<PAGE>
================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1997
COMMISSION FILE NUMBER 1-3053
CHAMPION INTERNATIONAL CORPORATION
SAVINGS PLAN #077
SAVINGS PLAN FOR HOURLY EMPLOYEES #158
(FULL TITLE OF THE PLANS)
CHAMPION INTERNATIONAL CORPORATION
ONE CHAMPION PLAZA
STAMFORD, CONNECTICUT 06921
(NAME OF ISSUER OF SECURITIES HELD PURSUANT TO THE PLANS AND ADDRESS OF ITS
PRINCIPAL EXECUTIVE OFFICE)
================================================================================
<PAGE>
FINANCIAL STATEMENTS AND EXHIBIT
- --------------------------------
(a) Financial Statements and Schedules
----------------------------------
Champion International Corporation Savings Plan #077:
Report of Independent Public Accountants dated June 1, 1998
Statement of Net Assets Available for Benefits as of December 31, 1997
Statement of Changes in Net Assets Available for Benefits for the Year
Ended December 31, 1997
Statement of Net Assets Available for Benefits as of December 31, 1996
Notes to Financial Statements - December 31, 1997 and 1996
Schedule I - Item 27(a) Schedule of Assets Held for Investment Purposes -
December 31, 1997
Schedule II - Item 27(d) Schedule of Reportable Transactions for the Year
Ended December 31, 1997
Schedule III - Certification of Receipt of Annual Statement of Assets and
Liabilities of Commingled Trust Funds
All Schedules not listed above are omitted since they are not applicable,
not required or the information is included in the Plan's Financial
Statements, or Notes to Financial Statements listed above
Champion International Corporation Savings Plan for Hourly Employees #158:
Report of Independent Public Accountants dated June 1, 1998
Statement of Net Assets Available for Benefits as of December 31, 1997
Statement of Changes in Net Assets Available for Benefits for the Year
Ended December 31, 1997
Statement of Net Assets Available for Benefits as of December 31, 1996
Notes to Financial Statements - December 31, 1997 and 1996
Schedule I - Item 27(a) Schedule of Assets Held for Investment Purposes -
December 31, 1997
Schedule II - Item 27(d) Schedule of Reportable Transactions for the Year
Ended December 31, 1997
Schedule III - Certification of Receipt of Annual Statement of Assets and
Liabilities of Commingled Trust Funds
All Schedules not listed above are omitted since they are not applicable,
not required or the information is included in the Plan's Financial
Statements, or Notes to Financial Statements listed above
(b) Exhibit
-------
Exhibit 23 - Consent of Independent Public Accountants
-2-
<PAGE>
SIGNATURES
The Plans. Pursuant to the requirements of the Securities Exchange Act of
1934, the Pension and Employee Benefits Committee, the administrator of the
registrant's plans described herein, has duly caused this Annual Report to be
signed on its behalf by the undersigned, thereunto duly authorized.
CHAMPION INTERNATIONAL CORPORATION
SAVINGS PLAN #077
SAVINGS PLAN FOR HOURLY EMPLOYEES #158
By /s/ William C. Foster
-------------------------------------------------
(William C. Foster)
Senior Associate Counsel - Employee
Relations/Human Resources
June 26, 1998
-3-
<PAGE>
CHAMPION INTERNATIONAL CORPORATION
SALARIED SAVINGS PLAN #077
FEIN: 13-1427390
FINANCIAL STATEMENTS
AS OF
DECEMBER 31, 1997 AND 1996
TOGETHER WITH
AUDITORS' REPORT
<PAGE>
CHAMPION INTERNATIONAL CORPORATION
SALARIED SAVINGS PLAN #077
FEIN: 13-1427390
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page(s)
-------
<S> <C>
Report of Independent Public Accountants 1
Statement of Net Assets Available for Benefits as of
December 31, 1997 2
Statement of Changes in Net Assets Available
for Benefits for the Year Ended December 31, 1997 3
Statement of Net Assets Available for Benefits as of
December 31, 1996 4
Notes to Financial Statements -
December 31, 1997 and 1996 5-10
Schedule I - Item 27 (a) - Schedule of Assets Held for Investment
Purposes - December 31, 1997 11-16
Schedule II - Item 27 (d) - Schedule of Reportable Transactions
for the Year Ended December 31, 1997 17
Schedule III - Certification of Receipt of Annual Statement of
Assets and Liabilities of Commingled Trust Funds 18-33
</TABLE>
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
----------------------------------------
To the Board of Directors and the
Pension and Employee Benefits Committee of
Champion International Corporation:
We have audited the accompanying statements of net assets available for benefits
of the CHAMPION INTERNATIONAL CORPORATION SALARIED SAVINGS PLAN #077 as of
December 31, 1997 and 1996 and the related statement of changes in net assets
available for benefits for the year ended December 31, 1997. These financial
statements and the schedules referred to below are the responsibility of the
Plan Administrator. Our responsibility is to express an opinion on these
financial statements and schedules based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by the
Plan Administrator, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as of
December 31, 1997 and 1996, and the changes in net assets available for benefits
for the year ended December 31, 1997, in conformity with generally accepted
accounting principles.
Our audit was performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets held
for investment purposes as of December 31, 1997 and reportable transactions for
the year ended December 31, 1997 are presented for the purpose of additional
analysis and are not a required part of the basic financial statements but are
supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. The fund information in the statements of net assets
available for benefits and the statement of changes in net assets available for
benefits is presented for purposes of additional analysis rather than to present
the net assets available for benefits and changes in net assets available for
benefits of each fund. The supplemental schedules and fund information have been
subjected to the auditing procedures applied in the audit of the basic financial
statements, and, in our opinion, are fairly stated in all material respects in
relation to the financial statements taken as a whole. As explained in the notes
thereto, information presented in the schedules of investments and reportable
transactions does not disclose the historical cost of certain investments.
Disclosure of this information is required by the Department of Labor's Rules
and Regulations for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974.
/s/ ARTHUR ANDERSEN LLP
Cincinnati, Ohio
June 1, 1998
1
<PAGE>
CHAMPION INTERNATIONAL CORPORATION
SALARIED SAVINGS PLAN #077
FEIN: 13-1427390
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1997
<TABLE>
<CAPTION>
Company Directed Participant Directed
----------------------------- -----------------------------------------------
Individual Company Company Stable S&P 500
Retirement Stock Stock Value Index
Fund Fund Fund Fund Fund
------------ ------------- ------------ ------------- --------------
<S> <C> <C> <C> <C> <C>
INVESTMENTS (Notes 1,2,3, & 4):
Common Stock, Champion International
Corporation $ -- $ 103,314,691 $ 7,926,817 $ -- $ --
Master Trust -- 2,557,166 -- -- --
Stock Funds -- -- -- -- 209,060,441
Fixed Income Investment Contracts -- -- -- 149,618,861 --
Group Annuity Contract - Separate
Account -- -- -- 188,080,183 --
Cash and Short Term Investments -- 2,330,754 153,660 1,539,568 --
Loans Receivable From Participants -- -- -- -- --
------------ ------------- ------------ ----------- --------------
-- 108,202,611 8,080,477 339,238,612 209,060,441
------------ ------------- ------------ ----------- --------------
RECEIVABLES (PAYABLES):
Accrued Dividend and Interest Income -- 122,978 9,341 2,002,225 --
Pending Transactions -- (495,600) (30,699) (37,354) (7,951)
Interfund Receivable (Payable) 8,989,713 -- -- (8,989,713) --
------------ ------------- ------------ ----------- --------------
8,989,713 (372,622) (21,358) (7,024,842) (7,951)
------------ ------------- ------------ ----------- --------------
DUE FROM CHAMPION INTERNATIONAL
CORPORATION HOURLY SAVINGS
PLAN #158 (Note 7) -- 272,356 -- 1,388,774 363,078
------------ ------------- ------------ ------------ -------------
NET ASSETS AVAILABLE FOR
PLAN BENEFITS $ 8,989,713 $ 108,102,345 $ 8,059,119 $ 333,602,544 $209,415,568
============= ============= ============ ============= ============
<CAPTION>
Participant Directed
------------------------------------------
Small Int'l. Employee
Company Equities Loan December 31,
Index Fund Index Fund Fund 1997
------------ ------------- ------------ -------------
<S> <C> <C> <C> <C>
INVESTMENTS (Notes 1,2,3, & 4):
Common Stock, Champion International
Corporation $ -- $ -- $ -- $ 111,241,508
Master Trust -- -- -- 2,557,166
Stock Funds 28,823,229 13,340,512 -- 251,224,182
Fixed Income Investment Contracts -- -- -- 149,618,861
Group Annuity Contract - Separate
Account -- -- -- 188,080,183
Cash and Short Term Investments 44 43 -- 4,024,069
Loans Receivable From Participants -- -- 20,361,724 20,361,724
----------- ------------- ------------ -------------
28,823,273 13,340,555 20,361,724 727,107,693
----------- ------------- ------------ -------------
RECEIVABLES (PAYABLES):
Accrued Dividend and Interest Income -- -- -- 2,134,544
Pending Transactions 641 (1,123) -- (572,086)
Interfund Receivable (Payable) -- -- -- --
----------- ------------- ------------ -------------
641 (1,123) -- 1,562,458
----------- ------------- ------------ -------------
DUE FROM CHAMPION INTERNATIONAL
CORPORATION HOURLY SAVINGS
PLAN #158 (Note 7) 4,554 3,591 -- 2,032,353
----------- ------------- ------------ -------------
NET ASSETS AVAILABLE FOR
PLAN BENEFITS $28,828,468 $ 13,343,023 $ 20,361,724 $ 730,702,504
=========== ============= ============ =============
</TABLE>
The accompanying notes to financial statements
are an integral part of these statements.
2
<PAGE>
CHAMPION INTERNATIONAL CORPORATION
SALARIED SAVINGS PLAN #077
FEIN: 13-1427390
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1997
<TABLE>
<CAPTION>
Company Directed Participant Directed
--------------------------------- -----------------------------------------------
Individual Company Company Stable S&P 500
Retirement Stock Stock Value Index
Fund Fund Fund Fund Fund
---------------- -------------- -------------- --------------- ------------
<S> <C> <C> <C> <C> <C>
CONTRIBUTIONS (Note 1):
Company $ -- $ 9,373,016 $ -- $ -- $ --
Employees -- -- 35,398 15,384,144 13,458,742
---------------- -------------- -------------- --------------- ------------
-- 9,373,016 35,398 15,384,144 13,458,742
---------------- -------------- -------------- --------------- ------------
INVESTMENT INCOME (Notes 1, 2 , 3 & 4):
Dividends and Interest 651,664 551,444 19,633 23,156,653 --
Net Realized and Unrealized Gain/
(Loss) on Investments -- 7,584,783 (1,539,185) -- 50,181,451
Master Trust -- 143,935 -- -- --
---------------- -------------- -------------- --------------- ------------
651,664 8,280,162 (1,519,552) 23,156,653 50,181,451
---------------- -------------- -------------- --------------- ------------
WITHDRAWALS:
Company Contributions -- (10,377,409) -- -- --
Employee Contributions (1,236,287) -- (425,060) (29,907,607) (8,602,152)
Master Trust -- (49,608) -- -- --
---------------- -------------- -------------- --------------- ------------
(1,236,287) (10,427,017) (425,060) (29,907,607) (8,602,152)
---------------- -------------- -------------- --------------- ------------
CONTRIBUTIONS AND INVESTMENT
INCOME OVER (UNDER) WITHDRAWALS (584,623) 7,226,161 (1,909,214) 8,633,190 55,038,041
---------------- -------------- -------------- --------------- ------------
TRANSFERS BETWEEN FUNDS -- (10,764,398) 7,701,298 (6,258,819) 6,091,058
---------------- -------------- -------------- --------------- ------------
TRANSFER BETWEEN PLANS (Note 7):
Transfer from Champion International
Corporation Hourly Savings Plan #158 -- 579,006 -- 2,111,350 734,093
Transfer to Champion International
Corporation Hourly Savings Plan #158 -- (256,630) -- (1,587,578) (343,629)
Transfer from Lake Superior Plan -- -- -- 2,366,081 --
---------------- -------------- -------------- --------------- ------------
-- 322,376 -- 2,889,853 390,464
---------------- -------------- -------------- --------------- ------------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS - Beginning of Year 9,574,336 111,318,206 2,267,035 328,338,320 147,896,005
---------------- -------------- -------------- --------------- ------------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS - End of Year $ 8,989,713 $ 108,102,345 $ 8,059,119 $ 333,602,544 $209,415,568
================ ============== ============== =============== ============
<CAPTION>
PARTICIPANT DIRECTED
------------------------------------------
Small Int'l. Employee Year Ended
Company Equities Loan December 31,
Index Fund Index Fund Fund 1997
------------ ------------ ------------- --------------
<S> <C> <C> <C> <C>
CONTRIBUTIONS (Note 1):
Company $ -- $ -- $ -- $ 9,373,016
Employees 3,508,713 2,189,897 -- 34,576,894
------------ ------------ ------------- --------------
3,508,713 2,189,897 -- 43,949,910
------------ ------------ ------------- --------------
INVESTMENT INCOME (Notes 1, 2 , 3 & 4):
Dividends and Interest -- -- 1,645,447 26,024,841
Net Realized and Unrealized Gain/
(Loss) on Investments 5,127,396 100,221 -- 61,454,666
Master Trust -- -- -- 143,935
------------ ------------ ------------- --------------
5,127,396 100,221 1,645,447 87,623,442
------------ ------------ ------------- --------------
WITHDRAWALS:
Company Contributions -- -- (52,304) (10,429,713)
Employee Contributions (1,030,768) (714,114) (381,759) (42,297,747)
Master Trust -- -- -- (49,608)
------------ ------------ ------------- --------------
(1,030,768) (714,114) (434,063) (52,777,068)
------------ ------------ ------------- --------------
CONTRIBUTIONS AND INVESTMENT
INCOME OVER (UNDER) WITHDRAWALS 7,605,341 1,576,004 1,211,384 78,796,284
------------ ------------ ------------- --------------
TRANSFERS BETWEEN FUNDS 3,536,204 (303,057) (2,286) --
------------ ------------ ------------- -------------
TRANSFER BETWEEN PLANS (Note 7):
Transfer from Champion International
Corporation Hourly Savings Plan #158 81,255 50,764 -- 3,556,468
Transfer to Champion International
Corporation Hourly Savings Plan #158 (114,183) (60,530) -- (2,362,550)
Transfer from Lake Superior Plan -- -- -- 2,366,081
------------ ------------ ------------- --------------
(32,928) (9,766) -- 3,559,999
------------ ------------ ------------- --------------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS - Beginning of Year 17,719,851 12,079,842 19,152,626 648,346,221
------------ ------------ ------------- --------------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS - End of Year $ 28,828,468 $ 13,343,023 $ 20,361,724 $ 730,702,504
============ ============ ============= ==============
</TABLE>
The accompanying notes to financial statements
are an integral part of these statements.
3
<PAGE>
CHAMPION INTERNATIONAL CORPORATION
SALARIED SAVINGS PLAN #077
FEIN: 13-1427390
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1996
<TABLE>
<CAPTION>
Company Directed Participant Directed
---------------------------- ----------------------------------------------------
Individual Company Company Stable S&P 500 Small
Retirement Stock Stock Value Index Company
Fund Fund Fund Fund Fund Index Fund
---------- ------------ ---------- ----------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENTS (Notes 1, 2, 3, & 4):
Common Stock, Champion International
Corporation $ - $106,720,822 $2,241,282 $ - $ - $ -
Master Trust - 2,457,839 - - - -
Stock Funds - - - - 147,896,005 17,719,807
Fixed Income Investment Contracts - - - 150,904,026 - -
Group Annuity Contract - Separate
Account - - - 184,494,881 - -
Cash and Short Term Investments - 2,013,272 23,129 2,505,592 - 44
Loans Receivable From Participants - - - - - -
---------- ------------ ---------- ------------ ------------ -----------
- 111,191,933 2,264,411 337,904,499 147,896,005 17,719,851
---------- ------------ ---------- ------------ ------------ -----------
RECEIVABLES:
Accrued Interest and Dividends - 126,273 2,624 8,157 - -
Interfund Receivable (Payable) 9,574,336 - - (9,574,336) - -
---------- ------------ ---------- ------------ ------------ -----------
9,574,336 126,273 2,624 (9,566,179) - -
---------- ------------ ---------- ------------ ------------ -----------
NET ASSETS AVAILABLE FOR
PLAN BENEFITS $9,574,336 $111,318,206 $2,267,035 $328,338,320 $147,896,005 $17,719,851
========== ============ ========== ============ ============ ===========
<CAPTION>
Participant Directed
-----------------------------
Int'l. Employee
Equities Loan December 31,
Index Fund Fund 1996
-------------- ----------- -------------
<S> <C> <C> <C>
INVESTMENTS (Notes 1, 2, 3, & 4):
Common Stock, Champion International
Corporation $ - $ - $108,962,104
Master Trust - - 2,457,839
Stock Funds 12,079,800 - 177,695,612
Fixed Income Investment Contracts - - 150,904,026
Group Annuity Contract - Separate
Account - - 184,494,881
Cash and Short Term Investments 42 - 4,542,079
Loans Receivable From Participants - 19,152,626 19,152,626
----------- ----------- ------------
12,079,842 19,152,626 648,209,167
----------- ----------- ------------
RECEIVABLES:
Accrued Interest and Dividends - - 137,054
Interfund Receivable (Payable) - - -
----------- ----------- ------------
- - 137,054
----------- ----------- ------------
NET ASSETS AVAILABLE FOR
PLAN BENEFITS $12,079,842 $19,152,626 $648,346,221
=========== =========== ============
</TABLE>
The accompanying notes to financial statements
are an integral part of these statements.
4
<PAGE>
CHAMPION INTERNATIONAL CORPORATION
SALARIED SAVINGS PLAN #077
FEIN: 13-1427390
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
(1) Plan Description
----------------
The following description of the Champion International Corporation
Salaried Savings Plan #077 (the Plan) provides only general
information. Reference should be made to the Plan agreement for a more
complete description of the Plan's provisions.
The Plan, which became effective on January 1, 1978, is a contributory
savings plan available to salaried employees of Champion International
Corporation (the Company). Effective January 1, 1983, a 401(k) savings
option was made available to participants allowing them to contribute
before-tax compensation in addition to the after-tax compensation
allowed previously.
Participants may contribute up to a maximum of 16% of their
compensation, subject to certain limitations. Qualified participant
contributions are invested in either the Stable Value Fund, the S&P 500
Index Fund, the Small Company Index Fund or the International Equities
Index Fund, at the participants' discretion. Effective October 1, 1997,
qualified participant contributions also may be invested directly in
the Company's common stock. Earnings for the funds are based upon the
performance of the funds' underlying assets.
The Company matches one-half of the first 6% of the participants'
compensation, which is contributed to the Plan. Company contributions
are invested in the Company's common stock. Participants vest in the
Company contribution based upon years of service with the Company.
Participants are permitted to borrow against their account balances and
their vested portions of the Company stock fund contributions. The
terms and conditions of these loans are established to be in compliance
with applicable laws and regulations. The interest rate charged to
participants in 1997 and 1996 was prime at origination plus 1%.
Principal and interest are paid ratably through monthly payroll
deductions.
Effective January 1, 1982, tax deductible employee contributions could
be directed into an individual retirement fund. Earnings for this fund
have averaged 7.28% per annum for 1997 and 7.67% per annum for 1996.
Contributions to this fund were not matched by the Company. After
December 31, 1982, employee contributions to this fund were no longer
accepted. The balance in this fund was $8,989,713 and $9,574,336 at
December 31, 1997 and 1996, respectively.
5
<PAGE>
(1) Plan Description - Continued
----------------
Effective June 30, 1995, Champion International Corporation Stock
Ownership Plan #078 (Plan #078) was merged into the Champion
International Corporation Salaried Savings Plan #077 and the Champion
International Corporation Hourly Savings Plan #158 (Plan #158), as
applicable. The net assets of Plan #078 were transferred to a Master
Trust for which State Street Bank and Trust Company now acts as
trustee. Assets of the Master Trust consist of shares of the Company's
common stock, the valuation of which is based on market prices. Benefit
payments are credited and charged directly to each plan. Investment
income of the Master Trust, which includes dividend income and realized
and unrealized gains and losses, is allocated to each plan by the
trustee based upon the Master Trust units of participation held by each
plan. As of December 31, 1997 and 1996, the Plan's investment
approximated 35% of the assets held in the Master Trust.
The Plan is administered by the Company through the Pension and
Employee Benefits Committee (PEBC) and is subject to the provisions of
the Employee Retirement Income Security Act of 1974 (ERISA). Certain
investment management and trustee expenses are paid by the Plan while
other administrative expenses of the Plan are paid by the Company and
are not included in the accompanying statements.
Effective April 1, 1997, State Street Bank and Trust Company was named
the Plan's trustee. Prior to April 1, 1997 the Plan's trustee was The
Northern Trust Company.
ADP Administrative Solutions Group (formerly known as William M.
Mercer, Inc.) performs certain administrative and record keeping
functions of the Plan. Participants have the ability to initiate
transactions directly impacting their account balances over the
telephone. Such transactions are posted to participants' accounts on a
daily basis at the applicable investment fund's net asset value as
reported by the trustee.
(2) Significant Accounting Policies
-------------------------------
(a) Investment Valuation and Income Recognition - Cash and cash
-------------------------------------------
equivalents are stated at cost which approximates market value.
The Company's common stock is valued at the closing market price
at yearend. Investments in fixed income investment contracts and
the group annuity contract separate account are valued at the
contract ("book") value, defined as the sum of contributions
less withdrawals plus credited interest. Commingled funds are
stated at market value as determined by the trustee. Loans
receivable from participants are valued at cost which
approximates fair value. Realized and unrealized gains and
losses are reflected currently in the Statement of Changes in
Net Assets Available for Benefits.
