMERICAN GREETINGS CL A 309,087.50
7,700 AMERICAN MEDIA INC CL A 59,675.00
10,200 BANTA CORP 275,400.00
20,000 BARNES & NOBLE INC 667,500.00
14,700 BELO AH CORP COM SER A 825,037.50
6,000 BIG FLOWER HLDGS 144,750.00
2,300 CADMUS COMMUNICATIONS 47,150.00
8,600 CENTRAL NEWSPAPERS CL A 635,862.50
8,700 DE LUXE CORP. 300,150.00
400 DESKTOP DATA INC 3,650.00
2,800 DEVON GROUP 128,800.00
16,500 DONNELLEY RR & SONS 614,625.00
3,250 DONNELLY CORP 54,640.63
10,500 DOW JONES & CO 563,718.75
29,800 GANNETT CO., INC 1,842,012.50
30,400 GARTNER GROUP INC CL A 1,132,400.00
8,100 GOLDEN BOOKS FAMILY ENTMT 83,531.25
3,100 HARLAND JOHN H CO 65,100.00
10,800 HOLLINGER INTERNATIONAL 151,200.00
9,600 HOUGHTON MIFFLIN CO 368,400.00
10,200 KNIGHT-RIDDER INC 530,400.00
15,500 LEE ENTERPRISES INC 458,218.75
4,650 MAIL-WELL INC 188,325.00
37,500 MARVEL ENTMT GROUP INC 18,750.00
11,750 MCCLATCHY NEWSPAPER CL A 319,453.13
10,500 MCGRAW-HILL COMPANIES INC 777,000.00
8,700 MEDIA GENERAL INC 363,768.75
5,800 MEREDITH CORP 206,987.50
10,500 NEW YORK TIMES CO CL A 694,312.50
74,100 READERS DIGEST CLASS B 1,806,187.50
5,200 SCHOLASTIC CORP 195,000.00
4,700 SCIENTIFIC GAMES HLDGS 95,175.00
3,600 STECK-VAUGHN PUBG CORP 53,100.00
77,575 TIME WARNER INC 4,809,650.00
9,600 TIMES MIRROR CO CL A NEW 590,400.00
13,200 TRIBUNE CO 821,700.00
3,600 VALUE LINE INC 142,200.00
3,600 WASHINGTON POST CO CL B 1,751,400.00
11,700 WISCONSIN CENT TRANS CORP 273,487.50
RECREATIONAL EQUIPMENT
4,300 AMERISTAR CASINOS INC 20,962.50
3,100 BALLY'S TOTAL FITNESS 67,812.50
21,400 BOYD GAMING CORP 141,775.00
10,400 BRUNSWICK CORP 315,250.00
24,000 CALLAWAY GOLF CO 685,500.00
2,200 CANNONDALE CORP 47,850.00
1,148 CARLYLE INDS INC 1,721.30
10,290 CHRIS CRAFT INDUS INC 538,295.63
19,400 COLEMAN INC NEW 311,612.50
2,700 FAMILY GOLF CENTERS INC 84,712.50
2,000 FIRST TEAM SPORTS 4,250.00
50,200 HARLEY DAVIDSON INC 1,374,225.00
10,800 HARRAH'S ENTERTAINMENT 203,850.00
41,500 INTRNTL GAME TECH 1,047,875.00
16,800 MGM GRAND INC 605,850.00
8,900 MICROPOSE INC 19,468.75
800 NORTH FACE INC 17,600.00
10,300 POLARIS INDUSTRIES INC 314,793.75
2,700 SHUFFLE MASTER INC 18,900.00
19,600 SUNGLASS HUT INTL INC 123,725.00
4,200 WEST MARINE INC 93,975.00
OTHER CONSUMER PRODUCTS
11,700 ALLIANCE ENTERTAINMENT 351.00
3,900 AMERICAN SAFETY RAZOR CO 78,000.00
12,750 BLYTH INDS INC 381,703.13
29,400 BORDERS GROUP INC 920,587.50
31,400 CINTAS CORP 1,224,600.00
11,200 CLOROX CO 885,500.00
31,000 COLGATE PALMOLIVE CO 2,278,500.00
2,600 CROWN CRAFTS INC 40,625.00
7,100 ECKO GROUP INC 55,025.00
2,900 FAB INDS INC. 90,262.50
13,700 FIRST BRANDS CORP 369,050.60
6,223 GENERAL CIGAR HLDGS INC B 135,350.25
7,700 GRACO INC. 287,306.25
7,700 HARCOURT GENERAL INC 421,575.00
44,400 MINNESOTA MNG & MFR 3,643,575.00
17,100 NEWELL CO. 726,750.00
24,600 OAKLEY INC 222,937.50
5,850 ONEIDA LTD. 156,121.88
8,800 PRESSTEK INC 226,600.00
2,175 PRICESMART INC 37,246.88
145,800 PROCTER & GAMBLE CO 11,636,662.50
15,800 RUBBERMAID INC 395,000.00
4,100 RUSSELL CORP 108,906.25
45,100 SHAW INDUSTRIES INC 524,287.50
2,200 SPRINGS INDUS INC 114,400.00
6,100 STAN HOME INC 156,693.75
2,626 STANDARD COMMERCIAL CORP 43,493.13
3,000 SUPERIOR SURGICAL 48,000.00
6,600 TUPPERWARE CORPORATION 183,975.00
11,500 UNIVERSAL CORP 472,937.50
19,900 UST INC 735,056.25
13,600 V F CORP 624,750.00
17,200 WARNACO GROUP INC CL A 539,650.00
11,300 WHITMAN CORP 294,506.25
PHOTOGRAPHY
1,200 AEP INDUSTRIES INC 37,050.00
3,900 CPI CORP. 88,237.50
36,300 EASTMAN KODAK CO. 2,207,493.75
4,800 POLAROID CORP 233,700.00
HOUSEHOLD FURN/APPLIANCES
3,900 ARMSTRONG WORLD IND 291,525.00
2,100 CHROMCRAFT REVINGTON INC 67,200.00
4,000 COORS ADOLPH CO CL B 133,000.00
3,000 CORT BUSINESS SVCS CORP 119,439.00
4,100 CULP INC 82,000.00
9,000 DEPARTMENT 56 INC 258,750.00
1,000 FALCON PRODS INC 14,187.50
22,300 FURNITURE BRANDS INTL INC 457,150.00
31,900 HANOVER DIRECT INC 93,706.25
3,100 HAVERTY FURNITURE COS INC 41,850.00
16,000 HELIG MEYERS CO 192,000.00
10,000 KIMBALL INT INC CL B 184,375.00
9,200 LIBBEY INC 348,450.00
4,730 LIFETIME HOAN CORP 46,708.75
10,700 MAYTAG CO 399,243.75
8,300 MIKASA INC 120,868.75
16,200 MILLER HERMAN INC 883,912.50
3,300 REX STORES CORP 33,825.00
30,800 SUNBEAM CORPORATION 1,297,450.00
RETAIL
60,300 AUTOZONE INC 1,748,700.00
22,600 BED BATH & BEYOND INC 870,100.00
6,100 BRADLEES INC 854.00
2,100 CARSON PIRIE SCOTT & CO 105,262.50
3,000 COLE NATL CORP NEW 89,812.50
2,700 FINLAY ENTERPRISES INC 61,425.00
15,000 INTIMATE BRANDS INC 360,937.50
3,100 MULTIPLE ZONES INTL 12,012.50
5,400 SPIEGAL INC CL A 26,662.50
1,200 SWING-N-SLIDE CORP 4,800.00
15,400 TJX COS INC (NEW) 529,375.00
11,800 VALUE CITY DEPT STORES 104,725.00
3,100 WILMAR INDS 74,012.50
7,100 WINDMERE-DURABLE HOLDINGS 160,193.75
APPAREL
2,700 AMERICAN EAGLE OUTFITTERS 94,162.50
2,600 CHIC BY H I S INC 19,012.50
3,100 DECKERS OUTDOOR CORP 23,250.00
5,000 DONNKENNY INC DEL 13,437.50
210 EDISON BROS STORES WTS 262.50
3,195 FOOTSTAR INC 85,865.63
6,200 FRUIT OF THE LOOM CL A 158,875.00
1,900 GADZOOKS INC 39,900.00
17,300 JONES APPAREL GROUP 743,900.00
10,900 LANDS END INC. 382,181.25
28,070 LIMITED INC 715,785.00
6,400 LIZ CLAIBORNE INC 267,600.00
2,200 LOEHMANNS INC 12,650.00
30,600 NIKE INC CL B 1,201,050.00
11,800 NINE WEST GROUP 306,062.50
2,900 NORTON MCNAUGHTON INC 15,225.00
2,500 QUIKSILVER INC 71,562.50
3,800 STAGE STORES INC 142,025.00
9,600 STARTER CORP 29,400.00
12,000 TALBOTS INC 217,500.00
900 TODAYS MAN 2,812.50
4,400 UNITED RETAIL GROUP INC 17,875.00
400 VANS INC 6,050.00
12,300 WESTPOINT STEVENS INC 581,175.00
AUDIO/VISUAL
8,800 ACKERLEY COMMUNICATIONS 149,050.00
1,000 CINERGI PICTURES ENTMT IN 2,437.50
3,800 CKS GROUP INC 53,675.00
400 GREY ADVERTISING INC. 131,200.00
4,400 MOVIE GALLERY INC 12,925.00
5,300 NATIONAL MEDIA CORP 17,225.00
19,000 OMNICOM GROUP INC 805,125.00
2,300 OPTICAL CABLE CORP 18,831.25
1,600 SINCLAIR BROADCAST GROUP 74,600.00
3,000 WEST COAST ENTERTAINMENT 4,500.00
BROADCASTING
5,000 ADELPHIA COMM CORP CL A 92,500.00
2,070 AMERICAN RADIO SYSTEMS 110,356.88
5,600 AMERICAN TELECASTING INC 7,000.00
1,775 CABLE MICHIGAN INC 40,603.13
5,200 CABLEVISION SYS CORP 497,900.00
9,850 CHANCELLOR MEDIA CORP /A 735,056.25
90,700 COX COMM INC CL A NEW 3,633,668.75
2,900 EMMIS BROADCASTING CORP 132,312.50
5,180 GAYLORD ENT CL/A 165,436.25
169 HEARST-ARGYLE TELEVISION 5,027.75
4,100 HEARTLAND WIRELESS COMM 7,175.00
7,100 JACOR COMMUNICATIONS INC 377,187.50
4,700 JONES INTERCABLE INC CL A 82,543.75
4,000 KING WORLD INC 231,000.00
10,900 LIN TELEVISION CORP 594,050.00
8,200 TCA CABLE TV INC 377,200.00
3,900 TRANSACTION NETWORK SVCS 67,275.00
2,400 TV FILME INC 13,800.00
4,000 UNITED VIDEO SATELLITE 115,000.00
7,900 VALUEVISION INTL INC CL A 30,118.75
3,000 WAVEPHORE INC 28,125.00
MISCELLANEOUS
400 FEDDERS CORP CL A 2,450.00
4,200 JOSTENS INC 96,862.50
2,000 OAO TECHNOLOGY SOLUTIONS 18,500.00
13,965 PALL CORP 288,900.94
2,700 PHP HEALTHCARE CORP 40,668.75
24,600 SERVICE CORP INTL 908,662.50
26,500 STARBUCKS CORP 1,016,937.50
13,200 ZALE CORP NEW 303,600.00
TOTAL CONSUMER PRODUCTS $174,187,307.50
DURABLE GOODS 20.60%
AEROSPACE-AIRCRAFT
104,842 BOEING CO 5,130,705.38
25,900 COLTEC INDS INC 600,569.20
2,200 CURTISS WRIGHT CORP 79,887.50
3,400 FAIRCHILD CORP CL A 84,575.00
6,600 GENERAL DYNAMICS CORP 570,487.50
15,400 LITTON INDUS INC 885,500.00
21,600 LOCKHEED MARTIN CORP 2,127,600.00
6,900 M & F WORLDWIDE CORP 67,706.25
6,100 NORTHROP GRUMMAN CORP 701,500.00
6,700 OEA INC 193,881.25
1,650 PRIMEX TECHNOLOGIES INC 55,687.50
2,600 SIMULA INC 39,812.50
2,300 SPECIAL DEVICES INC 67,275.00
20,200 SUNDSTRAND CORP 1,017,575.00
17,000 TEXTRON INC 1,062,500.00
6,100 THIOKOL CORP 495,625.00
25,600 UNITED TECHNOLOGIES CORP 1,864,012.80
AGRICULTURAL MACHINERY
40,600 CATERPILLAR INC 1,971,637.50
27,100 DEERE & CO 1,580,268.75
3,200 TRACTOR SUPPLY CO 47,200.00
AUTOMOBILE AND PARTS
4,700 APS HOLDING CORP CL A 11,750.00
7,300 ARVIN INDUST INC 243,181.25
7,900 BORG WARNER SEC CORP 139,237.50
76,800 CHRYSLER CORP 2,702,400.00
8,000 COACHMEN INDS INC 172,500.00
24,200 COLLINS & AIKMAN CORP NEW 208,725.00
8,800 COOPER TIRE & RUBBER 214,500.00
3,700 COPART INC 66,137.50
4,300 CUMMINS ENGINE INC 253,968.75
10,700 DANA CORP 508,250.00
6,400 DETROIT DIESEL CORP 152,000.00
8,600 DONALDSON INC 387,537.50
1,400 DURAKON INDS 13,300.00
6,600 ECHLIN INC 238,837.50
12,200 ENVIROSOURCE INC 36,600.00
3,900 EXCEL INDS INC 70,443.75
7,500 EXIDE CORP 194,062.50
11,700 FEDERAL-MOGUL CORP 473,850.00
124,700 FORD MTR CO 6,055,806.10
79,100 GENERAL MTRS CORP 4,795,437.50
19,050 GENUINE PARTS CO 646,509.38
20,600 LEAR CORPORATION 978,500.00
12,200 MASCOTECH INC 224,175.00
7,666 MERITOR AUTOMOTIVE INC 161,468.96
9,800 MODINE MFG CO 334,425.00
2,315 MONRO MUFFLER BRAKE INC 33,278.13
7,900 NAVISTAR INTL CORP NEW 196,018.75
2,000 OSHKOSH TRUCK CORP. 36,125.00
8,200 PACCAR INC 430,500.00
