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, 1998, the related statement of operations for the year then
ended, and the statement of changes in net assets and financial highlights for
each of the two years in the period 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 audits. The financial highlights of Huron
Investment Fund, Inc. for the period from March 4, 1996 (commencement of
operations) to December 31, 1996 was audited by other auditors whose report
dated February 14, 1997, expressed an unqualified opinion on those statements.
We conducted our audits 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 verification of investments
owned as of December 31, 1998, 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 audits provide a reasonable basis
for our opinion.
In our opinion, the 1998 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, 1998 and the results
of its operations for the year then ended, and the changes in its net assets,
and financial highlights for each of the two years in the period then ended,
in conformity with generally accepted accounting principles.
February 12, 1999
Huron Investment Fund, Inc.
Statement of Assets and Liabilities
December 31, 1998
Assets
Investments, at fair value (cost $573,930,985) 893,180,192
Cash 86,197
Dividends receivable 727,853
Income receivable 125,595
Receivable for securities sold 2,520,754
Total assets 896,640,591
Liabilities
Accrued expenses 159,136
Notes payable (Note 5) 198,500
Accrued interest expense 4,968
Total liabilities 362,604
Net assets 896,277,987
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 576,415,018
Net unrealized appreciation of investments 319,249,207
Net assets 896,277,987
Net asset value per common shares outstanding 14.60
See accompanying notes.
Huron Investment Fund, Inc.
Statement of Operations
For the year ended December 31, 1998
Investment income:
Dividend income 11,318,327
Interest income 1,650,822
Total investment income 12,969,149
Expenses:
Administration fee (Note 2) 630,002
Investment management fee (Note 2) 65,620
Independent accountants 32,222
Interest expense 18,859
Rating agencies fees 4,583
Insurance 11,608
Directors fees and expenses 7,454
Other expenses 1,147
Amortization of organization costs 4,800
Legal fees 29,335
Total expenses 805,630
Net investment income 12,163,519
Net realized and unrealized gains (losses) on
investments:
Net realized gain on investments 48,663,257
Change in net unrealized appreciation of
investments (122,857,729)
Net decrease in net assets resulting from
operations $ (62,030,953)
See accompanying notes.
Huron Investment Fund, Inc.
Statement of Changes in Net Assets
For the years ended December 31, 1998 and 1997
1998 1997
From operations:
Net investment income 12,163,519 16,871,016
Net realized gain on investments 48,663,257 22,087,361
Net change in unrealized appreciation
of investments (122,857,729) 308,940,341
Increase (decrease) in net assets resulting
from operations (62,030,953) 347,898,718
Dividends from net investment income:
Auction market preferred stock - (16,541,265)
Common stock (12,163,519) (329,751)
(12,163,519) (16,871,016)
Distributions from net realized gains:
Common stock (48,663,257) (22,087,361)
Decrease in net assets resulting from distributions
to stockholders (60,826,776) (38,958,377)
Increase (decrease) from capital transactions:
Capital contribution from common stockhold 22,417,112 450,000,000
Redemption of auction market preferred sto - (450,000,000)
Distribution of capital to common stockhol (459,150,734) -
(436,733,622) -
Total increase (decrease) in net assets (559,591,351) 308,940,341
Net assets:
Beginning of year 1,455,869,338 1,146,928,997
End of year 896,277,987 1,455,869,338
See accompanying notes.
HURON INVESTMENT FUND, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998
1. Organization and Significant Accounting Policies
On January 7, 1999 the Board of Directors approved a Plan of Liquidation and
Dissolution for the Funds. Management is in the process of liquidating and
winding-up the Fund.
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 on which the securities are traded. 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.
1. Organization and Significant Accounting Policies (continued)
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.
2. Related Party Transactions (continued)
For the years ended December 31, 1998 and 1997, dividend and capital gain
distributions to the common stockholder were $60,826,776 and $22,417,112,
respectively.
During the years ended December 31, 1998 and 1997, returns of capital
distributions to the common stockholder amounted to approximately $459,150,734
and $0, respectively.
During the years ended December 31, 1998 and 1997, capital contributions made
by the common stockholder amounted to approximately $22,417,112 and
$450,000,000, respectively.
Comerica Bank serves as both custodian and administrator for the Fund and
receives a fee based on a percentage of net assets outstanding at the end of
the fiscal year. An affiliate of Comerica Bank serves as investment advisor to
the Fund. The annual investment management fee is 0.01% of average equity
investments. The administration and management fees are calculated, 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, 1998 were $92,399,267 and $570,718,541, respectively.
As of December 31, 1998, the net unrealized appreciation of $319,249,207 is
comprised of aggregate gross unrealized appreciation and depreciation of
investments of $380,123,875 and $60,874,668, respectively.
4. Auction Market Preferred Stock ("AMPS")
No AMPS were outstanding at December 31, 1998 and 1997.
In 1997 the Fund redeemed $450 million of AMPS.
Each series of AMPS is redeemable at the option of the Fund in whole, but not
in part, at a price of $100,000 per share plus accumulated and unpaid
dividends. Dividends 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.
5. Notes Payable
As of December 31, 1998, the Fund had $198,500 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, 1998, the Fund was
paying interest at 8.83% 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 years ended December 31, 1998 and 1997, and
for the period March 4, 1996 (commencement of operations)
through December 31, 1996
1998 1997 1996(1)
For a share of common stock outstanding
throughout the period:
Net asset value, beginning of period $23.72 $11.36 $10.00
Net investment income 0.20 0.28 0.20
Net realized and unrealized gains (losses)
on investments (1.21) 5.39 2.21
Total from investment operations (1.01) 5.67 2.41
Capital contribution 0.36 7.33 -
Less distributions from net investment income:
Common stock equivalent of dividends
paid to AMPS holders (0.20) (0.27) (0.22)
Dividends paid to common stockholder - (0.01) (0.02)
Less distributions from net realized gains:
Distribution paid to common stockholder
Less distributions from paid-in capital:
Distribution of capital to common
stockholder (7.48) - (0.81)
Total distributions (8.47) (0.64) (1.05)
Net asset value, end of period $14.60 $23.72 $11.36
Total investment return -4.26% 30.33% 24.13%(2)
Ratios/supplemental data:
Net assets at end of period (000s) $ 896278 $1455869 $1146929
Average net assets (000s) $ 964441 $1322905 $1107778
Ratio of expenses to average net assets
applicable to common stock (4) 0.08% 0.32% 0.33%(3)
Ratio of net investment income to average
net assets applicable to common
stock (4) 1.26% 1.28% 1.12%(3)
Portfolio turnover 9.58% 0.65% 5.47%
Asset coverage per AMPS share,
end of period - - $254,873
AMPS shares outstanding - - 4,500
Asset coverage for notes payable,
end of period 451525% 691724% 537303%
Notes payable, end of period $198,500 $210,500 $213,500
(1)For the period March 4, 1996 (commencement of operations) to
December 31, 1996.
(2)Total investment return for the period, not annualized.
(3)Annualized.
(4)Ratios are calculated on the basis of income and expenses applicable to
both the common and preferred stock relative to the average net assets
of the common 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.
See accompanying notes.
HURON INVESTMENT FUND, INC.
Portfolio of Investments
December 31, 1998
No. of
Shares Market Value
COMMON STOCK
BUILDING AND CONSTRUCTION 1.79%
BUILDING EQUIPMENT
45,812 CLAYTON HOMES INC 632,778.25
7,500 SIMPSON MFG INC 280,781.25
BUILDING MATERIALS
3,600 ABT BUILDING PRODS CORP 36,900.00
2,300 AMERICAN BUILDINGS COMPANY 56,350.00
1,900 AMERON INTERNATIONAL CORPORATION 70,300.00
12,200 CALGON CARBON CORP 91,500.00
3,900 CENTEX CONSTRUCTION PRODUCTS INC 158,437.50
9,700 CHAMPION INTERNATIONAL CORP 392,850.00
14,000 CYTEC INDS INC 297,500.00
4,800 ELCOR CORP 155,100.00
300 GEORGIA PACIFIC CORP 17,568.75
3,600 GIANT CEMENT HOLDING INC 89,100.00
11,500 HOME DEPOT 703,656.25
10,800 HOMEBASE INC 68,850.00
1,600 INTERNATIONAL ALUMINUM, CORP. 47,300.00
15,900 LONGVIEW FIBRE CO 183,843.75
11,100 LOUISIANA PACIFIC CORP 203,268.75
3,200 MARTIN MARIETTA MATERIALS INC 199,000.00
3,500 MASCO CORPORATION 100,625.00
2,800 MAXXAM INC 160,650.00
4,100 NATIONAL SERVICES INDUSTRIES INC 155,800.00
3,800 NCI BUILDING SYSTEMS INC 106,875.00
4,200 NORTEK INC 116,025.00
4,200 NVR INC 200,287.50
30,300 RPM, INC. 484,800.00
3,400 SCOTSMAN INDUSTRY,INC. 69,912.50
15,900 USG CORP NEW 809,906.25
10,400 VULCAN MATERIALS CO 1,368,250.00
CEMENT
7,600 CALMAT CO 234,650.00
33,500 LAFARGE CORP 1,356,750.00
2,000 PUERTO RICAN CEMENT CO INC 69,875.00
5,700 SOUTHDOWN INC 337,368.75
CONSTRUCTION EQUIPMENT
6,200 CMI CORP CL A 49,212.50
PAINT AND FLAT GLASS
17,100 SHERWIN WILLIAMS CO 502,312.50
21,500 VALSPAR CORP 802,218.75
INDUSTRIAL CHEMICALS
17,100 ALBEMARLE CORP 406,125.00
8,000 DEXTER CORP 251,500.00
25,700 ETHYL CORP 149,381.25
4,600 FULLER H. B. COMPANY 221,375.00
5,400 GREAT LAKES CHEMICAL CORP 216,000.00
17,600 LUBRIZOL CORP 452,100.00
200 PPG INDUSTRIES INC 11,650.00
18,200 ROHM & HAAS CO 548,275.00
5,900 SERAGEN INC ESCROW 0.00
9,600 WELLMAN INCORPORATED 97,800.00
17,700 WITCO CORP 282,093.75
MISCELLANEOUS
22,000 AMERICAN STANDARD COS,INC 790,625.00
4,960 CHAMPION ENTERPRISES INC 135,780.00
1,900 CHRISTIANA COS INC. 36,575.00
6,000 COMMERCIAL INTERTECH 77,625.00