(b) Basis of Accounting -- The Plan uses the accrual basis of
-------------------
accounting.
(c) Payment of Benefits -- Benefits are recorded when paid.
-------------------
(d) Use of Estimates -- The preparation of financial statements in
----------------
conformity with generally accepted accounting principles
requires management to make estimates and assumptions that
affect the financial statements. Actual results could differ
from those estimates.
(e) Reclassifications - Certain 1996 amounts have been reclassified
-----------------
to conform with the 1997 presentation.
6
<PAGE>
(3) Investments
-----------
The following summarizes the nature of the underlying assets which
comprise the investment portfolio of the Plan's Company Stock Fund,
Stable Value Fund, Individual Retirement Fund, S&P 500 Index Fund,
Small Company Index Fund, and International Equities Index Fund:
<TABLE>
<CAPTION>
Investment Fund Investment Underlying Assets
----------------------------- ------------------------------- ------------------------------------
<S> <C> <C>
Company Stock Fund Common Stock Champion International
Corporation Common Stock
Stable Value Fund and Fixed Income Investment Pool of investment contracts
Individual Retirement Fund Contracts issued by a diversified list of
insurance companies
Group Annuity Contract - Portfolio of investment grade
Separate Account fixed income securities,
including but not limited to,
U.S. Treasuries, U.S. Government
Agency notes and mortgages,
corporate securities,
asset-backed securities, Canadian
Yankees and cash equivalents
S&P 500 Index Fund Commingled Fund Common stocks of large companies
in a wide variety of industries
(managed by Metropolitan Life
Insurance Company)
Small Company Index Fund Commingled Fund Common stocks of small U.S.
companies in a wide variety of
industries (managed by Barclays
Global Investors, N.A.)
International Equities Index Commingled Fund Common stocks of primarily
Fund established, medium to large
companies based in economically
developed countries outside of
the U.S. (managed by Barclays
Global Investors, N.A.)
</TABLE>
7
<PAGE>
(3) Investments - Continued
-----------
A summary of the Plan's investments (excluding cash and short term
investments and participant loans) follows:
<TABLE>
<CAPTION>
Fair Value at December 31,
---------------------------------
1997 1996
-------------- --------------
<S> <C> <C>
Common Stock, Champion International Corporation $111,241,508 $108,962,104
============ ============
Master Trust $ 2,557,166 $ 2,457,839
============ ============
Stock Funds:
Metropolitan Life Insurance Company,
S&P 500 Commingled Fund $209,060,441 $147,896,005
Barclays Global Investors, N.A.
Extended Equity Market Fund K 28,823,229 17,719,807
EAFE Equity Index Fund K 13,340,512 12,079,800
-------------- -------------
$ 251,224,182 $177,695,612
============== =============
Stable Value and Individual Retirement Funds:
Fixed Income Investment Contracts -
Metropolitan Life Insurance Company
8.30%, 48% of the balance maturing on 12/15/98;
57% of the remaining balance maturing on
12/15/99 and 100% of the remaining balance
maturing on 12/15/00 $ 33,186,841 $ 36,127,345
7.58%, matured 50% on 7/1/96 and 50% on 7/1/97 - 13,353,244
Providian Capital Management
6.83%, maturing 6/30/01 15,933,365 -
Principal Mutual Life Insurance Company
6.83%, maturing 12/31/01 22,412,178 -
John Hancock Mutual Life Insurance Company
8.30%, 27.5% of the balance maturing on 12/15/98;
50% of the remaining balance maturing on 7/1/99;
100% of the balance maturing on 6/30/00 32,923,539 36,136,129
The Prudential Insurance Company of America
9.15%, matured 50% on 7/1/96 and 50% on 7/1/97 - 13,123,673
Massachusetts Mutual Life Insurance Company
9.10%, matured 50% on 7/1/96 and 50% on 7/1/97 - 13,089,696
New York Life Insurance Company
7.60%, matured 50% on 7/1/96 and 50% on 7/1/97 - 13,609,876
6.66%, maturing 7/1/98 22,875,600 25,464,063
6.84%, maturing on 9/30/01 22,287,338 -
--------------- --------------
149,618,861 150,904,026
--------------- --------------
Group Annuity Contract - Fair Value 198,568,824 188,594,496
Less: Excess of Separate Account over Contract Value (10,488,641) (4,099,615)
-------------- --------------
Group Annuity Contract - Contract Value 188,080,183 184,494,881
-------------- --------------
$337,699,044 $335,398,907
============== ==============
</TABLE>
8
<PAGE>
(3) Investments - Continued
-----------
The Plan's investments include $149,618,861 and $150,904,026 of
investment contracts with various insurance companies, which have been
reported at contract value as of December 31, 1997 and 1996,
respectively. The insurance companies credit the Plan's account with
contributions and earnings on the underlying investments and charge the
Plan for withdrawals and administrative expenses. In some cases,
limitations on the liquidity guarantees provided under the investment
contracts can be imposed in the event of plan amendments, mergers,
sales, plan termination, layoff or other employer initiated events. The
fair value of these investment contracts was estimated to be
approximately $154,217,000 and $155,263,000 at December 31, 1997 and
1996, respectively. The fair value of the Plan's investment contracts
was estimated by the Company using a discounted cash flow analysis with
an assumed discount rate of 6.15% and 6.5% at December 31, 1997 and
1996, respectively. The average yield for these contracts, all of which
had fixed interest rate terms, during 1997 was 7.3% while the crediting
interest rate ranged from 6.66% to 8.30% at December 31, 1997 and from
6.66% to 9.15% at December 31, 1996.
Effective January 3, 1994, the Company entered into a Group Annuity
Contract (the Contract) with Metropolitan Life Insurance Company
(MetLife) on behalf of the Plan. Among other things, the Contract
provides that MetLife maintain a Separate Account, consisting of a
portfolio of diversified investment grade fixed income securities, on
behalf of the Plan and the Champion International Corporation Hourly
Savings Plan #158. The fair market value of the portfolio of
investments, at any point in time, represents the fair value of the
Separate Account. At December 31, 1997 and 1996, the Plan's interest in
the Separate Account had a fair value of $198,568,824 and $188,594,496,
respectively. The book value of the Contract, at any point in time,
represents the amount deposited into the Separate Account on behalf of
the Plan plus interest credited, at rates established every six months
by MetLife minus any withdrawals and transfers out of the fund.
Interest was credited at a rate of 6.96% during the periods January 1,
1997 through December 31, 1997. The Contract's book value is guaranteed
by MetLife and totaled $188,080,183 and $184,494,881 at December 31,
1997 and 1996, respectively. The fair value of the Plan's interest in
the Separate Account exceeded the Contract's book value by $10,488,641
and $4,099,615 at December 31, 1997 and 1996, respectively, and the
difference is reflected in the preceding investment summary as "Excess
Of Separate Account Over Contract Value".
(4) Priorities Upon Termination of the Plan
---------------------------------------
Upon termination of the Plan, participants become fully vested in their
individual accounts.
(5) Forfeited Accounts
------------------
At December 31, 1997 cumulative forfeited non-vested accounts totaled
approximately $543,000. Forfeited amounts are used to reduce Company
contributions. During 1997, Company contributions to the Plan were
reduced by approximately $256,000 as a result of forfeited non-vested
accounts.
9
<PAGE>
(6) Tax Exempt Status
-----------------
The trust established for the Plan is qualified under the Internal
Revenue Code (IRC) as exempt from Federal income taxes. The Plan, as
amended through January 1, 1989, has received a favorable determination
letter, dated January 26, 1996, from the Internal Revenue Service. The
Plan has since been amended and restated, effective July 1, 1994, and
has filed for a new determination letter. The plan administrator
believes that the Plan is designed and is being operated in compliance
with the applicable requirements of the IRC. Therefore, the plan
administrator believes that the Plan is a qualified plan and the
related trust was tax exempt as of December 31, 1996 and 1997 and for
the year ended December 31, 1997.
(7) Transfers Between Plans
-----------------------
In 1996 Champion International Corporation acquired Lake Superior Land
Company of Calumet, Michigan. Substantially all full-time employees of
Lake Superior Land Company who had met certain length of service
requirements were covered by the Lake Superior Savings and Profit
Sharing Plan (the Lake Superior Plan). Effective September 30, 1997,
the Lake Superior Plan was merged into the Plan. Assets totaling
$2,366,081 were transferred from the Lake Superior Plan to the Plan.
The Company transfers participant account balances and the related
assets between the Plan and Plan #158 for participants who have changed
employment (i.e., hourly or salaried) status. In connection therewith,
certain participant account transfers, totaling approximately $2
million, were in process at December 31, 1997 and are reflected in the
accompanying Statement of Net Assets Available for Benefits as Due from
Champion International Corporation Hourly Savings Plan #158. The
participant balances and related assets will be transferred to the Plan
in 1998.
(8) Restructuring and Divestiture Program
-------------------------------------
On October 7, 1997, the Company approved a program to maximize total
shareholder return by focusing on strategic businesses, increasing
profitability and improving financial discipline. As part of this
program, the Company announced its intention to divest several non-
strategic product segments. These product segments include the
newsprint, recycling, coated and uncoated groundwood specialty papers,
premium papers, specialty uncoated papers, and liquid packaging and
bleached board businesses. Also to be divested are 325,000 acres of
timberlands. Additionally, the Company plans to reduce its worldwide
workforce in the businesses remaining after the divestitures by 11%, or
approximately 2,000 positions, by the end of 1999.
On June 1, 1998, the Company announced that the divestiture of its
newsprint mills in Sheldon and Lufkin, Texas along with three recycling
centers had been completed. Plan participants at these locations were
fully vested in their account balances at June 1, 1998.
Participant withdrawals may result from the aforementioned program.
10
<PAGE>
Schedule I
ITEM 27 (A) - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
CHAMPION INTERNATIONAL CORPORATION
SALARIED SAVINGS PLAN #077
FEIN: 13-1427390
COMPANY STOCK FUND
COMPANY AND PARTICIPANT DIRECTED
DECEMBER 31, 1997
<TABLE>
<CAPTION>
Identity of Issuer/ Shares/ Current
Asset Description Par Value Cost Value
- ------------------------------------------------ -------------- ------------- --------------
<S> <C> <C> <C>
* State Street Bank and Trust Company,
Government Short Term Investment Fund 2,484,414 $ 2,484,414 $ 2,484,414
============= ==============
* State Street Bank and Trust Company,
Champion International Corporation,
Common Stock 2,454,985 $ 71,611,702 $ 111,241,508
============ ==============
</TABLE>
* Represents a transaction with a Party-in-Interest
11
<PAGE>
Schedule I
ITEM 27 (A) - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
CHAMPION INTERNATIONAL CORPORATION
SALARIED SAVINGS PLAN #077
FEIN: 13-1427390
STABLE VALUE FUND
DECEMBER 31, 1997
<TABLE>
<CAPTION>
Identity of Issuer/ Shares/ Current
Asset Description Par Value Cost Value
- ----------------------------------------------------------- ------------------ --------------- ----------------
<S> <C> <C> <C>
Fixed Income Investment Contracts:
Metropolitan Life Insurance Company --
GAC 13943, 8.30%, 48% of the balance maturing
on 12/15/98; 57% of the remaining balance
maturing on 12/15/99 and the remainder of
the balance maturing on 12/15/00 - $ 33,186,841 $ 33,186,841
John Hancock Mutual Life Insurance Company--
GAC 7652, 8.30%, 27.5% of the balance
maturing on 12/15/98; 50% of the remaining
balance maturing on 7/1/99; and the
remainder of the balance maturing on 6/30/00 - 32,923,539 32,923,539
Providian Capital Management --
Contract BDA 00732FR, 6.83%
maturing 6/30/01 - 15,933,365 15,933,365
Principal Mutual Life Insurance Company --
GAC 4-28880-1, 6.83%, maturing 12/31/01 - 22,412,178 22,412,178
New York Life Insurance Company --
GAC 06344-003, 6.84%, maturing 9/30/01 - 22,287,338 22,287,338
GAC 06344-002, 6.66%, maturing 7/1/98 - 22,875,600 22,875,600
------------ ------------
$149,618,861 $149,618,861
============ ============
Group Annuity Contract (Separate Account 176):
Metropolitan Life Insurance Company -
Fair Value of Separate Account - (A) $198,568,824
Less: Excess of Fair Value over Contract Value (10,488,641)
------------
Contract Value $188,080,183
============
Cash and Short Term Investments:
* State Street Bank and Trust Company --
Government Short Term Investment Fund 1,539,568 $ 1,539,568 $ 1,539,568
============ ============
</TABLE>
(A) Cost of investments information is not furnished to the Plan by
Metropolitan Life Insurance Company
* Represents a transaction with a Party-in-Interest
12
<PAGE>
Schedule I
ITEM 27 (A) - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
CHAMPION INTERNATIONAL CORPORATION
SALARIED SAVINGS PLAN #077
FEIN: 13-1427390
S&P 500 INDEX FUND
DECEMBER 31, 1997
<TABLE>
<CAPTION>
Identity of Issuer/ Shares/ Current
Asset Description Par Value Cost Value
- ------------------------------------------ ------------------ ---------------- ---------------
<S> <C> <C> <C>
Metropolitan Life Insurance Company,
S&P 500 Commingled Fund (A) (A) $209,060,441
================ ===============
</TABLE>
(A) Cost of investments information is not furnished to the Plan by
Metropolitan Life Insurance Company
13
<PAGE>
Schedule I
ITEM 27 (A) - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
CHAMPION INTERNATIONAL CORPORATION
SALARIED SAVINGS PLAN #077
FEIN: 13-1427390
SMALL COMPANY INDEX FUND
DECEMBER 31, 1997
<TABLE>
<CAPTION>
Identity of Issuer/ Shares/ Current
Asset Description Par Value Cost Value
------------------------------------------- ---------------- --------------- ----------------
<S> <C> <C> <C>
Barclays Global Investors, N.A.,
Extended Equity Market Fund K 1,518,741 $22,352,819 $28,823,229
=============== ================
Barclays Global Investors, N.A.,
Money Market Fund, Employee Benefit Trust 44 $ 44 $ 44
================ ================
</TABLE>
14
<PAGE>
Schedule I
ITEM 27 (A) - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
CHAMPION INTERNATIONAL CORPORATION
SALARIED SAVINGS PLAN #077
FEIN: 13-1427390
INTERNATIONAL EQUITIES INDEX FUND
DECEMBER 31, 1997
<TABLE>
<CAPTION>
Identity of Issuer/ Shares/ Current
Asset Description Par Value Cost Value
------------------------------------------- --------------- -------------- ----------------
<S> <C> <C> <C>
Barclays Global Investors, N.A.,
EAFE Equity Index Fund K 1,051,238 $12,752,750 $13,340,512
============== =================
Barclays Global Investors, N.A.,
Money Market Fund, Employee Benefit
Trust 43 $ 43 $ 43
============== ================
</TABLE>
15
<PAGE>
Schedule I
ITEM 27 (A) - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
CHAMPION INTERNATIONAL CORPORATION
SALARIED SAVINGS PLAN #077
FEIN: 13-1427390
EMPLOYEE LOAN FUND
DECEMBER 31, 1997
<TABLE>
<CAPTION>
Identity of Issuer/ Shares/ Current
Asset Description Par Value Cost Value
--------------------------------- ------------------- ------------------ ----------------------
<S> <C> <C> <C>
* Participant Loans, Interest at Prime +
l% at Origination (interest rates on loans
ranged from 7.0% to 11.5% at December
31, 1997), secured by applicable
participants' vested accrued benefits $20,361,724 $20,361,724
================= ====================
</TABLE>
* Represents a transaction with a Party -in-Interest
16
<PAGE>
ITEM 27 (D) - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1997
CHAMPION INTERNATIONAL CORPORATION
SALARIED SAVINGS PLAN #077
FEIN: 13-1427390
<TABLE>
<CAPTION>
EXPENSE
NUMBER INCURRED
OF PURCHASE SELLING WITH COST OF
DESCRIPTION OF ASSETS TRANSACTIONS PRICE (A) PRICE (A) TRANSACTIONS ASSET
- -------------------------------------------------- -------------- ------------- ------------ -------------- ---------
<S> <C> <C> <C> <C> <C>
Metropolitan Life Insurance Company
Investment Contract 12784 3 $ 237,678 $ - $ - $ 237,678
Investment Contract 12784 6 - 691,349 - 691,349
Investment Contract 13943 10 3,558,290 - - 3,558,290
Investment Contract 13943 6 - 1,871,681 - 1,871,681
Separate Account 176 19 22,131,257 - - 22,131,257
Separate Account 176 23 - 9,467,125 - 9,467,125
MetLife S&P 500 Commingled Fund
Separate Account 197 430 47,084,352 - - 47,084,352
MetLife S&P 500 Commingled Fund
Separate Account 197 462 - 35,309,346 - 21,574,262
New York Life Insurance Company
Investment Contract 06344-001 5 243,420 - - 243,420
Investment Contract 06344-001 15 - 14,658,803 - 14,658,803
Investment Contract 06344-002 9 1,157,926 - - 1,157,926
Investment Contract 06344-002 24 - 5,217,493 - 5,217,493
Investment Contract 06344-003 6 22,412,262 - - 22,412,262
State Street Bank & Trust Company
Government Short Term Investment Fund 165 73,771,208 - - 73,771,208
Government Short Term Investment Fund 268 - 76,198,873 - 76,198,873
<CAPTION>
NET GAIN
OR (LOSS)
--------------
<S> <C>
Metropolitan Life Insurance Company
Investment Contract 12784 $ -
Investment Contract 12784 -
Investment Contract 13943 -
Investment Contract 13943 -
Separate Account 176 -
Separate Account 176 -
MetLife S&P 500 Commingled Fund
Separate Account 197 -
MetLife S&P 500 Commingled Fund
Separate Account 197 13,735,084
New York Life Insurance Company
Investment Contract 06344-001 -
Investment Contract 06344-001 -
Investment Contract 06344-002 -
Investment Contract 06344-002 -
Investment Contract 06344-003 -
State Street Bank & Trust Company
Government Short Term Investment Fund -
Government Short Term Investment Fund -
</TABLE>
(A) The current value of all assets acquired or disposed of, at the time of
acquisition or disposition, is equal to the purchase price or selling
price, respectively.
Schedule II
17
<PAGE>
Schedule III
CHAMPION INTERNATIONAL CORPORATION
SALARIED SAVINGS PLAN #077
FEIN: 13-1427390
CERTIFICATION OF RECEIPT OF ANNUAL STATEMENT OF ASSETS
AND LIABILITIES OF COMMINGLED TRUST FUNDS
In accordance with 29 CFR 2520.103-9, the Pension and Employee Benefits
Committee (PEBC) of Champion International Corporation hereby certifies that
subject savings plan (the Plan) is in receipt of the most recent annual
statement of assets and liabilities of the collective trust funds in which the
Plan has an investment.
In addition, a notice has been received by the PEBC from State Street Bank and
Trust Company informing the Plan that the proper procedure was followed in
filing a copy of the most recent annual statement of assets and liabilities of
State Street Bank and Trust Company Government Short Term Investment Fund, in
which the Plan has an investment, with the Department of Labor. The Employer
Identification Number of State Street Bank and Trust Company Government Short
Term Investment Fund is 04-1867445 and the filing will be made by June 30, 1998.
At December 31, 1997, the Plan had investments in MetLife Separate Account 176
and MetLife Separate Account 197, pooled separate accounts of the Metropolitan
Life Insurance Company. Asset listings of Separate Account 176 (Group Annuity
Contract - Separate Account) and Separate Account 197 (S&P 500 Index Fund) as of
December 31, 1997 are included herein, as no separate filings of the most recent
statements of assets and liabilities of the Separate Accounts have been made by
Metropolitan to the Department of Labor.
At December 31, 1997, the Plan had investments in the Extended Equity Market
Fund K, the EAFE Equity Index Fund K, and the Money Market Fund, common
collective funds of Barclays Global Investors, N.A. (Barclays). A notice has
been received by the Plan that the proper procedures have been followed in
filing a copy of the most recent statement of assets and liabilities of
Barclay's common collective funds, in which the Plan had investments, with the
Department of Labor. The employer identification numbers of the common
collective funds are 94-3199860 (Extended Equity Market Fund K), 94-3199859
(EAFE Equity Index Fund K), and 94-6450621 (Money Market Fund), and the filings
were made as of December 31, 1997.
All such funds are included in the accompanying Schedule of Assets Held for
Investment Purposes.