6,450 SNAP ON TOOLS CORP 281,381.25
14,200 SPEEDWAY MOTORSPORTS INC 352,337.50
4,600 STRATTEC SECURITY CORP 117,300.00
9,400 SUPERIOR INDUSTRIES INTL 252,037.50
17,000 TENNECO INC 671,500.00
10,300 TOP SOURCE TECH INC 12,875.00
1,200 TOWER AUTOMOTIVE INC 50,475.60
2,500 TRANSPRO INC 22,500.00
13,600 TRW INC 725,900.00
5,900 VICORP RESTAURANTS 103,250.00
27,500 VIKING OFFICE PRODS INC 599,843.75
7,700 WESTINGHOUSE AIR BRAKE CO 197,312.50
ELECTRICAL
2,400 ADFLEX SOLUTIONS INC 38,700.00
3,250 AFC CABLE SYSTEMS INC 96,687.50
23,100 AMP INC 970,200.00
200 BARNETT INC 4,400.00
2,200 BOLDER TECHNOLOGIES CORP 21,175.00
2,400 C&D TECHNOLOGY INC 115,800.00
6,400 C-CUBE MICROSYSTEMS INC 104,400.00
2,800 CHERRY CORP CL A 49,000.00
5,200 CIDCO INC 101,400.00
5,300 DATASCOPE CORP 137,137.50
48,400 EMERSON ELEC CO 2,731,599.20
3,150 ENCORE WIRE CORP 96,665.63
17,600 EXECUTONE INFORMATION SYS 38,500.00
2,300 FRANKLIN ELEC. INC. 147,775.00
5,000 GASONICS INTL CORP 49,375.00
5,300 GRAINGER W W INC 515,093.75
13,800 HONEYWELL INC 945,300.00
21,800 HUBBELL INC CL B 1,075,012.50
3,500 INSILCO CORP NEW 115,500.00
25,800 INTEGRATED DEVICE TECH 243,487.50
4,800 LEVEL ONE COMMUNICATIONS 135,600.00
7,400 LITTLEFUSE INC 184,075.00
8,100 MAGNETEK INC 157,950.00
2,100 MERIX CORP 31,762.50
9,400 RAYCHEM CORP 404,787.50
3,000 THERMO ECOTEK CORP 54,750.00
4,300 THOMAS & BETTS CORP 203,175.00
700 ULTRALIFE BATTERIES INC 11,900.00
3,900 WOODHEAD INDS INC 73,125.00
ELECTRONICS
6,500 ACTEL CORPK 82,062.50
3,200 ADVANCED LIGHTING TECH 60,800.00
14,600 ADVANCED MICRO-DEVICES 261,887.50
7,000 AFFINITY TECH GRP 16,625.00
14,100 ALLIANCE SEMICONDUCTOR 64,331.25
5,700 ALTRON INC 75,525.00
31,000 AMERICAN POWER CONVERSION 732,375.00
3,500 AMERICAN SUPERCONDUCTOR 29,750.00
1,003 AMPHENOL CORP CL/A 55,854.56
51,200 ANALOG DEVICES INC 1,417,600.00
4,500 ANALOGIC CORP 171,000.00
39,200 APPLIED MATLS INC 1,180,900.00
33,800 ARROW ELECTRONICS INC 1,096,387.50
5,800 ASPEN TECHNOLOGY INC 198,650.00
32,400 ATMEL CORP. 601,425.00
20,200 AURA SYS INC. 66,281.25
14,300 AVNET INC 943,800.00
31,200 AVX CORP 575,250.00
3,750 BRIGHTPOINT INC 52,031.25
9,150 BURR BROWN CORP 293,943.75
2,600 CELLULAR COMM INTL INC 121,550.00
5,266 CHYRON CORPORATION 23,367.88
2,300 CINCINNATI MICROWAVE INC 2.30
102,000 CISCO SYS INC 5,686,500.00
4,600 COHERENT COMMUNICATIONS S 128,225.00
3,500 COHU INC 107,187.50
8,100 COMPUTER NETWORK TECH 28,350.00
2,500 CORNERSTONE IMAGING INC 12,656.25
9,700 CREDENCE SYSTEMS CORP 287,362.50
3,600 CTS CORP 114,975.00
3,300 CUBIC CORP. 108,075.00
28,200 CYPRESS SEMINCONDUCTOR 239,700.00
22,650 DIEBOLD INC 1,146,656.25
2,300 DSP GROUP INC 46,000.00
2,800 E G & G INC 58,275.00
8,200 EATON CORP 731,850.00
3,200 EIS INTERNATIONAL INC 17,600.00
2,500 ELECTRO SCIENTIFIC INDS 95,000.00
18,400 ELECTRONICS FOR IMAGING 305,900.00
500 ELTRON INTL INC 15,125.00
3,400 EMERSON RADIO CORP 1,487.50
2,500 ESTERLINE TECHNOLOGIES CO 90,000.00
4,300 EXAR CORP. 70,950.00
8,200 FIRST ALERT INC 17,425.00
23,800 FORE SYSTEMS INC 362,950.00
2,600 FRANKLIN ELECTRONIC PUBLI 32,500.00
2,900 FUSION SYSTEMS -CVR 1,993.75
350,200 GENERAL ELECTRIC CO 25,695,925.00
8,400 GENERAL MAGIC INC 11,550.00
18,788 GENERAL MILLS INC 1,345,690.50
35,000 GENERAL MOTORS CL H 1,292,812.50
3,450 GENERAL SEMICONDUCTER INC 39,890.63
6,800 GENRAD INC 205,275.00
5,500 GENUS INC 18,390.63
2,700 GTI CORP 13,162.50
5,900 HOLOPHANE CORP 146,025.00
8,000 IDENTIX INC 77,000.00
13,873 IMATION CORP 221,968.00
700 INFORMATON STORAGE DEVICE 4,221.88
5,900 INTEGRATED SILICON SOL 44,987.50
173,600 INTEL CORP 12,195,400.00
2,500 ITI TECHNOLOGIES INC 54,375.00
9,000 JOHNSON CTLS INC 429,750.00
10,000 KLA INSTRUMENTS CORP 386,250.00
3,400 KOPIN CORP 57,162.50
12,890 LAM RESH CORP. 377,032.50
3,800 LEXMARK INTL GROUP INC 144,400.00
24,800 LINEAR TECHNOLOGY CORP 1,429,100.00
15,200 LSI LOGIC CORP 300,200.00
11,800 LTX CORP 52,362.50
13,100 MACROMEDIA INC 108,893.75
5,100 MATTSON TECHNOLOGY INC 35,700.00
40,000 MAXIM INTEGRATED PRODS 1,380,000.00
21,300 MENTOR GRAPHICS 206,343.75
5,200 MICREL INC 145,600.00
4,400 MICRO LINEAR CORP 34,650.00
22,700 MICRON TECH 590,200.00
3,000 MICROTEST INC 13,875.00
52,031 MOLEX INC 1,671,495.88
62,500 MOTOROLA INC 3,566,406.25
2,500 MRV COMMUNICATIONS INC 59,687.50
5,000 MTS SYS CORP. 187,500.00
14,600 NATIONAL SEMICONDUCTOR 378,687.50
77,800 NEXTEL COMM INC CL A 2,022,800.00
8,000 NIMBUS CD INTERNATIONAL 86,000.00
56,000 NOISE CANCELLATION TECH 63,000.00
14,600 OAK TECHNOLOGY INC 94,900.00
24,100 OIS OPTICAL IMAGING SYS 29,371.88
900 OPTI INC 6,131.25
4,600 PERKIN ELMER CORP 326,887.50
17,471 PREMIER FARNELL PLC-ADR 234,766.56
4,200 PRI AUTOMATION INC 121,275.00
3,500 PSC INC 46,156.25
38,200 QUANTUM CORP 766,387.50
24,728 RAYTHEON CO CL A 1,219,409.71
25,800 RAYTHEON CO CL B 1,302,900.00
4,200 RECOTON CORP 56,700.00
5,400 ROBOTIC VISION SYSTEMS 62,100.00
2,200 ROGERS CORP 89,925.00
10,000 SAFEGUARD SCIENTIFICS INC 313,750.00
4,900 SEMITOOL INC 64,006.25
24,400 SENSORMATIC ELEC CORP 401,075.00
10,700 SILICON VALLEY GROUP INC 242,087.50
1,100 SILICONIX INC 47,300.00
3,400 SIPEX CORP 102,850.00
34,600 SOLECTRON CORP 1,438,062.50
2,500 SPEEDFAM INTL INC 66,250.00
4,500 SUPERTEX INC 48,937.50
12,900 SYMBOL TECHNOLOGIES 486,975.00
2,100 TECH SYM CORP 53,418.75
5,250 TEKTRONIX INC 208,359.38
27,600 TERADYNE INC 883,200.00
40,000 TEXAS INSTRUMENTS 1,800,000.00
5,400 THERMO CARDIOSYSTEMS 144,450.00
2,100 THORN APPLE VALLEY 30,450.00
24,000 TIG HOLDINGS INC 796,500.00
13,200 TRUSTMARK CORP 610,500.00
10,300 VARIAN ASSOCIATES 520,793.75
21,267 VISHAY INTERTECHNOLOGY 502,432.88
8,600 WATERS CORP 323,575.00
4,600 XICOR INC 13,800.00
19,800 ZENITH ELECTRONICS CRP 107,662.50
INDUSTRIAL MACHINERY
3,000 AEROQUIP-VICKERS INC 147,187.50
12,000 AIR PRODS & CHEMS INC 987,000.00
7,500 ALLIED PRODUCTS CORP COM 180,000.00
3,100 BRIGGS & STRATTON CORP 150,543.75
7,800 CASE CORP 471,412.50
3,750 CHART INDS INC 85,546.88
3,700 CINCINNATI MILACRON INC 95,968.75
11,400 COOPER INDUS INC 558,600.00
5,800 DII GROUP INC 158,050.00
24,000 DOVER CORP 867,000.00
1,900 DT INDUSTRIES INC 64,600.00
8,696 FLOWSERVE CORP 242,944.50
4,400 FOSTER WHEELER CORP 119,075.00
4,000 GLEASON CORP 107,750.00
4,100 HARNISCHFEGER INDUS INC 144,781.25
19,000 IMATRON INC 43,937.50
17,250 INGERSOLL RAND CO 698,625.00
4,900 INTEGRATED PROCESS EQUIP 77,175.00
10,350 MILLER INDUSTRIES INC 112,556.25
5,900 NORDSON CORP. 270,662.50
4,700 OSMONICS INC 74,318.75
4,100 PARK-OHIO INDUSTRIES 74,825.00
23,000 ROCKWELL INTL CORP W/I 1,201,750.00
3,200 SEQUA CORP CL A 208,200.00
10,900 STEWART & STEVENSON SVSC 277,950.00
11,600 TELEFLEX INC. 437,900.00
1,600 THERMO POWER CORPORATION 14,000.00
5,600 UNOVA INC 92,050.00
14,200 YORK INTL CORP NEW 561,787.50
OFFICE EQUIPMENT AND SUPPLIES
9,600 3DO CO 21,000.00
3,600 7TH LEVEL INC 6,075.00
30,000 AMERICA ONLINE INC 2,675,625.00
5,800 AMERICAN BUS PROD INC. 125,425.00
6,800 AMERICAN PAD & PAPER CO N 65,450.00
4,000 ANSYS INC 29,000.00
5,900 APPLIED INNOVATION INC 32,450.00
2,800 ASPECT DEVELOPMENT INC 145,600.00
11,400 BLACK BOX CORP 403,275.00
3,400 BOISE CASCADE OFFICE PROD 50,787.50
4,900 BROADVISION INC 31,850.00
10,200 BT OFFICE PRODUCTS INTL 79,050.00
3,400 CASINO DATA SYS 9,775.00
7,400 CERIDIAN CORP 339,012.50
2,875 CHAMPION INDUSTRIES INC/W 47,437.50
2,800 COMPUTER MGMT SCIENCES 53,550.00
22,600 COMPUTERVISION CORP 86,162.50
4,100 CSS INDUSTRIES 130,687.50
2,600 CYBERCASH INC 32,987.50
1,500 DAISYTEK INTERNATIONAL CO 52,125.00
800 DIGITAL LINK CORP 7,700.00
2,500 ELCOM INTL INC 17,500.00
5,400 ENNIS BUSINESS FORMS 49,950.00
3,600 EXCALIBUR TECHNOLOGIES 30,825.00
54,600 GATEWAY 2000 INC 1,781,325.00
5,900 GENERAL BINDING 177,000.00
5,400 GENERAL SIGNAL CORP 227,812.50
5,100 GEOWORKS 49,087.50
8,400 HARRIS CORP-DEL 385,350.00
9,900 HON INDS INC 584,100.00
5,800 HUNT CORPORATION 137,387.50
117,400 IBM COMMON 12,275,637.50
13,700 IKON OFFICE SOLUTIONS 385,312.50
26,100 INTERGRAPH CORP 261,000.00
15,400 INTUIT INC 635,250.00
1,600 MANUGISTICS GROUP INC 71,400.00
1,700 MAPINFO CORP 20,187.50
11,200 MICRO WAREHOUSE INC 156,100.00
2,900 MICROS SYS INC 130,500.00
2,900 MICROTOUCH SYS INC 45,675.00
5,300 NEOSTAR RETAIL GROUP INC 0.53
7,600 NU-KOTE HLDG INC CL A 4,512.50
8,000 OBJECTIVE SYS INTEGRATORS 67,000.00
6,100 ODS NETWORKS INCORPORATED 39,268.75
51,900 OFFICE DEPOT INC 1,242,356.25
40,900 OFFICEMAX INC 582,825.00
2,400 PERCEPTRON INC 51,900.00
15,700 PITNEY BOWES INC 1,412,026.60
2,300 PROXIMA CORP 15,237.50
8,500 RACOTEK INC 12,750.00
26,800 REYNLDS&REYNLDS CO CL A 494,125.00
9,400 SECURITY DYNAMICS TECH 336,050.00
9,500 STANDARD REGISTER 330,125.00
5,700 SUBMICRON SYS CORP 12,825.00
7,000 SYSTEMSOFT CORP 44,625.00
3,168 THERMOLASE CORP (NEW) 54,450.00
3,450 U S OFFICE PRODUCTS CO 67,706.25
3,600 UNITED TELEVISION INC. 373,950.00
3,500 VIDEOSERVER INC 55,562.50