12,500 FASTENAL COMPANY 550,000.00
8,300 FLUOR CORP 353,268.75
9,700 FOAMEX INTERNATIONAL INC 120,037.50
8,775 GRANITE CONSTRUCTION INC 294,510.94
8,500 JACOBE ENGINEERING GROUP 346,375.00
2,800 SCHULER HOMES INC 19,950.00
TOTAL BUILDING AND CONSTRUCTION $15,971,650.44
CHEMICALS AND DRUGS 7.06%
CHEMICALS
22,600 AIRGAS INC. 201,987.50
2,200 BUSH BOAKE ALLEN INC 77,550.00
20,900 CABOT CORP 583,893.75
22,619 CROMPTON & KNOWLES CORPORATION 467,930.56
1,300 DOW CHEMICAL CO 118,218.75
8,300 DUPONT DE NEMOURS & CO. 440,418.75
11,600 FERRO CORPORATION 301,600.00
3,200 FMC CORP-NEW 179,200.00
9,800 GEON CO 225,400.00
10,200 GEORGIA GULF CORP 163,837.50
15,600 HANNA M A CO 192,075.00
9,000 HERCULES INC 246,375.00
34,890 IMC FERTILIZER GROUP 745,773.75
29,300 INTL SPECIALTY PRODUCTS NEW 397,381.25
14,900 LAWTER INTERNATIONAL 173,212.50
6,450 LEARONAL INC. 218,493.75
3,000 LESCO INC OHIO 38,625.00
24,500 LYNODELL PETROCHEMICAL COMPANY 441,000.00
60,300 MONSANTO CO 2,864,250.00
13,300 MORTON INTERNATIONAL INC 325,850.00
6,700 NALCO CHEMICAL CO 207,700.00
2,500 NCH CORPORATION 148,750.00
15,200 OLIN CORP 430,350.00
15,500 PRAXAIR INC 546,375.00
11,000 SCHULMAN A INC. 249,562.50
10,100 SIGMA-ALDRICH CORP 296,687.50
12,360 SOLUTIA INC 276,555.00
3,600 STEPAN CO 95,850.00
2,000 SYBRON CHEMICAL INDUSTRIES, INC. 27,000.00
6,200 SYNETIC INC 272,800.00
13,700 UNION CARBIDE CORPORATION 582,250.00
5,900 WEBB DEL CORP 162,618.75
8,900 WR GRACE & CO 139,618.75
DRUGS
12,300 ABBOT LABS 602,700.00
7,800 AGOURON PHARMACEUTICALS INC 458,250.00
300 ALZA CORP CLASS A 15,675.00
11,200 AMERICAN HOME PRODUCTS 630,700.00
26,000 AMGEN INC COMMON STOCK 2,718,625.00
10,500 AMYLIN PHARMACEUTICALS 5,250.00
1,900 AUTOIMMUNE INC 4,275.00
9,900 AVANIR PHARMACEUTICALS 6,496.88
32,750 BERGEN BRUNSWIG 1,142,156.25
3,000 BONE CARE INTERNATIONAL 34,875.00
7,300 BRISTOL MYERS SQUIBB CO 976,831.25
2,000 CAMBRIDGE NEUROSCIENCE INC 1,437.50
19,290 CARDINAL HEALTH INC 1,463,628.75
2,800 CARRINGTON LABS INC 5,950.00
14,100 CARTER WALLACE INC 276,712.50
800 CONNECTICS CORPORATION 4,700.00
6,000 COPLEY PHARMACEUTICAL 62,250.00
2,900 DEPOTECH CORP 6,706.25
9,000 DURA PHARMACEUTICALS INC 136,687.50
14,200 ENGLEHARD CORP 276,900.00
3,200 ERGO SCIENCE CORP 3,200.00
6,050 FUISZ TECHNOLOGIES LTD 77,893.75
3,400 GELTEX PHARMACEUTICALS INC 76,925.00
35,900 GENENTECH INC SPECIAL COMMON 2,860,781.25
13,800 GENSIA PHARMACEUTICALS 62,531.25
8,500 GILEAD SCIENCES INC 349,031.25
22,400 ICN PHARMACEUTICALS INC NEW 506,800.00
12,000 ICOS CORP 357,000.00
1,100 IGI INC 2,131.25
2,400 INCYTE PHARMACEUTICALS INC 89,700.00
12,000 INTERNEURON PHARMACEUTICALS INC 39,375.00
8,500 ISIS PHARMACEUTICALS 109,968.75
10,212 LIGAND PHARMACEUTICALS INC CL B 118,719.15
6,600 LILLY ELI & COMPANY 586,575.00
4,000 MATRITECH INC 6,625.00
28,400 MCKESSON CORP NEW 2,245,375.00
7,100 MERCK & COMPANY, INC 1,048,581.25
37,600 MYLAN LABRATORIES INC 1,184,400.00
3,500 NEOPROBE CORP 2,515.63
800 NEOSE TECHNOLOGIES INC 11,250.00
3,700 NEUROGEN CORP 64,750.00
10,200 NORTH AMERN VACCINE 90,525.00
23,600 PERRIGO CO. 207,975.00
10,900 PFIZER INC 1,367,268.75
3,200 PHARMACIA & UPJOHN INC 181,200.00
9,400 SCHERING PLOUGH 519,350.00
6,800 SEPRACOR INC 595,425.00
8,100 TWINLAB CORP 106,312.50
5,700 VICAL INC 80,868.75
6,500 WARNER-LAMBERT 488,718.75
24,000 WATSON PHARMACEUTICALS INC 1,509,000.00
COSMETICS
5,700 ALBERTO CULVER CO CLASS B 152,118.75
1,000 AVON PRODUCTS INC 44,250.00
4,500 FOSSIL INC 129,375.00
500 INTERNATIONAL FLAVORS & FRAGRANCES 22,093.75
17,100 LAUDER ESTEE COS INC 1,462,050.00
11,300 PLAYTEX PRODUCTS INC 181,506.25
4,363 THERMOLASE CORP 19,906.19
HEALTH PRODUCTS/CARE
9,100 ACUSON 135,362.50
6,600 ALLERGAN INC 427,350.00
4,200 AMERICAN HOMEPATIENT INC 7,612.50
8,000 AMERISOURCE HEALTH CORP -CL A 520,000.00
4,000 APHTON CORP 51,000.00
16,800 APRIA HEALTHCARE GROUP INC 150,150.00
8,700 ARROW INTERNATIONAL,INC. 272,962.50
4,800 BARD C R INC 237,600.00
5,700 BAUSCH & LOMB INC 342,000.00
3,992 BAXTER INTERNATIONAL INC. 256,735.50
24,800 BECTON DICKINSON & COMPANY 1,058,650.00
7,200 BEVERLY ENT INC 48,600.00
23,700 BIOGEN INC 1,967,100.00
7,758 BLOCK DRUG CL A 336,501.52
3,000 CARDIOGENESIS CORP 16,875.00
200 CARDIOTHORACIC SYS INC 1,387.50
21,600 CENTOCOR 974,700.00
2,000 CHROMAVISION MEDICAL SYSTEMS 10,000.00
3,600 CHRONIMED INC 46,575.00
8,600 COASTAL PHYSICIAN GROUP INC 2,956.25
8,100 COLOMBIA LABS INC COMMON 24,806.25
65,750 COLUMBIA/HCA HEALTHCARE 1,627,312.50
9,600 CRAIG JENNY INC 57,600.00
4,400 DIAGNOSTIC PRODUCTS CORP 136,950.00
800 EMERITUS CORP 8,450.00
24,800 FOREST LABS 1,319,050.00
26,000 GENERAL NUTRITION COS 422,500.00
2,464 GENZYME MOLECULAR ONCOLOGY W/I 8,006.51
8,622 GILLETTE CO 416,550.38
15,200 GUIDANT CORP 1,675,800.00
11,050 HCR MANOR CARE 324,593.75
58,162 HEALTH MGMT ASSOC INC CL A NEW 1,257,753.25
7,267 HERBALIFE INTL CL B 83,116.31
4,200 I-STAT CORP 31,500.00
2,600 ICU MEDICAL INC. 57,200.00
8,300 IMMUNEX CORP NEW 1,044,243.75
3,400 MARTEK BIOSCIENCES CORP 27,200.00
666 MEDICAL RESOURCES INC 1,498.50
17,400 MID ATLANTIC MED SVCS 170,737.50
3,500 MINIMED INC 366,625.00
8,900 NEXSTAR PHARMACEUTICALS INC 82,325.00
3,700 NORTHFIELD LABORATORIES INC 45,787.50
8,200 OEC MEDICAL SYSTEMS INC 257,787.50
9,000 ONCOR INC 270.00
23,000 OXFORD HEALTH PLANS INC 342,125.00
15,200 PHYSICIAN RELIANCE NETWORK INC 199,500.00
700 PROJECT SOFTWARE & DEVELOPMENT 23,450.00
13,000 PSS WORLD MEDICAL INC 299,000.00
9,700 QUINTILES TRANSNATIONAL CORP 517,737.50
3,900 RES-CARE INC 96,281.25
8,205 RESPIRONICS INC 164,356.41
4,356 RESPONSE ONCOLOGY INC 17,696.25
17,400 REXALL SUNDOWN INC 243,600.00
3,900 STAAR SURGICAL CO 30,468.75
400 SUNRISE ASSISTED LIVING INC 20,750.00
30,000 SYBRON INTL CORP 815,625.00
2,135 TENET HEALTHCARE CORP 56,043.75
350 TREX MEDICAL CORP 2,975.00
2,400 UNITED AMERN HEALTHCARE CORP 2,850.00
19,365 UNITED HEALTHCARE CORP 833,905.31
4,700 UNITED WISCONSIN SVCS 40,831.25
21,500 VENTAS INC 262,031.25
4,874 VETERINARY CENTERS OF AMERICA INC 97,175.38
10,200 VIVUS INC 26,456.25
MISCELLANEOUS
8,300 MOLTEN METAL TECHNOLOGY INC 166.00
66,244 TYCO INTL LTD 4,997,281.75
TOTAL CHEMICALS AND DRUGS $63,034,157.73
CONSUMER PRODUCTS 10.72%
5,600 MARVEL ENTERPRISES INC 34,650.00
CONFECTIONS AND BEVERAGES
2,600 ANHEUSER-BUSCH COS 170,625.00
5,900 BOSTON BEER INC 50,150.00
6,900 BROWN FORMAN INC CLASS B 522,243.75
7,400 CANADAIGUA WINE INC CL B 410,700.00
17,400 COCA COLA COMPANY 1,163,625.00
41,000 COCA COLA ENTERPRISES INC 1,465,750.00
22,800 INTERSTATE BAKERIES CORP DEL NEW 602,775.00
6,300 PEPSICO INC 257,906.25
2,500 PYRAMID BREWERIES INC 3,750.00
2,600 REDHOOK ALE BREWERY INC 11,700.00
26,284 TOOTSIE ROLL INDUSTRIES 1,028,361.50
CONTAINERS
11,800 AVERY DENNISON CORP 531,737.50
2,500 BALL CORPORATION 114,375.00
4,500 BEMIS CO 170,718.75
11,800 CROWN CORK & SEAL INC 363,587.50
2,400 LIQUI BOX 124,800.00
12,784 SEALED AIR CORP 652,783.00
5,700 TEMPLE INLAND INC 338,081.25
DAIRY PRODUCTS
12,500 DEAN FOODS INC 510,156.25
8,800 DREYER'S GRAND ICE CREAM 133,100.00
28,500 IBP INC 830,062.50
PACKAGED FOOD
2,600 ALICO INC. 46,800.00
60,325 ARCHER DANIELS MIDLAND CO 1,036,835.94
2,600 BEN & JERRYS HOMEMADE CL A 58,175.00
29,100 BESTFOODS 1,549,575.00
4,235 BRIDGFORD FOODS CORP. 53,731.56
4,100 BROTHERS GOURMET COFFEES INC 205.00
2,100 CAMPBELL SOUP CO 115,500.00
6,400 CHRUCH & DWIGHT INC 230,000.00
4,800 CONAGRA INC 151,200.00
1,380 DNAP HOLDING CORPORATION 4,830.00
600 FARMER BROTHERS CO 128,400.00
27,250 FLOWERS INDUSTRIES INC 652,296.88
2,300 HEINZ H J COMPANY 130,237.50
14,100 HERSHEY FOODS CORP 876,843.75
23,400 HORMEL FOODS CORP 766,350.00
2,700 KELLOG COMPANY 92,137.50
9,900 LANCE INC 197,381.25
3,500 MIDWEST GRAIN PRODUCTS 47,687.50
17,200 NABISCO HOLDINGS CORP CL A 713,800.00
1,900 NORTHLAND CRANBERRIES INC CL A 17,159.38
2,550 PERFORMANCE FOOD GROUP CO 71,718.75
18,600 PHILLIP MORRIS CO INC 995,100.00
7,500 PILGRIMS PRIDE CORP 149,531.25
18,600 PIONEER HI BRED INTERNATIONAL INC 502,200.00
600 QUAKER OATS CO 35,700.00
31,800 RALSTON-RALSTON PURINA GROUP 1,029,525.00
2,000 RIVIANA FOODS INC 49,375.00
3,800 SANDERSON FARMS INC 58,425.00
5,800 SARA LEE CORP 163,487.50
400 SEABOARD CORP DELEWARE 168,800.00
9,600 SMUCKER J M CO. 237,600.00
34,000 SYSCO CORP 932,875.00
2,600 TREMONT CORP DELAWARE NEW 86,450.00
17,000 UNIVERSAL FOODS CORP 466,437.50
1,260 VLASIC FOODS INTL 30,003.75
11,700 WRIGLEY WILLIAM JR CO 1,047,881.25
PAPER
10,198 ALBANY INTER CORP CL A 193,123.87
5,700 BOISE CASCADE CORP 176,700.00
12,400 BOWATER CORP 513,825.00
7,800 CHESAPEAKE CORP COMMON STOCK 287,625.00
27,600 CONSOLIDATED PAPERS INC 759,000.00
22,187 FORT JAMES CORPORATION 887,480.00
17,700 GAYLORD CONTAINER CORP CL A 108,412.50
9,800 GEORGIA PACIFIC TIMBER 233,362.50
13,000 GLATFELTER PH CO 160,875.00
2,400 INTERNATIONAL PAPER CO 107,550.00
9,450 INTERPOOL INC 158,287.50
3,600 KIMBERLY CLARK CORP 196,200.00
35,200 LOWES COMPANIES INC 1,801,800.00
10,400 MEAD CORP 304,850.00
10,400 OWENS ILLINOIS INC. 318,500.00
12,400 PENTAIR INC 493,675.00
2,400 POTLATCH CORP 88,500.00
8,800 RAYONIER INC. 404,250.00
11,880 ROCK-TENN COMPANY CLA 201,217.50
70,935 SMURFIT STONE CONTAINER 1,121,659.69
33,110 SONOCO PRODUCTS COMPANY 980,883.75
61,100 ST JOE CORPORATION 1,432,031.25
57,000 STAPLES INC 2,490,187.50
4,000 U S CAN CORPORATION 71,500.00
6,200 UNION CAMP CORP 418,500.00
6,850 UNISOURCE WORLDWIDE INC 49,662.50
12,100 WAUSAU MOSINEE PAPER CORP 214,018.75
10,200 WESTVACO CORP 273,487.50
800 WEYERHAEUSER CO 40,650.00
11,200 WILLIAMETTE INDUSTRIAL 375,200.00
PRINTING AND PUBLISHING
7,300 AMERICAN GREETINGS CLASS A 299,756.25
7,700 AMERICAN MEDIA INC CL A 42,831.25
1,680 APPLIED GRAPHICS TECHNOLO 27,720.00
9,200 BANTA CORP 251,850.00
20,000 BARNES & NOBLE INC 850,000.00
29,400 BELO A H CORP 586,162.50
6,000 BIG FLOWER HLDGS 132,375.00
2,300 CADMUS COMMUNICATIONS 43,412.50
8,600 CENTRAL NEWSPAPERS INC CLASS A 614,362.50
8,100 DE LUXE CORPORATION 296,156.25
14,300 DONNELLEY R R & SONS 626,518.75
3,250 DONNELLY CORP 42,250.00
9,600 DOW JONES & CO 462,000.00
1,900 GANNETT CO., INC. 122,550.00
28,500 GARTNER GROUP INC CL A 605,625.00
8,100 GOLDEN BOOKS FAMILY ENTMT 2,531.25
700 HARLAND JOHN H COMPANY 11,068.75