18
<PAGE>
METLIFE SEPARATE ACCOUNT 176 ASSET LISTING
NET ASSET SECTOR DETAIL
DECEMBER 31, 1997
<TABLE>
<CAPTION>
Shares / Country Description Cost Market Market
Par Name Price Value
--- ---- ----- -----
<S> <C> <C> <C> <C> <C>
0.00 CASH (61,519.49) 1.000 (61,519.49)
0.00 RECEIVABLE FOR INVESTMENTS SOLD 6,395,864.06 1.000 6,395,864.06
0.00 PAYABLE FOR INVESTMENTS PURCHASED (31,877,056.12) 1.000 (31,877,056.12)
5,355,000.00 UNITED STATES MERRILL LYNCH CO DISC 5,343,726.20 99.789 5,343,726.20
3,761,000.00 UNITED STATES AMERICAN EX CR CP IB NT 3,761,000.00 100.000 3,761,000.00
1,707,000.00 UNITED STATES AMERICAN EX CR CP IB NT 1,707,000.00 100.000 1,707,000.00
6,500,000.00 UNITED STATES AMERICAN EX CR CP IB NT 6,500,000.00 100.000 6,500,000.00
9,000,000.00 UNITED STATES CHEVRON USA INC IB NT 9,000,000.00 100.000 9,000,000.00
325,000.00 UNITED STATES FORD MTR CR CO IB NT 325,000.00 100.000 325,000.00
4,000,000.00 UNITED STATES FORD MTR CR CO IB NT 4,000,000.00 100.000 4,000,000.00
910,000.00 UNITED STATES GENERAL ELEC CAP IB NT 910,000.00 100.000 910,000.00
3,511,000.00 UNITED STATES GENERAL ELEC CAP IB NT 3,511,000.00 100.000 3,511,000.00
2,600,000.00 SPAIN COMUNIDAD AUTONOMA NTS 2,590,225.30 89.708 2,332,408.00
2,350,000.00 UNITED STATES US TREAS STRIP GENERIC TINT 1,339,952.40 58.003 1,363,070.50
9,125,000.00 UNITED STATES US TREAS STRIP GENERIC TINT 6,695,386.95 73.804 6,734,615.00
2,925,000.00 UNITED STATES US TREASURY BONDS 3,674,694.56 131.109 3,834,938.25
2,625,000.00 UNITED STATES US TREASURY BONDS 3,650,507.73 147.344 3,867,780.00
4,525,000.00 UNITED STATES US TREASURY BONDS 5,140,640.31 126.141 5,707,880.25
6,650,000.00 UNITED STATES US TREASURY NOTES 6,757,935.35 101.875 6,774,687.50
12,750,000.00 UNITED STATES US TREASURY NOTES 12,785,753.26 104.344 13,303,860.00
6,025,000.00 UNITED STATES US TREASURY NOTES 6,609,093.30 111.797 6,735,769.25
3,275,000.00 UNITED STATES US TREASURY NOTES 3,276,906.10 101.828 3,334,867.00
1,625,000.00 UNITED STATES US TREASURY NOTES 1,670,222.77 102.812 1,670,695.00
3,125,000.00 UNITED STATES US TREASURY NOTES 3,212,851.08 107.000 3,343,750.00
1,274,862.50 UNITED STATES US TREASURY INFLATION INDEX NT 1,247,362.81 97.375 1,241,397.36
2,175,000.00 UNITED STATES COMMIT TO PUR FHLMC 2,202,527.34 101.375 2,204,906.25
5,050,000.00 UNITED STATES COMMIT TO PUR FHLMC GOLD 5,104,445.31 101.375 5,119,437.50
8,275,000.00 UNITED STATES COMMIT TO PUR FNMA 8,221,843.74 100.563 8,321,546.88
5,075,000.00 UNITED STATES COMMIT TO PUR FNMA 5,081,343.75 100.563 5,103,546.88
1,025,000.00 UNITED STATES COMMIT TO PUR GNMA 1,046,460.93 102.313 1,048,703.13
2,475,000.00 UNITED STATES COMMIT TO PUR GNMA 2,533,394.53 102.313 2,532,234.38
7,425,000.00 UNITED STATES COMMIT TO PUR GNMA 7,586,261.71 102.313 7,596,703.13
1,400,000.00 UNITED STATES FEDERAL HOME LN MTG CORP DEB 1,417,189.77 100.344 1,404,816.00
1,300,000.02 UNITED STATES GUARANTEED EXPT TR 1995-A 1,300,000.02 101.088 1,314,144.02
841,176.48 UNITED STATES GUARANTEED EXPT TR 95-B CTF 841,176.48 100.142 842,370.95
3,850,000.00 UNITED STATES PRIVATE EXPT FDG CRP SER YY 3,876,865.08 105.183 4,049,545.50
1,640,869.90 UNITED STATES GNMA POOL #0352217 1,566,478.60 102.718 1,685,468.74
1,025,563.37 UNITED STATES GNMA POOL #0389593 972,662.32 100.984 1,035,654.91
<CAPTION>
Shares / Country Description % of Unrealized
Par Name Total Gain/Loss
--- ---- ----- ---------
<S> <C> <C> <C> <C>
0.00 CASH -0.02% 0.00
0.00 RECEIVABLE FOR INVESTMENTS SOLD 2.53% 0.00
0.00 PAYABLE FOR INVESTMENTS PURCHASED -12.63% 0.00
5,355,000.00 UNITED STATES MERRILL LYNCH CO DISC 2.12% 0.00
3,761,000.00 UNITED STATES AMERICAN EX CR CP IB NT 1.49% 0.00
1,707,000.00 UNITED STATES AMERICAN EX CR CP IB NT 0.68% 0.00
6,500,000.00 UNITED STATES AMERICAN EX CR CP IB NT 2.58% 0.00
9,000,000.00 UNITED STATES CHEVRON USA INC IB NT 3.57% 0.00
325,000.00 UNITED STATES FORD MTR CR CO IB NT 0.13% 0.00
4,000,000.00 UNITED STATES FORD MTR CR CO IB NT 1.58% 0.00
910,000.00 UNITED STATES GENERAL ELEC CAP IB NT 0.36% 0.00
3,511,000.00 UNITED STATES GENERAL ELEC CAP IB NT 1.39% 0.00
2,600,000.00 SPAIN COMUNIDAD AUTONOMA NTS 0.92% (257,817.30)
2,350,000.00 UNITED STATES US TREAS STRIP GENERIC TINT 0.54% 23,118.10
9,125,000.00 UNITED STATES US TREAS STRIP GENERIC TINT 2.67% 39,228.05
2,925,000.00 UNITED STATES US TREASURY BONDS 1.52% 160,243.69
2,625,000.00 UNITED STATES US TREASURY BONDS 1.53% 217,272.27
4,525,000.00 UNITED STATES US TREASURY BONDS 2.26% 567,239.94
6,650,000.00 UNITED STATES US TREASURY NOTES 2.68% 16,752.15
12,750,000.00 UNITED STATES US TREASURY NOTES 5.27% 518,106.74
6,025,000.00 UNITED STATES US TREASURY NOTES 2.67% 126,675.95
3,275,000.00 UNITED STATES US TREASURY NOTES 1.32% 57,960.90
1,625,000.00 UNITED STATES US TREASURY NOTES 0.66% 472.23
3,125,000.00 UNITED STATES US TREASURY NOTES 1.32% 130,898.92
1,274,862.50 UNITED STATES US TREASURY INFLATION INDEX NT 0.49% (5,965.45)
2,175,000.00 UNITED STATES COMMIT TO PUR FHLMC 0.87% 2,378.91
5,050,000.00 UNITED STATES COMMIT TO PUR FHLMC GOLD 2.03% 14,992.19
8,275,000.00 UNITED STATES COMMIT TO PUR FNMA 3.30% 99,703.14
5,075,000.00 UNITED STATES COMMIT TO PUR FNMA 2.02% 22,203.13
1,025,000.00 UNITED STATES COMMIT TO PUR GNMA 0.42% 2,242.20
2,475,000.00 UNITED STATES COMMIT TO PUR GNMA 1.00% (1,160.15)
7,425,000.00 UNITED STATES COMMIT TO PUR GNMA 3.01% 10,441.42
1,400,000.00 UNITED STATES FEDERAL HOME LN MTG CORP DEB 0.56% (12,373.77)
1,300,000.02 UNITED STATES GUARANTEED EXPT TR 1995-A 0.52% 14,144.00
841,176.48 UNITED STATES GUARANTEED EXPT TR 95-B CTF 0.33% 1,194.47
3,850,000.00 UNITED STATES PRIVATE EXPT FDG CRP SER YY 1.60% 172,680.42
1,640,869.90 UNITED STATES GNMA POOL #0352217 0.67% 118,990.14
1,025,563.37 UNITED STATES GNMA POOL #0389593 0.41% 62,992.59
</TABLE>
19
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
1,914,132.75 UNITED STATES GNMA POOL #0389922 1,950,821.85 103.156 1,974,542.78 0.78% 23,720.93
2,363,275.92 UNITED STATES GNMA POOL #0414701 2,408,959.31 102.468 2,421,601.57 0.96% 12,642.26
2.16 UNITED STATES GNMA POOL #0423999 2.16 103.656 2.24 0.00% 0.08
2,801,553.12 UNITED STATES GNMA POOL #0780035 2,450,822.87 99.219 2,779,672.99 1.10% 328,850.12
686,578.47 UNITED STATES GNMA POOL #0780058 622,939.22 101.156 694,515.32 0.28% 71,576.10
838,576.10 UNITED STATES GNMA POOL #0780303 844,052.25 100.999 846,953.48 0.34% 2,901.23
1,861,902.95 UNITED STATES GNMA POOL #0780316 1,875,660.55 100.999 1,880,503.36 0.75% 4,842.81
1,594,240.47 UNITED STATES GNMA POOL #0780419 1,621,310.61 103.156 1,644,554.70 0.65% 23,244.09
2,063,382.98 UNITED STATES GNMA POOL #0780462 2,098,108.45 103.187 2,129,143.00 0.84% 31,034.55
944,248.04 UNITED STATES FHLMC GROUP #A0-1588 1,011,042.95 106.343 1,004,141.69 0.40% (6,901.26)
0.02 UNITED STATES FHLMC GROUP #C0-0473 0.02 102.499 0.02 0.00% 0.00
0.02 UNITED STATES FHLMC GROUP #D6-4987 0.02 102.593 0.02 0.00% 0.00
210,472.87 UNITED STATES FHLMC GROUP #D7-8963 213,677.87 102.406 215,536.85 0.09% 1,858.98
51,772.54 UNITED STATES FHLMC GROUP #E0-0299 49,950.14 100.498 52,030.37 0.02% 2,080.23
1,858,355.26 UNITED STATES FHLMC GROUP #E2-0251 1,801,925.95 100.593 1,869,375.31 0.74% 67,449.36
704,870.53 UNITED STATES FHLMC GROUP #E5-8125 671,054.51 100.545 708,712.07 0.28% 37,657.56
1,021,334.68 UNITED STATES FHLMC GROUP #G0-0264 985,202.67 102.687 1,048,777.94 0.42% 63,575.27
5,100,059.51 UNITED STATES FHLMC GROUP #G0-0331 4,849,515.87 101.312 5,166,972.29 2.05% 317,456.42
937,023.81 UNITED STATES FHLMC GROUP #G1-0391 942,160.79 102.862 963,841.43 0.38% 21,680.64
900,000.00 UNITED STATES FHLMC MULTI GNMA SER 29 CL H 865,536.36 100.125 901,125.00 0.36% 35,588.64
897,779.99 UNITED STATES FNMA POOL #0003218 900,064.51 102.634 921,427.51 0.37% 21,363.00
4,701,030.94 UNITED STATES FNMA POOL #0303888 4,785,550.19 103.775 4,878,494.86 1.93% 92,944.67
625,647.16 UNITED STATES FNMA POOL #0303973 631,748.06 101.871 637,353.02 0.25% 5,604.96
2,035,000.00 UNITED STATES FNMA GTD REMIC P/T CTFG93-26PJ 1,922,647.86 100.250 2,040,087.50 0.81% 117,439.64
2,275,000.00 UNITED STATES CALIFORNIA INFRASTRUCTURE 2,274,056.51 100.469 2,285,664.06 0.91% 11,607.55
3,200,000.00 UNITED STATES CHEVRON CORP PFT/SH TR AMTZG 3,382,561.97 106.717 3,414,944.00 1.35% 32,382.03
2,525,000.00 UNITED STATES CS FIRST BOSTON MTG SECS CORP 2,537,219.03 100.188 2,529,734.38 1.00% (7,484.65)
430,758.42 UNITED STATES CWMBS INC MTG P/T 94-2 CL A-7 433,567.15 99.656 429,276.61 0.17% (4,290.54)
2,900,000.00 UNITED STATES FIRST DEP MASTER TR ABC 93-1 2,836,417.57 99.906 2,897,274.00 1.15% 60,856.43
2,525,000.00 UNITED STATES FIRST UNION LEHMAN BROS 97-C2 2,541,372.59 100.031 2,525,789.06 1.00% (15,583.53)
1,250,000.00 UNITED STATES GMAC COML MTG SEC INC MTG PASS 1,256,245.56 100.415 1,255,187.50 0.50% (1,058.06)
1,224,251.67 UNITED STATES PRUDENTIAL HOME MTG 93-29 A-6 1,183,375.35 100.156 1,226,161.50 0.49% 42,786.15
1,753,321.98 UNITED STATES PRUDNTL HOME MTG 94-15 CL A-7 1,748,731.22 100.125 1,755,513.63 0.70% 6,782.41
1,051,621.20 UNITED STATES PRUDNTL HOME MTG 96-3 CL A-3 1,037,624.06 99.877 1,050,324.03 0.42% 12,699.97
2,490,971.54 UNITED STATES STRUCTURED ASSET 97-LLI CL A-1 2,525,518.72 102.094 2,543,126.26 1.01% 17,607.54
3,400,000.00 UNITED STATES NATIONSBANK CR MASTR 95-1 CL A 3,383,198.05 100.968 3,432,912.00 1.36% 49,713.95
1,225,000.00 UNITED STATES PRIME CR CARD MSTR TR 96-1 CLA 1,222,125.34 101.625 1,244,906.25 0.49% 22,780.91
2,525,000.00 UNITED STATES FORD CR AUTO TR 97-B CTF A-3 2,522,131.94 100.563 2,539,203.13 1.01% 17,071.19
2,525,000.00 UNITED STATES WORLD OMNI AUTO LSE 97-B A-3 2,524,736.47 100.000 2,525,000.00 1.00% 263.53
1,225,000.00 UNITED STATES ADVANTA CR CD MTR TR 95F CL A1 1,202,078.03 99.812 1,222,697.00 0.48% 20,618.97
2,500,000.00 UNITED STATES AMERICAN EXP CR SER 97-1 CL A 2,506,197.56 101.343 2,533,575.00 1.00% 27,377.44
1,625,000.00 UNITED STATES BANC ONE CR CARD MTR 94-C A 1,642,800.53 101.250 1,645,312.50 0.65% 2,511.97
5,000,000.00 UNITED STATES CHASE CREDIT CARD 97-2 CL A 4,998,539.82 100.500 5,025,000.00 1.99% 26,460.18
2,475,000.00 UNITED STATES FIRST USA CR CARD MASTER TR 2,469,370.37 101.375 2,509,031.25 0.99% 39,660.88
700,000.00 UNITED STATES SEARS CR ACCT MASTER TR 95-2 A 699,279.26 103.250 722,750.00 0.29% 23,470.74
1,275,000.00 UNITED STATES SEARS CR ACCT MSTR 97-1 CL A 1,264,385.81 99.937 1,274,196.75 0.50% 9,810.94
2,035,000.00 UNITED STATES STANDARD CR CARD MASTER TR I-3 2,078,208.78 101.406 2,063,612.10 0.82% (14,596.68)
</TABLE>
20
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
2,475,000.00 UNITED STATES ASSOCIATES CORP N A NTS 2,460,955.46 101.469 2,511,357.75 1.00% 50,402.29
2,100,000.00 UNITED STATES ASSOCIATES CORP NA 2,087,002.76 101.680 2,135,280.00 0.85% 48,277.24
1,400,000.00 UNITED STATES ASSOCIATES CORP NA NTS 1,398,287.63 100.447 1,406,258.00 0.56% 7,970.37
2,250,000.00 UNITED STATES ASSOCIATES CORP NA SR NT 2,170,060.59 98.444 2,214,990.00 0.88% 44,929.41
5,100,000.00 UNITED STATES GE GLOBAL INS HLDG CORP 4,922,468.84 103.816 5,294,616.00 2.10% 372,147.16
2,000,000.00 UNITED STATES KFW INTL FIN INC GTD NT 2,024,140.28 101.576 2,031,520.00 0.80% 7,379.72
3,750,000.00 UNITED STATES NORWEST CORP MTN TR # 00194 3,757,674.46 101.312 3,799,200.00 1.51% 41,525.54
2,500,000.00 UNITED STATES NORWEST FINANCIAL INC NOTES 2,495,045.50 99.903 2,497,575.00 0.99% 2,529.50
2,289,483.94 UNITED STATES PRUDENTIAL HOME MTG 93-45 A-2 2,270,252.78 99.500 2,278,036.52 0.90% 7,783.74
4,800,000.00 UNITED STATES ARCHER DANIELS MIDLAND CO BDS 4,771,348.51 109.550 5,258,400.00 2.08% 487,051.49
4,925,000.00 UNITED STATES NEW JERSEY ECONOMIC DEV AUTH 4,971,075.84 110.404 5,437,396.51 2.15% 466,320.67
2,500,000.00 UNITED STATES LOS ANGELES CNTY CA SER D 2,500,000.00 102.875 2,571,875.00 1.02% 71,875.00
2,000,000.00 UNITED STATES CARGILL INC SR NT 144A 2,057,038.00 108.072 2,161,440.00 0.86% 104,402.00
3,000,000.00 UNITED STATES CARGILL INC SR NT 144A 2,984,612.92 106.440 3,193,200.00 1.27% 208,587.08
1,238,527.01 UNITED STATES DLJ MTG ACCEP 144A 97-CF1 A 1A 1,241,357.51 100.859 1,249,170.66 0.49% 7,813.15
2,208,517.58 UNITED STATES RAILCAR LEASING CL A-1 144A 2,179,770.19 101.500 2,241,645.34 0.89% 61,875.15
7,300,000.00 UNITED STATES ZURICH CAP TRUST 144A 7,499,741.92 108.972 7,954,956.00 3.15% 455,214.08
0.00 INTEREST RECEIVABLE 2,685,397.99 1.000 2,685,397.99 1.06% 0.00
0.00 INTEREST RECEIVABLE RECLAIM 9,262.88 1.000 9,262.88 0.00% 0.00
-------- -------- ----- ----
TOTAL NET PORTFOLIO ASSETS $246,175,186.94 $252,381,945.01 100.00% $6,206,758.07
</TABLE>
21
<PAGE>
MetLife Separate Account 1997 Asset Listing
Net Asset Sector Detail
December 1997
<TABLE>
<CAPTION>
Shares/ Country Market Market % of Unrealized
Par Name Description Cost Price Value Total Gain Loss
--- ---- ----------- ---- ----- ----- ----- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
0.00 CASH 2,318,856.05 1.00 2,318,856.05 0.95% 0.00
16,952.00 BERMUDA TYCO INTL LTD NEW COM 79,416.87 45.06 763,899.50 0.31% 284,482.63
11,217.00 CANADA SEAGRAM LTD COM 366,655.95 32.31 362,449.31 0.15% (4,206.64)
10,300.00 CANADA LAIDLAW INC COM 109,074.70 13.63 140,337.50 0.06% 31,262.80
8,266.00 CANADA NORTHERN TELECOM LTD 471,037.13 89.00 735,674.00 0.30% 264,636.87
7,185.00 CANADA ALCAN ALUM LTD 223,045.23 27.63 198,485.63 0.08% (24,559.60)
11,743.00 CANADA BARRICK GOLD CORP 273,468.93 18.63 218,713.38 0.09% (54,755.55)
4,400.00 CANADA ECHO BAY MINES LTD 26,883.80 2.44 10,725.00 0.00% (16,158.80)
5,262.00 CANADA INCO LTD COM 157,432.54 17.00 89,454.00 0.04% (67,978.54)
7,511.00 CANADA PLACER DOME INC 143,434.85 12.69 95,295.81 0.04% (48,139.04)
2,800.00 CANADA MOORE LTD 60,074.90 15.13 42,350.00 0.02% (17,724.90)
1.00 GERMANY FRESENIUS MED CARE 22.97 21.75 21.75 0.00% (1.22)
1.00 NETHERLANDS AEGON N V AMERICAN REG SHR 1.00 89.63 89.63 0.00% 88.63
20,712.00 NETHERLANDS UNILEVER NV N Y SHS ADR 750,310.00 62.44 1,293,205.50 0.53% 542,895.50
68,420.00 NETHERLANDS ROYAL DUTCH PETE CO N Y 2,353,437.83 54.19 3,707,508.75 1.52% 1,354,070.92
4,741.00 UNITED STATES AETNA INC COM 335,573.05 70.56 334,536.81 0.14% (1,036.24)
3,100.00 UNITED STATES AHMANSON H F & CO COM 100,943.30 66.94 207,506.25 0.08% 106,562.95
13,708.00 UNITED STATES ALLSTATE CORP COM 525,683.71 90.88 1,245,714.50 0.51% 720,030.79
14,805.00 UNITED STATES AMERICAN EXPRESS CO COM 643,779.54 89.25 1,321,346.25 0.54% 677,566.71
7,999.00 UNITED STATES AMERICAN GEN CORP COM 296,450.92 54.06 432,445.94 0.18% 135,995.02
22,643.00 UNITED STATES AMERICAN INTL GROUP INC COM 1,389,274.36 108.75 2,462,426.25 1.01% 1,073,151.89
5,250.00 UNITED STATES AON CORP COM 212,605.70 58.63 307,781.25 0.13% 95,175.55
18,895.00 UNITED STATES BANC ONE CORP COM 727,085.14 54.31 1,026,234.69 0.42% 299,149.55
12,000.00 UNITED STATES BANK NEW YORK INC COM 337,887.85 57.81 693,750.00 0.28% 355,862.15
22,114.00 UNITED STATES BANKAMERICA CORP COM 750,967.48 73.00 1,614,322.00 0.66% 863,354.52
4,728.00 UNITED STATES BANKBOSTON CORP COM 282,030.58 93.94 444,136.50 0.18% 162,105.92
3,153.00 UNITED STATES BANKERS TRUST CORP COM 244,970.33 112.44 354,515.44 0.15% 109,545.11
6,308.00 UNITED STATES BARNETT BKS INC COM 181,486.30 71.88 453,387.50 0.19% 271,901.20
4,400.00 UNITED STATES BB&T CORP COM 280,588.00 64.06 281,875.00 0.12% 1,287.00
1,700.00 UNITED STATES BENEFICIAL CORP COM 94,727.80 83.13 141,312.50 0.06% 46,584.70
13,422.00 UNITED STATES CHASE MANHATTAN CORP NEW COM 812,206.51 109.50 1,469,709.00 0.60% 657,502.49
5,440.00 UNITED STATES CHUBB CORP COM 276,766.00 75.63 411,400.00 0.17% 134,634.00
2,343.00 UNITED STATES CIGNA CORP COM 242,898.58 173.06 405,485.44 0.17% 162,586.86