6,200 VWR SCIENTIFIC PROD CORP 175,150.00
15,100 WALLACE COMPUTER SVCS 587,012.50
7,425 WIND RIVER SYSTEMS INC 294,679.69
4,700 WONDERWARE CORP 66,387.50
35,000 XEROX CORP. 2,585,625.00
RUBBER
5,400 BANDAG INC 288,562.50
10,200 CARLISLE COS INC 436,050.00
10,740 GOODRICH B F CO 445,038.75
16,700 GOODYEAR TIRE & RUBBER 1,062,537.50
14,000 SEALED AIR CORP 864,500.00
10,400 STONE CONTAINER 108,550.00
OTHER DURABLE GOODS
2,400 AG CHEM EQUIP INC 33,300.00
60,800 ALLIED-SIGNAL INC 2,367,400.00
10,900 AMETEK INC (NEW) 294,300.00
7,600 BORG-WARNER AUTOMOTIVE 395,200.00
2,200 COLUMBUS MCKINNON CORP 53,350.00
24,300 CORNING INCORPORATED 902,137.50
4,800 CRANE CO 208,200.00
5,900 HARMAN INTL INDS INC NEW 250,381.25
25,800 ILLINOIS TOOL WORKS 1,551,225.00
3,767 IMC GLOBAL INC WTS 13,183.33
11,000 KAYDON CORP. 358,875.00
4,600 MILLIPORE CORP 156,114.80
3,400 NEWPORT NEWS SHIPBUILDING 86,487.50
5,500 OWENS CORNING 187,687.50
1,500 PENN ENGINEERING & MFG 36,000.00
500 PENN ENGINEERING & MFG CO 12,375.00
8,600 PRECISION CASTPARTS 518,687.50
2,300 ROCKSHOX INC 21,275.00
2,600 STARRETT LS CO CL A 95,062.50
1,500 STIMSONITE CORP 7,593.75
7,100 TECUMSEH PROD CO CL A 346,125.00
6,400 THERMEDICS INC. 104,800.00
3,500 THOMASTON MILLS CL A 32,375.00
6,800 TIMKEN CO 233,750.00
14,000 TRINITY INDS INC. 624,750.00
21,500 UNIFI INC 874,781.25
COMPUTERS AND SOFTWARE
19,100 ACCLAIM ENTERTAINMENT 69,237.50
2,000 ACT NETWORKS INC 14,625.00
1,700 ACTIVE VOICE CORP 21,250.00
24,000 ADOBE SYSTEMS INC 990,000.00
7,800 AMERICAN BUS INFO CL/A 81,900.00
7,800 AMERICAN BUS INFO INC 79,950.00
4,900 APERTUS TECHNOLOGIES INC 5,818.75
13,100 APPLE COMPUTER INC 171,937.50
5,200 ARTISOFT INC. 10,237.50
6,202 AUTODESK INC 229,474.00
30,500 AUTOMATIC DATA PROC 1,871,937.50
7,200 AVID TECHNOLOGY INC 192,600.00
138 AXHIOM TRANSACT SOLUTIONS 2,346.00
6,900 BELL & HOWELL COMPANY 166,893.75
33,200 BMC SOFTWARE INC 2,178,750.00
3,400 BOCA RESEARCH INC 17,850.00
13,056 BORLAND INTL INC 95,472.00
3,000 BROADWAY & SEYMOUR INC 28,875.00
9,400 CABLETRON SYS INC 141,000.00
3,700 CACI INTERNTL INC CL A 73,306.25
51,500 CADENCE DESIGN SYS INC 1,261,750.00
4,700 CAERE CORP 40,537.50
2,200 CCC INFO SERV GROUP 43,450.00
7,500 CDW COMPUTER CENTERS INC 390,937.50
7,800 CELLULAR TECHNICAL SVCS I 24,862.50
4,400 CENTURA SOFTWARE CORP 4,950.00
21,400 CIRRUS LOGIC INC 227,375.00
77,510 COMPAQ COMPUTER CORP 4,374,470.63
15,800 COMPUCOM SYS INC 130,350.00
57,600 COMPUTER ASSOC INTL INC 3,045,600.00
7,800 COMPUTER HORIZONS CORP 351,000.00
2,900 COMPUTER LANGUAGE RES INC 40,600.00
6,319 COMPUTER SCIENCES CORP 527,636.50
7,000 COMPUTER TASK GROUP INC 248,937.50
55,600 COMPUWARE CORP COM 1,779,200.00
3,500 COMSHARE INC 21,656.25
23,600 COPYTELE INC 82,600.00
2,100 CYBERGUARD CORP 11,812.50
4,100 DATA GENL CORP 71,493.75
44,000 DELL COMPUTER CORP 3,696,000.00
3,900 DENDRITE INTERNATIONAL 75,562.50
12,900 DIAMOND MULTIMEDIA SYS 114,487.50
16,400 DIGITAL EQUIP CORP 606,800.00
9,600 DST SYSTEMS INC 409,800.00
5,200 EDIFY CORP 97,500.00
18,620 ELECTRONIC ARTS INC 704,068.75
163,800 ELECTRONIC DATA SYSTEMS 7,196,962.50
49,800 EMC CORP. 1,366,387.50
1,400 EMULEX CORP 19,250.00
5,200 EVANS & SUTHERLAND 150,800.00
600 EXPERT SOFTWARE INC 2,137.50
47,200 FIRST DATA CORP 1,380,600.00
9,300 FTP SOFTWARE INC 20,925.00
2,900 GLOBAL VILLAGE COMM 3,534.38
10,900 GT INTERACTIVE SOFTWARE 69,487.50
5,400 HARBINGER CORP 151,875.00
65,540 HBO & CO 3,145,920.00
117,000 HEWLETT PACKARD CO 7,297,875.00
7,500 HUTCHINSON TECH 164,062.50
600 IDT CORP 12,150.00
9,200 INFOR RESOURSE INC 123,050.00
49,300 INFORMIX CORP 234,175.00
6,400 INFOSEEK CORP 68,800.00
7,100 INTERSOLV INC. 143,775.00
86,400 IOMEGA CORP 1,074,643.20
13,500 JTS CORPORATION 3,375.00
3,000 KEY TRONIC CORP 13,125.00
4,000 LYCOS INC 165,500.00
4,900 MAC NEAL SCHWENDLER CORP 47,162.50
4,000 MAPICS INC 43,500.00
2,000 MARCAM SOLUTIONS 14,500.00
5,700 MAY AND SPEH INC 76,950.00
5,400 MERCURY INTERACTIVE CORP 144,450.00
2,297 METACREATIONS CORP 25,554.13
29,900 MICRON ELECTRONICS INC 272,837.50
126,200 MICROSOFT CORP 16,311,350.00
700 MICROWARE SYSTEMS CORP 3,762.50
5,600 MYLEX CORP 50,400.00
2,100 NATIONAL TECHTEAM INC 18,900.00
10,625 NCR CORP 295,507.81
14,400 NETMANAGE INC 40,500.00
23,940 NETSCAPE COMMUNICATIONS 583,537.50
5,900 NETWORK COMPUTING DEVICES 55,312.50
4,100 NETWORK PERIPHERALS INC 29,725.00
15,075 NETWORKS ASSOCIATES INC 797,090.63
13,800 NEXTLEVEL SYSTEMS INC 246,675.00
37,200 NOVELL INC 279,000.00
2,500 ONEWAVE INC 4,062.50
103,425 ORACLE CORPORATION 2,307,722.03
14,000 PARAMETRIC TECNOLOGY 663,250.00
4,700 PC DOCS GROUP INTL INC 23,500.00
66,400 PEOPLESOFT INC 2,589,600.00
4,900 PHOENIX TECHNOLOGIES LTD 59,412.50
2,100 PITTWAY CORP 144,768.75
8,300 PIXAR INC 179,487.50
4,700 PLANAR SYS INC 48,175.00
8,100 PMC - SIERRA INC 251,100.00
5,900 POLICY MGMNT SYS CORP 410,418.75
3,000 PRINTRONIX INC 50,812.50
8,400 PSINET INC 43,050.00
4,700 QUICKRESPONSE SVCS INC 173,900.00
4,100 QUICKTURN DESIGN SYSTEMS 48,175.00
6,200 RADIUS INC NEW 2,131.25
2,200 RAINBOW TECHNOLOGIES INC 63,800.00
16,489 RATIONAL SOFTWARE CORP 187,562.38
11,700 SANTA CRUZ OPERATION INC 48,262.50
22,200 SEAGATE TECHNOLOGY INC 427,350.00
11,100 SEQUENT COMP SYS INC 222,000.00
2,500 SHARED MEDICAL SYS CORP 165,000.00
10,000 SHIVA CORP 85,625.00
80 SIEBEL SYSTEMS 3,345.00
18,300 SILICON GRAPHICS 227,606.25
200 SMART MODULAR TECHNO 4,600.00
2,800 SPYGLASS INC 13,825.00
8,500 STAC INC 39,312.50
3,200 STATE OF THE ART INC 52,000.00
16,900 STORAGE TECH CRP PAR $.01 1,046,743.75
5,000 STORMEDIA INC 10,937.50
7,700 STRATUS COMPUTER INC 291,156.25
10,700 STRUCTURAL DYNAMICS 240,750.00
2,700 SUNQUEST INFORMATION SYS 26,325.00
26,600 SYBASE INC 354,112.50
18,100 SYMANTEC CORP 397,068.75
18,143 SYNOPSYS INC 648,612.25
4,000 SYQUEST TECHNOLOGY INC 13,375.00
5,100 SYSTEMS & COMPUTER TECH 253,087.50
37,225 THREE COM CORP 1,300,548.44
16,600 TOTAL SYSTEMS SERVICE 410,850.00
4,000 TRIDENT MICROSYSTEMS INC 36,250.00
18,300 UNISYS CORP 253,912.50
1,000 USDATA CORPORATION 4,625.00
4,500 VERITAS SOFTWARE CO 229,500.00
3,100 VMARK SOFTWARE INC 24,800.00
1,900 WANDEL & GOLTERMANN TECH 24,937.50
11,900 WANG LABS INC NEW 263,287.50
35,400 WESTERN DIGITAL CORP 568,612.50
2,300 XCELLENET INC 30,187.50
23,800 XILINX INC 834,487.50
100 XYLAN CORP 1,512.50
HOUSEHOLD FURN/APPLIANCES
2,300 BUSH INDS INC CL A 59,800.00
500 DIAMOND HOME SERVICES INC 3,562.50
9,900 LANCASTER COLONY CORP 558,112.50
29,600 LEGGETT & PLATT INC 1,239,500.00
6,200 O'SULLIVAN INDS HLDGS INC 62,000.00
8,000 WHIRLPOOL CORP 440,000.00
TELECOMMUNICATIONS
42,900 ADC TELECOMM INC 1,791,075.00
14,500 ADTRAN INC 398,750.00
52,200 AIRTOUCH COMMUNICATIONS 2,169,562.50
8,600 AMERICAN MOBILE SATELLITE 60,200.00
9,750 ANDREW CORP 234,000.00
7,800 ANTEC CORP 121,875.00
3,600 APPLIED DIGITAL ACCESS 21,150.00
11,000 ASSOCIATED GROUP CL A 325,875.00
14,000 ASSOCIATED GROUP CL B 407,750.00
3,200 BRITE VOICE SYS INC 31,200.00
10,650 CELLSTAR CORP 211,668.75
25,050 COMDISCO 837,609.38
4,733 COMMONWEALTH TELEPHONE EN 122,466.38
4,600 COMMSCOPE INC 61,812.50
3,400 COMMUNICATIONS SYSTEM INC 60,350.00
12,300 DSC COMMUNICATIONS 295,200.00
12,800 DSP COMMUNICATIONS INC 153,600.00
1,200 EXCEL COMMUNICATIONS INC 17,400.00
7,300 GENERAL DATACOMM INDS INC 34,218.75
21,300 GLENAYRE TECHNOLOGIES INC 210,337.50
5,200 INTELIDATA TECHNOLOGIES 9,587.50
3,800 IPC INFORMATION SYS INC 76,237.50
7,600 IXC COMMUNICATIONS INC 238,450.00
19,200 LORAL SPACE & COMM LTD 411,600.00
68,094 LUCENT TECHNOLOGIES INC 5,439,008.25
11,800 MCLEOD INC. CL A 377,600.00
3,700 MICRODYNE CORP 22,200.00
11,000 MOBILEMEDIA CORP 1,375.00
2,200 NATURAL MICROSYSTEMS CORP 102,300.00
3,800 NETCOM ON-LINE COMM SVCS 91,200.00
16,200 NTL INCORPORATED 451,575.00
200 P-COM INC 3,450.00
2,400 PACIFIC GATEWAY EXCHANGE 129,150.00
10,854 PANAMSAT CORPORATION /NEW 468,078.75
800 POWERTEL INC 13,400.00
6,400 PREMISYS COMMUNICATIONS 167,200.00
32,000 QUALCOMM INC 1,616,000.00
7,100 RCN CORPORATION 243,175.00
19,100 ROHN INDUSTRIES INC 98,484.38
4,300 SALIENT 3 COMMUNICATIONS 53,212.50
8,100 SCIENTIFIC-ATLANTA 135,675.00
2,200 SITEL CORP 20,075.00
3,600 TELCO SYSTEMS INC 34,875.00
700 TELE-COMMUNICATIONS INTL 12,600.00
10,914 TELECOMM-TCI VENTURES GRP 309,002.63
20,100 TELEPHONE & DATA SYS INC 935,906.25
2,900 TRESCOM INTL INC 21,568.75
3,400 U.S. CELLULAR CORP 105,400.00
13,800 VANGUARD CELLULAR SY CL A 175,950.00
9,100 WINSTAR COMMUNICATIONS 226,931.25
MISCELLANEOUS
2,800 ABC RAIL PRODUCTS 56,000.00
6,200 ACX TECHNOLOGIES INC 151,512.50
29,000 ALTERA CORP 960,625.00
14,900 ALUMAX INC 506,600.00
3,400 ASYST TECHNOLOGIES INC 73,950.00
7,000 AVIALL INC NEW 104,562.50
9,200 BLACK & DECKER CORP 359,375.00
5,800 CASCADE CORP. 98,600.00
17,600 DENTSPLY INTL INC 536,800.00
7,700 FSI INTL INC 90,475.00
11,400 FURON CO. 237,975.00
11,000 GENCORP INC 275,000.00