9,700 HOLLINGER INTERNATIONAL 135,193.75
9,600 HOUGHTON MIFFLIN CO 453,600.00
8,200 KNIGHT-RIDDER INC 419,225.00
13,900 LEE ENTERPRISES INC 437,850.00
9,300 MAIL-WELL INC 106,368.75
37,500 MARVEL ENTMT GROUP INC 0.00
9,550 MCCLATCHEY NEWSPAPER CLASS A 337,831.25
8,700 MEDIA GENERAL INC 461,100.00
4,600 MEREDITH CORP 174,225.00
19,400 NEW YORK TIMES CO CLASS A 672,937.50
60,600 READERS DIGEST ASSN INC CLASS B 1,461,975.00
5,200 SCHOLASTIC CORP 278,850.00
4,700 SCIENTIFIC GAMES HOLDINGS CORP. 88,712.50
18,750 TIME WARNER INC 1,163,671.88
9,600 TIMES MIRROR CO CLASS A NEW 537,600.00
12,300 TRIBUNE CO 811,800.00
3,600 VALUE LINE INC 141,750.00
3,600 WASHINGTON POST CO CLASS B 2,080,575.00
11,700 WISCONSIN CENTRAL 201,093.75
RECREATIONAL EQUIPMENT
3,100 BALLY'S TOTAL FITNESS HLDGS 77,112.50
21,400 BOYD GAMING CORP 70,887.50
9,900 BRUNSWICK CORP 245,025.00
23,000 CALLAWAY GOLF CO 235,750.00
1,147 CARLYLE INDS INC 1,290.38
10,598 CHRIS CRAFT INDUSTRIES INC 510,691.13
18,300 COLEMAN INC NEW 166,987.50
2,000 FIRST TEAM SPORTS 2,750.00
346 GART SPORTS CO 2,249.00
46,900 HARLEY DAVIDSON INC 2,221,887.50
9,900 HARRAH'S ENTERTAINMENT INC 155,306.25
35,100 INTERNATIONAL GAME TECHNOLOGY 853,368.75
7,012 MGM GRAND INC 190,200.50
800 NORTH FACE INC 10,400.00
18,600 SUNGLASS HUT INTERNATIONAL INC 130,200.00
4,200 WEST MARINE INC 41,475.00
OTHER CONSUMER PRODUCTS
3,900 AMERICAN SAFETY RAZOR CO 46,800.00
12,750 BLYTH INDS INC 398,437.50
1,649 BOLLE INC 3,298.00
27,800 BORDERS GROUP INC 693,262.50
30,100 CINTAS CORP COMMON STOCK 2,120,168.75
10,200 CLOROX CO 1,191,487.50
1,800 COLGATE PALMOLIVE CO 167,175.00
7,100 ECKO GROUP INC 26,625.00
2,900 FAB INDUSTRIES INC. 62,350.00
12,200 FIRST BRANDS CORP 481,137.50
6,223 GENERAL CIGAR HLDGS INC CL B 54,062.31
7,100 HARCOURT GENERAL INC 377,631.25
4,552 METRIS COMPANIES INC 229,022.50
2,100 MINNESOTA MINING & MANUFACTURING 149,362.50
15,700 NEWELL COMPANY 647,625.00
24,600 OAKLEY INC 233,700.00
5,850 ONEIDA LTD. 86,653.13
8,800 PRESSTEK INC 59,950.00
9,700 PROCTER & GAMBLE CO 885,731.25
15,100 RUBBERMAID INC 474,706.25
3,200 RUSSELL CORP 65,000.00
38,300 SHAW INDUSTRIES INC 928,775.00
1,700 SPRINGS INDUSTRIES INC 70,443.75
3,000 SUPERIOR SURGICAL 43,500.00
6,300 TUPPERWARE CORPORATION 103,556.25
11,500 UNIVERSAL CORP 403,937.50
1,300 UST INC 45,337.50
12,300 V F CORP 576,562.50
17,200 WARNACO GROUP INC CL A 434,300.00
11,300 WHITMAN CORPORATION 286,737.50
PHOTOGRAPHY
3,900 CPI CORPORATION 103,350.00
1,800 EASTMAN KODAK COMPANY 129,600.00
3,800 POLAROID CORP 71,012.50
HOUSEHOLD FURN/APPLIANCES
4,000 ARMSTRONG WORLD INDUSTUSTRIES 241,250.00
4,200 CHROMCRAFT REVINGTON INC 69,562.50
3,100 COORS ADOLPH CO CLASS B 174,956.25
3,000 CORT BUSINESS SERVICES CORP 72,750.00
4,100 CULP INC 32,287.50
9,000 DEPARTMENT 56 INC 338,062.50
1,000 FALCON PRODUCTS INC. 12,000.00
22,300 FURNITURE BRANDS INTL INC 607,675.00
31,900 HANOVER DIRECT INC 109,656.25
700 HAPPINESS EXPRESS INC 0.00
3,100 HAVERTY FURNITURE COS INC 65,100.00
16,000 HELIG MEYERS CO 107,000.00
10,000 KIMBALL INTERNATIONAL,INC CLB 190,000.00
4,730 LIFETIME HOAN CORP 46,117.50
9,500 MAYTAG CO 591,375.00
8,300 MIKASA INC 105,825.00
27,700 MILLER HERMAN INC 744,437.50
3,300 REX STORES CORP 44,550.00
29,000 SUNBEAM CORP 203,000.00
RETAIL
15,400 AUTOZONE INC 507,237.50
42,600 BED BATH & BEYOND INC 1,453,725.00
6,100 BRADLEES INC 0.00
3,000 COLE NATIONAL CORP.NEW 51,375.00
2,700 FINLAY ENTERPRISES INC 27,337.50
15,000 INTIMATE BRANDS INC 448,125.00
3,100 MULTIPLE ZONES INTL INC 54,637.50
75 SAKS INC NEW 2,367.19
18 SCHOOL SPECIALTY INC 384.75
32,200 TJX COMPANIES INC 933,800.00
11,800 VALUE CITY DEPARTMENT STORES INC 164,462.50
3,100 WILMAR INDUSTRIAL, INC. 62,968.75
7,100 WINDMERE-DURABLE HOLDINGS INC 55,025.00
APPAREL
356 ABERCROMBIE & FITCH CO CLASS A 25,187.00
6,075 AMERICAN EAGLE OUTFITTERS INC 404,746.88
5,000 DONNKENNY INC DELAWARE 9,375.00
210 EDISON BROS STORES WTS 52.50
3,195 FOOTSTAR INC 79,875.00
6,200 FRUIT OF THE LOOM CL A 85,637.50
31,600 JONES APPAREL GROUP INC 697,175.00
9,600 LANDS END INCORPORATED 258,600.00
26,070 LIMITED INC 759,288.75
6,400 LIZ CLAIBORNE INC 202,000.00
2,200 LOEHMANNS INC 4,193.75
1,800 NIKE INC CL B 73,012.50
11,800 NINE WEST GROUP 183,637.50
5,000 QUIKSILVER INC 150,000.00
3,800 STAGE STORES INC 35,625.00
12,000 TALBOTS INC 376,500.00
4,400 UNITED RETAIL GROUP INC 47,300.00
13,400 VENATOR GROUP INC 86,262.50
18,000 WESTPOINT STEVENS INC 568,125.00
AUDIO/VISUAL
8,800 ACKERLEY COMMUNICATIONS INC 160,600.00
400 GREY ADVERTISING INC. 145,600.00
19,000 OMNICOM GROUP INC 1,102,000.00
2,300 OPTICAL CABLE CORP 27,887.50
3,200 SINCLAIR BROADCAST GROUP INC 62,600.00
3,000 WEST COAST ENTERTAINMENT CORP 3,375.00
BROADCASTING
5,000 ADELPHIA COMMUNICATIONS CORP CLASS 228,750.00
5,600 AMERICAN TELECASTING INC 1,064.00
20,800 CABLEVISION SYSTEMS CORP 1,043,900.00
19,700 CHANCELLOR MEDIA CORP /A 943,137.50
86,000 COX COMMUNICATIONS, INC CLASS A 5,944,750.00
2,900 EMMIS BROADCASTING CORP CL A 125,787.50
5,180 GAYLORD ENTERTAINMENT CL/A 156,047.50
169 HEARST-ARGYLE TELEVISION 5,577.00
4,100 HEARTLAND WIRELESS COMMUNICATIONS 82.00
7,100 JACOR COMMUNICATIONS INC 457,062.50
4,700 JONES INTERCABLE INC CL A 167,437.50
7,400 KING WORLD INC 217,837.50
16,400 TCA CABLE TV INC 585,275.00
3,900 TRANSACTION NETWORK SERVICES INC. 78,243.75
2,400 TV FILME INC 900.00
8,000 UNITED VIDEO SATELLITE GRP CL A 189,000.00
33,326 USA NETWORKS INC 1,103,923.75
7,900 VALUEVISION INTERNATIONAL,INC. CL 55,546.88
MISCELLANEOUS
400 FEDDERS CORP CL A 2,100.00
3,300 JOSTENS INC 86,418.75
12,465 PALL CORPORATION 315,520.31
25,800 SERVICE CORPORATION INTERNATIONAL 982,012.50
21,600 STARBUCKS CORP 1,212,300.00
TOTAL CONSUMER PRODUCTS $95,765,699.16
DURABLE GOODS 27.33%
AEROSPACE-AIRCRAFT
8,442 BOEING CO 275,420.25
24,400 COLTEC INDS INC 475,800.00
11,200 CORDANT TECHNOLOGIES INC 420,000.00
2,200 CURTISS WRIGHT CORP 83,875.00
3,400 FAIRCHILD CORP CL A 53,550.00
12,700 GENERAL DYNAMICS CORP 744,537.50
3,278 ICG COMMUNICATIONS 70,477.00
14,200 LITTON INDUSTRIES INC 926,550.00
1,300 LOCKHEED MARTIN CORP 110,175.00
6,900 M & F WORLDWIDE CORP 69,431.25
7,000 NORTHROP GRUMMAN CORP 511,875.00
6,700 OEA INC 79,143.75
1,650 PRIMEX TECHNOLOGIES INC 70,125.00
2,600 SIMULA INC 18,850.00
18,300 SUNDSTRAND CORP 949,312.50
800 TEXTRON INC 60,750.00
1,100 UNITED TECHNOLOGIES CORP 119,625.00
AGRICULTURAL MACHINERY
1,700 CATERPILLAR INC 78,200.00
1,400 DEERE & CO 46,375.00
3,200 TRACTOR SUPPLY CO 76,800.00
AUTOMOBILE AND PARTS
7,300 ARVIN INDUSTRIES INC 304,318.75
7,900 BORG WARNER SECURITY CORP 148,125.00
8,000 COACHMEN INDUSTRIES INC 210,000.00
22,700 COLLINS & AIKMAN CORP NEW 116,337.50
7,000 COOPER TIRE & RUBBER 143,062.50
3,700 COPART INC 119,787.50
3,400 CUMMINS ENGINE INC 120,700.00
16,647 DANA CORP 680,446.13
6,400 DETROIT DIESEL CORP 132,400.00
15,300 DONALDSON INC 317,475.00
3,900 EXCEL INDUSTRIES 68,250.00
7,500 EXIDE CORP 121,875.00
11,700 FEDERAL-MOGUL CORP 696,150.00
10,000 FORD MOTOR CO 586,875.00
1,800 GENERAL MOTORS CORP 128,812.50
750 GENUINE PARTS CO 25,078.13
19,400 LEAR CORPORATION 746,900.00
12,200 MASCOTECH INC 208,925.00
7,666 MERITOR AUTOMOTIVE INC 162,423.38
1,883 MIDAS INC 58,608.38
9,800 MODINE MFG CO 355,250.00
6,200 NAVISTAR INTERNATIONAL CORP 176,700.00
2,000 OSHKOSH TRUCK CORPORATION, CL B 66,250.00
7,900 PACCAR INC 324,887.50
6,050 SNAP ON TOOLS CORPORATION 210,615.63
14,200 SPEEDWAY MOTORSPORTS INC 404,700.00
1,433 SPX CORP 96,011.00
4,600 STRATTEC SECURITY CORP 138,000.00
9,400 SUPERIOR INDUSTRIES INTL 261,437.50
700 TENNECO INC 23,843.75
10,300 TOP SOURCE TECHNOLOGY, INC. 9,656.25
2,400 TOWER AUTOMOTIVE INC 59,850.00
2,500 TRANSPRO INC 12,187.50
500 TRW INC 28,093.75
5,900 VICORP RESTAURANTS 91,450.00
7,700 WESTINGHOUSE AIR BRAKE CO 188,168.75
ELECTRICAL
3,250 AFC CABLE SYSTEMS INC 109,281.25
1,000 AMP INC 52,062.50
200 BARNETT INC 2,750.00
4,800 C&D TECHNOLOGY INC 132,000.00
6,400 C-CUBE MICROSYSTEMS INC 173,600.00
2,800 CHERRY CORP CL A 41,300.00
2,700 EMERSON ELECTRIC CO 163,350.00
4,725 ENCORE WIRE CORP 43,706.25
2,300 FRANKLIN ELECTRIC INC. 155,250.00
9,800 GRAINGER W W INC 407,925.00
500 HONEYWELL INC 37,656.25
20,700 HUBBELL INC CLASS B 786,600.00
25,800 INTEGRATED DEVICE TECH 158,025.00
7,200 LEVEL ONE COMMUNICATIONS INC COM 255,600.00
7,400 LITTLEFUSE INC 142,450.00
8,100 MAGNETEK 93,656.25
8,400 RAYCHEM CORP 271,425.00
5,600 THOMAS AND BETTS CORPORATION 242,550.00
3,900 WOODHEAD INDUSTRIES,INC. 50,700.00
ELECTRONICS
6,500 ACTEL CORP 130,000.00
3,200 ADVANCED LIGHTING TECHNOLOGIES INC 31,200.00
14,400 ADVANCED MICRO-DEVICES 416,700.00
14,100 ALLIANCE SEMICONDUCTOR CORP 57,281.25
29,300 AMERICAN POWER CONVERSON 1,419,218.75
1,003 AMPHENOL CORP CL/A 30,278.06
49,900 ANALOG DEVICES INC 1,565,612.50
37,300 APPLIED MATERIALS INC 1,592,243.75
30,300 ARROW ELECTRONICS INC 808,631.25
5,800 ASPEN TECHNOLOGY INC 84,100.00
30,700 ATMEL CORP. 470,093.75
12,300 AVNET INC 736,462.50
29,300 AVX CORP 496,268.75
17,000 BEC ENERGY 700,187.50
3,900 CELLULAR COMMUNICATIONS INTL INC. 265,200.00
158,400 CISCO SYSTEMS INC 14,701,500.00
7,300 CLECO CORP 250,481.25
10,600 CMP GROUP INC 200,075.00
3,500 COHU INC 77,000.00
8,100 COMPUTER NETWORK TECHNOLOGY CORP 101,250.00
9,700 CREDENCE SYSTEMS CORP 179,450.00
3,300 CUBIC CORP. 61,875.00
28,200 CYPRESS SEMICONDUCTOR 234,412.50
21,250 DIEBOLD INC 758,359.38
2,300 DSP GROUP INC 48,012.50
2,800 E G & G INC 77,875.00
3,200 EIS INTERNATIONAL INC 5,600.00
2,500 ELECTRO SCIENTIFIC INDS INC 113,281.25
18,400 ELECTRONICS FOR IMAGING INC 739,450.00
3,400 EMERSON RADIO CORP 2,125.00
5,000 ESTERLINE TECHNOLOGIES CORP 108,750.00
4,300 EXAR CORP. 69,337.50
22,400 FORE SYSTEMS INC 410,200.00
2,900 FUSION SYSTEMS -CVR 45.31
21,489 GENERAL ELECTRIC CORP 2,193,241.48
15,100 GENERAL INSTRUMENT CORP 512,456.25
8,400 GENERAL MAGIC INC 42,262.50
88 GENERAL MILLS INCORPORATED 6,842.00
32,900 GENERAL MOTORS CL H 1,305,718.75
6,800 GENRAD INC 107,100.00
5,500 GENUS INC 5,671.88
5,900 HOLOPHANE CORP 151,556.25
8,000 IDENTIX INC 66,500.00
12,473 IMATION CORPORATION 218,277.50
16,200 INTEL CORP 1,920,712.50
2,500 ITI TECHNOLOGIES INC 77,500.00
8,200 JOHNSON CONTROLS INC 483,800.00
