NAME OF ISSUER TITLE OF CLASS CUSIP VALUE SHARES OR SH/PRN PUT/CALL INVESTME
"$1,000 " PRN AMT DISCRETION MANAGERS SOLE SHARED NONE
AFLAC INC COM 1055102 "6,491" "141,300" SH SOLE "141,300"
ASSOCIATES FST COM 46008108 "9,860" "441,900" SH SOLE "441,900"
AMERADA HESS COM 23551104 "6,459" "104,600" SH SOLE "104,600"
AMER HOME PRODS COM 26609107 "1,016" "17,300" SH SOLE "17,300"
ALLSTATE CP COM 20002101 "9,908" "445,300" SH SOLE "445,300"
AON CORP COM 37389103 "1,460" "47,000" SH SOLE "47,000"
ALLTEL CORP COM 20039103 "1,387" "22,400" SH SOLE "22,400"
AMER WATER WORKS COM 30411102 "6,752" "198,600" SH SOLE "198,600"
BANK OF AMERICA COM 60505104 "11,700" "272,100" SH SOLE "272,100"
BEST BUY CO INC COM 86516101 "6,698" "105,900" SH SOLE "105,900"
BECKMAN COULTER COM 75811109 "7,002" "137,800" SH SOLE "137,800"
FRANKLIN RES COM 354613101 811 "26,700" SH SOLE "26,700"
BJ SERVICES CO COM 55482103 "6,944" "111,100" SH SOLE "111,100"
BELLSOUTH CORP COM 79860102 "7,118" "167,000" SH SOLE "167,000"
BRISTOL MYERS SQ COM 110122108 "4,718" "81,000" SH SOLE "81,000"
BURLINGTON RES COM 122014103 "5,944" "155,400" SH SOLE "155,400"
BEAR STEARNS CO COM 73902108 "4,221" "101,400" SH SOLE "101,400"
ANHEUSER BUSCH COM 35229103 "11,987" "160,500" SH SOLE "160,500"
CONAGRA INC COM 205887102 "5,183" "271,900" SH SOLE "271,900"
CARDINAL HLTH COM 14149Y108 "1,465" "22,200" SH SOLE "22,200"
CHUBB CORP COM 171232101 "4,176" "67,900" SH SOLE "67,900"
CIRC CITY STORES COM 172737108 "7,670" "231,100" SH SOLE "231,100"
CHIRON CORP COM 170040109 "4,836" "101,800" SH SOLE "101,800"
CHEVRON CORP COM 166751107 "7,955" "93,800" SH SOLE "93,800"
CHASE MANHATTAN COM 16161A108 "9,811" "213,000" SH SOLE "213,000"
CONSECO INC COM 208464107 "5,850" "600,000" SH SOLE "600,000"
CINTAS CORP COM 172908105 "3,430" "93,500" SH SOLE "93,500"
DANAHER CORP COM 235851102 435 "8,800" SH SOLE "8,800"
DIAL CORP COM 25247D101 390 "9,200" SH SOLE "9,200"
DONNELLEY & SONS COM 257867101 "5,954" "169,500" SH SOLE "169,500"
DEVON ENERGY COM 25179M103 "4,843" "86,200" SH SOLE "86,200"
FED DEPT STRS COM 31410H101 "4,678" "138,600" SH SOLE "138,600"
FIFTH THR BNCP COM 316773100 "1,657" "26,200" SH SOLE "26,200"
FANNIE MAE COM 313586109 "11,711" "224,400" SH SOLE "224,400"
FREDDIE MAC COM 313400301 "7,691" "189,900" SH SOLE "189,900"
FOREST LABS COM 345838106 51 500 SH SOLE 500
FIRSTAR CORP COM 33763V109 "9,933" "471,600" SH SOLE "471,600"
FIRST UNION CORP COM 337358105 "11,315" "456,000" SH SOLE "456,000"
GANNETT CO INC COM 364730101 "8,446" "141,200" SH SOLE "141,200"
GENERAL ELEC CO COM 369604103 "12,863" "242,700" SH SOLE "242,700"
GENERAL MILLS COM 370334104 103 "2,700" SH SOLE "2,700"
CORNING INC COM 219350105 "8,770" "151,700" SH SOLE "151,700"
GEORGIA-PACIFIC COM 373298108 "4,665" "177,700" SH SOLE "177,700"