1,800.00 UNITED STATES CINCINNATI FINL CORP COM 241,911.00 140.75 253,350.00 0.10% 11,439.00
14,524.00 UNITED STATES CITICORP COM 1,128,104.41 126.44 1,836,378.25 0.75% 708,273.84
3,400.00 UNITED STATES COMERICA INC COM 153,955.60 90.25 306,850.00 0.13% 152,894.40
5,900.00 UNITED STATES CONSECO INC COM 224,388.40 45.44 268,081.25 0.11% 43,692.85
6,385.00 UNITED STATES CORESTATES FINL CORP COM 305,790.63 80.06 511,199.06 0.21% 205,408.43
</TABLE>
22
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
3,400.00 UNITED STATES COUNTRYWIDE CR INDS INC COM 112,143.10 42.88 145,775.00 0.06% 33,631.90
4,700.00 UNITED STATES EQUIFAX INC COM 148,298.72 35.44 166,556.25 0.07% 18,257.53
22,428.00 UNITED STATES FEDERAL HOME LN MTG CORP COM 463,327.90 41.94 940,574.25 0.39% 477,246.35
33,992.00 UNITED STATES FEDERAL NATL MTG ASSN COM 896,461.55 57.06 1,939,668.50 0.79% 1,043,206.95
4,850.00 UNITED STATES FIFTH THIRD BANCORP 247,173.80 81.75 396,487.50 0.16% 149,313.70
9,377.00 UNITED STATES FIRST CHICAGO NBD CORP COM 409,640.03 83.50 782,979.50 0.32% 373,339.47
20,148.00 UNITED STATES FIRST UN CORP COM 660,588.74 51.25 1,032,585.00 0.42% 371,996.26
7,947.00 UNITED STATES FLEET FINL GROUP INC NEW COM 350,131.32 74.94 595,528.31 0.24% 245,396.99
2,513.00 UNITED STATES GENERAL RE CORP COM 440,493.63 212.00 532,756.00 0.22% 92,262.37
1,800.00 UNITED STATES GOLDEN WEST FINL CORP DEL COM 120,229.80 97.81 176,062.50 0.07% 55,832.70
4,300.00 UNITED STATES GREEN TREE FINL CORP COM 149,561.00 26.19 112,606.25 0.05% (36,954.75)
3,812.00 UNITED STATES HARTFORD FINL SVCS GROUP INC 184,231.30 93.56 356,660.25 0.15% 172,428.95
3,443.00 UNITED STATES HOUSEHOLD INTL INC COM 217,422.88 127.56 439,197.69 0.18% 221,774.81
6,000.00 UNITED STATES HUNTINGTON BANCSHARES INC 205,708.70 36.00 216,000.00 0.09% 10,291.30
2,300.00 UNITED STATES JEFFERSON PILOT CORP COM 128,250.75 77.88 179,112.50 0.07% 50,861.75
6,878.00 UNITED STATES KEYCORP NEW COM 289,687.60 70.81 487,048.38 0.20% 197,360.78
3,200.00 UNITED STATES LINCOLN NATL CORP IND COM 164,045.30 78.13 250,000.00 0.10% 85,954.70
5,314.00 UNITED STATES MARSH & MCLENNAN COS INC COM 291,690.05 74.56 396,225.13 0.16% 104,535.08
2,800.00 UNITED STATES MBIA INC COM 141,553.00 66.81 187,075.00 0.08% 45,522.00
15,963.00 UNITED STATES MBNA CORP COM 211,735.78 27.31 435,989.44 0.18% 224,253.66
8,452.00 UNITED STATES MELLON BK CORP COM 247,873.00 60.63 512,402.50 0.21% 264,529.50
10,964.00 UNITED STATES MERRILL LYNCH & CO INC 292,245.75 72.94 799,686.75 0.33% 507,441.00
3,600.00 UNITED STATES MGIC INVT CORP WIS COM 120,150.15 66.50 239,400.00 0.10% 119,249.85
5,649.00 UNITED STATES MORGAN J P & CO INC COM 441,706.60 112.88 637,630.88 0.26% 195,924.28
19,080.00 UNITED STATES MORGAN STANLEY DEAN WTTER & CO 537,782.63 59.13 1,128,105.00 0.46% 590,322.37
6,860.00 UNITED STATES NATIONAL CITY CORP COM 249,911.50 65.75 451,045.00 0.18% 201,133.50
23,044.00 UNITED STATES NATIONSBANK CORP COM 698,622.29 60.81 1,401,363.25 0.57% 702,740.96
24,236.00 UNITED STATES NORWEST CORP COM 400,115.90 38.63 936,115.50 0.38% 535,999.60
9,707.00 UNITED STATES PNC BK CORP COM 355,636.90 57.06 553,905.69 0.23% 198,268.79
2,300.00 UNITED STATES PROGRESSIVE CORP OHIO COM 252,471.00 119.88 275,712.50 0.11% 23,241.50
2,948.00 UNITED STATES PROVIDIAN FINL CORP COM 9,514.50 45.19 133,212.75 0.05% 123,698.25
1,800.00 UNITED STATES REPUBLIC N Y CORP COM 159,579.80 114.19 205,537.50 0.08% 45,957.70
4,640.00 UNITED STATES SAFECO CORP COM 169,045.80 48.75 226,200.00 0.09% 57,154.20
8,350.00 UNITED STATES SCHWAB CHARLES CORP NEW COM 240,996.97 41.94 350,178.13 0.14% 109,181.16
2,700.00 UNITED STATES ST PAUL COS INC 173,975.90 82.06 221,568.75 0.09% 47,592.85
5,100.00 UNITED STATES STATE STREET CORP 270,564.50 58.19 296,756.25 0.12% 26,191.75
6,200.00 UNITED STATES SUNAMERICA INC COM 232,485.26 42.75 265,050.00 0.11% 32,564.74
6,786.00 UNITED STATES SUNTRUST BKS INC 271,430.43 71.38 484,350.75 0.20% 212,920.32
5,600.00 UNITED STATES SYNOVUS FINL CORP 180,012.00 32.75 183,400.00 0.08% 3,388.00
4,400.00 UNITED STATES TORCHMARK CORP 109,163.85 42.06 185,075.00 0.08% 75,911.15
1,995.00 UNITED STATES TRANSAMERICA CORP COM 124,868.98 106.50 212,467.50 0.09% 87,598.52
36,464.00 UNITED STATES TRAVELERS GROUP INC COM 992,966.83 53.88 1,964,498.00 0.80% 971,531.17
8,218.50 UNITED STATES U S BANCORP DEL COM 455,410.85 111.94 919,958.34 0.38% 464,547.49
4,360.00 UNITED STATES UNUM CORP COM 132,388.05 54.38 237,075.00 0.10% 104,686.95
3,500.00 UNITED STATES USF&G CORP 75,326.30 22.06 77,218.75 0.03% 1,892.45
6,613.00 UNITED STATES WACHOVIA CORP NEW COM 329,575.03 81.13 536,479.63 0.22% 206,904.60
8,390.00 UNITED STATES WASHINGTON MUTUAL INC COM 467,451.83 63.81 535,386.88 0.22% 67,935.05
</TABLE>
23
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
2,811.00 UNITED STATES WELLS FARGO & CO COM 568,165.38 339.44 954,158.81 0.39% 385,993.43
24,305.00 UNITED STATES ABBOTT LABS COM 1,019,468.38 65.56 1,593,496.56 0.65% 574,028.18
2,000.00 UNITED STATES ALLERGAN INC COM 69,365.10 33.56 67,125.00 0.03% (2,240.10)
2,600.00 UNITED STATES ALZA CORP COM 64,202.00 31.81 82,712.50 0.03% 18,510.50
20,988.00 UNITED STATES AMERICAN HOME PRODS CORP COM 972,852.20 76.50 1,605,582.00 0.66% 632,729.80
8,376.00 UNITED STATES AMGEN INC 323,855.60 54.13 453,351.00 0.19% 129,495.40
1,800.00 UNITED STATES BARD C R INC 62,661.00 31.31 56,362.50 0.02% (6,298.50)
1,700.00 UNITED STATES BAUSCH & LOMB INC COM 65,602.80 39.63 67,362.50 0.03% 1,759.70
8,830.00 UNITED STATES BAXTER INTL INC COM 299,919.43 50.44 445,363.13 0.18% 145,443.70
3,900.00 UNITED STATES BECTON DICKINSON & CO COM 175,453.10 50.00 195,000.00 0.08% 19,546.90
3,400.00 UNITED STATES BEVERLY ENTERPRISES INC COM 19,500.53 13.00 44,200.00 0.02% 24,699.47
3,500.00 UNITED STATES BIOMET INC COM 65,718.70 25.63 89,687.50 0.04% 23,968.80
6,100.00 UNITED STATES BOSTON SCIENTIFIC CORP COM 257,166.85 45.88 279,837.50 0.11% 22,670.65
32,012.00 UNITED STATES BRISTOL MYERS SQUIBB CO COM 1,390,087.60 94.63 3,029,135.50 1.24% 1,639,047.90
3,400.00 UNITED STATES CARDINAL HEALTH INC COM 195,543.10 75.13 255,425.00 0.10% 59,881.90
20,723.00 UNITED STATES COLUMBIA/HCA HEALTHCARE CORP 641,931.25 29.63 613,918.88 0.25% (28,012.37)
4,700.00 UNITED STATES GUIDANT CORP COM 140,840.75 62.25 292,575.00 0.12% 151,734.25
6,300.00 UNITED STATES HBO & CO COM 294,739.20 48.00 302,400.00 0.12% 7,660.80
12,300.00 UNITED STATES HEALTHSOUTH CORP COM 272,820.25 27.75 341,325.00 0.14% 68,504.75
5,100.00 UNITED STATES HUMANA INC COM 130,395.90 20.75 105,825.00 0.04% (24,570.90)
43,110.00 UNITED STATES JOHNSON & JOHNSON COM 1,694,531.83 65.88 2,839,871.25 1.16% 1,145,339.42
35,724.00 UNITED STATES LILLY ELI & CO COM 970,086.80 69.63 2,487,283.50 1.02% 1,517,196.70
2,285.00 UNITED STATES MALLINCKRODT INC NEW 99,860.70 38.00 86,830.00 0.04% (13,030.70)
1,939.00 UNITED STATES MANOR CARE INC COM 52,698.53 35.00 67,865.00 0.03% 15,166.47
14,792.00 UNITED STATES MEDTRONIC INC COM 362,669.08 52.31 773,806.50 0.32% 411,137.42
38,205.00 UNITED STATES MERCK & CO INC COM 2,104,911.45 106.25 4,059,281.25 1.66% 1,954,369.80
1,400.00 UNITED STATES MILLIPORE CORP COM 54,340.60 33.94 47,512.50 0.02% (6,828.10)
41,384.00 UNITED STATES PFIZER INC COM 1,292,873.25 74.56 3,085,694.50 1.26% 1,792,821.25
16,015.00 UNITED STATES PHARMACIA & UPJOHN INC COM 563,022.08 36.63 586,549.38 0.24% 23,527.30
1,547.34 UNITED STATES PHARMERICA INC COM 25,936.17 10.38 16,053.65 0.01% (9,882.52)
23,680.00 UNITED STATES SCHERING PLOUGH CORP COM 636,920.85 62.13 1,471,120.00 0.60% 834,199.15
2,900.00 UNITED STATES ST JUDE MED INC COM 112,808.00 30.50 88,450.00 0.04% (24,358.00)
9,533.00 UNITED STATES TENET HEALTHCARE CORP COM 210,117.93 33.13 315,780.63 0.13% 105,662.70
3,687.00 UNITED STATES UNITED HEALTHCARE CORP COM 178,819.50 49.69 183,197.81 0.07% 4,378.31
2,300.00 UNITED STATES UNITED STATES SURGICAL CORP 89,033.50 29.31 67,418.75 0.03% (21,614.75)
8,630.00 UNITED STATES WARNER LAMBERT CO COM 632,289.80 124.00 1,070,120.00 0.44% 437,830.20
1,700.00 UNITED STATES ALBERTO CULVER CO CL B COM 35,174.20 32.06 54,506.25 0.02% 19,332.05
15,566.00 UNITED STATES ANHEUSER BUSCH COS INC COM 493,586.06 44.00 684,904.00 0.28% 191,317.94
17,778.00 UNITED STATES ARCHER DANIELS MIDLAND CO COM 327,635.34 21.69 385,560.38 0.16% 57,925.04
4,212.00 UNITED STATES AVON PRODS INC COM 182,680.80 61.38 258,511.50 0.11% 75,830.70
900.00 UNITED STATES BALL CORP COM 24,055.50 35.31 31,781.25 0.01% 7,725.75
2,200.00 UNITED STATES BROWN FORMAN CORP CL B 104,053.50 55.25 121,550.00 0.05% 17,496.50
14,586.00 UNITED STATES CAMPBELL SOUP CO COM 432,146.75 58.13 847,811.25 0.35% 415,664.50
3,324.00 UNITED STATES CLOROX CO COM 109,463.75 79.06 262,803.75 0.11% 153,340.00
79,310.00 UNITED STATES COCA COLA CO COM 2,920,291.70 66.63 5,284,028.75 2.16% 2,363,737.05
9,364.00 UNITED STATES COLGATE PALMOLIVE CO 398,997.65 73.50 688,254.00 0.28% 289,256.35
14,960.00 UNITED STATES CONAGRA INC COM 328,748.35 32.81 490,875.00 0.20% 162,126.65
</TABLE>
24
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
1,200.00 UNITED STATES COORS ADOLPH CO CL B 29,702.00 33.25 39,900.00 0.02% 10,198.00
4,584.00 UNITED STATES CPC INTL INC COM 296,160.00 107.75 493,926.00 0.20% 197,766.00
4,055.00 UNITED STATES CROWN CORK & SEAL INC COM 186,481.23 50.13 203,256.88 0.08% 16,775.65
10,349.00 UNITED STATES EASTMAN KODAK CO COM 595,409.90 60.81 629,348.56 0.26% 33,938.66
2,300.00 UNITED STATES FRUIT OF THE LOOM INC CL A 61,046.10 25.63 58,937.50 0.02% (2,108.60)
5,068.00 UNITED STATES GENERAL MLS INC COM 266,300.31 71.63 362,995.50 0.15% 96,695.19
18,220.00 UNITED STATES GILLETTE CO COM 1,102,617.05 100.44 1,829,971.25 0.75% 727,354.20
4,022.00 UNITED STATES HASBRO INC COM 90,357.74 31.50 126,693.00 0.05% 36,335.26
11,689.00 UNITED STATES HEINZ H J CO COM 377,540.37 50.81 593,947.31 0.24% 216,406.94
4,474.00 UNITED STATES HERSHEY FOODS CORP 160,654.78 61.94 277,108.38 0.11% 116,453.60
3,500.00 UNITED STATES INTL FLAVORS & FRAGRANCES INC 162,913.80 51.50 180,250.00 0.07% 17,336.20
13,074.00 UNITED STATES KELLOGG CO COM 405,047.80 49.63 648,797.25 0.27% 243,749.45
17,558.00 UNITED STATES KIMBERLY CLARK CORP COM 701,392.09 49.31 865,828.88 0.35% 164,436.79
2,200.00 UNITED STATES LIZ CLAIBORNE INC COM 81,803.15 41.81 91,987.50 0.04% 10,184.35
3,700.00 UNITED STATES LOEWS CORP COM 323,498.30 106.13 392,662.50 0.16% 69,164.20
9,166.00 UNITED STATES MATTEL INC COM 213,211.40 37.25 341,433.50 0.14% 128,222.10
4,414.00 UNITED STATES MORTON INTL INC IND NEW COM 97,967.10 34.38 151,731.25 0.06% 53,764.15
9,148.00 UNITED STATES NIKE INC CL B COM 303,176.70 39.25 359,059.00 0.15% 55,882.30
48,586.00 UNITED STATES PEPSICO INC COM 1,074,520.20 36.44 1,770,352.38 0.72% 695,832.18
77,247.00 UNITED STATES PHILIP MORRIS COS INC COM 2,047,480.63 45.31 3,500,254.69 1.43% 1,452,774.06
2,100.00 UNITED STATES PIONEER HI BRED INTL 109,666.10 107.25 225,225.00 0.09% 115,558.90
1,400.00 UNITED STATES POLAROID CORP COM 65,946.80 48.69 68,162.50 0.03% 2,215.70
43,226.00 UNITED STATES PROCTER & GAMBLE CO COM 1,833,237.20 79.81 3,449,975.13 1.41% 1,616,737.93
4,349.00 UNITED STATES QUAKER OATS CO COM 158,492.50 52.75 229,409.75 0.09% 70,917.25
3,361.00 UNITED STATES RALSTON PURINA CO-RALSTON 196,852.30 92.94 312,362.94 0.13% 115,510.64
1,800.00 UNITED STATES REEBOK INTL LTD COM 80,379.70 28.81 51,862.50 0.02% (28,517.20)
4,700.00 UNITED STATES RUBBERMAID INC COM 111,975.40 25.00 117,500.00 0.05% 5,524.60
1,087.00 UNITED STATES RUSSELL CORP 33,360.00 26.56 28,873.44 0.01% (4,486.56)
15,184.00 UNITED STATES SARA LEE CORP 479,094.80 56.31 855,049.00 0.35% 375,954.20
5,444.00 UNITED STATES SHERWIN WILLIAMS CO COM 117,643.80 27.75 151,071.00 0.06% 33,427.20
4,868.00 UNITED STATES TRICON GLOBAL RESTAURANTS INC 95,456.97 29.06 141,476.25 0.06% 46,019.28
1,900.00 UNITED STATES TUPPERWARE CORP COM 80,594.30 27.88 52,962.50 0.02% (27,631.80)
5,810.00 UNITED STATES UST INC COM 173,228.10 36.94 214,606.88 0.09% 41,378.78
4,000.00 UNITED STATES V F CORP COM 139,352.50 45.94 183,750.00 0.08% 44,397.50
3,200.00 UNITED STATES WHITMAN CORP COM 72,395.80 26.06 83,400.00 0.03% 11,004.20
3,711.00 UNITED STATES WRIGLEY WM JR CO COM 185,810.23 79.56 295,256.44 0.12% 109,446.21
1.00 UNITED STATES ACNIELSEN CORP 0.00 24.38 24.38 0.00% 24.38
7,765.00 UNITED STATES ALBERTSONS INC COM 242,924.05 47.38 367,866.88 0.15% 124,942.83
2,400.00 UNITED STATES AMERICAN GREETINGS CORP CL A 76,500.10 39.13 93,900.00 0.04% 17,399.90
8,872.00 UNITED STATES AMERICAN STORES CO NEW COM 156,954.20 20.56 182,430.50 0.07% 25,476.30
17,429.00 UNITED STATES AMERITECH CORP NEW COM 866,178.63 80.50 1,403,034.50 0.57% 536,855.87
51,747.00 UNITED STATES AT&T CORP COM 1,926,249.79 61.25 3,169,503.75 1.30% 1,243,253.96
0.00 UNITED STATES AUTOLIV INC COM 0.14 32.75 0.13 0.00% (0.01)
4,700.00 UNITED STATES AUTOZONE INC COM 109,150.40 29.00 136,300.00 0.06% 27,149.60
3,300.00 UNITED STATES BLOCK H & R INC COM 99,947.30 44.81 147,881.25 0.06% 47,933.95
3,100.00 UNITED STATES BRUNSWICK CORP COM 76,962.10 30.31 93,968.75 0.04% 17,006.65
22,318.00 UNITED STATES CBS CORP COM 457,219.20 29.44 656,986.13 0.27% 199,766.93
</TABLE>
25
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<S> <C> <C> <C> <C> <C> <C> <C>
24,965.50 UNITED STATES CENDANT CORP COM 606,040.18 34.38 858,189.06 0.35% 252,148.88
3,300.00 UNITED STATES CHARMING SHOPPES INC PA COM 16,029.60 4.69 15,468.75 0.01% (560.85)
3,100.00 UNITED STATES CIRCUIT CITY GROUP COM 111,649.60 35.56 110,243.75 0.05% (1,405.85)
3,100.00 UNITED STATES CLEAR CHANNEL COMMUNICATIONS 209,032.90 79.44 246,256.25 0.10% 37,223.35
5,134.00 UNITED STATES COGNIZANT CORP COM 57,198.90 44.56 228,783.88 0.09% 171,584.98
11,100.00 UNITED STATES COMCAST CORP CL A SPL 215,463.10 31.56 350,343.75 0.14% 134,880.65
6,731.00 UNITED STATES COSTCO COS INC COM 125,589.05 44.63 300,370.88 0.12% 174,781.83
5,500.00 UNITED STATES CVS CORP 272,678.80 64.06 352,343.75 0.14% 79,664.95
4,800.00 UNITED STATES DARDEN RESTAURANTS INC 40,514.80 12.50 60,000.00 0.02% 19,485.20
6,911.00 UNITED STATES DAYTON HUDSON CORP COM 217,639.33 67.50 466,492.50 0.19% 248,853.17
2,597.00 UNITED STATES DELUXE CORP COM 73,063.05 34.50 89,596.50 0.04% 16,533.45
3,498.00 UNITED STATES DILLARDS INC CL A COM 114,005.81 35.25 123,304.50 0.05% 9,298.69
21,905.00 UNITED STATES DISNEY WALT CO COM 1,310,407.98 99.06 2,169,964.06 0.89% 859,556.08
4,611.00 UNITED STATES DONNELLEY R R & SONS CO COM 146,593.85 37.25 171,759.75 0.07% 25,165.90
2,991.00 UNITED STATES DOW JONES & CO INC COM 106,925.35 53.69 160,579.31 0.07% 53,653.96
5,334.00 UNITED STATES DUN & BRADSTREET CORP COM 33,682.30 30.94 165,020.63 0.07% 131,338.33
2,017.00 UNITED STATES ECOLAB INC COM 65,921.35 55.44 111,817.44 0.05% 45,896.09
6,600.00 UNITED STATES FEDERATED DEPT STORES INC DEL 203,919.60 43.06 284,212.50 0.12% 80,292.90
5,387.00 UNITED STATES FORTUNE BRANDS INC COM 143,136.05 37.06 199,655.69 0.08% 56,519.64
8,976.00 UNITED STATES GANNETT INC COM 318,866.70 61.81 554,829.00 0.23% 235,962.30
12,768.00 UNITED STATES GAP INC COM 194,144.20 35.44 452,466.00 0.19% 258,321.80
1,900.00 UNITED STATES GIANT FOOD INC CL A 59,919.30 33.69 64,006.25 0.03% 4,086.95
1,200.00 UNITED STATES GREAT ATLANTIC & PAC TEA INC 34,099.00 29.69 35,625.00 0.01% 1,526.00
2,246.00 UNITED STATES HARCOURT GEN INC 90,205.45 54.75 122,968.50 0.05% 32,763.05
900.00 UNITED STATES HARLAND JOHN H CO COM 27,205.50 21.00 18,900.00 0.01% (8,305.50)
3,146.00 UNITED STATES HARRAHS ENTMT INC COM 82,843.72 18.88 59,380.75 0.02% (23,462.97)
7,907.00 UNITED STATES HILTON HOTELS CORP COM 121,611.75 29.75 235,233.25 0.10% 113,621.50