13,100 KENETECH CORP 3,406.00
8,000 KLA INSTRUMENTS CORP 347,000.00
3,400 KOPIN CORP 71,400.00
11,690 LAM RESH CORP. 208,228.13
3,800 LEXMARK INTL GROUP INC CL A 381,900.00
23,400 LINEAR TECHNOLOGY CORP 2,095,762.50
14,200 LSI LOGIC CORP 228,975.00
40,000 MAXIM INTEGRATED PRODUCTS 1,747,500.00
20,100 MENTOR GRAPHICS 170,850.00
21,400 MICRON TECHNOLGY INC. 1,082,037.50
3,000 MICROTEST INC 8,250.00
48,231 MOLEX INC 1,838,806.88
3,800 MOTOROLA INC 232,037.50
2,500 MRV COMMUNICATIONS INC 15,468.75
10,000 MTS SYS CORP. 135,000.00
16,500 NATIONAL SEMICONDUCTOR CORP 222,750.00
31,400 NEXTEL COMMUNICATIONS INC CL A 741,825.00
14,600 OAK TECHNOLOGY INC 51,100.00
4,600 PERKIN ELMER CORP 448,787.50
4,200 PRI AUTOMATION INC 109,200.00
38,200 QUANTUM CORP 811,750.00
620 RADIUS INC 852.50
34,100 RAYTHEON CO CL B 1,815,825.00
4,200 RECOTON CORP 75,337.50
2,200 ROGERS CORP 65,725.00
10,000 SAFEGUARD SCIENTIFICS INC 274,375.00
2,591 SANMINA CORP 161,915.63
22,900 SENSORMATIC ELEC CORP 158,868.75
10,700 SILICON VALLEY GROUP INC 136,425.00
3,400 SIPEX CORP 119,425.00
12,200 SOLECTRON CORP 1,133,837.50
2,500 SPEEDFAM INTERNATIONAL INC 42,812.50
4,500 SUPERTEX INC 45,000.00
19,350 SYMBOL TECHNOLOGIES 1,237,190.63
2,100 TECH SYM CORP 46,725.00
5,050 TEKTRONIX INC 151,815.63
25,700 TERADYNE INC 1,089,037.50
39,300 TEXAS INSTRUMENTS 3,362,606.25
5,400 THERMO CARDIOSYSTEMS INC 56,362.50
2,100 THORN APPLE VALLEY 5,578.13
22,700 TIG HOLDINGS INC 353,268.75
26,400 TRUSTMARK CORP 597,300.00
9,300 VARIAN ASSOCIATES 352,237.50
20,860 VISHAY INTERTECHNOLOGY 302,470.00
8,600 WATERS CORP 750,350.00
4,600 XICOR INC 6,468.75
18,600 ZENITH ELECTRONICS CORP-DELAWARE 4,836.00
INDUSTRIAL MACHINERY
2,300 AEROQUIP-VICKERS INC 68,856.25
19,600 AGCO CORP 154,350.00
23,600 AIR PRODUCTS & CHEMICALS INC 944,000.00
7,500 ALLIED PRODUCTS CORP COMMON 47,343.75
2,500 BRIGGS & STRATTON CORP 124,687.50
7,400 CASE CORP 161,412.50
5,625 CHART INDS INC 42,890.63
24,800 CORRECTIONS CORP AMER 437,100.00
5,800 DII GROUP INC 135,212.50
22,500 DOVER CORPORATION 824,062.50
1,900 DT INDUSTRIES INC 29,925.00
8,696 FLOWSERVE CORP 144,027.50
3,400 FOSTER WHEELER CORP 44,837.50
4,000 GLEASON CORP 72,500.00
4,000 HARNISCHFEGER INDUSTRIES INC 40,750.00
16,350 INGERSOLL RAND CO 767,428.13
4,900 INTEGRATED PROCESS EQUIP CORP 52,675.00
3,400 MILACRON INC 65,450.00
10,350 MILLER INDUSTRIES INC 46,575.00
5,900 NORDSON CORP. 303,112.50
4,700 OSMONICS INC 39,656.25
4,100 PARK OHIO HLDGS CORP 62,012.50
20,800 ROCKWELL INTL CORP 1,010,100.00
3,200 SEQUA CORPORATION CLASS A 191,600.00
10,900 STEWART & STEVENSON SVCS INC 106,275.00
11,600 TELEFLEX INC. 529,250.00
1,600 THERMO POWER CORP. 12,000.00
5,600 UNOVA INC 101,500.00
12,800 YORK INTL CORP NEW 522,400.00
OFFICE EQUIPMENT AND SUPPLIES
4,560 ACXIOM CORP 141,360.00
120,000 AMERICA ONLINE INC 19,200,000.00
5,800 AMERICAN BUSINESS PRODUCTS INC. 136,300.00
5,600 ASPECT DEVELOPMENT INC 248,150.00
10,000 BLACK BOX CORPORATION 378,750.00
3,400 BOISE CASCADE OFFICE PRODUCTS 45,900.00
4,900 BROADVISION INC 156,800.00
3,400 CASINO DATA SYS 6,800.00
7,200 CERIDIAN CORP 502,650.00
2,800 COMPUTER MGMT SCIENCES INC 48,650.00
4,100 CSS INDUSTRIES 124,281.25
3,000 DAISYTEK INTERNATIONAL CORP 57,000.00
5,400 ENNIS BUSINESS FORMS 53,662.50
3,600 EXCALIBUR TECHNOLOGIES CORP 22,050.00
15,000 GATEWAY 2000 INC 767,812.50
5,900 GENERAL BINDING 219,775.00
5,100 GEOWORKS 18,487.50
7,800 HARRIS CORP-DELAWARE 285,675.00
19,800 HON INDUSTRIES INC 473,962.50
5,800 HUNT CORPORATION 61,625.00
2,800 IBM COMMON 517,300.00
13,100 IKON OFFICE SOLUTIONS 112,168.75
16,600 INTERGRAPH CORP 95,450.00
15,400 INTUIT INC 1,116,500.00
21,100 KEANE INC 842,681.25
1,600 MANUGISTICS GROUP INC 20,000.00
11,200 MICRO WAREHOUSE INC 378,700.00
2,900 MICROTOUCH SYS INC 38,062.50
5,300 NEOSTAR RETAIL GROUP INC 53.00
7,600 NU-KOTE HOLDING INC CLA 304.00
8,000 OBJECTIVE SYSTEMS INTEGRATORS INC 37,000.00
74,900 OFFICE DEPOT INC 2,766,618.75
38,200 OFFICEMAX INC 463,175.00
1,100 PITNEY BOWES INC 72,668.75
24,300 REYNOLDS & REYNOLDS CO CL A 557,381.25
9,400 SECURITY DYNAMICS TECHNOLOGIES INC 216,200.00
9,500 STANDARD REGISTER 293,906.25
5,700 SUBMICRON SYSTEMS CORP 1,881.00
7,000 SYSTEMSOFT CORP 1,312.50
3,168 THERMOLASE CORP (NEW) 51,084.00
3,600 UNITED TELEVISION INC. 414,000.00
862 US OFFICE PRODUCTS CO 3,340.25
3,500 VIDEOSERVER INC 64,312.50
6,200 VWR SCIENTIFIC PRODUCTS CORP 107,725.00
13,300 WALLACE COMPUTER SERVICES INC 350,787.50
7,425 WIND RIVER SYSTEMS INC 348,975.00
2,700 XEROX CORPORATION 318,600.00
RUBBER
3,600 BANDAG INC 143,775.00
10,200 CARLISLE COMPANIES INC 526,575.00
9,040 GOODRICH B F CO 324,310.00
600 GOODYEAR TIRE & RUBBER CO 30,262.50
OTHER DURABLE GOODS
2,400 AG CHEM EQUIP INC 27,000.00
3,600 ALLIED-SIGNAL INC 159,525.00
10,900 AMETEK INC (NEW) 243,206.25
9,500 BECKMAN COULTER INC 515,375.00
7,600 BORG-WARNER AUTOMOTIVE INC 424,175.00
2,200 COLUMBUS MCKINNON CORP 39,600.00
1,600 CORNING INCORPORATED 72,000.00
7,050 CRANE CO 212,821.88
5,900 HARMAN INTERNATIONAL INDS,INC. NEW 224,937.50
5,650 HUSSMAN INTL INC 109,468.75
25,200 ILLINOIS TOOL WORKS INC 1,461,600.00
3,766 IMC GLOBAL INC WTS 2,589.13
11,000 KAYDON CORPORATION 440,687.50
3,600 MILLIPORE CORP 102,375.00
3,400 NEWPORT NEWS SHIPBUILDING INC 113,687.50
5,300 OWENS CORNING 187,818.75
1,500 PENN ENGINEERING & MANUFACTURING 33,562.50
500 PENN ENGINEERING & MFG CORP 9,875.00
7,500 PRECISION CASTPARTS 331,875.00
2,600 STARRETT LS CO CL A 89,212.50
7,100 TECUMSEH PRODUCTS CLASS A 331,037.50
6,400 THERMEDICS INC. 69,200.00
3,500 THOMASTON MILLS INC CLASS A 11,156.25
6,300 TIMKEN CO 118,912.50
14,000 TRINITY INDUSTRIES INC. 539,000.00
19,000 UNIFI INC 371,687.50
COMPUTERS AND SOFTWARE
18,100 ACCLAIM ENTERTAINMENT 221,725.00
6,700 ADOBE SYSTEMS INC 313,225.00
13,400 APPLE COMPUTER INC 548,562.50
3,100 ARDENT SOFTWARE 71,300.00
5,200 ARTISOFT INC. 13,650.00
5,102 AUTODESK INC 217,791.63
2,000 AUTOMATIC DATA PROCESSING 160,375.00
138 AXHIOM TRANSACTION SOLUTIONS INC 897.00
6,900 BELL & HOWELL HOLDINGS CO. 260,906.25
21,000 BMC SOFTWARE INC 935,812.50
3,400 BOCA RESEARCH INC 10,625.00
9,400 CABLETRON SYSTEMS INC 78,725.00
3,700 CACI INTERNATIONAL INC CL A 62,437.50
47,500 CADENCE DESIGN SYSTEMS INC 1,413,125.00
4,700 CAERE CORP 65,800.00
980 CARLETON CORP NEW 1,163.75
2,200 CCC INFORMATION SERVICES GROUP 37,950.00
7,500 CDW COMPUTER CENTERS INC 719,531.25
7,800 CELLULAR TECHNICAL SERVICES INC. 2,681.25
4,400 CENTURA SOFTWARE CORP 4,675.00
21,400 CIRRUS LOGIC INC 209,987.50
27,161 COMPAQ COMPUTER CORP 1,139,064.44
15,800 COMPUCOM SYSTEMS ,INC 55,300.00
28,500 COMPUSA INC 372,281.25
57,100 COMPUTER ASSOCIATES INTERNATIONAL 2,433,887.50
7,800 COMPUTER HORIZONS CORP 207,675.00
12,638 COMPUTER SCIENCES CORP 814,361.13
55,600 COMPUWARE CORP COM 4,343,750.00
2,100 CYBERGUARD CORP 4,396.88
4,700 DATA GENERAL CORP 77,256.25
129,800 DELL COMPUTER CORP 9,499,737.50
7,800 DENDRITE INTERNATIONAL INC 194,756.25
12,900 DIAMOND MULTIMEDIA SYSTEMS INC 82,237.50
2,000 DOCUCORP INTL W I 12,125.00
9,600 DST SYSTEMS INC 547,800.00
5,200 EDIFY CORP 43,225.00
18,620 ELECTRONIC ARTS INC 1,045,047.50
49,500 ELECTRONIC DATA SYSTEMS CORP 2,487,375.00
50,100 EMC CORPORATION 4,258,500.00
5,200 EVANS & SUTHERLAND COMPUTER CORP. 91,650.00
600 EXPERT SOFTWARE INC 1,218.75
45,000 FIRST DATA CORP 1,425,937.50
10,900 GT INTERACTIVE SOFTWARE CORP 54,500.00
43,280 HBO & CO 1,241,595.00
7,600 HEWLETT PACKARD CO 519,175.00
100 HYPERION SOLUTIONS CORP 1,800.00
600 IDT CORP 9,225.00
14,700 IMS HEALTH INC 1,108,931.25
9,200 INFORMATION RESOURSE INC 93,725.00
47,000 INFORMIX CORP 464,125.00
6,400 INFOSEEK CORP 316,000.00
7,800 INFOUSA INC CL A 38,025.00
7,800 INFOUSA INC CL B 40,950.00
13,056 INPRISE CORP 71,808.00
82,700 IOMEGA CORP 604,743.75
3,000 KEY TRONIC CORP 11,437.50
8,000 LYCOS INC 444,500.00
4,900 MAC NEAL SCHWENDLER CORP 34,300.00
4,000 MAPICS INC 66,000.00
2,000 MARCAM SOLUTIONS 12,500.00
2,297 METACREATIONS CORP 12,346.38
27,800 MICRON ELECTRONICSM INC 481,287.50
241,000 MICROSOFT CORP 33,423,687.50
700 MICROWARE SYSTEMS CORP 1,837.50
10,625 NCR CORP 443,593.75
6,767 NETMANAGE INC 12,477.27
22,140 NETSCAPE COMMUNICATIONS CORP 1,345,005.00
5,900 NETWORK COMPUTING DEVICES 41,300.00
4,100 NETWORK PERIPHERALS INC 18,450.00
22,612 NETWORKS ASSOCIATES INC 1,498,045.00
36,000 NOVELL INC 652,500.00
99,125 ORACLE CORP 4,274,765.63
28,456 PARAMETRIC TECHNOLOGY CORP 465,967.00
23,000 PEOPLESOFT INC 435,562.50
4,900 PHOENIX TECHNOLOGIES LTD 42,262.50
4,200 PITTWAY CORP 142,012.50
8,300 PIXAR INC 290,500.00
4,700 PLANAR SYSTEMS,INC. 32,018.75
8,100 PMC - SIERRA INC 511,312.50
11,800 POLICY MANAGEMENT SYSTEMS CORP 595,900.00
2,500 PRIMIX SOLUTIONS INC 4,687.50
3,000 PRINTRONIX INC 43,125.00
8,400 PSINET INC 175,350.00
4,700 QRS CORP 225,600.00
4,100 QUICKTURN DESIGN SYSTEMS INC 58,681.25
3,300 RAINBOW TECHNOLOGIES INC 62,081.25
11,789 RATIONAL SOFTWARE CORP 312,408.50
24,500 SEAGATE TECHNOLOGY INC 741,125.00
11,100 SEQUENT COMPUTER SYSTEMS INC 133,893.75
1,900 SHARED MEDICAL SYSTEM CORP 94,762.50
10,000 SHIVA CORP 56,562.50
160 SIEBEL SYSTEMS 5,430.00
19,000 SILICON GRAPHICS 244,625.00
200 SMART MODULAR TECHNOLOGIES 5,550.00
2,800 SPYGLASS INC 61,600.00
24,800 STERLING SOFTWARE INC 671,150.00
31,200 STORAGE TECHNOLOGY CORPORATION PAR 1,109,550.00
5,000 STORMEDIA INC 50.00
9,900 STREAMLOGIC CORP 0.00
10,700 STRUCTURAL DYNAMICS RESH CORP 212,662.50
31,100 SUNGARD DATA SYSTEMS 1,234,281.25
2,700 SUNQUEST INFORMATION SYS INC 38,137.50
25,000 SYBASE INC 185,156.25
18,100 SYMANTEC CORP 393,675.00
14,243 SYNOPSYS INC 772,682.75
4,000 SYQUEST TECHNOLOGY INC 1,250.00
10,200 SYSTEMS & COMPUTER TECHNOLOGY 140,250.00
1,062 TELEGLOBE INC 38,232.00
35,825 THREE COM CORPORATION 1,605,407.81
22,050 TOTAL SYSTEMS SERVICE 518,175.00
5,100 UNISYS CORP 175,631.25
6,750 VERITAS SOFTWARE CO 404,578.13
11,900 WANG LABS INC NEW 330,225.00
33,200 WESTERN DIGITAL CORPORATION 500,075.00
23,800 XILINK INC 1,549,975.00
HOUSEHOLD FURN/APPLIANCES
2,300 BUSH INDS INC CL A 28,606.25
500 DIAMOND HOME SERVICES INC 1,875.00
13,350 LANCASTER COLONY CORP 428,868.75
59,200 LEGGETT & PLATT INC 1,302,400.00
6,200 O'SULLIVAN INDS HLDGS INC 65,100.00
7,500 WHIRLPOOL CORP 415,312.50