5,700 GORMAN RUPP CO. 120,412.50
7,308 HALTER MARINE GROUP INC 211,018.50
31,500 INTL SPECIALTY PRODUCTS 470,531.25
12,400 ITT INDS INC 389,050.00
36,900 JEFFERSON SMURFIT CORP 521,212.50
2,000 JOHNSTOWN AMER INDS INC 19,250.00
3,800 LAWSON PRODUCTS INC 113,050.00
8,100 LOJACK CORP 119,475.00
21,829 MARK IV INDUSTRIES INC 477,509.38
3,300 MATTHEWS INTL CORP 145,200.00
12,000 PARKER HANNIFIN CORP 550,500.00
8,800 SOFAMOR/DANEK GROUP 572,550.00
2,900 SPECTRIAN CORP 55,825.00
9,400 STANLEY WORKS 443,562.50
46,800 THERMO ELECTRON CORP 2,059,200.00
4,600 THERMO FIBERTEK INC 56,062.50
3,400 WHITE RIVER CORP 270,300.00
TOTAL DURABLE GOODS $304,343,353.91
FINANCIAL 21.74%
BANKS
10,500 AMERICREDIT CORP 290,718.75
47,250 AMSOUTH BANCORP 2,566,265.63
95,074 BANC ONE CORP 5,163,754.16
7,900 BANCORPSOUTH INC 373,275.00
5,850 BANK GRANITE CORP 179,887.50
42,200 BANK NEW YORK INC 2,439,687.50
3,600 BANK UNITED CORP-CL A 176,175.00
75,800 BANKAMERICA CORP 5,533,400.00
16,012 BANKBOSTON CORPORATION 1,504,127.25
8,500 BANKERS TR NY CORP 955,723.00
3,700 BANKNORTH GROUP INC 237,725.00
24,717 BARNETT BANKS INC 1,776,534.38
16,036 BB&T CORPORATION 1,027,306.25
3,000 BSB BANCORP INC 107,250.00
4,400 CATHAY BANCORP INC 160,600.00
46,040 CHASE MANHATTAN CORP NEW 5,041,380.00
3,638 CHEMICAL FINL CORP 162,811.69
4,843 CHITTENDEN CORP 169,505.00
5,900 CINCINNATI FINANCIAL CORP 830,425.00
50,500 CITICORP 6,385,093.75
10,950 CITIZENS BANKING 377,775.00
14,500 CITY NATL CORP 535,593.75
5,953 CNB BANCSHARES INC 286,860.19
11,200 COLONIAL BANCGROUP 385,700.00
4,515 COMMERCE BANCORP INC N.J. 230,265.00
25,908 COMMERCE BANCSHARES 1,755,267.00
3,400 COMMUNITY FIRST BANKSHARE 181,050.00
3,190 COMMUNITY TRUST BANCORP 99,288.75
21,450 COMPASS BANCSHARES INC 938,437.50
23,995 CORESTATES FINL CORP 1,921,099.69
5,700 CORUS BANKSHARES INC 225,506.25
6,000 CPB INC 123,375.00
37,418 CRESTAR FINCL CORP 2,132,826.00
3,520 CVB FINL CORP 130,680.00
32,000 DIME BANCORP INC NEW 968,000.00
420 F & M BANCORP MD 15,960.00
6,300 F & M NATL CORP 216,168.75
18,600 FIFTH THIRD BANCORP COM 1,520,550.00
22,400 FIRST AMERICAN CORP 1,114,400.00
34,100 FIRST CHICAGO NBD CORP 2,847,350.00
4,900 FIRST CITIZENS BCSHS 509,753.13
14,400 FIRST COMMERCE CORP 968,400.00
7,600 FIRST COMWLTH FINL CORP 266,475.00
4,000 FIRST EMPIRE ST CORP 1,860,000.00
5,687 FIRST FINL BANCORP 274,397.75
22,300 FIRST HAWAIIAN INC 886,425.00
4,000 FIRST INDIANA CORP 121,000.00
5,500 FIRST MIDWEST BANCORP DEL 240,625.00
30,600 FIRST OF AMERICA BANK 2,360,025.00
37,500 FIRST SEC CORP DEL 1,570,312.50
4,750 FIRST SOURCE CORP 151,406.25
22,300 FIRST TENN NATL CORP 1,488,525.00
87,332 FIRST UNION CORP 4,475,765.00
2,415 FIRST UNITED CORP 48,903.75
16,050 FIRST VIRGINIA BANKS 829,584.38
6,150 FIRST WESTERN BANCORP 175,275.00
48,600 FIRSTAR CORP 2,062,462.50
6,900 FIRSTBANK ILL CO 254,006.25
3,800 FIRSTFED FINL CORP DEL 147,250.00
27,700 FLEET FINANCIAL GROUP INC 2,075,768.75
6,300 FORT WAYNE NATL CORP IND 289,800.00
13,310 FULTON FINL CORP PA 432,575.00
4,255 HANCOCK HLDG CO 257,427.50
12,600 HARRIS FINANCIAL INC 250,425.00
4,650 HERITAGE FINL SVCS INC 134,850.00
40,400 HIBERNIA CORP CL A 760,025.00
5,304 HUBCO INC 207,519.00
8,058 HUNTINGTON BANCSHARES INC 290,088.00
7,920 IMPERIAL BANCORP 390,555.00
11,600 IMPERIAL CR INDS INC 237,800.00
1,800 INVESTORS FINANCIAL SVC 82,800.00
2,600 IRWIN FINANCIAL CORP 108,875.00
24,400 KEYCORP 1,727,825.00
2,100 MAINSTREET BANKGROUP INC 58,537.50
30,400 MARSHALL & ILSLEY CORP 1,888,600.00
52,875 MBNA CORP 1,444,148.44
25,100 MELLON BANK CORP 1,521,687.50
26,100 MERCANTILE BANCORP INC 1,605,150.00
23,550 MERCANTILE BANKSHARES 921,393.75
4,100 MERCER INTL INC SBI NEW 36,131.25
3,000 MERCHANTS NY BANCORP INC 126,000.00
7,502 MID AM INC 193,176.50
4,349 MID AMER BANCORP 146,235.13
18,900 MORGAN J P & CO 2,133,337.50
2,600 NATIONAL BANCORP ALASKA 328,900.00
2,299 NATIONAL CITY BANCORP 67,820.50
23,900 NATIONAL CITY CORP 1,571,425.00
18,400 NATIONAL COMM BANCORP 648,600.00
6,860 NATIONAL PENN BANCSHARES 226,380.00
84,132 NATIONSBANK CORP 5,116,277.25
2,756 NBT BANCORP INC 74,412.00
20,756 NORTH FORK BANCORP INC NY 696,623.25
37,400 NORTHERN TRUST CO 2,608,650.00
78,170 NORWEST CORP 3,029,087.50
40,022 OLD KENT FINL CORP 1,585,871.75
12,180 OLD NATL BANCORP IND 589,207.50
9,687 ONE VALLEY BANCORP INC 375,371.25
27,000 PACIFIC CENTURY FINL CORP 668,250.00
3,200 PARK NATL CORP 282,000.00
8,300 PENNCORP FINL GROUP INC 296,206.25
20,700 PEOPLES BANK BRIDGEPORT 786,600.00
1,200 PINNACLE BANC GROUP INC 34,800.00
43,600 POPULAR INC 2,158,200.00
3,087 PROVIDENT BANKSHARES CORP 197,182.13
6,898 QUEENS CNTY BANCORP INC 279,369.00
41,614 REGIONS FINANCIAL CORP 1,755,590.63
7,381 REPUBLIC BANCORP INC 157,768.88
4,800 REPUBLIC NEW YORK CORP 548,100.00
3,400 S & T BANCORP INC 147,050.00
3,000 SILICON VALLEY BNCSHRES 168,750.00
30,914 SOUTHTRUST CORP 1,961,106.88
54,600 STAR BANC CORP 3,132,675.00
19,000 STATE STREET CORP 1,105,562.50
2,800 SUFFOLK BANCORP 83,300.00
6,200 SUMITOMO BANK CA 338,675.00
46,350 SUMMIT BANCORP 2,450,756.25
23,500 SUNTRUST BANKS INC 1,677,312.50
5,700 SUSQUEHANNA BANCSHARES 218,025.00
25,012 SYNOVUS FINANCIAL CP 819,143.00
2,100 TRANS FINANCIAL INC 81,637.50
2,000 TRIANGLE BANCORP INC 70,750.00
7,100 TRUST CO OF NEW JERSEY 177,500.00
8,464 TRUSTCO BK CORP NY 230,644.00
26,506 U.S. BANCORP 2,967,028.63
10,033 UMB FINANCIAL CORP 546,784.88
14,100 UNIONBANCAL CORPORATION 1,515,750.00
6,800 UNITED BANKSHARES W VA 324,700.00
2,000 USBANCORP INC PA 146,000.00
6,400 UST CORP 177,600.00
13,891 VALLEY NATL BANCORP 546,089.94
35,892 WACHOVIA CORP 2,911,738.50
27,150 WASHINGTON MUTUAL INC 1,732,509.38
9,933 WELLS FARGO & CO 3,371,632.69
4,800 WESBANCO INC. 144,000.00
9,450 WESTCORP INC 159,468.75
11,700 WILMINGTON TRUST CORP 729,787.50
FINANCE COMPANIES
6,500 ADVANTA CORP 170,625.00
6,750 AMCOR FINL INC 169,593.75
50,200 AMERICAN EXPRESS CO 4,480,350.00
8,200 ARCADIA FINANCIAL LTD 60,987.50
1,814 ASTORIA FINANCIAL CORP 101,130.50
5,800 BENEFICIAL CORP 482,125.00
1,694 BT FINL CORP 86,394.00
21,400 CAPITAL ONE FIN CORP 1,159,612.50
5,600 CNA SURETY CORP 86,450.00
17,100 CREDIT ACCEP CORP MICH 132,525.00
77,200 FED HOME LN MTG CORP 3,237,613.60
115,100 FEDERAL NATL MTGE ASSN 6,567,951.30
19,600 FINOVA GROUP, INC 973,884.80
2,500 FIRST MERCHANTS ACCEP 25.00
17,300 GREEN TREE FINL CORP 453,052.40
10,400 HOUSEHOLD INTL CORP 1,326,650.00
200 IMC MORTGAGE COMPANY 2,375.00
3,800 INSO CORPORATION 43,937.50
2,600 ITT EDUCATIONAL SERVICES 58,012.50
7,986 KEYSTONE FINL INC 321,436.50
3,500 LAB HOLDINGS INC 81,375.00
13,050 LIBERTY FINANCIAL CO INC 492,637.50
1,666 MEGO MORTGAGE CORP 6,768.13
64,900 MERCURY FINANCE CO. 40,562.50
19,100 MONEY STORE INC 401,100.00
61,200 MORGAN ST DE WTR DISC 3,618,450.00
15,700 PHOENIX DUFF & PHELPS 125,600.00
3,700 PMC CAP INC 53,881.25
35,900 PNC FINANCIAL 2,048,543.75
5,618 RESOURCE BANCSHARES MTG 91,635.47
2,000 STUDENT LN CORP 98,750.00
21,750 SUNAMERICA 929,812.50
10,500 UNITED COS FINCL CORP 162,750.00
1,100 WEBSTER FINL CRP WATRBURY 73,150.00
HOLDING COMPANY
20,200 AMERICAN FINANCIAL GROUP 814,322.60
6,300 AMPAL AMER ISRAELI CL A 32,287.50
2,200 EASTERN ENTERPRISES 99,000.00
15,300 GOLDEN STATE BANCORP 571,837.50
1,600 GRYPHON HOLDING INC 26,800.00
4,500 ML BANCORP INC 135,000.00
6,500 PEC ISRAEL ECONOMIC CORP 140,562.50
42,400 RELIANCE GROUP HOLDINGS 598,900.00
107,700 RJR NABISCO HLDGS CORP 4,038,750.00
18,400 SOTHEBY'S HLDS INC CL A 340,400.00
1,700 ST FRANCIS CAPITAL CORP 85,850.00
5,900 TEJON RANCH CO. 143,443.75
30,300 U S INDUSTRIES INC 912,787.50
34,000 VALHI INC 320,875.00
9,800 ZEIGLER COAL HLDG CO 159,862.50
FIRE AND CASUALTY INSURANCE
5,600 ACCEPTANCE INS COS INC 135,450.00
4,600 BALDWIN & LYONS INC CL B 110,975.00
10,500 BERKLEY (WR) CORP 460,687.50
18,400 CHUBB CORP 1,391,500.00
3,100 FUND AMER COS INC 375,100.00
10,700 GAINSCO INC 90,950.00
8,900 GENERAL RE CORP 1,886,800.00
2,200 MARKEL CORP. 343,475.00
12,720 MEDICAL ASSURANCE INC 357,750.00
2,050 MFC BANCORP LTD 23,318.75
2,500 NAVIGATORS GROUP INC 46,406.25
13,300 SAFECO CORP 648,375.00
4,950 STATE AUTO FINL CORP. 159,637.50
4,200 UNITED FIRE & GAS CO 185,850.00
INSURANCE
16,152 AETNA INC 1,139,725.50
46,100 AFLAC INC 2,356,862.50
15,300 ALFA CORP 263,925.00
2,700 ALLEGHANY CORP. NEW 768,825.00
18,796 ALLMERICA FINANCIAL CORP 938,625.25
47,900 ALLSTATE CORP. 4,352,912.50
20,800 AMBAC INC 956,800.00
16,000 AMERICAN ANNUITY 352,000.00
4,500 AMERICAN HERITAGE LIFE IN 162,000.00
75,900 AMERICAN INTL GROUP 8,254,125.00
17,400 AON CORP 1,020,075.00
9,100 ARGONAUT INC 308,262.50
650 BERKSHIRE HATHAWAY 29,900,000.00
3,800 BLANCH E W HLDGS INC 130,862.50
8,000 CIGNA CORP 1,384,500.00
13,500 CITIZENS CORP 388,125.00
6,100 CITIZENS INC 39,650.00
3,700 CNA FINANCIAL CORP 472,675.00
14,300 COMMERCE GROUP 466,537.50
32,100 CRAWFORD & CO 656,043.75