23,729.00 UNITED STATES HOME DEPOT INC COM 826,788.08 58.88 1,397,044.88 0.57% 570,256.80
4,184.00 UNITED STATES IKON OFFICE SOLUTIONS INC COM 137,814.60 28.13 117,675.00 0.05% (20,139.60)
3,959.00 UNITED STATES INTERPUBLIC GROUP COS INC COM 113,944.57 49.81 197,207.69 0.08% 83,263.12
3,800.00 UNITED STATES ITT CORP NEW COM 178,488.75 82.88 314,925.00 0.13% 136,436.25
1,200.00 UNITED STATES JOSTENS INC 26,736.50 23.06 27,675.00 0.01% 938.50
15,450.00 UNITED STATES K MART CORP COM 195,772.35 11.56 178,640.63 0.07% (17,131.72)
1,200.00 UNITED STATES KING WORLD PRODTNS INC COM 50,036.60 57.75 69,300.00 0.03% 19,263.40
2,796.00 UNITED STATES KNIGHT RIDDER INC 93,858.00 52.00 145,392.00 0.06% 51,534.00
7,986.00 UNITED STATES KROGER CO COM 143,170.33 36.94 294,982.88 0.12% 151,812.55
8,572.00 UNITED STATES LIMITED INC COM 153,021.90 25.50 218,586.00 0.09% 65,564.10
1,228.00 UNITED STATES LONGS DRUG STORES CORP COM 24,437.30 32.13 39,449.50 0.02% 15,012.20
5,483.00 UNITED STATES LOWES COS INC COM 200,271.65 47.69 261,470.56 0.11% 61,198.91
4,086.00 UNITED STATES MARRIOTT INTL INC COM 143,465.50 69.25 282,955.50 0.12% 139,490.00
7,363.00 UNITED STATES MAY DEPT STORES CO COM 280,088.69 52.69 387,938.06 0.16% 107,849.37
22,215.00 UNITED STATES MCDONALDS CORP COM 824,449.53 47.75 1,060,766.25 0.43% 236,316.72
3,100.00 UNITED STATES MCGRAW HILL COS INC COM 138,055.70 74.00 229,400.00 0.09% 91,344.30
1,200.00 UNITED STATES MERCANTILE STORES INC COM 62,113.50 60.88 73,050.00 0.03% 10,936.50
1,700.00 UNITED STATES MEREDITH CORP COM 47,051.30 35.69 60,668.75 0.02% 13,617.45
5,600.00 UNITED STATES MIRAGE RESORTS INC COM 145,783.50 22.75 127,400.00 0.05% (18,383.50)
1,400.00 UNITED STATES NATIONAL SVC INDS INC COM 59,559.40 49.56 69,387.50 0.03% 9,828.10
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<S> <C> <C> <C> <C> <C> <C> <C>
3,000.00 UNITED STATES NEW YORK TIMES CO CL A 131,447.70 66.13 198,375.00 0.08% 66,927.30
2,401.00 UNITED STATES NORDSTROM INC WASH COM 99,403.00 60.38 144,960.38 0.06% 45,557.38
5,200.00 UNITED STATES OMNICOM GROUP INC COM 202,852.00 42.38 220,350.00 0.09% 17,498.00
7,872.00 UNITED STATES PENNEY J C INC COM 390,836.60 60.31 474,780.00 0.19% 83,943.40
2,000.00 UNITED STATES PEP BOYS MANNY MOE & JACK COM 57,540.00 23.88 47,750.00 0.02% (9,790.00)
3,900.00 UNITED STATES RITE AID CORP COM 119,221.90 58.69 228,881.25 0.09% 109,659.35
1,800.00 UNITED STATES SAFETY KLEEN CORP 28,904.80 27.44 49,387.50 0.02% 20,482.70
29,389.00 UNITED STATES SBC COMMUNICATIONS INC COM 1,386,988.13 73.25 2,152,744.25 0.88% 765,756.12
12,362.00 UNITED STATES SEARS ROEBUCK & CO COM 448,371.02 45.25 559,380.50 0.23% 111,009.48
7,876.00 UNITED STATES SERVICE CORP INTL COM 178,668.20 36.94 290,919.75 0.12% 112,251.55
13,562.00 UNITED STATES SPRINT CORP COM 450,638.13 58.63 795,072.25 0.33% 344,434.12
1,900.00 UNITED STATES SUPERVALU INC COM 61,263.10 41.88 79,562.50 0.03% 18,299.40
5,517.00 UNITED STATES SYSCO CORP COM 188,730.03 45.56 251,368.31 0.10% 62,638.28
3,318.00 UNITED STATES TANDY CORP COM 75,189.75 38.56 127,950.38 0.05% 52,760.63
16,047.00 UNITED STATES TELE COMMUNICATIONS INC NEW 264,968.01 27.94 448,313.06 0.18% 183,345.05
18,176.00 UNITED STATES TIME WARNER INC COM 774,838.30 62.00 1,126,912.00 0.46% 352,073.70
3,076.00 UNITED STATES TIMES MIRROR CO NEW COM SER A 93,459.01 61.50 189,174.00 0.08% 95,714.99
5,100.00 UNITED STATES TJX COS INC NEW COM 102,765.50 34.38 175,312.50 0.07% 72,547.00
8,982.00 UNITED STATES TOYS R US INC COM 264,577.90 31.44 282,371.63 0.12% 17,793.73
3,900.00 UNITED STATES TRIBUNE CO NEW COM 147,239.90 62.25 242,775.00 0.10% 95,535.10
19,240.00 UNITED STATES U S WEST INC COM MEDIA GROUP 346,765.01 28.88 555,555.00 0.23% 208,789.99
11,124.00 UNITED STATES VIACOM INC CL B 441,591.30 41.44 460,950.75 0.19% 19,359.45
72,128.00 UNITED STATES WAL MART STORES INC COM 1,836,342.00 39.44 2,844,548.00 1.16% 1,008,206.00
15,480.00 UNITED STATES WALGREEN CO 273,072.00 31.38 485,685.00 0.20% 212,613.00
14,290.00 UNITED STATES WASTE MGMT INC NEW COM NEW 425,063.65 27.50 392,975.00 0.16% (32,088.65)
4,100.00 UNITED STATES WENDYS INTL INC COM 84,119.60 24.06 98,656.25 0.04% 14,536.65
4,650.00 UNITED STATES WINN DIXIE STORES INC 139,356.55 43.69 203,146.88 0.08% 63,790.33
4,200.00 UNITED STATES WOOLWORTH CORP COM 80,767.25 20.38 85,575.00 0.04% 4,807.75
900.00 UNITED STATES AEROQUIP-VICKERS INC COM 39,299.40 49.06 44,156.25 0.02% 4,856.85
2,935.00 UNITED STATES BLACK & DECKER CORP COM 89,743.10 39.06 114,648.44 0.05% 24,905.34
21,156.00 UNITED STATES CHRYSLER CORP COM 564,075.55 35.19 744,426.75 0.30% 180,351.20
2,464.00 UNITED STATES COOPER TIRE & RUBR CO 53,272.58 24.38 60,060.00 0.02% 6,787.42
7,264.00 UNITED STATES CORNING INC COM 256,888.54 37.13 269,676.00 0.11% 12,787.46
1,100.00 UNITED STATES FLEETWOOD ENTERPRISES INC COM 30,490.80 42.44 46,681.25 0.02% 16,190.45
38,262.00 UNITED STATES FORD MTR CO DEL COM 1,206,103.75 48.69 1,862,881.13 0.76% 656,777.38
22,616.00 UNITED STATES GENERAL MTRS CORP COM 986,055.25 60.63 1,371,095.00 0.56% 385,039.75
5,689.00 UNITED STATES GENUINE PARTS CO COM 162,425.35 33.94 193,070.44 0.08% 30,645.09
4,927.00 UNITED STATES GOODYEAR TIRE & RUBR CO COM 220,767.38 63.63 313,480.38 0.13% 92,713.00
5,182.00 UNITED STATES MASCO CORP COM 161,360.45 50.88 263,634.25 0.11% 102,273.80
3,095.00 UNITED STATES MAYTAG CORP COM 50,504.43 37.31 115,482.19 0.05% 64,977.76
4,973.00 UNITED STATES NEWELL CO COM 157,646.00 42.50 211,352.50 0.09% 53,706.50
4,600.00 UNITED STATES NEXTLEVEL SYS INC COM 92,521.04 17.88 82,225.00 0.03% (10,296.04)
700.00 UNITED STATES PULTTE CORP COM 24,695.30 41.81 29,268.75 0.01% 4,573.45
1,905.00 UNITED STATES SNAP ON INC COM 52,307.06 43.63 83,105.63 0.03% 30,798.57
600.00 UNITED STATES SPRINGS INDS INC CL A 29,224.60 52.00 31,200.00 0.01% 1,975.40
1,700.00 UNITED STATES UNOVA INC COM 25,331.85 16.44 27,943.75 0.01% 2,611.90
2,356.00 UNITED STATES WHIRLPOOL CORP COM 118,246.30 55.00 129,580.00 0.05% 11,333.70
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<S> <C> <C> <C> <C> <C> <C> <C>
2,955.00 UNITED STATES AMERADA HESS CORP COM 154,859.03 54.88 162,155.63 0.07% 7,296.60
15,568.00 UNITED STATES AMOCO CORP COM 1,025,770.90 85.13 1,325,226.00 0.54% 299,455.10
1,900.00 UNITED STATES ANADARKO PETE CORP COM 127,619.40 60.69 115,306.25 0.05% (12,313.15)
2,800.00 UNITED STATES APACHE CORP COM 101,299.80 35.06 98,175.00 0.04% (3,124.80)
2,400.00 UNITED STATES ASHLAND INC 105,916.80 53.69 128,850.00 0.05% 22,933.20
10,164.00 UNITED STATES ATLANTIC RICHFIELD CO COM 596,010.50 80.13 814,390.50 0.33% 218,380.00
5,291.00 UNITED STATES BAKER HUGHES INC COM 173,026.18 43.63 230,819.88 0.09% 57,793.70
5,631.00 UNITED STATES BURLINGTON RES INC COM 229,521.95 44.81 252,339.19 0.10% 22,817.24
21,188.00 UNITED STATES CHEVRON CORP COM 1,143,803.45 77.00 1,631,476.00 0.67% 487,672.55
3,318.00 UNITED STATES COASTAL CORP COM 136,426.00 61.94 205,508.63 0.08% 69,082.63
5,524.00 UNITED STATES DRESSER INDS INC COM 163,344.30 41.94 231,662.75 0.09% 68,318.45
600.00 UNITED STATES EASTERN ENTERPRISES 21,062.00 45.00 27,000.00 0.01% 5,938.00
3,391.00 UNITED STATES EEX CORP 22,694.54 9.06 30,730.94 0.01% 8,036.40
10,196.00 UNITED STATES ENRON CORP COM 357,300.30 41.56 423,771.25 0.17% 66,470.95
78,614.00 UNITED STATES EXXON CORP COM 3,084,749.05 61.19 4,810,194.13 1.97% 1,725,445.08
8,568.00 UNITED STATES HALLIBURTON CO COM 234,217.66 51.94 445,000.50 0.18% 210,782.84
804.00 UNITED STATES HELMERICH & PAYNE INC COM 31,028.80 67.88 54,571.50 0.02% 23,542.70
1,547.00 UNITED STATES KERR MCGEE CORP 78,951.43 63.31 97,944.44 0.04% 18,993.01
1,728.00 UNITED STATES MCDERMOTT INTL INC COM 35,259.06 36.63 63,288.00 0.03% 28,028.94
25,388.00 UNITED STATES MOBIL CORP COM 1,298,087.20 72.19 1,832,696.25 0.75% 534,609.05
10,961.00 UNITED STATES OCCIDENTAL PETE CORP COM 238,298.85 29.31 321,294.31 0.13% 82,995.46
3,300.00 UNITED STATES ORYX ENERGY CO COM 64,897.30 25.50 84,150.00 0.03% 19,252.70
1,500.00 UNITED STATES PENNZOIL CO COM 76,430.00 66.81 100,218.75 0.04% 23,788.75
8,359.00 UNITED STATES PHILLIPS PETE CO COM 300,199.63 48.63 406,456.38 0.17% 106,256.75
2,700.00 UNITED STATES ROWAN COS INC COM 63,879.10 30.50 82,350.00 0.03% 18,470.90
16,144.00 UNITED STATES SCHLUMBERGER LTD COM 626,331.40 80.50 1,299,592.00 0.53% 673,260.60
2,731.00 UNITED STATES SONAT INC COM 93,811.63 45.75 124,943.25 0.05% 31,131.62
2,300.00 UNITED STATES SUN INC COM 66,627.30 42.06 96,743.75 0.04% 30,116.45
18,020.00 UNITED STATES TEXACO INC COM 704,755.23 54.38 979,837.50 0.40% 275,082.27
8,024.00 UNITED STATES UNION PAC RES GROUP INC COM 190,398.41 24.25 194,582.00 0.08% 4,183.59
7,886.00 UNITED STATES UNOCAL CORP COM 239,938.43 38.81 306,075.38 0.13% 66,136.95
9,130.00 UNITED STATES USX MARATHON GROUP NEW COM 191,056.90 33.75 308,137.50 0.13% 117,080.60
1,700.00 UNITED STATES WESTERN ATLAS INC COM 96,502.15 74.00 125,800.00 0.05% 29,297.85
10,100.00 UNITED STATES WILLIAMS COS INC COM 145,643.42 28.38 286,587.50 0.12% 140,944.08
2,974.00 UNITED STATES AMR CORP DEL COM 246,472.25 128.50 382,159.00 0.16% 135,686.75
4,952.00 UNITED STATES BURLINGTON NORTH SANTA FE CORP 351,612.70 92.94 460,226.50 0.19% 108,613.80
1,200.00 UNITED STATES CALIBER SYS INC 34,386.60 48.69 58,425.00 0.02% 24,038.40
6,920.00 UNITED STATES CSX CORP COM 286,797.75 54.00 373,680.00 0.15% 86,882.25
2,341.00 UNITED STATES DELTA AIR LINES INC DEL COM 165,965.10 119.00 278,579.00 0.11% 112,613.90
3,694.00 UNITED STATES FEDERAL EXPRESS CORP COM 134,179.45 61.06 225,564.88 0.09% 91,385.43
12,120.00 UNITED STATES NORFOLK SOUTHN CORP COM 280,893.77 30.81 373,447.50 0.15% 92,553.73
2,425.00 UNITED STATES RYDER SYS INC COM 63,851.00 32.75 79,418.75 0.03% 15,567.75
6,900.00 UNITED STATES SOUTHWEST AIRLS CO COM 102,148.40 24.63 169,912.50 0.07% 67,764.10
7,777.00 UNITED STATES UNION PAC CORP COM 374,622.37 62.44 485,576.44 0.20% 110,954.07
2,900.00 UNITED STATES US AIRWAYS GROUP INC COM 78,164.30 62.50 181,250.00 0.07% 103,085.70
4,427.00 UNITED STATES ADVANCED MICRO DEVICES INC COM 123,341.16 17.94 79,409.31 0.03% (43,931.85)
15,910.00 UNITED STATES AIRTOUCH COMMUNICATIONS INC 472,945.80 41.56 661,259.38 0.27% 188,313.58
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<S> <C> <C> <C> <C> <C> <C>
6,966.00 UNITED STATES AMP INC COM 272,904.70 42.00 292,572.00 0.12%
2,800.00 UNITED STATES ANDREW CORP COM 106,470.70 24.00 67,200.00 0.03%
4,000.00 UNITED STATES APPLE COMPUTER INC 69,587.80 13.13 52,500.00 0.02%
11,600.00 UNITED STATES APPLIED MATLS INC COM 254,219.10 30.13 349,450.00 0.14%
1,500.00 UNITED STATES AUTODESK INC COM 59,593.70 37.00 55,500.00 0.02%
9,288.00 UNITED STATES AUTOMATIC DATA PROCESSING INC 342,872.90 61.38 570,051.00 0.23%
6,800.00 UNITED STATES BAY NETWORKS INC 241,887.40 25.56 173,825.00 0.07%
32,164.20 UNITED STATES BOEING CO COM 996,194.16 48.94 1,574,035.54 0.64%
5,000.00 UNITED STATES CABLETRON SYS INC COM 153,666.75 15.00 75,000.00 0.03%
2,500.00 UNITED STATES CERIDIAN CORP COM 91,393.90 45.81 114,531.25 0.05%
31,957.00 UNITED STATES CISCO SYS INC COM 858,984.08 55.75 1,781,602.75 0.73%
1.00 UNITED STATES COMMSCOPE INC COM 15.97 13.44 13.40 0.00%
24,434.50 UNITED STATES COMPAQ COMPUTER CORP COM 630,604.65 56.44 1,379,022.09 0.56%
17,499.00 UNITED STATES COMPUTER ASSOC INTL INC COM 430,841.50 52.88 925,259.63 0.38%
2,500.00 UNITED STATES COMPUTER SCIENCES CORP COM 144,856.30 83.50 208,750.00 0.09%
1,500.00 UNITED STATES DATA GEN CORP COM 35,648.90 17.44 26,156.25 0.01%
10,500.00 UNITED STATES DELL COMPUTER CORP COM 323,062.80 84.00 882,000.00 0.36%
4,829.00 UNITED STATES DIGITAL EQUIP CORP COM 170,370.28 37.00 178,673.00 0.07%
3,700.00 UNITED STATES DSC COMMUNICATIONS CORP COM 86,325.10 24.00 88,800.00 0.04%
1,400.00 UNITED STATES EG & G INC 28,546.80 20.81 29,137.50 0.01%
15,600.00 UNITED STATES EMC CORP MASS 229,411.47 27.44 428,025.00 0.18%
13,512.00 UNITED STATES FIRST DATA CORP COM 454,731.35 29.25 395,226.00 0.16%
5,100.00 UNITED STATES FRONTIER CORP COM 111,977.00 24.06 122,718.75 0.05%
2,506.00 UNITED STATES HARRIS CORP DEL COM 79,912.75 45.88 114,962.75 0.05%
33,404.00 UNITED STATES HEWLETT PACKARD CO COM 1,240,111.80 62.50 2,087,750.00 0.85%
4,072.00 UNITED STATES HONEYWELL INC COM 194,218.30 68.50 278,932.00 0.11%
31,120.00 UNITED STATES IBM CORP COM 1,583,106.90 104.56 3,253,985.00 1.33%
52,524.00 UNITED STATES INTEL CORP CALIF COM 1,695,417.75 70.25 3,689,811.00 1.51%
2,700.00 UNITED STATES KLA TENCOR CORP 194,062.50 38.63 104,287.50 0.04%
6,112.00 UNITED STATES LOCKHEED MARTIN CORP COM 463,493.37 98.50 602,032.00 0.25%
4,500.00 UNITED STATES LSI LOGIC CORP COM 143,784.10 19.75 88,875.00 0.04%
20,834.00 UNITED STATES LUCENT TECHNOLOGIES INC COM 1,099,254.88 79.88 1,664,115.75 0.68%
6,674.00 UNITED STATES MICRON TECHNOLOGY INC COM 195,527.98 26.00 173,524.00 0.07%
38,936.00 UNITED STATES MICROSOFT CORP COM 2,180,969.40 129.25 5,032,478.00 2.06%
19,320.00 UNITED STATES MOTOROLA INC COM 1,196,819.65 57.06 1,102,447.50 0.45%
5,200.00 UNITED STATES NATIONAL SEMICONDUCTOR CORP 144,704.20 25.94 134,875.00 0.06%
22.00 UNITED STATES NETSCAPE COMMUNICATIONS CORP 0.00 24.38 536.25 0.00%
11,000.00 UNITED STATES NOVELL INC 115,622.40 7.50 82,500.00 0.03%
31,098.00 UNITED STATES ORACLE CORPORATION COM 649,562.14 22.31 693,874.13 0.28%
4,000.00 UNITED STATES PARAMETRIC TECHNOLOGY CORP COM 178,843.90 47.38 189,500.00 0.08%
1,400.00 UNITED STATES PERKIN ELMER CORP COM 103,546.70 71.06 99,487.50 0.04%
4,568.00 UNITED STATES PITNEY BOWES INC COM 183,892.30 89.94 410,834.50 0.17%
2,400.00 UNITED STATES SCIENTIFIC ATLANTA INC 41,754.30 16.75 40,200.00 0.02%
7,700.00 UNITED STATES SEAGATE TECHNOLOGY COM 261,221.70 19.25 148,225.00 0.06%
800.00 UNITED STATES SHARED MED SYS CORP 41,214.00 66.00 52,800.00 0.02%
5,590.00 UNITED STATES SILICON GRAPHICS INC COM 110,114.40 12.44 69,525.63 0.03%
12,232.00 UNITED STATES SUN MICROSYSTEMS INC COM 242,580.95 39.88 487,751.00 0.20%
<CAPTION>
<S> <C> <C> <C>
6,966.00 UNITED STATES AMP INC COM 19,667.30
2,800.00 UNITED STATES ANDREW CORP COM (39,270.70)
4,000.00 UNITED STATES APPLE COMPUTER INC (17,087.80)
11,600.00 UNITED STATES APPLIED MATLS INC COM 95,230.90
1,500.00 UNITED STATES AUTODESK INC COM (4,093.70)
9,288.00 UNITED STATES AUTOMATIC DATA PROCESSING INC 227,178.10
6,800.00 UNITED STATES BAY NETWORKS INC (68,062.40)
32,164.20 UNITED STATES BOEING CO COM 577,841.38
5,000.00 UNITED STATES CABLETRON SYS INC COM (78,666.75)
2,500.00 UNITED STATES CERIDIAN CORP COM 23,137.35
31,957.00 UNITED STATES CISCO SYS INC COM 922,618.67
1.00 UNITED STATES COMMSCOPE INC COM (2.57)
24,434.50 UNITED STATES COMPAQ COMPUTER CORP COM 748,417.44
17,499.00 UNITED STATES COMPUTER ASSOC INTL INC COM 494,418.13
2,500.00 UNITED STATES COMPUTER SCIENCES CORP COM 63,893.70
1,500.00 UNITED STATES DATA GEN CORP COM (9,492.65)
10,500.00 UNITED STATES DELL COMPUTER CORP COM 558,937.20
4,829.00 UNITED STATES DIGITAL EQUIP CORP COM 8,302.72
3,700.00 UNITED STATES DSC COMMUNICATIONS CORP COM 2,474.90
1,400.00 UNITED STATES EG & G INC 590.70
15,600.00 UNITED STATES EMC CORP MASS 198,613.53
13,512.00 UNITED STATES FIRST DATA CORP COM (59,505.35)
5,100.00 UNITED STATES FRONTIER CORP COM 10,741.75
2,506.00 UNITED STATES HARRIS CORP DEL COM 35,050.00
33,404.00 UNITED STATES HEWLETT PACKARD CO COM 847,638.20
4,072.00 UNITED STATES HONEYWELL INC COM 84,713.70
31,120.00 UNITED STATES IBM CORP COM 1,670,878.10
52,524.00 UNITED STATES INTEL CORP CALIF COM 1,994,393.25
2,700.00 UNITED STATES KLA TENCOR CORP (89,775.00)
6,112.00 UNITED STATES LOCKHEED MARTIN CORP COM 138,538.63
4,500.00 UNITED STATES LSI LOGIC CORP COM (54,909.10)