TELECOMMUNICATIONS
41,100 ADC TELECOMMUNICATIONS INC 1,428,225.00
14,500 ADTRAN INC 265,531.25
57,700 AIRTOUCH COMMUNICATIONS 4,161,612.50
8,600 AMERICAN MOBILE SATELLITE CORP 45,150.00
2,070 AMERICAN TOWER SYS COR 61,194.38
8,950 ANDREW CORP 147,675.00
7,800 ANTEC CORP 156,975.00
9,900 ASSOCIATED GROUP, INC. CLASS-A 425,700.00
13,500 ASSOCIATED GROUP, INC. CLASS-B 573,750.00
3,200 BRITE VOICE SYSTEMS INC 24,800.00
21,300 CELLSTAR CORP 145,106.25
4,000 CELLULAR COMM PUERTO RICO 74,000.00
45,900 COMDISCO INC 774,562.50
4,733 COMMONWEALTH TELEPHONE ENT 158,555.50
3,400 COMMUNICATIONS SYSTEM INC 40,162.50
12,800 DSP COMMUNICATIONS INC 196,000.00
21,300 GLENAYRE TECHNOLOGIES INC 94,518.75
5,200 INTELIDATA TECHNOLOGIES CORP 6,825.00
7,600 IXC COMMUNICATIONS INC 255,550.00
3,900 LEAP WIRELESS INTL INC 28,275.00
19,433 LORAL SPACE & COMMUNICATIONS LTD 346,150.31
10,912 LUCENT TECHNOLOGIES INC 1,200,320.00
11,800 MCLEOD INC. CLASS A 368,750.00
55,300 MEDIAONE GROUP INC (NEW) 2,599,100.00
14,900 NTL INCORPORATED 840,918.75
200 P-COM INC 796.88
2,400 PACIFIC GATEWAY EXCHANGE INC 115,350.00
10,854 PANAMSAT CORPORATION /NEW 422,627.63
800 POWERTEL INC 10,850.00
6,400 PREMISYS COMMUNICATIONS INC 58,800.00
19,600 QUALCOMM INC 1,015,525.00
14,200 RCN CORPORATION 251,162.50
19,100 ROHN INDUSTRIES INC 65,656.25
7,900 SCIENTIFIC-ATLANTA 180,218.75
19,800 SKYTEL COMMUNICATIONS INC 438,075.00
1,600 SPRINT CORP PCS GROUP 37,000.00
18,400 TELEPHONE & DATA SYSTEMS INC 826,850.00
3,400 UNITED STATES CELLULAR CORP 129,200.00
12,400 VANGUARD CELLULAR SYSTEMS INC CL A 320,075.00
9,100 WINSTAR COMMUNICATIONS 354,900.00
2,110 WORLD ACCESS INC 45,101.25
MISCELLANEOUS
2,800 ABC RAIL PRODUCTS 34,125.00
6,200 ACX TECHNOLOGIES INC 82,150.00
27,500 ALTERA CORP 1,674,062.50
3,400 ASYST TECHNOLOGIES INC 69,275.00
7,000 AVIALL INC NEW 82,250.00
9,600 BLACK & DECKER CORP 538,200.00
5,800 CASCADE CORP. 91,712.50
17,600 DENTSPLY INTL INC 453,200.00
7,700 FSI INTL INC 79,887.50
10,100 FURON CO. 172,331.25
11,000 GENCORP INC 274,312.50
5,700 GORMAN RUPP CO. 95,475.00
7,308 HALTER MARINE GROUP INC 35,626.50
11,900 ITT INDUSTRIES INC 473,025.00
2,000 JOHNSTOWN AMERICAN INDUSTRIES INC. 26,250.00
8,100 LOJACK CORP 96,187.50
19,529 MARK IV INDUSTRIES INC 253,877.00
6,600 MATTHEWS INTL CORP 207,900.00
11,100 PARKER HANNIFIN CORP 363,525.00
8,800 SOFAMOR/DANEK GROUP 1,071,400.00
2,900 SPECTRIAN CORP 37,337.50
8,900 STANLEY WORKS 246,975.00
16,000 THERMO ELECTRON CORP 271,000.00
4,600 THERMO FIBERTEK INC 32,775.00
TOTAL DURABLE GOODS $244,072,411.06
FINANCIAL 21.94%
BANKS
65,925 AMSOUTH BANCORPORATION 3,007,828.13
15,800 BANCORPSOUTH INC 285,387.50
22,300 BANCWEST CORP 1,070,400.00
2,224 BANK BOSTON CORPORATION 86,597.00
7,312 BANK GRANITE CORP 201,994.00
4,600 BANK NEW YORK INC 185,150.00
3,600 BANK UNITED CORP-CL A 141,300.00
20,512 BB&T CORPORATION 826,890.00
3,000 BSB BANCORP INC 98,625.00
4,400 CATHAY BANCORP INC 180,400.00
7,600 CHASE MANHATTAN CORP NEW 517,275.00
4,547 CHEMICAL FINANCIAL CORP 154,598.00
4,843 CHITTENDEN CORP 154,976.00
17,700 CINCINNATI FINANCIAL CORP COMMON 648,262.50
10,950 CITIZENS BANKING 369,562.50
14,500 CITY NATIONAL CORP 603,562.50
6,250 CNB BANCSHARES INC 291,406.25
22,400 COLONIAL BANCGROUP CL A 268,800.00
39,020 COMMERCE BANCSHARES INC 1,658,350.00
6,800 COMMUNITY FIRST BANKSHARES 143,225.00
3,190 COMMUNITY TRUST BANCORP INC 74,965.00
21,450 COMPASS BANCSHARES INC 816,440.63
5,700 CORUS BANKSHARES INC 183,825.00
6,000 CPB INC 105,000.00
34,018 CRESTAR FINANCIAL CORP 2,449,296.00
5,808 CVB FINL CORP 130,680.00
32,000 DIME BANCORP INC NEW 846,000.00
441 F & M BANCORP MARYLAND 14,442.75
6,300 F & M NATL CORP 188,606.25
30,118 FIFTH THIRD BANCORP 2,147,789.88
21,400 FIRST AMERICAN CORP TENNESEE 949,625.00
4,900 FIRST CITIZENS BANCSHARES 441,000.00
7,600 FIRST COMONWEALTH FINANCIAL CORP. 186,200.00
12,511 FIRST FINANCIAL BANCORP 362,048.64
4,800 FIRST INDIANA CORP 96,000.00
7,078 FIRST MIDWEST BANCORP DELAWARE 269,406.38
53,550 FIRST SEC CORP DEL 1,251,731.25
5,225 FIRST SOURCE CORP 175,037.50
39,500 FIRST TENNESEE NATIONAL CORP 1,503,468.75
31,632 FIRST UNION CORP 1,923,621.00
2,415 FIRST UNITED CORP 40,149.38
16,050 FIRST VIRGINIA BANKS INC 754,350.00
6,150 FIRST WESTERN BANCORP 196,800.00
7,600 FIRSTFED FINL CORP DEL 135,850.00
5,600 FLEET FINANCIAL GROUP, INC 250,250.00
16,637 FULTON FINDANCIAL,CORP. PA 374,332.50
4,255 HANCOCK HOLDINGS CO. 193,602.50
12,600 HARRIS FINANCIAL INC 171,675.00
40,400 HIBERNIA CORP CLASS A 701,950.00
2,908 HUBCO INC 87,603.50
1,430 HUNTINGTON BANCSHARES INC 42,989.38
11,880 IMPERIAL BANCORP 197,505.00
11,600 IMPERIAL CREDIT INDUSTRIES INC 97,150.00
1,800 INVESTORS FINANCIAL SVCS CORP 107,325.00
5,200 IRWIN FINANCIAL CORP 141,375.00
10,084 KEYCORP 322,688.00
2,100 MAINSTREET BANKGROUP INC 97,518.75
30,400 MARSHALL & ILSLEY CORP 1,776,500.00
4,612 MBNA CORP 115,011.75
2,100 MELLON BANK CORP 144,375.00
21,832 MERCANTILE BANCORPORATION INC 1,007,001.00
22,150 MERCANTILE BANKSHARES 852,775.00
4,100 MERCER INTERNATIONAL INC.SBI NEW 27,931.25
3,000 MERCHANTS NEWYORK BANCORP,INC 108,562.50
4,479 MID AMERICAN BANCORP 121,492.88
500 MORGAN J P & CO 52,531.25
10,400 NATIONAL BANCORP ALASKA INC 351,000.00
2,528 NATIONAL CITY BANCORPORATION 66,360.00
13,025 NATIONAL CITY CORPORATION 944,312.50
34,600 NATIONAL COMM BANCORPORATION 650,912.50
8,575 NATIONAL PENN BANCSHARES 233,668.75
3,857 NBT BANCORP INC 90,157.38
41,643 NORTH FORK BANCORP,INC NEW YORK 996,829.31
12,000 NORTHERN TRUST CO 1,047,750.00
30,473 OLD KENT FINANCIAL CORP 1,416,994.50
12,789 OLD NATIONAL BANCORP INDIANA 712,986.75
9,687 ONE VALLEY BANCORP INC 318,460.13
24,800 PACIFIC CENTURY FINANCIAL CORP 604,500.00
3,200 PARK NATL CORP 329,600.00
19,400 PEOPLES BANK BRIDGEPORT 535,925.00
1,200 PINNACLE BANC GROUP INC 34,200.00
79,800 POPULAR INCORPORATED 2,713,200.00
1 PROVIDENT BANKSHARES CORP 17.41
21,614 REGIONS FINANCIAL CORP 871,314.38
9,226 REPUBLIC BANCORP INC 125,704.25
9,600 REPUBLIC NEW YORK CORP 437,400.00
6,800 S & T BANCORP INC 187,425.00
46,371 SOUTHTRUST CORP 1,712,828.81
16,200 STATE STREET CORPORATION 1,126,912.50
2,800 SUFFOLK BANCORP 77,700.00
17,850 SUMMIT BANCORP 779,821.88
1,400 SUNTRUST BANKS INC 107,100.00
31,368 SYNOVUS FINANCIAL CP 764,595.00
3,000 TRIANGLE BANCORP INC 47,437.50
7,100 TRUST CO OF NEW JERSEY 173,950.00
5,200 U.S. BANCORP 184,600.00
10,032 UMB FINANCIAL CORP (FORMERLY 460,218.00
42,300 UNIONBANCAL CORPORATION 1,440,843.75
6,000 USBANCORP INC PENSYLVANIA 119,250.00
17,363 VALLEY NATIONAL BANCORP 489,419.56
3,560 WACHOVIA CORP 311,277.50
23,848 WASHINGTON MUTUAL INC 910,695.50
6,930 WELLS FARGO COMPANY NEW 276,766.88
4,800 WESBANCO INC. 141,600.00
9,450 WESTCORP INC 65,559.38
10,400 WILMINGTON TRUST CORP 640,900.00
FINANCE COMPANIES
2,688 ADVANTA CORP 35,616.00
6,750 AMCOR FINANCIAL,INC. 154,511.72
2,600 AMERICAN EXPRESS CO 265,850.00
8,200 ARCADIA FINANCIAL LIMITED 29,725.00
13,314 ASTORIA FINANCIAL CORP 609,115.50
3,388 BT FINL CORP 92,746.50
6,600 CAPITAL ONE FINANCIAL CORPORATION 759,000.00
5,600 CNA SURETY CORP 88,200.00
17,100 CREDIT ACCEPTANCE CORP MICHIGAN 125,043.75
2,700 FEDERAL HOME LOAN MORTGAGE CORP 173,981.25
5,300 FEDERAL NATIONAL MORTGAGE 392,200.00
17,300 FINOVA GROUP INC 933,118.75
2,500 FIRST MERCHANTS ACCEP CORP 0.00
19,106 HOUSEHOLD INTERNATIONAL CORP 757,075.25
200 IMC MORTGAGE COMPANY 56.25
3,800 INSO CORPORATION 95,000.00
2,600 ITT EDUCATIONAL SERVICES INC 88,400.00
7,986 KEYSTONE FINL INC 295,482.00
3,500 LAB HOLDINGS INC 61,250.00
13,050 LIBERTY FINANCIAL CO INC 352,350.00
1,666 MEGO MORTGAGE CORP 833.00
63,200 MERCURY FINANCE CO. 2,962.50
4,400 MORGAN ST, DEAN WITTER, DISCOVER 312,400.00
3,700 PMC CAP INC 31,681.25
1,500 PNC FINANCIAL CORPORATION 81,187.50
5,617 RESOURCE BANCSHARES MORTGAGE 93,031.56
2,000 STUDENT LOAN CORP. 89,750.00
21,250 SUNAMERICA 1,723,906.25
10,500 UNITED COMPANIES FINANCIAL CORP 35,437.50
4 WADDELL & REED FIN CL B 84.17
2,200 WEBSTER FINANCIAL CORP.,WATRBURY 60,362.50
HOLDING COMPANY
18,100 AMERICAN FINANCIAL GROUP 794,137.50
6,300 AMPAL AMERICAN ISRAELI CL A 27,168.75
43,000 BANK ONE CORP 2,195,687.50
14,017 BANKAMERICA CORP NEW 842,772.13
14,150 CITIGROUP INC 700,425.00
1,700 EASTERN ENTERPRISES 74,375.00
2,451 FIRST CHARTER CORP 42,279.75
88,605 FIRSTAR CORP NEW 8,262,416.25
4,100 GETTY REALTY CORP 59,962.50
15,300 GOLDEN STATE BANCORP INC 254,362.50
3,100 LANDAMERICA FINANCIAL 173,018.75
4,000 M & T BANK CORP 2,075,750.00
6,500 PEC ISRAEL ECONOMIC CORP 186,875.00
39,900 RELIANCE GROUP HOLDINGS 513,712.50
6,710 REPUBLIC SECURITY FINANCIAL CORP 81,363.60
32,800 RJR NABISCO HOLDINGS CORP 973,750.00
6,353 SKY FIN GROUP IN 167,957.44
17,300 SOTHEBY'S HOLDINGS INCORPORATED 553,600.00
1,700 ST FRANCIS CAPITAL CORP 71,825.00
5,900 TEJON RANCH CO. 117,262.50
37,660 U.S. INDUSTRIES INC 701,417.50
32,500 VALHI INC 369,687.50
FIRE AND CASUALTY INSURANCE
5,600 ACCEPTANCE INSURANCE COS INC 113,400.00
4,600 BALDWIN & LYONS INC CL B 113,850.00
10,500 BERKLEY (WR) CORP 357,656.25
2,100 FUND AMERICAN COS INC 294,131.25
10,700 GAINSCO INC 65,537.50
2,200 MARKEL CORP. 398,200.00
13,812 MEDICAL ASSURANCE INC 456,646.03
2,050 MFC BANCORP LTD 18,706.25
2,500 NAVIGATORS GROUP INC 38,750.00
1,100 SAFECO CORP 47,231.25
9,900 STATE AUTO FINANCIAL CORP. 122,512.50
4,200 UNITED FIRE & GAS CO 141,225.00
INSURANCE
14,652 AETNA INC 1,152,013.50
83,600 AFLAC INC 3,678,400.00
15,300 ALFA CORP 371,025.00
2,700 ALLEGHENY CORP - NEW 507,262.50
14,896 ALLMERICA FINANCIAL CORP 862,106.00
3,600 ALLSTATE CORP. 139,050.00
20,800 AMBAC INC 1,251,900.00
16,000 AMERICAN ANNUITY 368,000.00
9,000 AMERICAN HERITAGE LIFE 219,937.50
7,500 AMERICAN INTL GROUP 724,687.50
1,100 AON CORP 60,912.50
9,100 ARGONAUT GROUP INC 222,950.00
650 BERKSHIRE HATHAWAY 46,020,000.00
3,800 BLANCH E W HOLDINGS INC. 180,262.50
13,500 CITIZENS CORP 448,875.00
6,100 CITIZENS INC CL A 34,312.50
11,100 CNA FINANCIAL CORP 446,775.00
14,300 COMMERCE GROUP 506,756.25
28,100 CRAWFORD & CO. 433,793.75
2,000 EMC INSURANCE GROUP 25,500.00
17,500 EVEREST REINSURANCE HOLDINGS 662,812.50
10,000 FBL FINANCIAL GROUP INC CL A 242,500.00
9,100 FINANCIAL SECURITY ASSURANCE 493,675.00