4,700 DANIELSON HLDG CORP 34,075.00
2,958 DELPHI FINL GRP CL A 133,110.00
2,000 EMC INSURANCE GROUP 26,500.00
18,600 EVEREST REINSURANCE HLDGS 767,250.00
5,000 FBL FINANCIAL GROUP CL A 200,625.00
9,100 FINANCIAL SECURITY ASSUR 439,075.00
3,900 FOREMOST CORP OF AM 272,025.00
800 GUARANTEE LIFE COS INC 22,800.00
10,200 HARLEYSVILLE GROUP INC 244,800.00
12,400 HARTFORD FINANCIAL SVCS 1,160,175.00
14,250 HCC INS HLDGS INC 302,812.50
4,400 HIGHLANDS INS GROUP INC 124,850.00
21,000 HORACE MANN EDUCATORS 597,187.50
6,700 HSB GROUP INC 369,756.25
9,200 JOHN ALDEN FINL CORP 220,800.00
21,600 LEUCADIA NATIONAL CORP 745,200.00
7,400 LIBERTY CORP 345,950.00
7,200 LIFE USA HOLDING INC 121,500.00
12,300 LOEWS CORP 1,305,337.50
18,000 MARSH & MCLENNAN CO. 1,342,125.00
36,600 MBIA INC. 2,445,355.80
2,600 MEADOWBROOK INS GROUP INC 67,762.50
19,800 MERCURY GEN CORP NEW 1,093,950.00
10,200 MGIC INVT CORP WIS 678,300.00
1,000 MIDLAND CO. 63,000.00
3,300 MMI COS INC 82,912.50
1,200 NATIONAL WESTN LIFE INS 121,800.00
3,800 NYMAGIC INC 104,737.50
13,500 OHIO CASUALTY CORP 602,437.50
31,750 OLD REPUBLIC INTL CORP 1,180,719.00
13,476 PACIFICARE HEALTH SYS-B 705,805.50
3,000 POE & BROWN INC 133,875.00
8,000 PROGRESSIVE 959,000.00
44,368 PROVIDENT COMPANIES INC 1,713,714.00
8,600 PROVIDIAN FINANCIAL CORP 388,612.50
4,820 PXRE CORP 159,963.75
8,850 REINSURANCE GROUP AMER IN 376,678.13
4,400 RELIANCE ACCEPT GROUP INC 1,375.00
55,914 RELIASTAR FINL CORP 2,302,957.88
5,500 RISK CAPITAL HOLDING INC 122,375.00
2,800 RLI CORP 139,475.00
9,000 ST PAUL COS INC 738,567.00
2,700 STEWART INFO SVCS CORP 78,300.00
11,700 THE PMI GROUP INC 846,056.25
15,400 TORCHMARK CORP 647,762.50
7,000 TRANSAMERICA CORP 745,500.00
11,250 TRANSATLNTC HLDGS INC 804,375.00
120,553 TRAVELERS INC. 6,494,792.88
200 TRIAD GUARANTY INC 5,800.00
18,400 TWENTIETH CENTURY INDS 478,400.00
8,900 UICI INS-LIFE 310,387.50
14,700 UNITED STATIONERS INC. 707,437.50
4,700 UNITED WISCONSIN SERV INC 121,025.00
39,500 UNITRIN INC. 2,552,687.50
15,400 UNUM CORP 837,375.00
14,410 USF & G CORP 317,922.74
5,200 VESTA INSURANCE GROUP INC 308,750.00
2,300 WELLCARE MGT GROUP 4,600.00
2,600 WESCO FINANCIAL CORP 780,000.00
23,000 WESTERN NATIONAL CORP 681,375.00
LIFE INSURANCE
25,695 AMERICAN GENERAL CORP 1,389,135.94
14,800 AMERICAN NATL INS CO 1,376,400.00
2,219 AMERUS LIFE HOLDINGS INC 81,822.68
27,626 CONSECO INC 1,255,256.38
7,700 JEFFERSON PILOT CORP 599,637.50
2,200 KANSAS CITY LIFE INS CO 217,800.00
11,200 LINCOLN NATL CORP IND 875,000.00
12,500 PRESIDENTIAL LIFE CORP 253,125.00
MUTUAL FUNDS
63,200 EQUITABLE COS INC 3,144,200.00
4,700 JOHN NUVEEN CO CL A 164,500.00
18,900 PRICE ASSOCIATES 1,188,337.50
35,000 UNITED ASSET MGMT CORP 855,312.50
REAL ESTATE
10,800 CASTLE & COOKE 182,250.00
19,200 DANAHER CORP 1,212,000.00
2,140 ECHELON INTL CORP 48,016.25
3,750 FAIRFIELD COMMUNITIES INC 165,468.75
1,400 GRIFFIN LAND & NURSERIES 21,175.00
6,800 INSIGNIA FINL GROUP INC 156,400.00
3,500 MEGO FINANCIAL CORP CL B 16,187.50
8,700 PRICE ENTERPRISES INC 158,775.00
30,600 ROUSE CO 1,002,150.00
2,625 SLH CORPORATION 147,000.00
SAVINGS & LOANS
11,300 AHMANSON H F & CO 756,393.75
5,640 ALBANK FINANCIAL CORP 290,107.50
6,400 ANCHOR BANCORP WIS INC 232,800.00
600 BANK PLUS CORP 7,575.00
5,200 BAYVIEW CAP CORP CALIF 188,500.00
2,760 CAROLINA FIRST CORP 59,340.00
3,600 CITFED BANCORP INC 140,400.00
2,300 COMMONWEALTH BANCORP INC 45,712.50
2,300 FIRST FINANCIAL HOLDINGS 122,187.50
1,600 FIRST PALM BEACH BANCORP 69,000.00
3,800 FSF FINANCIAL CORP 78,375.00
6,200 GOLDEN WEST FINL CORP 606,437.50
4,700 GREAT FINANCIAL CORP 239,700.00
20,000 GREENPOINT FINANCIAL CORP 1,451,260.00
4,300 HFNC FINANCIAL CORP 62,350.00
5,290 IBS FINANCIAL CORP 93,566.88
8,000 JEFFERIES GROUP INC 327,500.00
4,000 LIFE BANCORP INC 146,500.00
3,000 MAF BANCORP INC 106,125.00
9,800 NEW YORK BANCORP INC 388,937.50
2,100 OCEAN FINANCIAL CORP 78,225.00
9,900 PEOPLES HERITAGE FINL 455,400.00
3,500 RELIANCE BANCORP INC 128,187.50
7,600 T R FINANCIAL CORP 252,700.00
17,820 WASHINGTON FEDERAL INC 560,216.25
5,200 WILEY, JOHN & SON CL A 282,100.00
7,800 WORLD ACCEP CORP SC NEW 41,925.00
BROKERAGE
41,826 BEAR STEARNS COS INC 1,986,735.00
12,000 COUNTRYWIDE CREDIT INC 514,500.00
31,500 EDWARDS A G INC 1,252,125.00
40,200 FRANKLIN RESOURCES 3,494,887.50
38,200 LEHMAN BROS HLDGS INC 1,948,200.00
35,800 MERRILL LYNCH & CO 2,611,162.50
10,200 MORGAN KEEGAN INC 258,187.50
46,500 PAINE WEBBER GROUP INC 1,607,156.25
87,000 SCHWAB CHARLES CORP NEW 3,648,562.50
MISCELLANEOUS
2,100 AAMES FINANCIAL CORP. 27,168.75
7,400 CITYSCAPE FINANCIAL CORP 3,700.00
11,600 HEALTHCARE COMPARE CORP 593,050.00
2,800 ISB FINANCIAL CORP 83,650.00
2,700 JAYHAWK ACCEPTANCE CORP 3,712.50
6,400 MCDONALD & CO INVESTMENTS 181,600.00
8,400 PMT SERVICES INC 116,550.00
29,500 SLM HOLDING CORP 4,104,187.50
18,800 TELLABS INC 994,050.00
3,100 TFC ENTERPRISES INC 2,906.25
3,500 TRANSMEDIA NETWORK 18,156.25
3,600 VERMONT FINL SVCS CORP 99,900.00
TOTAL FINANCIAL $321,160,518.22
METALS AND MINING 0.87%
ALUMINUM
18,500 ALUMINUM CO AMER 1,301,937.50
2,700 CENTURY ALUMINUM CO 36,450.00
3,900 KAISER ALUMINUM CORP 34,368.75
MINING
31,400 FREEPRT COPPER&GOLD CL A 480,812.50
15,800 HOMESTAKE MNG CO 140,225.00
19,000 MAPCO INC 878,750.00
17,500 MERIDIAN GOLD INC 51,406.25
7,400 MINERALS TECHNOLOGIES INC 336,237.50
4,100 NEWMONT GOLD CO 122,231.25
3,100 PITTSON MINERALS GROUP 23,250.00
STEEL
19,200 AK STEEL HOLDING CORP 339,600.00
22,265 ALLEGHENY TELEDYNE 576,106.88
11,500 ARMCO, INC. 56,781.25
11,700 BETHLEHEM STEEL CORP 100,912.50
5,400 CARPENTER TECHNOLOGY CORP 259,537.50
10,500 CHAPARRAL STL CO. 162,099.00
3,800 CLEVELAND CLIFFS INC 174,087.50
9,700 GENEVA STL CL A 20,006.25
900 GIBRALTAR STEEL CORP 17,775.00
16,600 HARSCO CORP 715,875.00
5,100 INLAND STEEL INDUS INC 87,337.50
14,300 J & L SPECIALTY STEEL INC 143,893.75
39,500 LTV CORP NEW 385,125.00
4,800 LUKENS INC 137,100.00
7,600 NATIONAL STL CORP CL B 87,875.00
9,200 NUCOR CORP 444,475.00
3,700 OLYMPIC STEEL INC 57,581.25
8,500 OREGON STEEL MILLS 181,156.25
4,500 RELIANCE STEEL & ALUMINUM 133,875.00
6,900 REPUBLIC ENGINEERED STEEL 15,525.00
5,200 ROUGE INDUSTRIES INC 63,050.00
2,200 SCHNITZER STEEL INDS INC 61,737.50
4,900 SHILOH INDUSTRIES INC 93,100.00
13,900 TERRA INDUSTRIES 181,568.75
4,500 TRIMAS CORP 154,687.50
17,600 WEIRTON STL CORP 47,300.00
9,800 WORTHINGTON INDS INC 161,700.00
OTHER METALS
4,600 ASARCO INC 103,212.50
8,700 BARNES GROUP INC. 197,925.00
24,200 BATTLE MOUNTAIN GOLD CL A 142,175.00
5,300 BRUSH WELLMAN INC 129,850.00
3,700 CHASE INDUSTRIES INC 94,350.00
5,800 CITATION CORP 94,250.00
3,500 EASCO INC 46,375.00
21,000 FREEPORT-MCMORAN COPPER-B 330,750.00
8,700 KENNAMETAL INC 450,768.75
15,806 NEWMONT MNG CORP 464,301.25
15,600 NEWPARK RESOURCES INC NEW 273,000.00
5,300 NN BALL & ROLLER INC 47,037.50
6,900 PHELPS DODGE CORP 429,525.00
8,000 REYNOLDS METALS CO 480,000.00
12,900 WYMAN-GORDON CO 253,162.50
PRECIOUS GEMS
600 MARKS BROS JEWELERS 9,900.00
MINERALS
19,000 AMAX GOLD INC 43,937.50
9,800 CYPRUS AMAX MINERALS CO 150,675.00
1,800 SOLV EX CORP 2,700.00
COAL
3,700 ARCH COAL INC 101,287.50
1,000 NACCO INDUS INC CL A 107,187.50
FOREST PRODUCTS
4,228 DELTIC TIMBER CORP 115,741.50
46,600 JOHNS MANVILLE CORP 468,912.50
MISCELLANEOUS
2,805 VARLEN CORP 68,766.33
TOTAL METALS AND MINING $12,871,327.46
COLLECTIBLES & PRECIOUS MATERIALS 0.03%
JEWELRY
11,300 TIFFANY & CO 407,506.25
15,500 TOPPS CO 34,390.63
TOTAL COLLECTIBLES & PRECIOUS MATERIALS $441,896.88
OIL-ENERGY 5.89%
OIL & GAS PRODUCERS
10,000 AMERADA HESS CORP 548,750.00
54,100 AMOCO CORP 4,605,262.50
26,100 ANADARKO PETE CORP 1,583,943.75
35,500 APACHE CORP 1,244,718.75
4,700 AQUILA GAS PIPELINE CORP 60,512.50
7,700 BERRY PETE CO 134,268.75
12,600 BJ SVCS CO COM 906,412.50
7,600 BROWN TOM INC NEW 146,300.00
2,400 CARBO CERAMICS INC 76,800.00
18,900 CHESAPEAKE ENERGY CORP 142,931.25
2,600 CMS ENERGY CORP CLASS G 70,525.00
11,100 COASTAL CORP 687,511.80
4,300 COMSTOCK RESOURCES INC 51,331.25
10,946 EEX CORP 99,198.13
25,600 FALCON DRILLING CO INC 897,600.00
1,580 FORCENERGY INC 41,376.25
6,300 FOREST OIL CORP 103,950.00
27,600 GLOBAL INDS LTD 469,200.00
2,266 H S RESOURCES INC 31,299.13
2,700 HELMERICH & PAYNE INC. 183,262.50
2,500 HONDO OIL & GAS CO 16,250.00
4,900 HUGOTON ENERGY CORP 45,018.75
6,800 J RAY MCDERMOTT S A 292,400.00
10,200 KELLEY OIL & GAS CORP 22,312.50
10,300 LOUIS DREYFUS NAT GAS CRP 192,481.25
16,200 MARINE DRILLING COS INC 336,150.00
11,296 MERIDIAN RESOURCE CORP 108,018.00
30,300 MITCHELL ENGY & DEV CL B 882,487.50
28,600 NABORS INDS INC 899,112.50
36,400 NGC CORPORATION 637,000.00
17,500 NOBLE AFFILIATES INC 616,875.00
10,700 NOEL GROUP INC 36,781.25
3,400 NUEVO ENERGY 138,550.00
34,100 OCCIDENTAL PETROLEUM 999,556.25
4,000 PENN VA CORP 118,000.00
11,800 PIONEER NATURAL RESOURCES 341,462.50