20,834.00 UNITED STATES LUCENT TECHNOLOGIES INC COM 564,860.87
6,674.00 UNITED STATES MICRON TECHNOLOGY INC COM (22,003.98)
38,936.00 UNITED STATES MICROSOFT CORP COM 2,851,508.60
19,320.00 UNITED STATES MOTOROLA INC COM (94,372.15)
5,200.00 UNITED STATES NATIONAL SEMICONDUCTOR CORP (9,829.20)
22.00 UNITED STATES NETSCAPE COMMUNICATIONS CORP 536.25
11,000.00 UNITED STATES NOVELL INC (33,122.40)
31,098.00 UNITED STATES ORACLE CORPORATION COM 44,311.99
4,000.00 UNITED STATES PARAMETRIC TECHNOLOGY CORP COM 10,656.10
1,400.00 UNITED STATES PERKIN ELMER CORP COM (4,059.20)
4,568.00 UNITED STATES PITNEY BOWES INC COM 226,942.20
2,400.00 UNITED STATES SCIENTIFIC ATLANTA INC (1,554.30)
7,700.00 UNITED STATES SEAGATE TECHNOLOGY COM (112,996.70)
800.00 UNITED STATES SHARED MED SYS CORP 11,586.00
5,590.00 UNITED STATES SILICON GRAPHICS INC COM (40,588.77)
12,232.00 UNITED STATES SUN MICROSYSTEMS INC COM 245,170.05
</TABLE>
29
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
1,650.00 UNITED STATES TEKTRONIX INC COM 52,598.40 39.69 65,484.38 0.03%
5,700.00 UNITED STATES TELLABS INC COM 190,285.90 52.88 301,387.50 0.12%
12,728.00 UNITED STATES TEXAS INSTRS INC COM 374,684.60 45.00 572,760.00 0.23%
5,500.00 UNITED STATES UNISYS CORP 49,154.30 13.88 76,312.50 0.03%
7,442.00 UNITED STATES UNITED TECHNOLOGIES CORP COM 393,281.95 72.81 541,870.63 0.22%
10,274.00 UNITED STATES XEROX CORP COM 510,715.61 73.81 758,349.63 0.31%
10,900.00 UNITED STATES 3COM CORP COM 539,783.90 34.94 380,818.75 0.16%
3,440.00 UNITED STATES AIR PRODS & CHEMS INC COM 198,635.80 82.25 282,940.00 0.12%
5,500.00 UNITED STATES ALLEGHENY TELEDYNE INC COM 125,460.20 25.88 142,312.50 0.06%
17,798.00 UNITED STATES ALLIED SIGNAL INC COM 484,685.25 38.94 693,009.63 0.28%
5,550.00 UNITED STATES ALUMINUM CO AMER COM 297,406.73 70.38 390,581.25 0.16%
3,300.00 UNITED STATES ARMCO INC 14,222.40 4.94 16,293.75 0.01%
1,281.00 UNITED STATES ASARCO INC 36,165.08 22.44 28,742.44 0.01%
3,238.00 UNITED STATES AVERY DENNISON CORP COM 80,789.85 44.75 144,900.50 0.06%
7,200.00 UNITED STATES BATTLE MTN GOLD CO COM 54,284.80 5.88 42,300.00 0.02%
1,700.00 UNITED STATES BEMIS INC COM 63,134.10 44.06 74,906.25 0.03%
3,500.00 UNITED STATES BETHLEHEM STL CORP COM 31,945.10 8.63 30,187.50 0.01%
1,700.00 UNITED STATES BOISE CASCADE CORP COM 66,852.90 30.25 51,425.00 0.02%
6,211.00 UNITED STATES BROWNING FERRIS INDS INC COM 195,459.95 37.00 229,807.00 0.09%
3,085.00 UNITED STATES CHAMPION INTL CORP COM 123,730.05 45.31 139,789.06 0.06%
2,897.00 UNITED STATES CYPRUS AMAX MINERALS CO COM 75,662.58 15.38 44,541.38 0.02%
7,267.00 UNITED STATES DOW CHEM CO COM 505,173.53 101.50 737,600.50 0.30%
36,274.00 UNITED STATES DU PONT E I DE NEMOURS & CO 1,379,807.55 60.06 2,178,707.13 0.89%
4,500.00 UNITED STATES ENGELHARD CORP 93,808.90 17.38 78,187.50 0.03%
1,200.00 UNITED STATES FMC CORP NEW COM 84,849.00 67.31 80,775.00 0.03%
6,636.00 UNITED STATES FORT JAMES CORP COM 227,719.94 38.25 253,827.00 0.10%
5,800.00 UNITED STATES FREEPORT MCMORAN COPPER B 153,216.20 15.75 91,350.00 0.04%
1,600.00 UNITED STATES GENERAL SIGNAL CORP COM 63,082.10 42.19 67,500.00 0.03%
2,888.00 UNITED STATES GEORGIA PAC CORP COM 154,456.49 60.75 175,446.00 0.07%
2,888.00 UNITED STATES GEORGIA PAC CORP COM TIMBER 61,139.01 22.69 65,521.50 0.03%
2,300.00 UNITED STATES GOODRICH B F CO 91,095.55 41.44 95,306.25 0.04%
2,343.00 UNITED STATES GRACE W R & CO DEL COM 120,377.26 80.44 188,465.06 0.08%
1,900.00 UNITED STATES GREAT LAKES CHEM CORP COM 91,244.30 44.88 85,262.50 0.03%
1,600.00 UNITED STATES HARNISCHFEGER INDS INC COM 63,607.00 35.31 56,500.00 0.02%
3,176.00 UNITED STATES HERCULES INC COM 140,620.80 50.06 158,998.50 0.07%
4,600.00 UNITED STATES HOMESTAKE MNG CO COM 64,429.60 8.88 40,825.00 0.02%
1,500.00 UNITED STATES INLAND STL INDS INC COM 30,392.50 17.13 25,687.50 0.01%
9,610.00 UNITED STATES INTERNATIONAL PAPER CO COM 373,929.88 43.13 414,431.25 0.17%
3,400.00 UNITED STATES LOUISIANA PAC CORP COM 84,930.50 19.00 64,600.00 0.03%
3,294.00 UNITED STATES MEAD CORP COM 86,852.13 28.00 92,232.00 0.04%
13,152.00 UNITED STATES MINNESOTA MNG & MFG CO COM 857,086.09 82.06 1,079,286.00 0.44%
19,090.00 UNITED STATES MONSANTO CO COM 395,166.70 42.00 801,780.00 0.33%
300.00 UNITED STATES NACCO INDS INC CL A 15,068.50 107.19 32,156.25 0.01%
2,100.00 UNITED STATES NALCO CHEM CO COM 78,479.50 39.56 83,081.25 0.03%
4,957.00 UNITED STATES NEWMONT MNG CORP COM 189,382.61 29.38 145,611.88 0.06%
2,746.00 UNITED STATES NUCOR CORP 141,814.30 48.31 132,666.13 0.05%
4,400.00 UNITED STATES OWENS ILL INC NEW 159,844.30 37.94 166,925.00 0.07%
<CAPTION>
<S> <C> <C> <C>
1,650.00 UNITED STATES TEKTRONIX INC COM 12,885.98
5,700.00 UNITED STATES TELLABS INC COM 111,101.60
12,728.00 UNITED STATES TEXAS INSTRS INC COM 198,075.40
5,500.00 UNITED STATES UNISYS CORP 27,158.20
7,442.00 UNITED STATES UNITED TECHNOLOGIES CORP COM 148,588.68
10,274.00 UNITED STATES XEROX CORP COM 247,634.02
10,900.00 UNITED STATES 3COM CORP COM (158,965.15)
3,440.00 UNITED STATES AIR PRODS & CHEMS INC COM 84,304.20
5,500.00 UNITED STATES ALLEGHENY TELEDYNE INC COM 16,852.30
17,798.00 UNITED STATES ALLIED SIGNAL INC COM 208,324.38
5,550.00 UNITED STATES ALUMINUM CO AMER COM 93,174.52
3,300.00 UNITED STATES ARMCO INC 2,071.35
1,281.00 UNITED STATES ASARCO INC (7,422.64)
3,238.00 UNITED STATES AVERY DENNISON CORP COM 64,110.65
7,200.00 UNITED STATES BATTLE MTN GOLD CO COM (11,984.80)
1,700.00 UNITED STATES BEMIS INC COM 11,772.15
3,500.00 UNITED STATES BETHLEHEM STL CORP COM (1,757.60)
1,700.00 UNITED STATES BOISE CASCADE CORP COM (15,427.90)
6,211.00 UNITED STATES BROWNING FERRIS INDS INC COM 34,347.05
3,085.00 UNITED STATES CHAMPION INTL CORP COM 16,059.01
2,897.00 UNITED STATES CYPRUS AMAX MINERALS CO COM (31,121.20)
7,267.00 UNITED STATES DOW CHEM CO COM 232,426.97
36,274.00 UNITED STATES DU PONT E I DE NEMOURS & CO 798,899.58
4,500.00 UNITED STATES ENGELHARD CORP (15,621.40)
1,200.00 UNITED STATES FMC CORP NEW COM (4,074.00)
6,636.00 UNITED STATES FORT JAMES CORP COM 26,107.06
5,800.00 UNITED STATES FREEPORT MCMORAN COPPER B (61,866.20)
1,600.00 UNITED STATES GENERAL SIGNAL CORP COM 4,417.90
2,888.00 UNITED STATES GEORGIA PAC CORP COM 20,989.51
2,888.00 UNITED STATES GEORGIA PAC CORP COM TIMBER 4,382.49
2,300.00 UNITED STATES GOODRICH B F CO 4,210.70
2,343.00 UNITED STATES GRACE W R & CO DEL COM 68,087.80
1,900.00 UNITED STATES GREAT LAKES CHEM CORP COM (5,981.80)
1,600.00 UNITED STATES HARNISCHFEGER INDS INC COM (7,107.00)
3,176.00 UNITED STATES HERCULES INC COM 18,377.70
4,600.00 UNITED STATES HOMESTAKE MNG CO COM (23,604.60)
1,500.00 UNITED STATES INLAND STL INDS INC COM (4,705.00)
9,610.00 UNITED STATES INTERNATIONAL PAPER CO COM 40,501.37
3,400.00 UNITED STATES LOUISIANA PAC CORP COM (20,330.50)
3,294.00 UNITED STATES MEAD CORP COM 5,379.87
13,152.00 UNITED STATES MINNESOTA MNG & MFG CO COM 222,199.91
19,090.00 UNITED STATES MONSANTO CO COM 406,613.30
300.00 UNITED STATES NACCO INDS INC CL A 17,087.75
2,100.00 UNITED STATES NALCO CHEM CO COM 4,601.75
4,957.00 UNITED STATES NEWMONT MNG CORP COM (43,770.73)
2,746.00 UNITED STATES NUCOR CORP (9,148.17)
4,400.00 UNITED STATES OWENS ILL INC NEW 7,080.70
</TABLE>
30
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
1,962.00 UNITED STATES PHELPS DODGE CORP COM 125,708.95 62.25 122,134.50 0.05%
886.00 UNITED STATES POTLATCH CORP COM 41,082.62 43.00 38,098.00 0.02%
5,688.00 UNITED STATES PPG INDS INC COM 225,656.90 57.13 324,927.00 0.13%
4,987.00 UNITED STATES PRAXAIR INC COM 146,676.68 45.00 224,415.00 0.09%
2,300.00 UNITED STATES REYNOLDS METALS CO COM 132,296.00 60.00 138,000.00 0.06%
2,000.00 UNITED STATES ROHM & HAAS CO COM 175,458.80 95.75 191,500.00 0.08%
3,100.00 UNITED STATES SIGMA ALDRICH CORP 71,371.77 39.75 123,225.00 0.05%
3,758.00 UNITED STATES SOLUTIA INC COM 32,715.31 26.69 100,291.63 0.04%
3,100.00 UNITED STATES STONE CONTAINER CORP COM 45,568.30 10.44 32,356.25 0.01%
1,800.00 UNITED STATES TEMPLE INLAND INC COM 91,970.80 52.31 94,162.50 0.04%
2,156.00 UNITED STATES UNION CAMP CORP COM 106,762.80 53.69 115,750.25 0.05%
3,887.00 UNITED STATES UNION CARBIDE CORP COM 115,554.50 42.94 166,898.06 0.07%
2,685.00 UNITED STATES USX U S STL GROUP COM 78,369.31 31.25 83,906.25 0.03%
3,200.00 UNITED STATES WESTVACO CORP COM 89,190.60 31.44 100,600.00 0.04%
6,314.00 UNITED STATES WEYERHAEUSER CO COM 273,360.00 49.06 309,780.63 0.13%
3,500.00 UNITED STATES WILLAMETTE INDS INC 118,799.50 32.19 112,656.25 0.05%
3,000.00 UNITED STATES WORTHINGTON INDS INC COM 60,125.60 16.50 49,500.00 0.02%
2,300.00 UNITED STATES ADOBE SYS INC DEL COM 103,812.70 41.25 94,875.00 0.04%
1,300.00 UNITED STATES ARMSTRONG WORLD INDS INC COM 88,919.80 74.75 97,175.00 0.04%
800.00 UNITED STATES BRIGGS & STRATTON CORP 37,616.10 48.56 38,850.00 0.02%
2,400.00 UNITED STATES CASE CORP COM 117,898.00 60.44 145,050.00 0.06%
11,910.00 UNITED STATES CATERPILLAR INC 403,449.10 48.56 578,379.38 0.24%
900.00 UNITED STATES CENTEX CORP COM 37,711.80 62.94 56,643.75 0.02%
1,200.00 UNITED STATES CINCINNATI MILACRON INC COM 27,086.50 25.94 31,125.00 0.01%
3,837.00 UNITED STATES COOPER INDS INC COM 158,768.65 49.00 188,013.00 0.08%
1,400.00 UNITED STATES CRANE CO 52,415.16 43.38 60,725.00 0.02%
1,200.00 UNITED STATES CUMMINS ENGINE INC COM 58,574.00 59.06 70,875.00 0.03%
3,312.00 UNITED STATES DANA CORP 99,634.60 47.50 157,320.00 0.06%
7,946.00 UNITED STATES DEERE & CO COM 291,112.50 58.31 463,351.13 0.19%
7,108.00 UNITED STATES DOVER CORP COM 127,474.48 36.13 256,776.50 0.11%
2,509.00 UNITED STATES EATON CORP 135,864.63 89.25 223,928.25 0.09%
2,000.00 UNITED STATES ECHLIN INC 65,427.70 36.19 72,375.00 0.03%
13,996.00 UNITED STATES EMERSON ELEC CO COM 536,404.60 56.44 789,899.25 0.32%
2,621.00 UNITED STATES FLUOR CORP 150,076.25 37.38 97,959.88 0.04%
1,300.00 UNITED STATES FOSTER WHEELER CORP 52,951.00 27.06 35,181.25 0.01%
2,000.00 UNITED STATES GENERAL DYNAMICS CORP COM 132,490.00 86.44 172,875.00 0.07%
104,810.00 UNITED STATES GENERAL ELEC CO COM 3,781,579.90 73.38 7,690,433.75 3.15%
1,583.00 UNITED STATES GRAINGER W W INC COM 100,954.88 97.19 153,847.81 0.06%
7,896.00 UNITED STATES ILLINOIS TOOL WKS INC COM 272,281.50 60.13 474,747.00 0.19%
5,263.00 UNITED STATES INGERSOLL RAND CO 138,065.60 40.50 213,151.50 0.09%
3,700.00 UNITED STATES ITT INDS INC IND COM 95,499.10 31.38 116,087.50 0.05%
2,634.00 UNITED STATES JOHNSON CTLS INC COM 101,574.21 47.75 125,773.50 0.05%
1,200.00 UNITED STATES KAUFMAN & BROAD HOME CORP COM 17,342.80 22.44 26,925.00 0.01%
2,300.00 UNITED STATES NAVISTAR INTL CORP NEW COM 39,415.00 24.81 57,068.75 0.02%
2,100.00 UNITED STATES NORTHROP GRUMMAN CORP COM 158,598.30 115.00 241,500.00 0.10%
1,700.00 UNITED STATES OWENS CORNING COM 68,877.80 34.13 58,012.50 0.02%
2,604.00 UNITED STATES PACCAR INC 87,368.80 52.50 136,710.00 0.06%
<CAPTION>
<S> <C> <C> <C>
1,962.00 UNITED STATES PHELPS DODGE CORP COM (3,574.45)
886.00 UNITED STATES POTLATCH CORP COM (2,984.62)
5,688.00 UNITED STATES PPG INDS INC COM 99,270.10
4,987.00 UNITED STATES PRAXAIR INC COM 77,738.32
2,300.00 UNITED STATES REYNOLDS METALS CO COM 5,704.00
2,000.00 UNITED STATES ROHM & HAAS CO COM 16,041.20
3,100.00 UNITED STATES SIGMA ALDRICH CORP 51,853.23
3,758.00 UNITED STATES SOLUTIA INC COM 67,576.32
3,100.00 UNITED STATES STONE CONTAINER CORP COM (13,212.05)
1,800.00 UNITED STATES TEMPLE INLAND INC COM 2,191.70
2,156.00 UNITED STATES UNION CAMP CORP COM 8,987.45
3,887.00 UNITED STATES UNION CARBIDE CORP COM 51,343.56
2,685.00 UNITED STATES USX U S STL GROUP COM 5,536.94
3,200.00 UNITED STATES WESTVACO CORP COM 11,409.40
6,314.00 UNITED STATES WEYERHAEUSER CO COM 36,420.63
3,500.00 UNITED STATES WILLAMETTE INDS INC (6,143.25)
3,000.00 UNITED STATES WORTHINGTON INDS INC COM (10,625.60)
2,300.00 UNITED STATES ADOBE SYS INC DEL COM (8,937.70)
1,300.00 UNITED STATES ARMSTRONG WORLD INDS INC COM 8,255.20
800.00 UNITED STATES BRIGGS & STRATTON CORP 1,233.90
2,400.00 UNITED STATES CASE CORP COM 27,152.00
11,910.00 UNITED STATES CATERPILLAR INC 174,930.28
900.00 UNITED STATES CENTEX CORP COM 18,931.95
1,200.00 UNITED STATES CINCINNATI MILACRON INC COM 4,038.50
3,837.00 UNITED STATES COOPER INDS INC COM 29,244.35
1,400.00 UNITED STATES CRANE CO 8,309.84
1,200.00 UNITED STATES CUMMINS ENGINE INC COM 12,301.00
3,312.00 UNITED STATES DANA CORP 57,685.40
7,946.00 UNITED STATES DEERE & CO COM 172,238.63
7,108.00 UNITED STATES DOVER CORP COM 129,302.02
2,509.00 UNITED STATES EATON CORP 88,063.62
2,000.00 UNITED STATES ECHLIN INC 6,947.30
13,996.00 UNITED STATES EMERSON ELEC CO COM 253,494.65
2,621.00 UNITED STATES FLUOR CORP (52,116.37)
1,300.00 UNITED STATES FOSTER WHEELER CORP (17,769.75)
2,000.00 UNITED STATES GENERAL DYNAMICS CORP COM 40,385.00
104,810.00 UNITED STATES GENERAL ELEC CO COM 3,908,853.85
1,583.00 UNITED STATES GRAINGER W W INC COM 52,892.93
7,896.00 UNITED STATES ILLINOIS TOOL WKS INC COM 202,465.50
5,263.00 UNITED STATES INGERSOLL RAND CO 75,085.90
3,700.00 UNITED STATES ITT INDS INC IND COM 20,588.40
2,634.00 UNITED STATES JOHNSON CTLS INC COM 24,199.29
1,200.00 UNITED STATES KAUFMAN & BROAD HOME CORP COM 9,582.20
2,300.00 UNITED STATES NAVISTAR INTL CORP NEW COM 17,653.75
2,100.00 UNITED STATES NORTHROP GRUMMAN CORP COM 82,901.70
1,700.00 UNITED STATES OWENS CORNING COM (10,865.30)
2,604.00 UNITED STATES PACCAR INC 49,341.20
</TABLE>
31
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
3,993.00 UNITED STATES PALL CORP COM 82,932.50 20.69 82,605.19 0.03%
3,549.00 UNITED STATES PARKER HANNIFIN CORP COM 83,091.97 45.88 162,810.38 0.07%
2,800.00 UNITED STATES RAYCHEM CORP COM 105,079.75 43.06 120,575.00 0.05%
1,499.62 UNITED STATES RAYTHEON CO CL A 56,184.02 49.31 73,949.76 0.03%
10,904.00 UNITED STATES RAYTHEON CO CL B 457,367.10 50.50 550,652.00 0.23%
6,606.00 UNITED STATES ROCKWELL INTL CORP NEW COM 270,559.33 52.25 345,163.50 0.14%
2,800.00 UNITED STATES STANLEY WKS 90,858.80 47.19 132,125.00 0.05%
5,491.00 UNITED STATES TENNECO INC NEW COM 222,668.86 39.50 216,894.50 0.09%
5,198.00 UNITED STATES TEXTRON INC COM 192,893.18 62.50 324,875.00 0.13%
4,700.00 UNITED STATES THERMO ELECTRON CORP COM 171,787.90 44.50 209,150.00 0.09%
1,700.00 UNITED STATES THOMAS & BETTS CORP COM 75,802.80 47.25 80,325.00 0.03%
2,000.00 UNITED STATES TIMKEN CO 59,813.70 34.38 68,750.00 0.03%
3,940.00 UNITED STATES TRW INC 137,648.80 53.38 210,297.50 0.09%
5,849.00 UNITED STATES ALLTEL CORP 174,344.88 41.06 240,174.56 0.10%
5,978.00 UNITED STATES AMERICAN ELEC PWR INC COM 223,855.60 51.63 308,614.25 0.13%
4,652.00 UNITED STATES BALTIMORE GAS & ELEC CO COM 124,064.24 34.06 158,458.75 0.06%
25,069.20 UNITED STATES BELL ATLANTIC CORP COM 1,452,706.66 91.00 2,281,297.20 0.93%
31,848.00 UNITED STATES BELLSOUTH CORP COM 1,118,656.30 56.31 1,793,440.50 0.73%
4,766.00 UNITED STATES CAROLINA PWR & LT CO COM 157,158.15 42.44 202,257.13 0.08%
6,656.00 UNITED STATES CENTRAL & SOUTH WEST CORP COM 157,509.70 27.06 180,128.00 0.07%
4,917.00 UNITED STATES CINERGY CORP COM 139,906.83 38.31 188,382.56 0.08%
1,800.00 UNITED STATES COLUMBIA ENERGY GROUP COM 93,121.05 78.56 141,412.50 0.06%
7,427.00 UNITED STATES CONSOLIDATED EDISON CO N Y INC 224,107.85 41.00 304,507.00 0.12%
2,974.00 UNITED STATES CONSOLIDATED NAT GAS CO COM 136,553.80 60.50 179,927.00 0.07%
5,882.00 UNITED STATES DOMINION RES INC VA COM 224,857.35 42.56 250,352.63 0.10%
4,514.00 UNITED STATES DTE ENERGY CO COM 128,928.60 34.69 156,579.38 0.06%
11,351.00 UNITED STATES DUKE ENERGY CORP COM 439,861.05 55.38 628,561.63 0.26%
12,126.00 UNITED STATES EDISON INTL COM 224,504.05 27.19 329,675.63 0.13%