19,600 FIRST HEALTH GROUP CORP 324,625.00
11,700 FOREMOST CORP OF AMER 245,700.00
800 GUARANTEE LIFE COS INC 14,800.00
10,200 HARLEYSVILLE GROUP INC COM 263,287.50
700 HARTFORD FINL SERVICES GROUP INC 38,412.50
12,750 HCC INSURANCE HOLDINGS INC 224,718.75
4,400 HIGHLANDS INS GROUP INC 57,475.00
19,900 HORACE MANN EDUCATORS CORP NEW 567,150.00
10,050 HSB GROUP INC 412,678.13
20,300 LEUCADIA NATIONAL CORP 639,450.00
7,400 LIBERTY CORP 364,450.00
7,200 LIFE USA HOLDING INC 92,700.00
11,600 LOEWS CORP 1,139,700.00
1,650 MARSH & MCLENNAN COMPANIES INC. 96,421.88
9,800 MBIA INC 642,512.50
2,600 MEADOWBROOK INSURANCE GROUP INC 42,737.50
19,800 MERCURY GENERAL CORP.NEW 867,487.50
10,200 MGIC INVT CORP WIS 406,087.50
3,000 MIDLAND CO. 72,375.00
3,300 MMI COMPANIES INC 55,275.00
1,200 NATIONAL WESTN LIFE INS CO CL A 141,000.00
3,800 NYMAGIC INC FORMERLY NEW YORK 78,850.00
13,500 OHIO CASUALTY CORP 555,187.50
42,975 OLD REPUBLIC INTERNATIONAL CORP 966,937.50
13,476 PACIFICARE HEALTH SYSTEMS CL B 1,071,342.00
4,500 POE & BROWN INC 157,218.75
7,300 PROGRESSIVE CORP. 1,236,437.50
28,368 PROVIDENT COMPANIES INC 1,177,272.00
14,100 PROVIDIAN FINANCIAL CORP 1,057,500.00
4,820 PXRE CORPORATION 120,801.25
8,850 REINSURANCE GROUP AMER INC 619,500.00
4,400 RELIANCE ACCEPT GROUP INC 68.75
27,300 RELIASTAR FINANCIAL CORP 1,259,212.50
5,500 RISK CAPITAL HOLDING INC 119,625.00
3,500 RLI CORP 116,375.00
7,784 SAINT PAUL COMPANIES INC 270,494.00
2,700 STEWART INFORMATION SERVICES 156,600.00
10,000 THE PMI GROUP INC 493,750.00
13,800 TORCHMARK CORPORATION 487,312.50
6,000 TRANSAMERICA CORP 693,000.00
11,250 TRANSATLANTIC HOLDINGS INC 850,078.13
200 TRIAD GUARANTY INC 4,412.50
18,400 TWENTIETH CENTURY INDS CAL 426,650.00
8,900 UICI INSURANCE-LIFE 218,050.00
24,200 UNITED STATIONERS INC. 629,200.00
35,500 UNITRIN, INC 2,547,125.00
13,900 UNUM CORP 811,412.50
5,200 VESTA INSURANCE GROUP INC 31,200.00
2,300 WELLCARE MGT GROUP 1,725.00
2,600 WESCO FINANCIAL CORP 922,350.00
LIFE INSURANCE
1,600 AMERICAN GENERAL CORP 124,800.00
4,700 AMERICAN MED SECURITY GROUP 67,268.75
13,500 AMERICAN NATIONAL INSURANCE CO 1,117,125.00
2,218 AMERUS LIFE HOLDINGS INC 49,627.75
31,748 CONSECO INC 970,298.25
10,700 JEFFERSON PILOT CORP 802,500.00
2,200 KANSAS CITY LIFE INSURANCE CO. 179,850.00
400 LINCOLN NATIONAL CORP 32,725.00
12,500 PRESIDENTIAL LIFE CORP 248,437.50
MUTUAL FUNDS
59,600 EQUITABLE COS INC 3,449,350.00
4,700 JOHN NUVEEN CO CL A 174,487.50
37,800 PRICE (T. ROWE) ASSOCIATES 1,294,650.00
31,700 UNITED ASSET MANAGEMENT,CORP 824,200.00
785 WADDELL & REED FIN CL A 18,599.90
REAL ESTATE
10,800 CASTLE & COOKE 159,300.00
8,100 CHICAGO TITLE CORP W I 380,193.75
6,720 CRESTLINE CAPITAL CORP 98,280.00
13,700 DANAHER CORP 744,081.25
2,140 ECHELON INTERNATIONAL CORP 47,748.75
7,500 FAIRCHILD CORP CL A 82,968.75
5,960 FELCOR LODGING TRUST INC 137,440.97
1,400 GRIFFIN LAND & NURSERIES 17,850.00
4,533 INSIGNIA FINANCIAL INC 54,966.61
15,514 MEDITRUST CORP 234,649.25
30,600 ROUSE CO 841,500.00
SAVINGS & LOANS
600 BANK PLUS CORP 2,625.00
5,200 BAYVIEW CAPITAL CORP CALIFORNIA 112,775.00
2,300 COMMONWEALTH BANCORP INC 35,793.75
4,600 FIRST FINANCIAL HOLDINGS INC 87,400.00
5,900 GOLDEN WEST FINANCIAL CORP 540,956.25
40,000 GREENPOINT FINANCIAL CORP 1,405,000.00
4,200 OCEAN FINANCIAL CORP 69,825.00
17,800 PEOPLES HERITAGE FINANCIAL 356,000.00
3,500 RELIANCE BANCORP INC 97,343.75
7,600 T R FINANCIAL CORP 299,250.00
19,602 WASHINGTON FEDERAL INC 523,128.38
10,400 WILEY, JOHN & SON CL A 502,450.00
7,800 WORLD ACCEPTANCE CORP 50,700.00
BROKERAGE
11,665 BEAR STEARNS COMPANIES INC 435,979.38
12,000 COUNTRYWIDE CREDIT INC 602,250.00
29,500 EDWARDS A G INC 1,098,875.00
27,900 FRANKLIN RESOURCES INC 892,800.00
11,900 LEHMAN BROTHERS HOLDINGS, INC 524,343.75
3,400 MERRILL LYNCH & CO 226,950.00
10,200 MORGAN KEEGAN INC 191,887.50
40,800 PAINE WEBBER GROUP INC 1,575,900.00
40,350 SCHWAB CHARLES CORP NEW 2,267,165.63
MISCELLANEOUS
2,100 AAMES FINANCIAL CORP 6,693.75
3,560 CCB FINL CORP 202,920.00
12,791 CHARTER ONE FINL INC 354,950.25
7,400 CITYSCAPE FINANCIAL CORP 0.00
2,800 ISB FINANCIAL CORP 61,950.00
2,700 JAYHAWK ACCEPTANCE CORP 378.00
15,700 PHOENIX INVESTMENT PARTNERS 132,468.75
17,250 SLM HOLDING CORP 828,000.00
18,536 SOVEREIGN BANCORP 264,138.00
7,206 TCF FINANCIAL CORP 174,295.13
22,112 TELLABS INC 1,516,054.00
3,100 TFC ENTERPRISES INC 5,037.50
13,200 UNION PLANTERS CORP 598,125.00
3,600 VERMONT FINANCIAL SERVICES CORP. 119,700.00
TOTAL FINANCIAL $195,936,518.96
METALS AND MINING 0.81%
ALUMINUM
3,766 ALUMINUM CO OF AMERICA 280,802.38
2,700 CENTURY ALUMINUM CO 25,481.25
MINING
29,500 FREEPORT COPPER & GOLD CL A 285,781.25
21,300 HOMESTAKE MINING CO 195,693.75
17,500 MERIDIAN GOLD INC 99,531.25
7,400 MINERALS TECHNOLOGIES INC 302,937.50
3,100 PITTSON MINERALS GROUP 6,975.00
STEEL
15,300 AK STEEL HOLDING CORP 359,550.00
17,665 ALLEGHENY TELEDYNE, INC. 361,028.44
37,400 ARMCO, INC. 163,625.00
17,932 BETHLEHEM STEEL CORPORATION 150,180.50
5,400 CARPENTER TECHNOLOGY CORP COMMON 183,262.50
3,800 CLEVELAND CLIFFS INC 153,187.50
8,500 GENEVA STL CLA 4,250.00
900 GIBRALTAR STEEL CORP 20,475.00
14,900 HARSCO CORP 453,518.75
10,238 INLAND STEEL INDUSTRIES INC 172,766.25
37,800 LTV CORP NEW 219,712.50
7,600 NATIONAL STL CORP CL B 54,150.00
8,600 NUCOR CORP 371,950.00
3,700 OLYMPIC STEEL, INC. 18,500.00
8,500 OREGON STEEL MILLS INC 100,937.50
5,200 ROUGE INDUSTRIES INC 45,500.00
2,200 SCHNITZER STEEL INDS INC 31,625.00
4,900 SHILOH INDUSTRIES INC 64,312.50
13,900 TERRA INDUSTRIES 86,006.25
17,600 WEIRTON SSTEEL CORP. 27,500.00
9,700 WORTHINGTON INDUSTRIES INC 121,250.00
OTHER METALS
3,700 ASARCO INC 55,731.25
22,600 BATTLE MOUNTAIN GOLD CLASS A 93,225.00
5,550 CHASE INDUSTRIES INC 57,928.13
5,800 CITATION CORP 73,225.00
3,500 EASCO INC 27,125.00
800 FREEPORT-MCMORAN COPPER-B 8,350.00
8,700 KENNAMETAL INC 184,875.00
19,709 NEWMONT MINING CORP 355,984.78
15,600 NEWPARK RESOURCES INC 106,275.00
5,300 NN BALL & ROLLER INC 31,137.50
5,500 PHELPS DODGE CORP 279,812.50
7,300 REYNOLDS METALS CO 384,618.75
12,900 WYMAN-GORDON CO 132,225.00
PRECIOUS GEMS
7 KINROSS GOLD CORP 16.19
600 MARKS BROS JEWEWLERS 10,800.00
MINERALS
9,200 CYPRUS AMAX MINERALS CO 92,000.00
COAL
3,700 ARCH COAL INC 63,362.50
800 NACCO INDUSTRIES INC CLASS A 73,600.00
FOREST PRODUCTS
4,228 DELTIC TIMBER CORP 86,145.50
43,800 JOHNS MANVILLE CORP 719,962.50
MISCELLANEOUS
3,506 VARLEN CORP 80,857.13
TOTAL METALS AND MINING $7,277,746.80
COLLECTIBLES & PRECIOUS MATERIALS 0.07%
JEWELRY
11,300 TIFFANY & CO. 586,187.50
TOTAL COLLECTIBLES & PRECIOUS MATERIALS $586,187.50
OIL-ENERGY 2.86%
OIL & GAS PRODUCERS
9,200 AMERADA HESS CORP 457,700.00
4,700 AMOCO CORPORATION 277,300.00
12,000 ANADARKO PETROLEUM CORP 370,500.00
8,400 APACHE CORP 212,625.00
7,700 BERRY PTETE CO 109,243.75
23,800 BJ SVCS CO 371,875.00
7,600 BROWN,TOM INC NEW 76,237.50
2,400 CARBO CERAMICS INC 42,000.00
22,470 CHESAPEAKE ENERGY CORP 19,661.25
2,600 CMS ENERGY CORP CLASS G 65,650.00
21,400 COASTAL CORP 747,662.50
3,649 EEX CORP NEW 25,540.67
26,962 EL PASO ENERGY CORP 938,614.63
1,580 FORCENERGY INC 4,147.50
6,300 FOREST OIL CORP 53,550.00
7,400 FRONTIER OIL CORP 36,537.50
25,600 GLOBAL INDS LTD 156,800.00
2,266 H S RESOURCES INC 16,853.38
4,200 HELMERICH AND PAYNE INC. 81,375.00
2,500 HONDO OIL & GAS CO 100.00
6,800 J RAY MCDERMOTT S A 166,175.00
52,920 KEYSPAN ENERGY CORP 1,640,520.00
9,000 LOUIS DREYFUS NATURAL GAS CORP. 128,250.00
16,200 MARINE DRILLING COS INC .01 PAR 124,537.50
26,700 MITCHELL ENERGY & DEV CL B 310,387.50
28,600 NABORS INDS INC 387,887.50
17,500 NOBLE AFFILIATES INC 430,937.50
10,700 NOEL GROUP INC 12,037.50
3,400 NUEVO ENERGY 39,100.00
5,000 OCCIDENTAL PETROLEUM CORP 84,375.00
4,000 PENN VA CORP 73,500.00
8,860 PENNZOIL QUAKER STATE CO 131,243.49
11,800 PIONEER NATURAL RESOURCES 103,250.00
2,800 PROVIDENCE ENERGY CORP COM 58,800.00
26,800 QUESTAR CORP 519,250.00
4,200 RANGE RESOURCES CORP 14,437.50
9,600 SANTA FE ENERGY RESOURCES INC 70,800.00
19,508 SEAGULL ENERGY CORP 123,144.25
6,135 SEMCO ENERGY INC 100,077.19
3,400 STONE ENERGY CORP 97,750.00
9,400 SUNOCO INC 338,987.50
910 TATHAM OFFSHORE INC 369.69
7,900 TEEKAY SHIPPING CORP 148,618.75
9,200 TESORO PETROLEUM 111,550.00
42,159 TOSCO CORP COM NEW 1,090,864.13
27,800 TRANSTEXAS GAS CORP 72,975.00
13,800 TRITON ENERGY LTD-CLASS A 109,537.50
26,292 ULTRAMAR DIAMOND SHAMROCK CORP 637,581.00
26,779 UNION PACIFIC RESOURCES GRP 242,684.69
2,300 USX-MARATHON GROUP COM NEW 69,287.50
8,700 USX-U S STEEL GROUP 200,100.00
14,400 VALERO ENERGY CORP (NEW) 306,000.00
20,600 VARCO INTERNATIONAL INC 159,650.00
6,000 VASTAR RESOURCES,INC. 259,125.00
13,600 WESTERN GANS RESOURCES 78,200.00
11,600 ZAPATA CORP NEW 142,100.00
NATURAL RESOURCES
4,200 KERR MCGEE CORP 160,650.00
29,700 MIDAMERICAN ENERGY COMPANY 798,187.50
6,900 NL INDUSTRIES COMMON NEW 97,893.75
13,104 OCEAN ENERGY INC 82,719.00
3,200 ONEOK INC 115,600.00
8,300 PETROLEUM HEAT & POWER INC CLASS A 6,225.00
13,100 SMITH INTERNATIONAL INC 329,956.25
3,700 TRIGEN ENERGY CORP 42,318.75
12,535 WILLIAMS COMPANIES INC-DELAWARE 390,935.31
OIL EQUIPMENT, WELLS & SVCS
7,700 ASHLAND, INC 372,487.50
34,342 BAKER HUGHES INC 607,424.13
43,824 ENSCO INTERNATIONAL INC 468,369.00
4,400 GIANT INDS INC 41,250.00
53,100 GLOBAL MARINE NEW 487,856.25
43,800 HALLIBURTON CO 1,297,575.00
4,400 LUFKIN INDUST. 81,400.00
4,100 NUI CORP 109,931.25
24,300 PARKER DRILLING CO 77,456.25
49,436 R & B FALCON CORP 376,949.50
8,800 ROWAN COMPANIES INC 88,000.00
8,800 RPC ENERGY SVCS INC 64,900.00
1,300 SEACOR HOLDINGS INC 64,268.75
18,800 TIDEWATER INC 435,925.00
19,700 TRANSOCEAN OFFSHORE, INC. 528,206.25
4,600 VERITAS DGC INC 59,800.00
24,590 WEATHERFORD INTL 476,431.25
OIL - DOMESTIC
17,142 BURLINGTON RESOURCES INC 613,897.88
52,600 ENRON OIL & GAS CO 907,350.00
3,000 HOLLY CORP 50,625.00
7,600 LONE STAR TECHNOLOGY INC 76,950.00
1,100 PHILLIPS PETROLEUM CO 46,887.50
10,300 SONAT INC 278,743.75
1,000 UNOCAL CORP 29,187.50
OIL - INTERNATIONAL
2,000 ATLANTIC RICHFIELD CO 130,500.00
3,800 CHEVRON CORP 315,162.50
15,300 EXXON CORP. 1,118,812.50
4,600 MOBIL CORP 400,775.00
13,800 MURPHY OIL CORP 569,250.00
10,400 ORYX ENERGY COMPANY 139,750.00