2,800 PROVIDENCE ENERGY CORP 61,075.00
13,400 QUESTAR CORP 597,975.00
20,200 READING & BATES NEW 845,875.00
9,600 SANTA FE ENERGY RES INC 108,000.00
28,108 SEAGULL ENERGY CORP 579,727.50
5,843 SEMCO ENERGY INC 105,904.38
3,400 STONE ENERGY CORP 113,900.00
910 TATHAM OFFSHORE INC 2,843.75
7,900 TEEKAY SHIPPING CORP 265,143.75
9,200 TESORO PETE CORP 142,600.00
43,359 TOSCO CORP COM NEW 1,639,512.19
27,800 TRANSTEXAS GAS CORP 411,787.50
13,800 TRITON ENERGY LTD-CLASS A 402,787.50
26,292 ULTRAMAR DIAMOND SHAMROCK 838,057.50
32,679 UNION PACIFIC RESOURCES 792,465.75
33,000 UNION TEX PETRO HLDG INC 686,829.00
5,600 UNIT CORP 53,900.00
4,000 USX-DELHI GROUP 82,000.00
30,800 USX-MARTHON GROUP COM NEW 1,039,500.00
8,900 USX-US STEEL GROUP 278,125.00
14,400 VALERO ENERGY CORP(NEW) 452,700.00
20,600 VARCO INTL INC 441,612.50
6,000 VASTAR RES INC 214,500.00
7,400 WAINOCO OIL CORP 58,737.50
15,000 WESTERN GAS RESOURCES 331,875.00
31,200 WHLBRTR TECH INC PAR .01 501,150.00
4,820 XCL LTD 20,183.75
11,600 ZAPATA CORP NEW 78,300.00
NATURAL RESOURCES
18,800 DRESSER INDUS INC 788,425.00
5,300 KERR MCGEE CORP 335,556.25
33,300 MIDAMERICAN ENERGY HLD 732,600.00
6,900 NL INDUSTRIES COM NEW 94,012.50
5,600 OCEAN ENERGY INC 276,150.00
2,900 ONEOK INC 117,087.50
8,300 PETROLEUM HEAT & PWR CLA 19,193.75
13,100 SMITH INTL INC 804,012.50
3,700 TRIGEN ENERGY CORP 73,075.00
33,000 WILLIAMS COS INC-DEL 936,375.00
OIL EQUIPMENT, WELLS & SVCS
8,200 ASHLAND, INC. 440,237.50
19,492 BAKER HUGHES INC 850,338.50
46,924 ENSCO INTERNATIONAL INC 1,571,954.00
10,400 EVI INCORPORATED 538,200.00
4,100 GETTY REALTY CORPORATION 90,712.50
4,400 GIANT INDS INC 83,600.00
55,500 GLOBAL MARINE NEW 1,359,750.00
27,400 HALLIBURTON CO 1,423,087.50
4,200 LOMAK PETE INC 68,250.00
4,400 LUFKIN INDUST. 157,300.00
6,200 MATRIX SVC CO. 56,962.50
4,100 NUI CORP 117,618.75
24,300 PARKER DRILLING CO 296,156.25
9,200 ROWAN COS INC 280,600.00
8,800 RPC ENERGY SVCS INC 103,950.00
1,300 SEACOR HOLDINGS INC 78,325.00
20,400 TIDEWATER INC 1,124,550.00
22,600 TRANSOCEAN OFFSHORE INC 1,089,048.80
4,600 VERITAS DGC INC 181,700.00
17,200 WEATHERFORD ENTERRA INC 752,500.00
5,600 WESTERN ATLAS INC 414,400.00
OIL - DOMESTIC
19,142 BURLINGTON RESOURCES INC 857,810.45
1,700 CROWN CENT PETE CL A 37,187.50
13,481 EL PASO NAT GAS CO. 896,486.50
56,200 ENRON OIL & GAS CO 1,190,737.50
1,600 FINA IN CL A 102,400.00
3,000 HOLLY CORP 82,875.00
7,600 LONE STAR TECHNOLOGY INC 215,650.00
4,900 PENNZOIL CO 327,381.25
27,900 PHILLIPS PETE CO 1,356,637.50
11,900 QUAKER STATE CORP 169,575.00
9,100 SONAT INC 416,325.00
6,450 TEJAS GAS CORP DEL 395,062.50
26,200 UNOCAL CORP 1,016,887.50
OIL - INTERNATIONAL
35,200 ATLANTIC RICHFIELD CO 2,820,400.00
68,800 CHEVRON CORP 5,297,600.00
261,800 EXXON CORP. 16,019,018.40
84,800 MOBIL CORP 6,121,542.40
14,800 MURPHY OIL CORP 801,975.00
11,300 ORYX ENERGY COMPANY 288,150.00
8,000 SUN CO INC 336,500.00
57,269 TEXACO INC 3,114,001.88
7,700 UNIFIRST CORP MASS 216,081.25
MISCELLANEOUS
25,367 FIRSTENERGY CORP 735,643.00
4,100 GETTY PETRO MARKETING INC 21,781.25
TOTAL OIL-ENERGY $87,008,114.81
RETAIL 4.11%
DEPARTMENT STORES
2,000 ALEXANDERS INC 181,625.00
900 BON-TON STORES INC 13,500.00
11,400 CALDOR CORP. 3,534.00
31,082 CVS CORP 1,991,190.63
22,800 DAYTON HUDSON CORP 1,539,000.00
12,000 DILLARDS INC /CL A 423,000.00
9,900 DOLLAR TREE STORES INC 409,612.50
22,400 FEDERATED DEPT STORES INC 964,600.00
20,000 FRED MEYER INC 727,500.00
2,600 HILLS STORES CO NEW 8,287.50
51,200 K MART 592,000.00
24,400 KOHLS CORP 1,662,250.00
27,000 MAY DEPT STORES CO 1,422,562.50
4,000 MERCANTILE STORES 243,500.00
11,300 NEIMAN-MARCUS GROUP 341,825.00
33,447 PENNEY JC INC 2,017,288.91
4,000 RENTERS CHOICE INC 82,000.00
41,400 SEARS ROEBUCK & CO 1,873,350.00
14,000 WOOLWORTH CORP 285,250.00
GROCERY
26,400 ALBERTSON'S INC 1,250,700.00
30,800 AMERICAN STORES CO 633,325.00
23,700 BRUNOS INC NEW 34,809.38
262,100 FOOD LION CLASS A 2,211,468.75
6,400 GIANT FOOD INC 215,600.00
4,100 GREAT ATLANTIC & PAC TEA 121,718.75
14,000 HANNAFORD BROS. CO 608,125.00
26,600 KROGER CO 982,537.50
4,000 PENN TRAFFIC CO NEW 33,000.00
5,400 QUALITY FOOD CENTERS INC 361,800.00
15,400 RUDDICK CORP 268,537.50
109,362 SAFEWAY INC 6,917,146.50
137,400 SOUTHLAND CORP 291,975.00
19,100 WEIS MKTS INC 668,500.00
15,900 WINN-DIXIE STORES INC 694,631.25
OTHER RETAIL
22,467 ACCUSTAFF INC 516,741.00
6,300 AVATEX CORPORATION 11,812.50
14,300 BEST BUY INC. 527,312.50
10,800 BJ'S WHOLESALE CLUB INC 338,850.00
5,700 CARR-GOTTSTEIN FOODS CO 28,143.75
10,300 CIRCUIT CITY STORES 366,293.75
27,500 CONSOLIDATED STORES CORP 1,208,295.00
32,085 CORPORATE EXPRESS INC 413,094.38
20,700 COSTCO COMPANIES INC 923,737.50
1,000 DART GROUP CORP. 116,000.00
37,460 DOLLAR GENERAL 1,357,925.00
3,100 EZCORP INC CL A NON-VTG 36,037.50
28,050 FAMILY DOLLAR STORES 822,215.63
15,400 FINGERHUT COS INC 329,175.00
18,000 FORTUNE BRANDS INC 667,125.00
4,900 GOOD GUYS INC. 37,362.50
13,650 HASBRO INC 429,975.00
13,000 HOLLYWOOD ENTERTAINMENT 138,125.00
13,800 IDEX CORP 481,275.00
11,400 INTELLIGENT ELEC INC 63,412.50
4,400 LONGS DRUG STORES CORP 141,350.00
8,300 MAC FRUGALS BARGINS CLOSE 341,337.50
31,100 MATTEL INC 1,158,475.00
6,700 PEP BOYS-MAN, MO, JACK 159,962.50
3,650 PETCO ANIMAL SUPPLIES 87,600.00
13,500 RITE AID CORP 792,281.25
33,000 SERVICE MERCHANDISE CO 70,125.00
8,200 SODAK GAMING INC 52,275.00
6,300 SUN TV & APPLIANCES INC 12,600.00
6,000 SUPERVALUE INC 251,250.00
6,600 SYMS CORP. 78,375.00
12,600 TANDY CORP 485,887.50
5,600 TOY BIZ INC 43,400.00
34,078 TOYS R US 1,071,327.13
243,100 WAL MART STORES INC 9,587,256.25
53,000 WALGREEN CO 1,662,875.00
6,200 XTRA CORP 363,475.00
SPORTING GOODS
4,200 CONVERSE INC 25,200.00
5,900 REEBOK INTL LTD 169,993.75
2,100 SPORTMART INC 4,856.25
6,000 THE FINISH LINE-CL A 78,750.00
APPAREL
3,400 BLAIR CORP 58,650.00
5,200 BUCKLE INC 178,100.00
18,600 BURLINGTON COAT WHS 305,737.50
20,700 BURLINGTON INDS INC 285,918.75
10,900 CHARMING SHOPPES INC 51,093.75
15,800 CLAIRES STORES INC 307,112.50
16,600 CML GROUP 54,987.50
4,800 DONNA KARAN INTL INC 61,800.00
46,350 GAP INC 1,642,528.13
2,400 GARGOYLES INC 9,600.00
6,100 GOODYS FAMILY CLOTHING 165,843.75
8,700 NORDSTROM INC 525,262.50
322 OLICOM A/S WTS 09/09/99 2,817.50
13,328 PAYLESS SHOESOURCE INC 894,642.00
MISCELLANEOUS
3,938 AMERICAN HOMESTAR CORP 64,977.00
2,600 CREATIVE COMPUTERS INC 25,837.50
2,300 FRIEDMANS INC CL A 31,337.50
5,000 GARDEN RIDGE CORP 71,250.00
35,400 PETSMART INC 256,650.00
3,700 SAFETY 1ST INC 21,275.00
5,800 URBAN OUTFITTERS INC 105,850.00
TOTAL RETAIL $60,648,582.19
UTILITIES 8.79%
ELECTRIC
500 ACME ELECTRIC CORP 2,437.50
49,800 AES CORP 2,321,925.00
40,100 ALLEGHENY ENERGY INC 1,303,250.00
19,800 AMERICAN ELEC PWR INC 1,022,175.00
17,400 ATLANTIC ENERGY INC 368,662.50
15,600 BALTIMORE GAS & ELEC 531,375.00
4,800 BLACK HILLS CORP 169,200.00
18,100 BOSTON EDISON CO 685,537.50
17,300 CALENERGY INC 497,375.00
12,800 CAROLINA PWR & LT CO 543,200.00
22,600 CENTRAL & SOUTH WEST CORP 611,612.50
7,300 CENTRAL LOUISIANA EL-NEW 236,337.50
10,600 CENTRAL MAINE PWR CO 161,650.00
16,600 CINERGY CORP 635,987.50
12,600 CIPSCO INC 557,550.00
30,600 CMS ENERGY CORP 1,348,312.50
20,200 CON. EDISON NY INC 828,200.00
6,500 CTG RESOURCES INC 169,406.25
20,100 DELMARVA PWR & LT CO 463,556.25
19,200 DOMINION RES INC-VA 817,200.00
77,400 DPL INC 2,225,250.00
30,700 DQE INC 1,078,337.50
15,300 DTE ENERGY CO 530,718.75
38,405 DUKE POWER CO 2,126,676.88
46,100 EDISON INTERNATIONAL 1,253,343.75
8,900 EMPIRE DIST ELEC CO 174,662.50
42,700 ENOVA CORPORATION 1,155,568.75
21,400 ENTERGY CORP NEW 640,662.50
32,100 FLORIDA PROGRESS CORP 1,259,925.00
19,800 FPL GROUP INC 1,171,912.50
13,000 GPU INC 547,625.00
10,100 HAWAIIAN ELEC INDUS INC 412,837.50
29,705 HOUSTON INDS INC 792,752.19
12,300 IDAHO PWR CO 462,787.50
10,900 IES INDS INC 401,256.25
24,900 ILLINOVA CORP 670,743.75
7,400 INDIANA ELEC INC 243,737.50
18,500 IPALCO ENTERPRISES INC 775,843.75
4,600 JABIL CIRCUIT INC 182,850.00
20,500 KANSAS CTY PWR & LT CO 606,031.25
25,300 KU ENERGY CORP 993,025.00
21,800 LG&E ENERGY CORP 539,550.00
10,000 LONG ISLAND BANCORP INC 496,250.00
44,100 LONG ISLAND LTG CO 1,328,512.50
5,900 MADISON GAS & ELECTRIC 135,700.00
16,900 MDU RESOURCES GROUP INC 534,462.50
10,600 MINNESOTA PWR & LT CO 461,762.50
18,100 MONTANA PWR CO 575,806.25
15,800 NEVADA PWR CO 419,687.50
34,030 NEW CENTURY ENERGIES INC 1,631,330.14
21,400 NEW ENGLAND ELEC SYS 914,850.00
23,600 NEW YORK ST ELEC & GAS 837,800.00
15,600 NIAGARA MOHAWK PWR 163,800.00
20,200 NIPSCO INDUSTRIES INC 998,637.50
42,300 NORTHEAST UTILS 499,668.75
7,300 NORTHERN STS PWR CO 425,225.00
6,200 NORTHWESTERN PUB SVC 142,600.00
13,400 OGE ENERGY CORP 732,812.50
4,100 OTTER TAIL POWER CO 155,287.50
17,000 P P & L RESOURCES INC 406,937.50
31,000 PACIFICORP 846,687.50
23,500 PECO ENERGY CO 569,875.00
51,777 PG&E CORP 1,575,962.44