7,588.00 UNITED STATES ENTERGY CORP NEW COM 192,113.60 29.94 227,165.75 0.09%
7,390.00 UNITED STATES FIRSTENERGY CORP COM 176,337.80 29.00 214,310.00 0.09%
5,783.00 UNITED STATES FPL GROUP INC COM 234,719.38 59.19 342,281.31 0.14%
3,800.00 UNITED STATES GPU INC COM 119,944.80 42.13 160,075.00 0.07%
30,693.00 UNITED STATES GTE CORP COM 1,169,458.68 52.25 1,603,709.25 0.66%
8,958.00 UNITED STATES HOUSTON INDS INC COM 183,626.38 26.69 239,066.63 0.10%
22,382.00 UNITED STATES MCI COMMUNICATIONS CORP COM 543,240.65 42.81 958,229.38 0.39%
4,500.00 UNITED STATES NIAGARA MOHAWK PWR CORP COM 41,152.80 10.50 47,250.00 0.02%
1,500.00 UNITED STATES NICOR INC COM 42,467.50 42.19 63,281.25 0.03%
2,350.00 UNITED STATES NORTHERN STS PWR CO MINN COM 107,909.65 58.25 136,887.50 0.06%
850.00 UNITED STATES ONEOK INC NEW COM 23,119.48 40.38 34,318.75 0.01%
5,200.00 UNITED STATES P P & L RESOURCES INC COM 122,938.40 23.94 124,475.00 0.05%
2,500.00 UNITED STATES PACIFIC ENTERPRISES COM 77,500.00 37.63 94,062.50 0.04%
9,334.00 UNITED STATES PACIFICORP COM 189,585.20 27.31 254,934.88 0.10%
7,021.00 UNITED STATES PECO ENERGY CO COM 178,841.05 24.25 170,259.25 0.07%
1,100.00 UNITED STATES PEOPLES ENERGY CORP ILL COM 38,597.00 39.38 43,312.50 0.02%
13,781.00 UNITED STATES PG&E CORP COM 345,707.45 30.44 419,459.19 0.17%
7,320.00 UNITED STATES PUBLIC SVC ENTERPRISE GROUP 205,218.90 31.69 231,952.50 0.09%
22,052.00 UNITED STATES SOUTHERN CO COM 476,256.70 25.88 570,595.50 0.23%
<CAPTION>
<S> <C> <C> <C>
3,993.00 UNITED STATES PALL CORP COM (327.31)
3,549.00 UNITED STATES PARKER HANNIFIN CORP COM 79,718.41
2,800.00 UNITED STATES RAYCHEM CORP COM 15,495.25
1,499.62 UNITED STATES RAYTHEON CO CL A 17,765.74
10,904.00 UNITED STATES RAYTHEON CO CL B 93,284.90
6,606.00 UNITED STATES ROCKWELL INTL CORP NEW COM 74,604.17
2,800.00 UNITED STATES STANLEY WKS 41,266.20
5,491.00 UNITED STATES TENNECO INC NEW COM (5,774.36)
5,198.00 UNITED STATES TEXTRON INC COM 131,981.82
4,700.00 UNITED STATES THERMO ELECTRON CORP COM 37,362.10
1,700.00 UNITED STATES THOMAS & BETTS CORP COM 4,522.20
2,000.00 UNITED STATES TIMKEN CO 8,936.30
3,940.00 UNITED STATES TRW INC 72,648.70
5,849.00 UNITED STATES ALLTEL CORP 65,829.68
5,978.00 UNITED STATES AMERICAN ELEC PWR INC COM 84,758.65
4,652.00 UNITED STATES BALTIMORE GAS & ELEC CO COM 34,394.51
25,069.20 UNITED STATES BELL ATLANTIC CORP COM 828,590.54
31,848.00 UNITED STATES BELLSOUTH CORP COM 674,784.20
4,766.00 UNITED STATES CAROLINA PWR & LT CO COM 45,098.98
6,656.00 UNITED STATES CENTRAL & SOUTH WEST CORP COM 22,618.30
4,917.00 UNITED STATES CINERGY CORP COM 48,475.73
1,800.00 UNITED STATES COLUMBIA ENERGY GROUP COM 48,291.45
7,427.00 UNITED STATES CONSOLIDATED EDISON CO N Y INC 80,399.15
2,974.00 UNITED STATES CONSOLIDATED NAT GAS CO COM 43,373.20
5,882.00 UNITED STATES DOMINION RES INC VA COM 25,495.28
4,514.00 UNITED STATES DTE ENERGY CO COM 27,650.78
11,351.00 UNITED STATES DUKE ENERGY CORP COM 188,700.58
12,126.00 UNITED STATES EDISON INTL COM 105,171.58
7,588.00 UNITED STATES ENTERGY CORP NEW COM 35,052.15
7,390.00 UNITED STATES FIRSTENERGY CORP COM 37,972.20
5,783.00 UNITED STATES FPL GROUP INC COM 107,561.93
3,800.00 UNITED STATES GPU INC COM 40,130.20
30,693.00 UNITED STATES GTE CORP COM 434,250.57
8,958.00 UNITED STATES HOUSTON INDS INC COM 55,440.25
22,382.00 UNITED STATES MCI COMMUNICATIONS CORP COM 414,988.73
4,500.00 UNITED STATES NIAGARA MOHAWK PWR CORP COM 6,097.20
1,500.00 UNITED STATES NICOR INC COM 20,813.75
2,350.00 UNITED STATES NORTHERN STS PWR CO MINN COM 28,977.85
850.00 UNITED STATES ONEOK INC NEW COM 11,199.27
5,200.00 UNITED STATES P P & L RESOURCES INC COM 1,536.60
2,500.00 UNITED STATES PACIFIC ENTERPRISES COM 16,562.50
9,334.00 UNITED STATES PACIFICORP COM 65,349.68
7,021.00 UNITED STATES PECO ENERGY CO COM (8,581.80)
1,100.00 UNITED STATES PEOPLES ENERGY CORP ILL COM 4,715.50
13,781.00 UNITED STATES PG&E CORP COM 73,751.74
7,320.00 UNITED STATES PUBLIC SVC ENTERPRISE GROUP 26,733.60
22,052.00 UNITED STATES SOUTHERN CO COM 94,338.80
</TABLE>
32
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
8,110.00 UNITED STATES TEXAS UTILS CO COM 288,482.82 41.56 337,071.88 0.14%
15,640.00 UNITED STATES U S WEST COMMUNICATIONS GROUP 426,639.62 45.13 705,755.00 0.29%
6,837.00 UNITED STATES UNICOM CORP COM 173,520.70 30.75 210,237.75 0.09%
3,200.00 UNITED STATES UNION ELEC CO COM 123,120.40 43.25 138,400.00 0.06%
28,800.00 UNITED STATES WORLDCOM INC GA COM 782,993.10 30.25 871,200.00 0.36%
2,496.00 UNITED STATES EASTMAN CHEM CO COM 131,516.80 59.56 148,668.00 0.06%
0.00 DIVIDENDS RECEIVABLE 331,719.42 1.00 331,719.42 0.14%
---------- ---------- -----
NET PORTFOLIO ASSETS $157,855,988.50 $244,268,196.05 100.00%
<CAPTION>
<S> <C> <C> <C>
8,110.00 UNITED STATES TEXAS UTILS CO COM 48,589.06
15,640.00 UNITED STATES U S WEST COMMUNICATIONS GROUP 279,115.38
6,837.00 UNITED STATES UNICOM CORP COM 36,717.05
3,200.00 UNITED STATES UNION ELEC CO COM 15,279.60
28,800.00 UNITED STATES WORLDCOM INC GA COM 88,206.90
2,496.00 UNITED STATES EASTMAN CHEM CO COM 17,151.20
0.00 DIVIDENDS RECEIVABLE 0.00
NET PORTFOLIO ASSETS 86,412,207.55
</TABLE>
33
<PAGE>
CHAMPION INTERNATIONAL CORPORATION
HOURLY SAVINGS PLAN #158
FEIN: 13-1427390
FINANCIAL STATEMENTS
AS OF
DECEMBER 31, 1997 AND 1996
TOGETHER WITH
AUDITORS' REPORT
<PAGE>
CHAMPION INTERNATIONAL CORPORATION
Hourly Savings Plan #158
FEIN: 13-1427390
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page(s)
-------
<S> <C>
Report of Independent Public Accountants 1
Statement of Net Assets Available for Benefits as of
December 31, 1997 2
Statement of Changes in Net Assets Available for Benefits
for the Year Ended December 31, 1997 3
Statement of Net Assets Available for Benefits as of
December 31, 1996 4
Notes to Financial Statements -
December 31, 1997 and 1996 5-10
Schedule I - Item 27 (a) Schedule of Assets Held for Investment
Purposes - December 31, 1997 11-16
Schedule II - Item 27 (d) Schedule of Reportable Transactions for
the Year Ended December 31, 1997 17
Schedule III - Certification of Receipt of Annual Statement of Assets
and Liabilities of Commingled Trust Funds 18-33
</TABLE>
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
----------------------------------------
To the Board of Directors and the
Pension and Employee Benefits Committee of
Champion International Corporation:
We have audited the accompanying statements of net assets available for benefits
of the CHAMPION INTERNATIONAL CORPORATION HOURLY SAVINGS PLAN #158 as of
December 31, 1997 and 1996 and the related statement of changes in net assets
available for benefits for the year ended December 31, 1997. These financial
statements and the schedules referred to below are the responsibility of the
Plan Administrator. Our responsibility is to express an opinion on these
financial statements and schedules based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by the
Plan Administrator, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as of
December 31, 1997 and 1996, and the changes in net assets available for benefits
for the year ended December 31, 1997, in conformity with generally accepted
accounting principles.
Our audit was performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets
held for investment purposes as of December 31, 1997 and reportable transactions
for the year ended December 31, 1997 are presented for the purpose of additional
analysis and are not a required part of the basic financial statements but are
supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. The fund information in the statements of net assets
available for benefits and the statement of changes in net assets available for
benefits is presented for purposes of additional analysis rather than to present
the net assets available for benefits and changes in net assets available for
benefits of each fund. The supplemental schedules and fund information have
been subjected to the auditing procedures applied in the audit of the basic
financial statements, and, in our opinion, are fairly stated in all material
respects in relation to the financial statements taken as a whole. As explained
in the notes thereto, information presented in the schedules of investments and
reportable transactions does not disclose the historical cost of certain
investments. Disclosure of this information is required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974.
/s/ ARTHUR ANDERSEN LLP
Cincinnati, Ohio,
June 1, 1998
1
<PAGE>
CHAMPION INTERNATIONAL CORPORATION
HOURLY SAVINGS PLAN #158
FEIN: 13-1427390
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1997
<TABLE>
<CAPTION>
Company Directed Participant Directed
---------------- -------------------------------------------
S&P 500
Company Company Stable Index
Stock Fund Stock Fund Value Fund Fund
------------ ------------ ------------ -------------
<S> <C> <C> <C> <C>
INVESTMENTS (Notes 1, 2, 3 & 4):
Common Stock, Champion
International Corporation $21,779,775 $1,115,183 $ - $ -
Master Trust 4,677,576 - - -
Stock Funds - - - 35,205,572
Fixed Income Investment Contracts - - 24,712,793 -
Group Annuity Contract - Separate Account - - 51,000,010 -
Cash and Short Term Investments 828,182 - 2,327,644 -
Loans Receivable From Participants - - - -
----------- ---------- ----------- -----------
27,285,533 1,115,183 78,040,447 35,205,572
----------- ---------- ----------- -----------
RECEIVABLES (PAYABLES):
Accrued Interest and Dividends 24,911 - 445,171 -
Pending Transactions (309,516) - - -
----------- ---------- ----------- -----------
(284,605) - 445,171 -
----------- ---------- ----------- -----------
DUE TO CHAMPION INTERNATIONAL
CORPORATION SALARIED SAVINGS
PLAN #077 (Note 7) (272,356) - (1,388,774) (363,078)
----------- ---------- ----------- -----------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $26,728,572 $1,115,183 $77,096,844 $34,842,494
=========== ========== =========== ===========
<CAPTION>
Participant Directed
--------------------------------------------
Small Int'l. Employee
Company Equities Loan December 31,
Index Fund Index Fund Fund 1997
------------ ------------ ------------ --------------
<S> <C> <C> <C> <C>
INVESTMENTS (Notes 1, 2, 3 & 4):
Common Stock, Champion
International Corporation $ - $ - $ - $ 22,894,958
Master Trust - - - 4,677,576
Stock Funds 7,681,685 3,449,836 - 46,337,093
Fixed Income Investment Contracts - - - 24,712,793
Group Annuity Contract - Separate Account - - - 51,000,010
Cash and Short Term Investments 24 2 - 3,155,852
Loans Receivable From Participants - - 12,466,841 12,466,841
----------- ----------- ------------ -------------
7,681,709 3,449,838 12,466,841 165,245,123
----------- ----------- ------------ -------------
RECEIVABLES (PAYABLES):
Accrued Interest and Dividends - - - 470,082
Pending Transactions - - - (309,516)
----------- ----------- ------------ -------------
- - - 160,566
----------- ----------- ------------ -------------
DUE TO CHAMPION INTERNATIONAL
CORPORATION SALARIED SAVINGS
PLAN #077 (Note 7) (4,554) (3,591) - (2,032,353)
----------- ----------- ------------ -------------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $ 7,677,155 $ 3,446,247 $ 12,466,841 $ 163,373,336
=========== =========== ============ =============
</TABLE>
The accompanying notes to financial statements
are an integral part of these statements.
2
<PAGE>
CHAMPION INTERNATIONAL CORPORATION
HOURLY SAVINGS PLAN #158
FEIN: 13-1427390
Statement of Changes in Net Assets Available for Benefits
FOR THE YEAR ENDED DECEMBER 31, 1997
<TABLE>
<CAPTION>
Company Directed Participant Directed
---------------- ---------------------------------------------------
S&P 500 Small
Company Company Stable Index Company
Stock Fund Stock Fund Value Fund Fund Index Fund
---------- ---------- ---------- --------- ------------
<S> <C> <C> <C> <C> <C>
CONTRIBUTIONS (Note 1):
Company $ 5,070,957 $ - $ - $ - $ -
Employees - 20,973 15,939,599 7,323,743 1,982,727
----------- ---------- ----------- ----------- ----------
5,070,957 20,973 15,939,599 7,323,743 1,982,727
----------- ---------- ----------- ----------- ----------
INVESTMENT INCOME (LOSS) (Notes 1, 2, 3 & 4):
Dividends and Interest 157,383 125 5,199,159 - -
Net Realized and Unrealized Gain (Loss)
on Investments 931,512 (222,216) - 6,733,660 1,377,081
Master Trust 273,060 - - - -
----------- ---------- ----------- ----------- ----------
1,361,955 (222,091) 5,199,159 6,733,660 1,377,081
----------- ---------- ----------- ----------- ----------
WITHDRAWALS (Note 8):
Company Contributions (1,585,874) - - - -
Employee Contributions - (680) (5,484,247) (1,207,555) (431,039)
Master Trust (212,884) - - - -
----------- ---------- ----------- ----------- ----------
(1,798,758) (680) (5,484,247) (1,207,555) (431,039)
----------- ---------- ----------- ----------- ----------
CONTRIBUTIONS AND INVESTMENT
INCOME OVER (UNDER) WITHDRAWALS 4,634,154 (201,798) 15,654,511 12,849,848 2,928,769
----------- ---------- ----------- ----------- ----------
TRANSFERS BETWEEN FUNDS (942,585) 1,316,981 (9,588,289) 6,640,639 40,336
----------- ---------- ----------- ----------- ----------
TRANSFERS BETWEEN PLANS (Note 7):
To Champion International Corporation
Salaried Savings Plan #077 (579,006) - (2,111,350) (734,093) (81,255)
From Champion International Corporation
Salaried Savings Plan #077 256,630 - 1,587,578 343,629 114,183
----------- ---------- ----------- ----------- ----------
(322,376) - (523,772) (390,464) 32,928
----------- ---------- ----------- ----------- ----------
NET ASSETS AVAILABLE FOR PLAN BENEFITS
Beginning of Year 23,359,379 - 71,554,394 15,742,471 4,675,122
----------- ---------- ----------- ----------- ----------
NET ASSETS AVAILABLE FOR PLAN BENEFITS
End of Year $26,728,572 $1,115,183 $77,096,844 $34,842,494 $7,677,155
=========== ========== =========== =========== ==========
<CAPTION>
Participant Directed
-------------------------------
Int'l. Employee Year Ended
Equities Loan December 31,
Index Fund Fund 1997
-------------- ----------- ------------
<S> <C> <C> <C>
CONTRIBUTIONS (Note 1):
Company $ - $ - $ 5,070,957
Employees 1,068,997 - 26,336,039
---------- ----------- ------------
1,068,997 - 31,406,996
---------- ----------- ------------
INVESTMENT INCOME (LOSS) (Notes 1, 2, 3 & 4):
Dividends and Interest - 909,867 6,266,534
Net Realized and Unrealized Gain (Loss)
on Investments 24,233 - 8,844,270
Master Trust - - 273,060
---------- ----------- ------------
24,233 909,867 15,383,864
---------- ----------- ------------
WITHDRAWALS (Note 8):
Company Contributions - - (1,585,874)
Employee Contributions (231,391) (192,857) (7,547,769)
Master Trust - - (212,884)
---------- ----------- ------------
(231,391) (192,857) (9,346,527)
---------- ----------- ------------
CONTRIBUTIONS AND INVESTMENT
INCOME OVER (UNDER) WITHDRAWALS 861,839 717,010 37,444,333
---------- ----------- ------------
TRANSFERS BETWEEN FUNDS (380,399) 2,913,317 -
---------- ----------- ------------
TRANSFERS BETWEEN PLANS (Note 7):
To Champion International Corporation
Salaried Savings Plan #077 (50,764) - (3,556,468)
From Champion International Corporation
Salaried Savings Plan #077 60,530 - 2,362,550
---------- ----------- ------------
9,766 - (1,193,918)
---------- ----------- ------------
NET ASSETS AVAILABLE FOR PLAN BENEFITS
Beginning of Year 2,955,041 8,836,514 127,122,921
---------- ----------- ------------
NET ASSETS AVAILABLE FOR PLAN BENEFITS
End of Year $3,446,247 $12,466,841 $163,373,336
========== =========== ============
</TABLE>
The accompanying notes to financial statements
are an integral part of these statements.