3,800 ROYAL DUTCH PETROLEUM 181,925.00
2,700 TEXACO INC 142,762.50
7,700 UNIFIRST CORP MASS 175,656.25
MISCELLANEOUS
2,367 FIRSTENERGY CORP 77,075.44
4,100 GETTY PETRO MARKETING INCORPORATED 12,043.75
TOTAL OIL-ENERGY $25,578,134.63
RETAIL 4.77%
DEPARTMENT STORES
2,000 ALEXANDERS INC 156,375.00
900 BON-TON STORES INC 6,862.50
11,400 CALDOR CORP. 4,674.00
38,764 CVS CORP 2,132,020.00
2,600 DAYTON HUDSON CORP 141,050.00
10,900 DILLARDS INC. 309,287.50
14,850 DOLLAR TREE STORES INC 648,759.38
20,700 FEDERATED DEPT STORES INC NEW 901,743.75
30,260 FRED MEYER INC 1,823,165.00
4,100 K MART 62,781.25
15,800 KOHLS CORP 970,712.50
1,425 MAY DEPARTMENT STORES COMPANY 86,034.38
9,700 NEIMAN-MARCUS GROUP 241,893.75
6,347 PENNEY JC INC 297,515.63
4,000 RENTERS CHOICE INC 127,000.00
2,300 SEARS ROEBUCK & CO 97,750.00
GROCERY
1,600 ALBERTSONS INC 101,900.00
28,000 AMERICAN STORES CO 1,034,250.00
262,100 FOOD LION CLASS A 2,784,812.50
3,200 GREAT ATLANTIC & PACIFIC TEA INC 94,800.00
13,000 HANNAFORD BROTHERS COMPANY 689,000.00
25,800 KROGER CO 1,560,900.00
4,000 PENN TRAFFIC CO NEW 2,240.00
14,400 RUDDICK CORP 315,000.00
49,924 SAFEWAY INC 3,042,243.75
132,100 SOUTHLAND CORP 251,815.63
19,100 WEIS MARKETS INC 742,512.50
14,700 WINN-DIXIE STORES INC 659,662.50
OTHER RETAIL
6,300 AVATEX CORPORATION 6,300.00
40,000 BEST BUY INC. 1,755,325.00
10,800 BJ'S WHOLESALE CLUB INC 500,175.00
5,700 CARR-GOTTSTEIN FOODS CO 63,768.75
10,200 CIRCUIT CITY STORES 509,362.50
10,802 CONSOLIDATED STORES CORP 218,065.38
30,785 CORPORATE EXPRESS INC 159,697.19
21,700 COSTCO CO INC 1,566,468.75
18,156 DOLLAR GENERAL 428,935.50
52,900 FAMILY DOLLAR STORES 1,163,800.00
14,300 FINGERHUT CO INC 220,756.25
17,400 FORTUNE BRANDS INC. 550,275.00
4,900 GOOD GUYS INC. 31,543.75
13,350 HASBRO INC 482,268.75
13,000 HOLLYWOOD ENTERTAINMENT 354,250.00
13,800 IDEX CORP 338,100.00
3,500 LONGS DRUG STORES CORP 131,250.00
29,600 MATTEL INC 675,250.00
6,200 PEP BOYS - MANNY, MOE, AND JACK 97,262.50
3,650 PETCO ANIMAL SUPPLIES 36,728.13
26,000 RITE AID CORPORATION 1,288,625.00
8,200 SODAK GAMING INC 68,162.50
6,300 SUN TELEVISION & APPLIANCES INC 126.00
12,000 SUPERVALUE INC 336,000.00
6,600 SYMS CORP. 59,400.00
10,200 TANDY CORP 420,112.50
28,378 TOYS R US 478,878.75
15,500 WAL MART STORES INC 1,262,281.25
50,000 WALGREEN CO 2,928,125.00
6,200 XTRA CORP 256,525.00
SPORTING GOODS
5,700 REEBOK INTERNATIONAL LIMITED 84,787.50
6,000 THE FINISH LINE-CL A 48,000.00
APPAREL
3,400 BLAIR CORP 75,437.50
7,800 BUCKLE INC 187,200.00
17,600 BURLINGTON COAT FACTORY WAREHOUSE 287,100.00
18,400 BURLINGTON INDUSTRIES INC 202,400.00
9,400 CHARMING SHOPPES INC 40,537.50
15,800 CLAIRES STORES INC 323,900.00
4,800 DONNA KARAN INTL INC 36,300.00
59,325 GAP INC 3,337,031.25
2,400 GARGOYLES, INC. 600.00
15,400 NORDSTROM INC 534,187.50
11,528 PAYLESS SHOESOURCE INC 546,139.00
14,500 ROSS STORES INC 570,937.50
1,575 TODAY'S MAN INC 3,346.88
MISCELLANEOUS
3,938 AMERICAN HOMESTAR CORP 59,070.00
2,600 CREATIVE COMPUTERS INC 82,550.00
5,000 GARDEN RIDGE CORP 45,312.50
33,100 PETSMART INC 364,100.00
3,700 SAFETY 1ST INC 12,950.00
5,800 URBAN OUTFITTERS INC 97,875.00
TOTAL RETAIL $42,614,342.10
UTILITIES 7.45%
ELECTRIC
17,700 AES CORP 838,537.50
37,700 ALLEGHENY ENERGY INC 1,300,650.00
11,878 AMEREN CORP 507,042.13
1,300 AMERICAN ELECTRIC POWER INC 61,181.25
600 BALTIMORE GAS & ELECTRIC CO 18,525.00
7,200 BLACK HILLS COPR 189,900.00
17,300 CALENERGY INC 600,093.75
800 CENTRAL & SOUTH WEST CORP 21,950.00
1,000 CINERGY CORP 34,375.00
30,600 CMS ENERGY CORP 1,482,187.50
33,150 CONECTIV INC 812,175.00
2,175 CONECTIV INC CL A 85,912.50
6,500 CTG RESOURCES INC 170,625.00
1,400 DOMINION RESOURCES INC-VA 65,450.00
48,500 DPL INC 1,048,812.50
29,000 DQE INC 1,274,187.50
1,100 DTE ENERGY CO 47,162.50
2,305 DUKE POWER CO 147,664.06
1,100 EDISON INTERNATIONAL 30,662.50
8,900 EMPIRE DIST ELECTRIC CO. 220,275.00
20,200 ENERGY EAST CORP 1,141,300.00
1,700 ENTERGY CORP NEW 52,912.50
29,900 FLORIDA PROGRESS CORP 1,339,893.75
1,100 FPL GROUP INC 67,787.50
500 GPU, INC 22,093.75
10,100 HAWAIIAN ELECTRIC INDUSTRIES INC 406,525.00
4,505 HOUSTON INDUSTRIES INC 144,723.13
12,300 IDACORP INC 445,106.25
22,100 ILLINOVA CORP 552,500.00
9,866 INDIANA ENERGY INC 242,950.25
13,700 IPALCO ENTERPRISES INC 757,781.25
4,600 JABIL CIRCUIT INC 343,275.00
19,100 KANSAS CITY POWER & LIGHT CO 565,837.50
13,508 LG&E ENERGY CORP 382,445.25
5,900 MADISON GAS & ELECTRIC CO 134,225.00
22,800 MDU RESOURCES GROUP INC 599,925.00
10,600 MINNESOTA POWER & LIGHT CO 466,400.00
16,800 MONTANA POWER CO 950,250.00
15,800 NEVADA POWER CO 410,800.00
14,030 NEW CENTURY ENERGIES INC 683,962.50
20,000 NEW ENGLAND ELECTRIC SYSTEM 962,500.00
5,400 NIAGARA MOHAWK POWER 87,075.00
38,700 NIPSCO INDUSTRIES INC (FORMERLY 1,177,931.25
40,100 NORTHEAST UTILITIES 641,600.00
1,200 NORTHERN STATES POWER CO 33,300.00
6,200 NORTHWESTERN CORP 163,912.50
24,800 OGE ENERGY CORP 717,650.00
4,100 OTTER TAIL POWER CO 163,487.50
1,200 P P & L RESOURCES INC 33,450.00
1,900 PACIFICORP 40,018.75
900 PECO ENERGY CO 37,462.50
1,877 PG&E CORP 59,125.50
26,100 PINNACLE WEST CAPITAL CORP 1,105,987.50
36,500 POTOMAC ELECTRIC POWER CO 960,406.25
1,300 PUBLIC SERVICE ENTERPRISE GROUP 52,000.00
13,800 PUBLIC SERVICE NEW MEXICO 282,037.50
20,900 PUGET SOUND POWER & LIGHT CO 582,587.50
14,500 ROCHESTER GAS & ELECTRIC CORP. 453,125.00
33,100 SCANA CORP 1,067,475.00
14,000 SIG CORP INC 499,625.00
5,000 SOUTHERN CO 145,312.50
5,400 ST. JOSEPH LIGHT & POWER CO. 96,862.50
38,800 TECO ENERGY 1,093,675.00
200 UNICOM CORPORATION 7,712.50
11,720 UNISOURCE ENERGY CORP 158,220.00
15,500 UTILICORP UNITED INC 568,656.25
18,700 WASHINGTON WATER POWER CO 359,975.00
21,900 WESTERN RES INC 728,175.00
34,300 WISCONSIN ENERGY CORP 1,078,306.25
6,900 YANKEE ENERGY SYSTEM INCORPORATED 200,962.50
GAS
18,400 AGL RESOURCES INC 424,350.00
7,600 BAY STATE GAS CO COMON PAR$3.00 302,575.00
5,200 COLONIAL GAS CO. 181,350.00
8,400 COLUMBIA GAS SYSTEM INC 485,100.00
13,100 EQUITABLE RESOURCES INC 381,537.50
9,000 LACLEDE GAS CO 240,750.00
22,200 MCN CORP HOLDING CO 423,187.50
12,500 NATIONAL FUEL GAS CO NJ 564,843.75
4,200 NICOR COMMON 177,450.00
3,450 NORTH CAROLINA NATURAL GAS CORP 114,496.88
2,900 PEOPLES ENERGY CORP 115,637.50
300 SJW CORP 17,625.00
6,400 SOUTH JERSEY INDUSTRIES 167,600.00
8,398 SOUTHERN UNION CO NEW 204,701.25
5,142 TEXAS UTILITIES CO 240,067.13
13,700 UGI CORP 325,375.00
13,400 WASHINGTON GAS LIGHT 363,475.00
9,300 WPS RESOURCES CORP 327,825.00
TELEPHONE
10,489 ALLTEL CORP 627,373.31
25,500 AMERICAN TELEPHONE & TELEGRAPH 1,918,875.00
8,800 AMERITECH CORP 557,700.00
11,418 BELL ATLANTIC CORP 605,154.00
12,000 BELLSOUTH CORP 598,500.00
9,800 CAI WIRELESS SYS INC 0.00
28,050 CENTURY TELEPHONE ENTERPRISE 1,893,375.00
42,500 CINCINNATI BELL INC 1,607,031.25
3,644 ENRON CORP 207,935.75
1,700 FRONTIER CORP 57,800.00
7,700 GTE CORP 500,500.00
16,500 INTERDIGITAL COMMUNICATIONS CORP 75,281.25
180,917 MCI WORLDCOM INC 12,980,794.75
3,200 SPRINT CORP 269,200.00
21,828 TELECOMM-TCI VENTURES GRP-A 514,322.25
6,272 US WEST INC (NEW) 405,328.00
WATER & SEWER
24,500 AMERICAN WATER WORKS CO 826,875.00
8,000 CALIFORNIA WATER SERVICE GROUP 250,500.00
2,900 E TOWN CORP 137,387.50
WASTE DESPOSAL
11,100 ALLIED WASTE INDS INC 262,237.50
1,800 BROWNING FERRIS INDUSTRIES INC 51,187.50
9,000 MID-AMERICAN WASTE SYSTEMS INC 0.00
3,125 SAFETY KLEEN CORP NEW 44,140.63
38,757 UNITED STATES FILTER CORP 886,566.38
27,043 WASTE MANAGEMENT INC NEW 1,260,879.88
MISCELLANEOUS
108,056 CITIZENS UTIL CO DEL SER B 877,958.17
22,526 INTERSTATE ENERGY CORP 726,463.50
43,731 SEMPRA ENERGY 1,109,674.13
TOTAL UTILITIES $66,537,663.83
MISCELLANEOUS 11.82%
BROADCAST/COMMUNICATIONS
21,748 ASCEND COMMUNICATIONS INC 1,429,898.13
9,500 BHC COMMUNICATIONS INC CL A 1,159,000.00
3,800 CANWEST GLOBAL COMMUNICATIONS CORP 46,550.00
14,507 CBS CORP 475,104.25
11,800 CEBTURY COMMUNICATIONS CL A 374,281.25
5,900 CENTENNIAL CELLULAR CORP CL A 241,900.00
19,200 CLEAR CHANNEL COMMUNICATIONS INC 1,046,400.00
37,128 COMCAST CORP CLASS A SPL 2,178,949.50
2,500 COX RADIO INC CLASS A 105,625.00
17,300 DISNEY WALT CO 519,000.00
24,542 HARTE-HANKS COMMUNICATIONS INC NEW 699,447.00
3,800 INACOM CORP 56,525.00
7,600 JACOR COMMUNICATIONS-WTS 60,800.00
3,500 JONES INTERCABLE INC. 122,937.50
4,000 ORTEL CORP 35,000.00
20,200 PAIRGAIN TECHNOLOGIES INC 155,287.50
8,700 PAXSON COMMUNICATIONS CORPORATION 79,931.25
3,600 PEOPLES CHOICE TV CORP 1,012.50
5,200 PLANTRONICS INC NEW 447,200.00
8,300 PLAYBOY ENTERPRISES CL B 173,781.25
7,682 QWEST COMMUNICATIONS INTL 384,100.00
19,000 SCRIPPS CO (EW)-CL A 945,250.00
7,500 SPELLING 56,250.00
6,440 TCI SATELLITE ENTERTAINMENT INC 9,257.50
53,286 TELE COMMUNICATIONS CL A 2,947,381.88
115,156 TELE COMMUNICATIONS LIBERTY MEDIA 5,304,373.25
8,600 TELULAR CORP 5,375.00
6,500 TENNANT CORP 260,812.50
7,900 UNITED INTERNATIONAL HOLDINGS INC 152,075.00
38,700 VIACOM INC 2,846,868.75
35,900 VIACOM INC NON VOTING 2,656,600.00
BUSINESS SERVICES
53,200 ADAPTEC INC 934,325.00
1,600 ALTERNATIVE RESOURCES CORP 17,000.00
4,900 AMRE INC 1,421.00
26,850 APOLLO GROUP INC CL A 909,543.75
2,700 APPLIX INC 10,462.50
3,700 BERLITZ INTERNATIONAL-NEW 107,300.00
10,600 BLOCK H & R INC 477,000.00
4,600 BRC HOLDINGS INC 86,250.00
15,900 CAMBRIDGE TECHNOLOGY PARTNERS MASS 351,787.50
12,041 CENDANT CORP 229,531.56
3,100 CHECKFREE HLDGS CORP 72,462.50
1,970 CHOICEPOINT 127,065.00
3,000 CONCENTRA MANAGED CARE INC 32,062.50
30,825 CONCORD EFS INC 1,306,209.38
27,100 DIAL CORPORATION (NEW) 782,512.50
12,800 ECOLAB INC 463,200.00
6,200 EGGHEAD INC/WA 129,037.50
16,200 EQUIFAX INC 553,837.50
3,450 EQUITY CORP INTERNATIONAL 91,640.63
25,234 FISERV INC 1,297,973.88
7,000 INTEGRATED SYSTEMS,INC. 104,562.50
1,760 INTERIM SERVICES INC 41,140.00
13,700 INTERPUBLIC GROUP COMPANIES INC 1,092,575.00
5,500 INVESTMENT TECHNOLOGY GROUP INC 341,343.75
4,500 JDA SOFTWARE GROUP INC 43,593.75
12,600 KELLY SERVICES INC CLASS A 400,050.00
4,700 LABONE INC 61,100.00
6,075 LABOR READY INC 119,601.56
800 LEASING SOLUTIONS INC 3,250.00
25,000 MANPOWER INC WIS 629,687.50
22,600 MEDAPHIS CORP 74,156.25
6,825 METAMOR WORLDWIDE INC 170,625.00
13,400 METROMEDIA INTL GROUP 72,862.50