28,800 PINNACLE WEST CAP CORP 1,220,400.00
39,200 POTOMAC ELEC PWR CO 1,011,850.00
24,100 PUBLIC SVC ENTERPRISE GRP 763,668.75
13,800 PUBLIC SVC NEW MEXICO 326,887.50
20,900 PUGET SOUND PWR & LT CO 630,918.75
14,500 ROCHESTER GAS & ELEC 493,000.00
34,700 SCANA CORP 1,038,831.25
15,900 SIG CORP INC 467,062.50
71,600 SOUTHERN CO 1,852,650.00
5,400 ST. JOSEPH LGT & PWR CO 96,187.50
38,800 TECO ENERGY 1,091,250.00
11,720 TUCSON ELECTRIC POWER CO 212,425.00
20,700 UNICOM CORPORATION 636,525.00
9,500 UNION ELECTRIC CO 410,875.00
15,500 UTILICORP UNITED INC 601,593.75
19,900 WASHINGTON WTR PWR 483,818.75
23,300 WESTERN RES INC 1,001,900.00
36,700 WISCONSIN ENERGY CORP 1,055,125.00
10,100 WPL HOLDING INC 334,562.50
6,900 YANKEE ENERGY SYS INC 184,143.75
2,500 YORK RESEARCH CORP 21,093.75
GAS
18,400 AGL RESOURCES 376,050.00
7,600 BAY STATE GAS CO COMM 282,150.00
5,900 COLUMBIA GAS SYS INC 463,518.75
7,700 CONSOLIDATED NATL GAS 465,850.00
13,100 EQUITABLE RESOURCES 463,412.50
16,400 KEYSPAN ENERGY CORP 603,725.00
9,000 LACLEDE GAS CO 252,562.50
22,200 MCN CORP HLDG CO 896,325.00
12,500 NATIONAL FUEL GAS CO NJ 608,593.75
5,300 NICOR INC 223,593.75
2,300 NORTH CAROLINA NTL GAS 79,925.00
9,000 PACIFIC ENTERPRISES 338,625.00
3,700 PEOPLES ENERGY CORP 145,687.50
300 SJW CORP 18,150.00
6,400 SOUTH JERSEY INDUSTRIES 194,000.00
5,599 SOUTHERN UNION CO NEW 133,676.13
25,342 TEXAS UTILITIES CO 1,053,276.88
13,700 UGI CORP 401,581.25
14,400 WASHINGTON GAS LIGHT 445,500.00
9,300 WPS RESOURCES CORP 314,456.25
TELEPHONE
170,000 A T & T 10,423,210.00
4,200 ACC CORP 212,100.00
20,000 ALLTEL CORP 821,250.00
59,200 AMERITECH CORP NEW 4,765,600.00
78,609 BELL ATLANTIC CORP 7,153,419.00
104,800 BELLSOUTH CORP 5,901,602.40
9,800 CAI WIRELESS SYS INC 11,025.00
19,800 CENTURY TELEPHONE ENTERP 986,297.40
53,000 CINCINNATI BELL INC 1,643,000.00
46,244 ENRON CORP 1,922,016.25
54,100 FRONTIER CORP 1,301,781.25
102,100 GTE CORP 5,334,725.00
16,500 INTERDIGITAL COMM CORP 50,531.25
72,500 MCI COMMUNICATIONS 3,103,906.25
21,700 SOUTHERN NW ENGL TELECOM 1,091,781.25
46,000 SPRINT CORP 2,696,750.00
46,400 U S WEST INC 2,093,800.00
50,000 U S WEST MEDIA GROUP 1,443,750.00
3,600 UTAH MED PRODS INC. 24,525.00
170,613 WORLDCOM INC 5,161,043.25
WATER & SEWER
25,800 AMERICAN WATER WORKS CO 704,662.50
4,600 CALIFORNIA WTR SVC CO 271,687.50
8,244 CULLIGAN WATER TECH INC 414,261.00
2,900 E TOWN CORP 116,543.75
WASTE DESPOSAL
11,100 ALLIED WASTE INDS INC 258,768.75
24,100 AMER WASTE SVCS CL A 39,162.50
22,900 BROWNING FERRIS IND 847,300.00
10,100 ENVIROTEST SYS CORP CL A 68,175.00
2,100 GTS DURATEX INC 28,350.00
12,500 LAIDLAW ENVIROMENTAL SVCS 60,937.50
2,600 SUPERIOR SERVICES INC 75,075.00
23,300 UNITED STATES FILTER CORP 697,543.75
42,055 USA WASTE SERVICES INC 1,650,658.75
52,287 WASTE MANAGEMENT INC 1,437,892.50
TOTAL UTILITIES $129,883,262.71
MISCELLANEOUS 10.25%
BROADCAST/COMMUNICATIONS
4,400 AMERICAN PAGING, INC 9,350.00
6,100 ARCH COMMUNICATIONS GROUP 31,262.50
45,520 ASCEND COMMUNICATIONS INC 1,115,240.00
2,700 ATLANTIC TELE-NETWORK INC 29,362.50
4,400 BET HLDGS INC CLA A 240,350.00
11,800 BHC COMMUNICATIONS INC 1,536,950.00
3,800 CANWEST GLOBAL COMM 68,400.00
103,407 CBS CORP 3,044,043.56
5,900 CENTENNIAL CELLULAR CORP 120,950.00
11,800 CENTRY COMM CL A 115,050.00
10,800 CLEAR CHANNEL COMM INC 857,925.00
55,228 COMCAST CORP CL A SPL 1,743,133.75
2,500 COX RADIO INC CLASS A 100,625.00
70,500 DISNEY WALT CO 6,983,906.25
12,771 HARTE-HANKS COMM INC 474,123.38
15,024 HSN INC 773,736.00
3,800 INACOM CORP 106,637.50
9,600 INTER TEL 186,000.00
7,600 JACOR COMMUNICATIONS-WTS 46,550.00
3,500 JONES INTERCABLE INC. 59,500.00
4,700 METRICOM INC 45,237.50
7,070 METROCALL INC 34,908.13
12,000 NATIONAL INSTRUMENTS 348,000.00
4,200 NUMEREX CORP 26,250.00
4,000 ORTEL CORP 63,000.00
21,600 PAIRGAIN TECHNOLOGIES 418,500.00
8,700 PAXSON COMMUNICATIONS 64,162.50
3,600 PEOPLES CHOICE TV CORP 6,412.50
5,200 PLANTRONICS INC NEW 208,000.00
8,300 PLAYBOY ENTERPRISES CL B 130,206.25
20,400 SCRIPPS CO (EW)-CL A 988,125.00
2,300 SFX BROADCASTING INC CL A 184,575.00
7,500 SPELLING ENTERTAINMENT 52,500.00
6,940 TCI SATELLITE INT CL-A 47,712.50
80,700 TELE COMM LIBERTY MEDIA 2,925,375.00
58,486 TELE COMM. INC CL A 1,633,952.63
8,600 TELULAR CORP 20,962.50
6,500 TENNANT CORP 236,437.50
7,900 UNITED INTL HLDGS CLASS A 90,850.00
38,700 VIACOM INC 1,581,862.50
38,300 VIACOM INC CL B NON VTG 1,587,056.25
2,400 XPEDITE SYSTEMS INC 73,200.00
BUSINESS SERVICES
58,400 ADAPTEC INC 2,168,100.00
1,600 ALTERNATIVE RESOURCES CRP 36,900.00
4,900 AMRE INC 4.90
18,900 APOLLO GROUP INC CL A 893,025.00
2,700 APPLIX INC 14,175.00
19,500 BAY NETWORKS INC 498,468.75
3,700 BERLITZ INTL - NEW 96,200.00
11,100 BLOCK H&R INC 497,418.75
2,300 BRC HOLDINGS INC 87,975.00
15,900 CAMBRIDGE TECHNOLOGY PART 661,837.50
91,441 CENDANT CORP 3,143,299.50
3,100 CHECKFREE HLDGS CORP 83,700.00
500 CHILDRENS DISCOVERY CTRS 4,875.00
1,970 CHOICEPOINT INC 94,067.50
6,100 CONCENTRA MANAGED CARE 205,875.00
20,550 CONCORD EFS INC 511,181.25
6,825 CORESTAFF INC 180,862.50
27,100 DIAL CORPORATION (NEW) 564,018.75
14,700 DUN & BRADSTREET 454,781.25
6,900 ECOLAB INC 382,518.75
2,600 EDUCATION ALTERNATIVES 11,537.50
6,200 EGGHEAD INC/WA 40,300.00
19,700 EQUIFAX INC 698,128.60
3,450 EQUITY CORP INTL 79,781.25
16,823 FISERV INC 826,429.88
2,700 GRC INTERNATIONAL INC COM 16,537.50
3,100 IN FOCUS SYSTEMS INC 94,162.50
833 INTEGRATED SYS CONS GROUP 9,267.13
7,000 INTEGRATED SYS INC 96,250.00
1,760 INTERIM SERVICES INC 45,540.00
12,900 INTERPUBLIC GROUP COS 642,581.25
5,500 INVESTMENT TECHNOLOGY GRP 154,000.00
3,000 JDA SOFTWARE GROUP INC 105,000.00
12,600 KELLY SERVICES INC CL A 378,000.00
4,700 LABONE INC 82,543.75
4,050 LABOR READY INC 77,962.50
3,100 LAWYERS TITLE CORP 97,456.25
4,500 LEAP GROUP INC 6,468.75
800 LEASING SOLUTIONS INC 19,100.00
27,100 MANPOWER INC WIS 955,275.00
23,700 MEDAPHIS CORP 154,050.00
13,400 METROMEDIA INTL GROUP 127,300.00
16,300 NATIONAL PROCESSING INC 160,962.50
16,300 OGDEN CORP 459,456.25
26,000 OLSTEN CORP 390,000.00
8,900 OPEN MKT INC 85,662.50
38,400 PAGING NETWORK INC 412,800.00
35,550 PAYCHEX INC 1,799,718.75
2,700 PERSONNEL GROUP AMER INC 89,100.00
1,900 PHYMATRIX CORP 29,925.00
15,500 PHYSICIAN COMPUTER NETWK 62,000.00
5,400 PINKERTONS INC. NEW 126,900.00
2,700 PRE PAID LEGAL SVCS INC 92,306.25
2,000 PROFIT RECOVERY GROUP INT 35,500.00
1,100 PROTECTION ONE INC 12,443.75
9,200 QUARTERDECK OFFICE SYS 14,950.00
300 RED BRICK SYSTEMS INC 2,100.00
30,900 ROBERT HALF INTL INC. 1,236,000.00
11,800 ROLLINS INC 239,687.50
200 ROMAC INTERNATIONAL INC 4,887.50
800 RURAL / METRO CORP 26,700.00
1,596 SNYDER COMMUNICATIONS INC 58,254.00
2,700 SPS TRANSACTION SVCS INC 60,918.75
7,248 STERLING COMMERCE, INC 278,595.00
38,800 SUN MICROSYSTEMS 1,547,150.00
6,150 SYLVAN LEARNING SYS INC 239,850.00
3,300 UNITOG CO NEW 73,425.00
2,100 VERSANT OBJECT TECHNOLOGY 29,006.25
27,300 VIAD CORP 527,231.25
FOOD SERVICE
15,000 APPLE SOUTH INC 196,875.00
14,100 BOB EVANS FARMS 311,962.50
21,700 BOSTON CHICKEN INC 139,693.75
20,600 BRINKER INTL 329,600.00
10,414 BUFFETS INC 97,631.25
15,600 CPC INTL INC 1,684,800.00
20,000 CRACKER BARREL CTRY STORE 667,500.00
17,000 DARDEN RESTAURANTS INC 212,500.00
5,400 DAVE & BUSTER'S INC 121,500.00
19,900 DOLE FOOD COMPANY 910,425.00
6,000 INTERNATL MULTIFOODS 169,875.00
7,500 INTL DAIRY QUEEN INC CL A 200,859.38
2,100 INTL DAIRY QUEEN INC CL B 55,650.00
13,400 LONE STAR STEAKHOUSE 234,500.00
2,600 LUBYS CAFETERIAS INC 45,662.50
26,900 MCCORMICK & CO 753,200.00
73,300 MCDONALDS CORP 3,500,075.00
3,800 MORRISON HEALTH CARE INC 76,000.00
2,850 MORRISON RESTAURANTS INC 7,303.13
17,100 NPC INTERNATIONAL 207,337.50
15,900 OUTBACK STEAKHOUSE INC 457,125.00
2,800 QUALITY DINING INC 11,112.50
5,500 ROCK BOTTOM RESTAURANTS 34,718.75
3,700 RUBY TUESDAY INC 95,275.00
5,400 RYANS FAMILY STEAK HOUSE 46,237.50
3,457 SAVANNAH FOODS & IND INC 70,004.25
5,200 SHONEY'S INC 16,575.00
19,600 SIZZLER INTL INC 52,675.00
16,580 TRICON GLOBAL RESTRAUNTS 481,856.25
72,000 TYSON FOODS INC CL A 1,476,000.00
13,800 WENDYS INTL INC 332,069.40
FOREIGN
3,400 AMERIN CORP 95,200.00
100 ARBOR SOFTWARE 4,050.00
17,836 ING GROEP NV-SPONS ADR 754,685.75
675 TODAYS MAN INC 2,109.38
HOTEL & MOTEL
8,700 BRISTOL HOTEL CO 252,843.75
18,700 CHOICE HOTELS INTL INC 299,200.00
34,400 CIRCUS CIRCUS ENTPR 705,200.00
10,554 EXTENDED STAY AMERICA INC 131,265.38
1,493 GREATE BAY CASINO CORP 1,866.25
500 HAMMONS JOHN Q HOTELS 4,500.00
3,200 HARVEYS CASINO RESORTS 66,400.00
26,500 HILTON HOTELS CORP 788,375.00
8,900 HOLLYWOOD CASINO CRP CL A 16,409.38
70,500 HOST MARRIOTT CORP 1,383,562.50
14,100 HOST MARRIOTT SERVICES 209,737.50
7,900 INTERSTATE HOTELS CO 276,993.75
12,600 ITT CORP NEW 1,044,225.00
29,850 LA QUINTA MTR INNS 576,478.13
13,400 MARRIOTT INTL INC. 927,950.00