GAP INC COM 364760108 "1,800" "57,600" SH SOLE "57,600"
HALLIBURTON CO COM 406216101 "4,893" "103,700" SH SOLE "103,700"
HERSHEY FOODS CP COM 427866108 "1,562" "32,200" SH SOLE "32,200"
ILLINOIS TOOL WK COM 452308109 "4,634" "81,300" SH SOLE "81,300"
JONES APPAREL COM 480074103 "2,472" "105,200" SH SOLE "105,200"
JEFFERSON PILOT COM 475070108 "3,240" "57,400" SH SOLE "57,400"
J P MORGAN & CO COM 616880100 "11,927" "108,300" SH SOLE "108,300"
KELLOGG CO COM 487836108 "3,784" "127,200" SH SOLE "127,200"
MBNA CORP COM 55262L100 "4,994" "184,100" SH SOLE "184,100"
LOWES COMPANIES COM 548661107 768 "18,700" SH SOLE "18,700"
MAY DEPT STORES COM 577778103 "6,588" "274,500" SH SOLE "274,500"
MBIA INC COM 55262C100 "2,448" "50,800" SH SOLE "50,800"
MCDONALDS CORP COM 580135101 "12,638" "383,700" SH SOLE "383,700"
MEAD CORP COM 582834107 "1,985" "78,600" SH SOLE "78,600"
MARSH & MCLENNAN COM 571748102 815 "7,800" SH SOLE "7,800"
MERCK & CO COM 589331107 "12,896" "168,300" SH SOLE "168,300"
MGIC INV CP COM 552848103 "3,235" "71,100" SH SOLE "71,100"
NABORS INDS INC COM 629568106 "7,361" "177,100" SH SOLE "177,100"
NOBLE DRILLING COM 655042109 486 "11,800" SH SOLE "11,800"
OCCIDENTAL PETE COM 674599105 169 "8,000" SH SOLE "8,000"
PHILLIPS PETRO COM 718507106 "2,661" "52,500" SH SOLE "52,500"
PFIZER INC COM 717081103 "12,413" "258,600" SH SOLE "258,600"
PROCTER & GAMBLE COM 742718109 "12,767" "223,000" SH SOLE "223,000"
PHARMACIA CORP COM 71713U102 "12,281" "237,600" SH SOLE "237,600"
PPG IND COM 693506107 "4,914" "110,900" SH SOLE "110,900"
PROV FIN COM 74406A102 324 "3,600" SH SOLE "3,600"
PAINE WEBBER GRP COM 695629105 "7,207" "158,400" SH SOLE "158,400"
SEARS ROEBUCK COM 812387108 "1,909" "58,500" SH SOLE "58,500"
CHARLES SCHWAB COM 808513105 "5,625" "167,300" SH SOLE "167,300"
ST PAUL COS COM 792860108 "3,003" "88,000" SH SOLE "88,000"
SUNTRUST BKS COM 867914103 "6,620" "144,900" SH SOLE "144,900"
SAFEWAY INC COM 786514208 126 "2,800" SH SOLE "2,800"
SYSCO CORP COM 871829107 "3,678" "87,300" SH SOLE "87,300"
AT & T COM 1957109 "6,761" "213,800" SH SOLE "213,800"
TARGET CORP COM 8.76E+110 "13,241" "228,300" SH SOLE "228,300"
TEMPLE INLAND COM 879868107 "2,759" "65,700" SH SOLE "65,700"
TOSCO CORP COM 891490302 "5,071" "179,100" SH SOLE "179,100"
TRIBUNE CO COM 896047107 "7,956" "227,300" SH SOLE "227,300"
TEXACO INC COM 881694103 "6,534" "122,700" SH SOLE "122,700"
UNOCAL CORP DEL COM 915289102 "7,191" "217,100" SH SOLE "217,100"
UNILEVER NV COM 904784709 "5,728" "133,200" SH SOLE "133,200"
US BANCORP COM 902973106 "9,975" "518,200" SH SOLE "518,200"
WELLS FARGO & CO COM 949746101 "8,265" "213,300" SH SOLE "213,300"
WM WRIGLEY JR COM 982526105 714 "8,900" SH SOLE "8,900"
WEYERHAEUSER CO COM 962166104 "3,866" "89,900" SH SOLE "89,900"
EXXON MOBIL COM 30231G102 "7,976" "101,600" SH SOLE "101,600"