22,467 MODIS PROFESSIONAL SVCS 325,771.50
16,300 NATIONAL PROCESSING, INC. 89,650.00
4,900 NIELSEN MEDIA RESEARCH 88,200.00
16,300 OGDEN CORP 408,518.75
26,000 OLSTEN CORP 191,750.00
8,900 OPEN MKT INC 104,018.75
36,200 PAGING NETWORK INC 169,687.50
16,500 PAYCHEX INC 848,718.75
2,100 PENTON MEDIA INC 42,525.00
5,400 PERSONNEL GROUP AMERICA,INC. 94,500.00
5,400 PINKERTONS INC. NEW 115,087.50
2,000 PROFIT RECOVERY GROUP INTL 74,875.00
1,100 PROTECTION ONE INC 9,418.75
300 RED BRICK SYSTEMS INC 1,762.50
24,700 ROBERT HALF INTERNATIONAL,INC. 1,103,781.25
10,400 ROLLINS INC 182,000.00
200 ROMAC INTERNATIONAL INC 4,450.00
800 RURAL METRO CORP 8,750.00
1,596 SNYDER COMMUNICATIONS INC 53,865.00
7,911 STERLING COMMERCE, INC. 355,995.00
38,200 SUN MICROSYSTEMS 3,270,875.00
9,225 SYLVAN LEARNING SYSTEMS,INC. 281,362.50
3,300 UNITOG CO NEW 94,875.00
5,700 USWEB CORP 150,337.50
2,100 VERSANT OBJECT TECHNOLOGY CORP 4,593.75
27,300 VIAD CORP 829,237.50
FOOD SERVICE
880 AGRITOPE INC 1,155.00
15,000 AVADO BRANDS INC 124,687.50
13,100 BOB EVANS FARMS 341,418.75
20,600 BRINKER INTL INC 594,825.00
10,414 BUFFETS INC 124,317.13
19,000 CRACKER BARREL OLD COUNTRY STORE 442,937.50
13,500 DARDEN RESTAURANTS INC 243,000.00
5,400 DAVE & BUSTER'S INC 124,537.50
18,500 DOLE FOOD INC 555,000.00
6,000 INTERNATIONAL MULTIFOODS CORP 154,875.00
13,400 LONE STAR STEAKHOUSE 123,112.50
2,600 LUBYS CAFETERIAS INC 40,137.50
23,000 MCCORMICK & CO 777,687.50
4,100 MCDONALDS CORP 314,162.50
3,800 MORRISON HEALTH CARE INC 72,437.50
17,100 NPC INTERNATIONAL INC 206,268.75
14,700 OUTBACK STEAKHOUSE INC 586,162.50
2,800 QUALITY DINING INC 7,350.00
7,400 RUBY TUESDAY INC 157,250.00
5,400 RYANS FAMILY STEAK HOUSE 66,825.00
5,200 SHONEYS INC 6,825.00
15,380 TRICON GLOBAL RESTRAUNTS 770,922.50
71,460 TYSON FOODS INC CLASS A 1,518,525.00
5,600 US FOODSERVICE 274,400.00
13,200 WENDYS INTERNATIONAL INC 287,925.00
FOREIGN
3,400 AMERIN CORP 80,325.00
8,300 BAXTER INTL RIGHTS 3/15/08 664.00
1,413 MCMORAN EXPLORATION CO 19,245.31
1,782 PRIMUS TELECOMMUNICATIONS GROUP 29,403.00
HOTEL & MOTEL
4,350 BRISTOL HOTEL & RESORTS 26,643.75
18,700 CHOICE HOTELS INTL INC 255,956.25
29,300 CIRCUS CIRCUS ENTERPRISES 335,118.75
10,554 EXTENDED STAY AMERICA INC 110,817.00
1,493 GREATE BAY CASINO CORP 298.60
500 HAMMONS JOHN Q HOTELS INC 1,843.75
3,200 HARVEYS CASINO RESORTS 88,600.00
24,700 HILTON HOTELS CORP 472,387.50
67,200 HOST MARRIOTT CORP 915,600.00
14,100 HOST MARRIOTT SERVICES CORP 146,287.50
31,700 MARRIOTT INTL CL A 919,300.00
21,000 MIRAGE RESORTS INC 313,687.50
8,775 PAPA JOHNS INTL INC 387,196.88
11,600 PRIMADONNA RESORTS INC 102,225.00
12,869 PROMUS HOTEL CORP HLDG CO 416,633.88
6,800 RED ROOF INNS INC 114,750.00
7,700 RIO HOTEL & CASINO 122,237.50
6,700 S BARRO INC 175,456.25
432 SUN INTERNATIONAL HOTELS 19,629.00
0 SUNBURST HOSPITALITY CORP 1.42
7,600 TRUMP HOTELS & CASINO RESORTS INC 28,500.00
HOUSING
2,400 BEAZER HOMES USA INC 60,000.00
3,200 KAUFMAN & BROAD HOME CORPORATION 92,000.00
12,600 LENNAR CORP 318,150.00
8,400 MCGRATH RENTCORP 184,800.00
4,375 PALM HARBOR HOMES INC 110,195.31
4,200 PULTE CORP 116,812.50
6,000 WEST CO INC 214,125.00
MED SERV & SUPPLIES
15,400 ARTERIAL VASCULAR ENGINEERING 808,500.00
2,550 BIO RAD LABS INC. CL A 53,550.00
11,000 BIOMET INC 442,750.00
38,076 BOSTON SCIENTIFIC CORP 1,020,912.75
54,100 CHIRON CORP 1,416,743.75
3,400 CONMED CORP 112,200.00
6,075 COVANCE INCORPORATED 176,934.38
9,900 CRYOMEDICAL SCIENCES INC. 792.00
5,300 EMPI INC 132,500.00
641 FIRST CONSULTING GROUP INC 13,148.91
35,320 FOUNDATION HEALTH SYSTEMS /A 421,632.50
3,723 FPA MEDICAL MANAGEMENT INC 37.23
22,800 GENZYME CORP 1,134,300.00
684 GENZYME CORP 1,539.00
13,300 HAEMONETICS CORP 302,575.00
5,800 HEALTH MANAGEMENT SYSTEMS,INC 45,675.00
5,981 HEALTHPLAN SERVICES CORP 68,781.50
42,462 HEALTHSOUTH CORP 655,507.13
1,325 HENRY SCHEIN INC 59,293.75
16,100 HILLENBRAND INDUSTRIES INC. 915,687.50
6,900 HUMAN GENOME SCIENCES INC 245,381.25
1,300 HUMANA INC 23,156.25
4,300 IDEC PHARMACEUTICALS CORP 202,100.00
2,300 INTEGRA INC 2,875.00
13,600 INTERMEDIA COMMUNICATIONS INC 234,600.00
37,500 IVAX CORP 466,406.25
40,700 LABORATORY CORP AMER HLDGS 55,962.50
5,700 LANDAUER INC. 184,537.50
3,000 LUNAR CORP. 28,500.00
2,400 MAXXIM MEDICAL INC 71,400.00
19,903 MEDPARTNERS INC 104,490.75
47,588 MEDTRONIC INC 3,533,428.16
10,400 NABI INC 27,950.00
10,000 NEUROMEDICAL SYSTEMS INC 2,500.00
18,900 NOVACARE INC 47,250.00
7,000 PALOMAR MEDICAL TECHNOLOGIES 5,906.25
6,600 PARACELSUS HEALTH CORP 10,312.50
11,483 QUEST DIAGNOSTICS INC 204,540.94
17,800 QUORUM HEALTH GROUP INC 230,287.50
2,500 SABRATEX CORPORATION 40,937.50
20,900 SCIOS INC 216,837.50
5,175 SEROLOGICALS CORP 155,250.00
10,250 ST. JUDE MEDICAL INC. 283,796.88
29,600 STRYKER CORP 1,629,850.00
17,700 SUN HEALTHCARE GROUP INC 116,156.25
6,800 TECHNE CORP 143,650.00
640 THERMEDICS DETECTION INCORPORATED 4,920.00
7,000 THERMO INSTRUMENTS SYSTEMS INC 105,437.50
3,500 THERMOTREX CORP 29,968.75
4,200 TRANSITION SYSTEMS INCS 63,000.00
4,735 WELLPOINT HEALTH NETWORKS 411,945.00
11,361 WESTAMERICA BANCORPORATION 417,516.75
REAL ESTATE
26,600 CATELLUS DEVELOPMENT CORP. 380,712.50
6,000 CENTEX CORP 270,375.00
5,700 FOREST CITY ENTER CL A 149,625.00
16,100 LNR PROPERTY CORP 320,993.75
6,001 PATROIT AMER HOSPITALITY INC 36,005.85
TRANSPORTATION
15,800 AIRBORNE FREIGHT CORP 569,787.50
18,600 AIRTRAN HLDGS INC 48,825.00
4,800 ALASKA AIR GROUP INC 212,400.00
14,000 ALEXANDER & BALDWIN 325,500.00
16,300 AMERICA WEST HOLDIGS CORP-CLB 277,100.00
1,200 AMR CORP 71,250.00
2,500 AMTRAN INC 67,812.50
8,800 ARNOLD INDUSTRIES INC 141,900.00
10,100 ASA HOLDINGS INC 308,050.00
5,300 AVONDALE INDUSTRIES, INC. 153,700.00
3,800 BURLINGTON NORTHERN SANTA FE 128,250.00
700 CELADON GROUP INC 9,975.00
5,900 CIRCLE INTERNATIONAL GROUP 120,950.00
14,800 CNF TRANSPORTATION INC 555,925.00
7,400 CONSOLIDATED FREIGHTWAYS CORP 117,475.00
15,200 CONTINENTAL AIRLINES,INC CL B 509,200.00
4,000 COVENANT TRANSPORT INC CL A 71,500.00
1,500 CSX CORP 62,250.00
15,200 DELTA AIR LINES INC 790,400.00
2,200 EAGLE USA AIRFREIGHT INC 53,900.00
14,860 FDX CORP 1,322,540.00
12,800 FLORIDA EAST COAST INDUSTRIES 450,400.00
13,400 GATX CORP 507,525.00
4,200 GREENBRIER CORP 59,325.00
11,300 GREYHOUND LINES INC 67,093.75
11,200 HUNT JB TRANSPORT SERVICES INC 257,600.00
33,200 KANSAS CITY SOUTHERN INDUSTRIES 1,633,025.00
1,200 KNIGHT TRANSPORTATION INC 32,025.00
3,600 MIDWEST EXPRESS HLDGS INC 94,725.00
345 NAVIGANT INTL INC 2,652.19
2,500 NORFOLK SOUTHERN CORP 79,218.75
27,900 NORTHWEST AIR CLASS A 713,193.75
1,800 OLD DOMINION FGHT LINES INC 20,475.00
11,900 OVERSEAS SHIPHOLDING GROUP INC 191,143.75
12,700 PITTSTON BRINKS GROUP 404,812.50
6,100 ROADWAY EXPRESS INC 88,068.75
6,800 RYDER SYSTEMS INC 176,800.00
34,175 SOUTHWEST AIRLINES CO 766,801.56
11,250 SWIFT TRANSN INC 315,351.56
10,200 U S AIR GROUP 530,400.00
17,700 UAL CORP NEW 1,056,468.75
1,472 UNION PACIFIC CORP 66,332.00
800 USA TRUCK INC 9,300.00
4,800 WESTERN PACIFIC AIRLINES INC 0.00
8,700 WLR FOODS INC. 78,300.00
4,800 WORLDCORP INC 675.00
MISCELLANEOUS
7,900 ACNIELSEN CORP 223,175.00
2,600 ALGOS PHARMACEUTICAL CORPORATION 67,600.00
11,480 ALLEGIANCE CORPORATION 535,255.00
7,300 AMERICAN CLASSIC VOYAGES CO 128,662.50
1,782 APART INV & MGT CO PFD E 65,919.20
11,520 ASCENT ENTERTAINMENT GROUP 84,960.00
2,675 AVALON HLDGS CORP A W I 18,892.19
4,400 AVATAR HOLDINGS 70,400.00
5,590 BHA GROUP INC CL A 77,561.25
3,300 C/NET INC 180,881.25
4,700 CFW COMMUNICATIONS CO 109,862.50
12,000 CUNO, INCORPORATED 195,000.00
21,400 DISCOVERY ZONE INC 0.00
34,100 DYNEGY INC 372,968.75
6,200 EDUCATION MANAGEMENT CORP 146,475.00
6,100 ENESCO GROUP INC 141,825.00
14,900 FEDERAL SIGNAL CORP 407,887.50
2,700 FILM ROMAN INC 4,218.75
3,400 FLEETWOOD ENTERPRISES INC 118,150.00
6,664 GEMSTAR INTL GROUP LTD 381,514.00
15,300 GOLDEN ST BANCORP LITIGATION WTS 69,806.25
12,800 GTECH HOLDINGS CORP 328,000.00
3,300 HANDLEMAN CO-DELAWARE 46,406.25
5,300 HEXCEL CORP NEW 44,387.50
1,140 HYDRON TECHNOLOGIES INC 641.25
118 INSILCO HLDG CO 2,596.00
7,500 JASON INC. 62,812.50
9,900 JOHNSON & JOHNSON 830,362.50
2,200 JPS PACKAGING CO 8,250.00
7,400 MALLINCKRODT, INC. 228,012.50
7,500 MEDCO RESH INC. 195,000.00
2,200 MINE SAFETY APPLICANCES 156,200.00
322 OLICOM A/S WTS 60.38
14,400 OMI CORP NEW 46,800.00
4,950 PAXAR CORP 44,240.63
1,600 PETROFINA SA WTS 12,000.00
1,200 PLAYCORE INC 5,475.00
1,050 PRESIDENT CASINOS INC 1,239.00
2,300 PRINS RECYCLING CORP 69.00
46,480 REPUBLIC INDUSTRIES INC 685,580.00
49,800 ROYAL CARRIBEAN CRUISES LTD 1,842,600.00
2,500 SDL INC 99,062.50
2,300 SFX ENTERTAINMENT CL A 126,212.50
7,400 SMART & FINAL INC 71,225.00
13,000 STATION CASINOS INC 106,437.50
21,400 STEWARD ENTERPRISES INC CLASS A 476,150.00
8,100 STRATOSPHERE CORP 486.00
3,500 STRAWBRIDGE & CLOTHIER CL A 0.00
5,250 SYNTROLEUM CORP 32,484.38
5,468 TETRA TECH INC NEW 147,977.75
2,600 THE TESSERACT GROUP 6,825.00
2,200 THERMO TERRATECH INC 9,625.00
450 TODAYS MAN INC WTS 267.19
994 TRITON ENERGY RTS 0.00
15,000 UNITED DOMINION INDUST. 305,625.00
2,100 UNITED NATURAL FOODS INC 50,662.50
21,500 VENCOR INC NEW 96,750.00
9,100 WATTS INC 151,287.50
2,400 WET SEAL INC CL A 72,450.00
TELECOMMUNICATIONS
18,000 AERIAL COMMUNICATIONS INC 105,750.00
12,100 ALIANT COMMUNICATIONS, INC. 494,587.50
2,800 ALLTRISTA CORP 67,200.00
2,700 BACOU USA INC 58,050.00
3,182 BOK FINL CORP COM NEW 149,951.75
3,000 CENTRAL GARDEN & PET CO 43,125.00
16,000 COMSAT CORPORATION 576,000.00
4,000 CORECOMM LTD 63,000.00
2,000 DATA TRANSMISSION NETWORK CORP 57,750.00
1,700 INTERNATIONAL SHIPHOLDING 26,668.75
8,850 MASTEC INC 185,850.00
2,796 PREMIERE TECH INC 20,620.50
50,014 SBC COMMUNICATIONS INC 2,682,000.75
17,600 TEKELEC 291,500.00
7,600 VIATEL INC 173,850.00
TOTAL MISCELLANEOUS $105,565,590.81
TOTAL COMMON STOCK $862,940,103.01
PREFERRED STOCK
0.01%
8,700 PRICE ENTERPRISES INC-PFD 120,168.75
TOTAL $120,168.75
TOTAL PREFERRED STOCK $120,168.75
OTHER
3.37%
CASH EQUIVALENTS
30,119,920 AIM SHORT TERM INV L A SER 2 30,119,920.04
TOTAL $30,119,920.04
TOTAL OTHER $30,119,920.04
TOTAL INVESTMENTS - 100.00% $893,180,191.80
(cost $573,930,985)
See accompanying notes