21,000 MIRAGE RESORTS INC 477,750.00
8,775 PAPA JOHNS INTL INC 306,028.13
11,600 PRIMADONNA RESORTS INC 193,575.00
22,969 PROMUS HOTEL CORP HLDG CO 964,698.00
6,800 RED ROOF INNS INC 104,125.00
7,700 RIO HOTEL & CASINO 161,700.00
6,700 S BARRO INC 176,293.75
3,000 SHOLODGE INC 47,250.00
2,000 SUBURBAN LODGES OF AMERIC 26,625.00
432 SUN INTERNATIONAL HOTELS 16,254.00
6,233 SUNBURST HOSPITALITY CORP 61,554.16
7,600 TRUMP HOTELS & CASINO 50,825.00
4,100 UNO RESTAURANT CORP 28,187.50
HOUSING
2,400 BEAZER HOMES USA INC 47,850.00
4,100 KAUFMAN & BROAD HOME CORP 91,993.75
16,100 LENNAR CORP 347,156.25
9,400 MCGRATH RENTCORP 230,300.00
3,500 PALM HARBOR HOMES INC 98,875.00
2,600 PULTE CORP 108,712.50
6,000 WEST CO INC 178,500.00
MED SERV & SUPPLIES
4,400 AKSYS LTD 25,300.00
2,300 APOGEE INC 5,750.00
7,700 ARTERIAL VASCULAR ENG. 500,500.00
4,700 ATL ULTRASOUND INC 216,200.00
4,950 BEC GROUP INC 29,390.63
9,500 BECKMAN INSTRS INC NEW 380,000.00
2,550 BIO RAD LABS INC. CL A 66,618.75
12,200 BIOMET INC 312,625.00
19,038 BOSTON SCIENTIFIC 873,368.25
56,200 CHIRON CORP 955,400.00
4,300 CNS INC 28,756.25
3,400 CONMED CORP 89,250.00
6,075 COVANCE INCORPORATED 120,740.63
9,900 CRYOMEDICAL SCIENCES INC. 1,856.25
13,900 CYTOGEN CORP 22,587.50
5,300 EMPI INC 104,675.00
4,400 EPITOPE INC. 22,000.00
37,620 FOUNDATION HEALTH SYS /A 841,747.50
3,723 FPA MEDICAL MGT INC 69,340.88
22,800 GENZYME CORP-GENL DIV 632,700.00
684 GENZYME CORP-TISSUE REPR 4,702.50
13,300 HAEMONETICS CORP 186,200.00
5,800 HEALTH MGMT SYSTEMS INC 34,437.50
5,981 HEALTHPLAN SERVICES CORP 125,601.00
123,562 HEALTHSOUTH CORPORATION 3,428,845.50
3,000 HEARTPORT INC 61,125.00
2,425 HENRY SCHEIN INC 84,875.00
26,700 HILLENBRAND INDUS INC 1,366,706.25
15,150 HLTH CARE & RETIRMNT CORP 609,787.50
6,900 HUMAN GENOME SCIENCES 274,275.00
17,000 HUMANA INC 352,750.00
4,300 IDEC PHARMACEUTICALS CORP 147,812.50
6,800 INTERMEDIA COMMUNICATIONS 413,100.00
10,100 ISOLYSER INC 23,671.88
39,900 IVAX CORP 269,325.00
40,700 LABORATORY CORP AMER HLDG 68,681.25
5,700 LANDAUER INC. 159,600.00
3,750 LIFE TECH INC. 124,687.50
3,000 LIFECORE BIOMEDICAL INC 65,625.00
3,000 LUNAR CORP. 61,500.00
6,600 MANOR CARE INC 231,000.00
5,800 MARQUETTE MED SYS-CL A 154,425.00
15,200 MATRIA HEALTHCARE INC 85,500.00
6,300 MAXICARE HEALTH PLANS 68,512.50
2,400 MAXXIM MEDICAL INC 52,200.00
2,000 MEDICAL RESOURCES INC 18,750.00
19,903 MEDPARTNERS INC 445,329.63
51,400 MEDTRONIC INC 2,688,862.50
10,400 NABI INC 35,425.00
2,600 NCS HEALTHCARE INC 68,575.00
4,100 NEUREX CORP 56,887.50
10,000 NEUROMEDICAL SYSTEMS INC 28,125.00
20,700 NOVACARE INC 270,393.75
7,500 ORGANOGENESIS INC 197,812.50
8,000 ORTHOLOGIC CORP 44,500.00
7,000 PALOMAR MEDICAL TECHNOLOG 6,125.00
6,600 PARACELSUS HEALTH CORP 22,275.00
3,932 PHARMACEUTICAL PROD DEV 60,454.50
11,483 QUEST DIAGNOSTICS INC 193,775.63
27,000 QUORUM HEALTH GROUP INC 705,375.00
2,500 SABRATEX CORP 71,875.00
23,300 SCIOS INC 233,000.00
3,450 SEROLOGICALS CORP 89,700.00
200 SERVICE EXPERTS INC 5,725.00
12,350 ST. JUDE MED INC. 376,675.00
32,000 STRYKER CORP 1,192,000.00
17,700 SUN HEALTHCARE GROUP INC 342,937.50
6,800 TECHNE CORP 119,000.00
640 THERMEDICS DETECTION INC 6,560.00
7,000 THERMO INSTR SYS INC COM 241,062.50
3,500 THERMOTREX CORP 77,437.50
6,200 TRANSCEND SERVICES INC 15,306.25
4,200 TRANSITION SYSTEMS INCS 92,925.00
23,300 VENCOR INC 569,393.75
1,200 VITALINK PHARMACY SERVICE 28,950.00
4,735 WELLPOINT HEALTH NETWORKS 200,053.75
4,187 WESTAMERICA BANCORPATION 428,120.75
REAL ESTATE
26,600 CATELLUS DEV CORP 532,000.00
3,000 CENTEX CORP 188,812.50
2,850 FOREST CITY ENTER CL A 165,656.25
16,100 LNR PROPERTY CORP 380,362.50
5,300 TRIAD PARK LLC 6,837.00
TRANSPORTATION
7,900 AIRBORNE FREIGHT CORP 490,787.50
18,600 AIRTRAN HLDGS INC 74,400.00
4,800 ALASKA AIR GROUP INC 186,000.00
15,100 ALEXANDER & BALDWIN 412,418.75
16,300 AMERICA WEST HOLDINGS B 303,587.50
9,600 AMR CORP 1,233,600.00
2,500 AMTRAN INC 19,687.50
8,800 ARNOLD INDS INC 151,800.00
10,100 ASA HOLDINGS INC 287,218.75
5,300 AVONDALE INDS INC 157,343.75
15,500 BURLINGTON NRTHN SANTA FE 1,440,531.25
4,200 CALIBER SYSTEM INC 204,487.50
700 CELADON GROUP INC 9,450.00
5,900 CIRCLE INTERNATIONAL GRP 135,331.25
14,800 CNF TRANSPORTATION INC 567,950.00
7,400 CONSOLIDATED FRTWYS CORP 100,825.00
15,200 CONTINENTAL AIRLS CL B 731,500.00
4,000 COVENANT TRANSPORT INC CL 61,000.00
22,300 CSX CORP 1,204,200.00
8,300 DELTA AIR LINES INC 987,700.00
2,200 EAGLE USA AIRFREIGHT INC 62,700.00
12,200 FEDERAL EXPRESS CORP 744,962.50
3,200 FLORIDA EAST COAST INDS 307,600.00
6,700 GATX CORP 486,168.75
4,200 GREENBRIER 72,712.50
12,200 GREYHOUND LINES INC 44,987.50
12,700 HUNT JB TRANS SVCS INC 238,125.00
400 HVIDE MARINE-CL A 10,300.00
20,300 ILL CENT COR SER A 691,478.90
37,500 KANSAS CTY SOUTHERN INDS 1,190,625.00
800 KNIGHT TRANSPORTATION 22,200.00
2,400 MIDWEST EXPRESS HLDGS INC 93,150.00
39,900 NORFOLK SOUTHERN CORP 1,229,418.75
29,300 NORTHWEST AIR CL A 1,402,737.50
1,800 OLD DOMINION FGHT LINES 27,450.00
14,400 OMI CORP. 132,300.00
11,900 OVERSEAS SHIPHOLDING GRP 259,568.75
13,700 PITTSTON BRINKS GROUP 551,425.00
6,100 ROADWAY EXPRESS INC 134,962.50
8,600 RYDER SYSTEMS INC 281,650.00
22,950 SOUTHWEST AIRLINES CO 565,143.75
7,500 SWIFT TRANSN INC 242,812.50
4,700 TOWER AIR INC 19,681.25
5,900 U S AIR GROUP 368,750.00
18,800 UAL CORP NEW 1,739,000.00
43,072 UNION PACIFIC CORP 2,689,308.00
800 USA TRUCK INC 9,400.00
4,800 WESTERN PACIFIC AIRLINES 720.00
8,700 WLR FOODS INC. 75,037.50
4,800 WORLDCORP INC 5,400.00
MISCELLANEOUS
7,900 ACNIELSEN CORP 192,562.50
2,600 ALGOS PHARMACEUT 78,000.00
5,740 ALLEGIANCE CORP 203,411.25
7,300 AMERICAN CLASSIC VOYAGES 132,312.50
4,200 ANCHOR GAMING 234,150.00
9,000 ARGOSY GAMING CORP 30,937.50
12,920 ASCENT ENTERTAINMENT GRP 134,045.00
11,200 AUTOTOTE CORP CL A 27,300.00
5,082 BHA GROUP INC CLA A 99,099.00
2,500 BIOMATRIX INC 75,000.00
3,300 C/NET INC 97,350.00
6,150 CASINO AMER INC 14,990.63
4,700 CFW COMMUNICATIONS CO 105,162.50
14,700 COGNIZANT CORP 655,068.75
12,100 CUNO INC 184,525.00
400 DBT ONLINE 9,975.00
21,400 DISCOVERY ZONE INC 2.14
3,100 EDUCATION MGT CORP 96,100.00
4,300 EMPLOYEE SOLUTIONS INC 18,543.75
14,900 FEDERAL SIGNAL CORP 322,212.50
3,800 FLEETWOOD ENTERPRISES 161,262.50
7,964 GEMSTAR INTL GROUP LTD 194,122.50
14,200 GTECH HLDGS CORP 453,512.50
3,300 HANDLEMAN CO-DEL 22,893.75
5,300 HEXCEL CORP NEW 132,168.75
3,225 INTL TECHNOLOGY CORP 24,187.50
146,600 JOHNSON & JOHNSON 9,657,275.00
3,000 JOHNSON WORLDWIDE ASSOC 52,875.00
6,900 MAFCO CONS GRP RTS 1/1/99 2,371.88
7,000 MALLINCKRODT 266,000.00
2,200 MINE SAFETY APPLIANCES 144,100.00
1,050 PRESIDENT CASINOS INC 3,740.63
2,300 PRINS RECYCLING CORP 11.50
46,480 REPUBLIC INDUSTRIES INC 1,083,565.00
24,900 ROYAL CARRIBEAN CRUISES 1,327,481.25
6,100 SAFETY KLEEN CORP 167,368.75
2,500 SDL INC 36,250.00
5,400 SEATTLE FILMWORKS INC 60,075.00
13,000 STATION CASINOS INC 132,437.50
10,700 STEWART ENTERPRISES CL A 498,887.50
8,100 STRATOSPHERE CORP 506.25
4,375 TETRA TECH INC NEW 87,500.00
3,900 THERMO REMEDIATION INC 24,131.25
2,200 THERMO TERRATECH INC 17,875.00
3,800 TICKETMASTER GROUP INC 87,400.00
2,100 UNITED NATURAL FOODS INC 54,600.00
9,100 WATTS INC 257,643.75
TELECOMMUNICATIONS
40,800 360 COMMUNICATIONS CO 823,650.00
18,000 AERIAL COMM INC 128,250.00
12,100 ALIANT COMM INC 379,637.50
2,800 ALLTRISTA CORP 79,450.00
2,700 BACOU USA INC 47,250.00
3,090 BOK FINL CORP COM NEW 119,930.63
4,000 BOSTON COMM GROUP 43,500.00
3,000 CENTRAL GARDEN & PET CO 78,750.00
16,000 COMSAT CORPORATION 388,000.00
4,000 CORECOMM INC 40,500.00
2,000 DATA TRANSMISSION NETWORK 56,000.00
8,000 FIRST PAC NETWORKS INC 40.00
1,700 INTERNATIONAL SHIPHOLDING 29,325.00
27,988 LCI INTL INC 860,631.00
8,850 MASTEC INC 202,443.75
19,800 MOBILE TELECOMM TECH 435,600.00
4,100 ORION NETWORK SYSTEMS INC 70,212.50
6,500 PRICELLULUAR CORP CL A 67,843.75
97,880 SBC COMMUNICATIONS INC 7,169,710.00
8,800 TEKELEC 268,400.00
7,600 VIATEL INC 38,000.00
TOTAL MISCELLANEOUS $151,467,289.27
0.33%
4,000 ADVANCED POLYMERS SYS INC 26,500.00
4,400 AVATAR HOLDINGS 125,125.00
1,780 CCB FINL CORP 191,350.00
118,829 CITIZENS UTIL CO CL B 1,143,724.51
5,200 COLONIAL GAS CO. 149,825.00
2,700 FILM ROMAN INC 4,556.25
7,500 JASON INC. 60,000.00
7,500 MEDCO RESH INC. 105,000.00
17,972 NEWS CORP LTD PFD 357,193.50
4,950 PAXAR CORP 73,321.88
7,400 SMART & FINAL INC. 133,200.00
8,157 SOVEREIGN BANCORP 169,257.75
7,206 TCF FINANCIAL CORP 244,553.63
24,398 UNION PLANTERS CORP 1,657,539.13
100 UNITED DENTAL CARE INC 1,075.00
15,000 UNITED DOMINION INDUS. 379,687.50
2,400 WET SEAL INC CL A 70,800.00
TOTAL $4,892,709.15
TOTAL COMMON STOCK $1,415,574,015.97
OTHER
4.18%
CASH EQUIVALENTS
61,785,432 AIM SHORT TERM INV SER 2 61,785,432.24
TOTAL $61,785,432.24
TOTAL OTHER $61,785,432.24
TOTAL INVESTMENTS - 100.00% $1,477,359,448.21
(cost $1,035,252,512)
See accompanying notes