3
<PAGE>
CHAMPION INTERNATIONAL CORPORATION
HOURLY SAVINGS PLAN #158
FEIN: 13-1427390
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1996
<TABLE>
<CAPTION>
Company Directed Participant Directed
---------------- ------------------------------------------------------
S&P 500 Small Int'l.
Company Stable Index Company Equities
Stock Fund Value Fund Fund Index Fund Index Fund
--------------- ---------- ------------ ------------ --------------
<S> <C> <C> <C> <C> <C>
INVESTMENTS (Notes 1, 2, 3 & 4):
Common Stock, Champion
International Corporation $18,021,886 $ - $ - $ - $ -
Master Trust 4,617,400 - - - -
Stock Funds - - 15,742,471 4,675,098 2,955,039
Fixed Income Investment Contracts - 24,865,765 - - -
Group Annuity Contract - Separate Account - 44,635,812 - - -
Cash and Short Term Investments 696,087 2,045,689 - 24 2
Loans Receivable From Participants - - - - -
---------- ---------- ---------- --------- ---------
23,335,373 71,547,266 15,742,471 4,675,122 2,955,041
INTEREST AND DIVIDENDS RECEIVABLE: 24,006 7,128 - - -
----------- ----------- ------------ ----------- -----------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS $23,359,379 $71,554,394 $15,742,471 $4,675,122 $2,955,041
=========== =========== =========== ========== ==========
<CAPTION>
-------------
Employee
Loan December 31,
Fund 1996
------------- ------------
<S> <C> <C>
INVESTMENTS (Notes 1, 2, 3 & 4):
Common Stock, Champion
International Corporation $ - $ 18,021,886
Master Trust - 4,617,400
Stock Funds - 23,372,608
Fixed Income Investment Contracts - 24,865,765
Group Annuity Contract - Separate Account - 44,635,812
Cash and Short Term Investments - 2,741,802
Loans Receivable From Participants 8,836,514 8,836,514
----------- -----------
8,836,514 127,091,787
INTEREST AND DIVIDENDS RECEIVABLE: - 31,134
---------- ------------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS $8,836,514 $127,122,921
=========== ============
</TABLE>
The accompanying notes to financial statements
are an integral part of these statements.
4
<PAGE>
CHAMPION INTERNATIONAL CORPORATION
HOURLY SAVINGS PLAN #158
FEIN: 13-1427390
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
(1) Plan Description
----------------
The following description of the Champion International Corporation Hourly
Savings Plan #158 (the Plan) provides only general information. Reference
should be made to the Plan agreement for a more complete description of the
Plan's provisions.
The Plan, which became effective on January 1, 1989, is a contributory
savings plan available to hourly employees of Champion International
Corporation (the Company). The Plan includes a 401(k) savings option
allowing participants to contribute before-tax compensation as well as
after-tax compensation.
Participants may contribute up to a maximum of 16% of their compensation,
subject to certain limitations. Qualified participant contributions are
invested in either the Stable Value Fund, the S&P 500 Index Fund, the Small
Company Index Fund, or the International Equities Index Fund, at the
participants' discretion. Effective October 1, 1997, qualified participant
contributions also may be invested directly in the Company's common stock.
Earnings for the funds are based upon the performance of the funds'
underlying assets.
The Company matches the participants' contributions to the Plan up to a
certain amount per year as specified in the applicable collective
bargaining arrangement. Company contributions are invested in the Company's
common stock. Participants vest in the Company contribution based upon
years of service with the Company.
Participants are permitted to borrow against their account balances and
their vested portions of the Company stock fund contributions. The terms
and conditions of these loans are established to be in compliance with
applicable laws and regulations. The interest rate charged to participants
in 1997 and 1996 was prime at origination plus 1%. Principal and interest
are paid ratably through monthly payroll deductions.
Effective June 30, 1995, Champion International Corporation Stock Ownership
Plan #078 (Plan #078) was merged into the Champion International
Corporation Salaried Savings Plan #077 (Plan #077) and the Champion
International Corporation Hourly Savings Plan #158, as applicable. The net
assets of Plan #078 were transferred to a Master Trust for which State
Street Bank and Trust Company now acts as trustee. Assets of the Master
Trust consist of shares of the Company's common stock, the valuation of
which is based on market prices. Benefit payments are credited and charged
directly to each plan. Investment income of the Master Trust, which
includes dividend income and realized and unrealized gains and losses, is
allocated to each plan by the trustee based upon the Master Trust units of
participation held by each Plan. As of December 31, 1997 and 1996, the
Plan's investment approximated 65% of the assets held in the Master Trust.
5
<PAGE>
(1) Plan Description - Continued
----------------
The Plan is administered by the Company through the Pension and Employee
Benefits Committee (PEBC) and is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA). Certain investment
management expenses are paid by the Plan while other administrative
expenses are paid by the Company and are not included in the accompanying
financial statements.
Effective April 1, 1997, State Street Bank and Trust Company was named the
Plan's trustee. Prior to April 1, 1997, the Plan's trustee was The Northern
Trust Company.
ADP Administrative Solutions Group (formerly known as William Mercer, Inc.)
performs certain administrative and record keeping functions of the Plan.
Participants have the ability to initiate transactions directly impacting
their account balances over the telephone. Such transactions are posted to
participants' accounts on a daily basis at the applicable investment fund's
net asset value as reported by the trustee.
(2) Significant Accounting Policies
-------------------------------
(a) Investment Valuation and Income Recognition -- Cash and cash
-------------------------------------------
equivalents are stated at cost which approximates market value. The
Company's common stock is valued at the closing market price at
yearend. Investments in the fixed income investment contracts and the
group annuity contract separate account are valued at contract
("book") value, defined as the sum of contributions less withdrawals
plus credited interest. Commingled funds are stated at market value as
determined by the trustee. Loans receivable from participants are
valued at cost which approximates fair value. Realized and unrealized
valuation gains and losses are reflected currently in the Statement of
Changes in Net Assets Available for Benefits.
(b) Basis of Accounting -- The Plan uses the accrual basis of accounting.
-------------------
(c) Payment of Benefits -- Benefits are recorded when paid.
-------------------
(d) Use of Estimates -- The preparation of financial statements in
----------------
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the financial
statements. Actual results could differ from those estimates.
(e) Reclassifications - Certain amounts in the 1996 financial statements
-----------------
have been reclassified to conform with the 1997 presentation.
6
<PAGE>
(3) Investments
-----------
The following summarizes the nature of the underlying assets which comprise
the investment portfolio of the Plan's Company Stock Fund, Stable Value
Fund, S&P 500 Index Fund, Small Company Index Fund, and International
Equities Index Fund:
<TABLE>
<CAPTION>
Investment Fund Investment Underlying Assets
-------------------- ---------------- -----------------------
<S> <C> <C>
Company Stock Fund Common Stock Champion International
Corporation Common
Stock
Stable Value Fund Fixed Income Investment Pool of investment
Contracts contracts issued by a
diversified list of
insurance companies
Group Annuity Contract - Portfolio of investment
Separate Account grade fixed income
securities, including
but not limited to,
U.S. Treasuries, U.S.
Government Agency notes
and mortgages,
corporate securities,
asset-backed
securities, Canadian
Yankees and cash
equivalents
S&P 500 Index Fund Commingled Fund Common stocks of large
companies in a wide
variety of industries
(managed by
Metropolitan Life
Insurance Company)
Small Company Commingled Fund Common stocks of small
Index Fund U.S. companies in a
wide variety of
industries (managed by
Barclays Global
Investors, N.A.)
International Equities Commingled Fund Common stocks of
Index Fund primarily established,
medium to large
companies based in
economically developed
countries outside of
the U.S. (managed by
Barclays Global
Investors, N.A.)
</TABLE>
7
<PAGE>
(3) Investments (Continued)
-----------
A summary of the Plan's investments (excluding cash and short term
investments and participant loans) follows:
<TABLE>
<CAPTION>
Fair Value at December 31,
---------------------------------------------
1997 1996
-------------------- ----------------------
<S> <C> <C>
Common Stock, Champion International Corporation $22,894,958 $18,021,886
=========== ===========
Master Trust $ 4,677,576 $ 4,617,400
=========== ===========
Stable Value Funds:
Fixed Income Investment Contracts:
Metropolitan Life Insurance Company
8.30%, 55% of the balance maturing on
12/15/98; 65% of the remaining balance
maturing on 12/15/99 and the remainder
of the balance maturing on 12/15/00 $ 6,394,656 $ 7,487,882
7.58%, matured 50% on 7/1/96 and 50%
on 7/1/97 - 1,779,265
John Hancock Mutual Life Insurance Company
8.30%, 43% maturing on 12/15/98; 50% maturing
on 7/1/99 and the remainder of the contract
maturing on 6/30/00 6,394,534 7,487,652
Providian Capital Management
6.83%, maturing on 6/30/01 4,081,917 -
Principal Mutual Life Insurance Company
6.83% maturing on 12/31/01 2,261,779 -
The Prudential Insurance Company of America
9.15%, matured 50% on 7/1/96 and
50% on 7/1/97 - 1,383,409
Massachusetts Mutual Life Insurance Company
9.10%, matured 50% on 7/1/96 and 50%
on 7/1/97 - 1,358,281
New York Life Insurance Company
7.60%, matured 50% on 7/1/96 and 50%
on 7/1/97 - 1,428,250
6.66%, maturing 7/1/98 3,318,039 3,941,026
6.84%, maturing 9/30/01 2,261,868 -
----------- -----------
$24,712,793 $24,865,765
----------- -----------
Group Annuity Contract - Fair Value 53,813,121 45,627,689
Less: Excess of Separate Account over Contract Value (2,813,111) (991,877)
----------- -----------
Group Annuity Contract - Contract Value 51,000,010 44,635,812
----------- -----------
$75,712,803 $69,501,577
=========== ===========
Stock Funds:
Metropolitan Life Insurance Company
S&P 500 Commingled Fund $35,205,572 $15,742,471
Barclays Global Investors, N.A.
Extended Equity Market Fund K 7,681,685 4,675,098
EAFE Equity Index Fund K 3,449,836 2,955,039
----------- -----------
$46,337,093 $23,372,608
=========== ===========
</TABLE>
8
<PAGE>
(3) Investments (Continued)
-----------
The Plan's investments include $24,712,793 and $24,865,765 of investment
contracts with various insurance companies, which have been reported at
contract value as of December 31, 1997 and 1996, respectively. The
insurance companies credit the Plan's account with contributions and
earnings on the underlying investments and charge the Plan for withdrawals
and administrative expenses. In some cases, limitations on the liquidity
guarantees provided under the investment contracts can be imposed in the
event of plan amendments, mergers, sales, plan termination, layoff or other
employer initiated events. The fair value of these investment contracts was
estimated to be approximately $25,539,000 and $25,678,000 at December 31,
1997 and 1996, respectively. The fair value of the Plan's investment
contracts was estimated by the Company using a discounted cash flow
analysis with an assumed discount rate of 6.25% and 6.5% at December 31,
1997 and 1996, respectively. The average yield for these contracts, all of
which had fixed interest rate terms, during 1997 was 7.3% while the
crediting interest rate ranged from 6.66% to 8.30% at December 31, 1997 and
from 6.66% to 9.15% at December 31, 1996.
Effective January 3, 1994, the Company entered into a Group Annuity
Contract (the Contract) with Metropolitan Life Insurance Company (MetLife)
on behalf of the Plan. Among other things, the Contract provides that
MetLife maintain a Separate Account, consisting of a portfolio of
diversified investment grade fixed income securities on behalf of the Plan
and the Champion International Salaried Savings Plan #077. The fair market
value of the portfolio of investments, at any point in time, represents the
market value of the Separate Account. At December 31, 1997 and 1996, the
Plan's interest in the Separate Account had a fair market value of
$53,813,121 and $45,627,689, respectively. The book value of the Contract,
at any point in time, represents the amount deposited into the Separate
Account on behalf of the Plan, plus interest credited, at rates established
every six months by MetLife minus any withdrawals and transfers out of the
fund. Interest was credited at a rate of 6.95% and 6.93% during the periods
January 1, 1997 through June 30, 1997 and July 1, 1997 through December 31,
1997, respectively. The Contract's book value is guaranteed by MetLife and
totaled $51,000,010 and $44,635,812 at December 31, 1997 and 1996,
respectively. The fair market value of the Plan's interest in the Separate
Account exceeded the Contract's book value by $2,813,111 and $991,877 at
December 31, 1997 and 1996, respectively, and the difference is reflected
in the preceding investment summary as "Excess of Separate Account Over
Contract Value".
(4) Priorities Upon Termination of the Plan
---------------------------------------
Upon termination of the Plan, participants become fully vested in their
individual accounts.
(5) Forfeited Accounts
------------------
At December 31, 1997 cumulative forfeited non-vested accounts totaled
approximately $59,000. Forfeited amounts are used to reduce future Company
contributions. During 1997, Company contributions to the Plan were reduced
by approximately $30,000 as a result of forfeited non-vested accounts.
9
<PAGE>
(6) Tax Exempt Status
-----------------
The trust established for the Plan is qualified under the Internal Revenue
Code (IRC) as exempt from Federal income taxes. The Plan, as amended
through January 1, 1994, has received a favorable determination letter from
the Internal Revenue Service dated February 13, 1996. The Plan has since
been amended and restated, effective July 1, 1994, and has filed for a new
determination letter. The plan administrator believes that the Plan is
designed and is being operated in compliance with the applicable
requirements of the IRC. Therefore, the plan administrator believes that
the Plan is a qualified plan under the IRC and the related trust is tax
exempt as of December 31, 1996 and 1997 and for the year ended December 31,
1997.
(7) Transfers Between Plans
-----------------------
The Company transfers participant account balances and the related assets
between the Plan and Plan #077 for participants who have changed employment
(i.e., hourly or salaried) status. In connection therewith, certain
participant account transfers, totaling approximately $2 million were in
process at December 31, 1997 and are reflected in the accompanying
Statement of Net Assets Available for Benefits as "Due to Champion
International Corporation Salaried Savings Plan". The participant balances
and related assets will be transferred to Plan #077 in 1998.
(8) Restructuring and Divestiture Program
-------------------------------------
On October 7, 1997, the Company approved a program to maximize total
shareholder return by focusing on strategic businesses, increasing
profitability and improving financial discipline. As part of this program,
the Company announced its intention to divest several non-strategic product
segments. These product segments include the newsprint, recycling, coated
and uncoated groundwood specialty papers, premium papers, specialty
uncoated papers, and liquid packaging and bleached board businesses. Also
to be divested are 325,000 acres of timberlands. Additionally, the Company
plans to reduce its worldwide workforce in the businesses remaining after
the divestitures by 11%, or approximately 2,000 positions, by the end of
1999.
On June 1, 1998 the Company announced that the divestiture of its newsprint
mills in Sheldon and Lufkin, Texas along with three recycling centers had
been completed. Plan participants at these locations were fully vested in
their account balances at June 1, 1998.
Participant withdrawals may result from the aforementioned program.
10
<PAGE>
Schedule I
ITEM 27 (A) - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
CHAMPION INTERNATIONAL CORPORATION
HOURLY SAVINGS PLAN #158
FEIN: 13-1427390
COMPANY STOCK FUND
COMPANY AND PARTICIPANT DIRECTED
DECEMBER 31, 1997
<TABLE>
<CAPTION>
Identity of Issuer/ Shares/ Current
Asset Description Par Value Cost Value
- ------------------------------------------------------------------ --------------- ----------- ------------
<S> <C> <C> <C>
*State Street Bank and Trust Company,
Government STIF 828,182 $ 828,182 $ 828,182
=========== ============
*State Street Bank and Trust Company
Champion International Corporation, Common
Stock 505,268 $18,587,011 $22,894,958
=========== ===========
</TABLE>
* Represents a transaction with a Party-in-Interest
11
<PAGE>
Schedule I
ITEM 27 (A) - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
CHAMPION INTERNATIONAL CORPORATION
HOURLY SAVINGS PLAN #158
FEIN: 13-1427390
STABLE VALUE FUND
DECEMBER 31, 1997
<TABLE>
<CAPTION>
Identity of Issuer/ Shares/ Current
Asset Description Par Value Cost Value
- ------------------------------------------------------- ---------------- ------------ --------------
<S> <C> <C> <C>
Fixed Income Investment Contracts:
Metropolitan Life Insurance Company --
GAC 13944, 8.30%, 55% of the balance maturing
on 12/15/98; 65% of the remaining balance
maturing on 12/15/99 and the remainder of the
balance maturing on 12/15/00 - $ 6,394,656 $ 6,394,656
John Hancock Mutual Life Insurance Company --
GAC 7561, 8.30%, 43% of the balance maturing
on 12/15/98; 50% of the remaining balance
maturing on 7/1/99 and the remainder of
the balance maturing on 6/30/00 - 6,394,534 6,394,534
Providian Capital Management --
Contract BDA00731FR, 6.83%
maturing 6/30/01 - 4,081,917 4,081,917
Principal Mutual Life Insurance Company --
GAC 4-28880-2, 6.83%,
maturing 12/31/01 - 2,261,779 2,261,779
New York Life Insurance Company --
GAC 6346-003, 6.84%,
maturing 9/30/01 - 2,261,868 2,261,868
GAC 6346-002, 6.66%, maturing 7/1/98 - 3,318,039 3,318,039
----------- -----------
$24,712,793 $24,712,793
=========== ===========
Group Annuity Contract (Separate Account 176):
Metropolitan Life Insurance Company --
Fair Value of Separate Account (A) $53,813,121
Less: Excess of Fair Value over Contract Value (2,813,111)
-----------
Contract Value $51,000,010
===========
Cash and Short Term Investments:
* State Street Bank and Trust Company --
Government STIF 2,327,644 $ 2,327,644 $ 2,327,644
=========== ===========
</TABLE>
(A) Cost of investments information is not furnished to the Plan by
Metropolitan Life Insurance Company.
* Represents a transaction with a Party-in-Interest
12
<PAGE>
Schedule I
ITEM 27 (A) - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
CHAMPION INTERNATIONAL CORPORATION
HOURLY SAVINGS PLAN #158
FEIN: 13-1427390
S&P 500 INDEX FUND
DECEMBER 31, 1997
<TABLE>
<CAPTION>
Identity of Issuer/ Shares/ Current
Asset Description Par Value Cost Value
- ------------------------------------------------------- ------------------- ---------------- --------------
<S> <C> <C> <C>
Metropolitan Life Insurance Company,
S&P 500 Commingled Fund (A) (A) $35,205,572
================ =============
</TABLE>
(A) Cost of investments information is not furnished to the Plan by
Metropolitan Life Insurance Company.
13
<PAGE>
Schedule I
ITEM 27 (A) - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
CHAMPION INTERNATIONAL CORPORATION
HOURLY SAVINGS PLAN #158
FEIN: 13-1427390
SMALL COMPANY INDEX FUND
DECEMBER 31, 1997
<TABLE>
<CAPTION>
Identity of Issuer/ Shares/ Current
Asset Description Par Value Cost Value
- ------------------------------------------------------ --------------- ------------ -------------
<S> <C> <C> <C>
Barclays Global Investors, N.A.,
Extended Equity Market Fund K 404,785 $6,102,735 $7,681,685
========== ==========
Barclays Global Investors, N.A.,
Money Market Fund, Employee Benefit Trust 24 $ 24 $ 24
========== ==========
</TABLE>
14
<PAGE>
Schedule I
ITEM 27 (A) - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
CHAMPION INTERNATIONAL CORPORATION
HOURLY SAVINGS PLAN #158
FEIN: 13-1427390
INTERNATIONAL EQUITIES INDEX FUND
DECEMBER 31, 1997
<TABLE>
<CAPTION>
Identity of Issuer/ Shares/ Current
Asset Description Par Value Cost Value
- ------------------------------------------------------ --------------- ------------ -------------
<S> <C> <C> <C>
Barclays Global Investors, N.A.,
EAFE Equity Index Fund K 271,866 $3,335,152 $3,449,836
========== ==========
Barclays Global Investors, N.A.,
Money Market Fund, Employee Benefit Trust 2 $ 2 $ 2
========== ==========
</TABLE>
15
<PAGE>
Schedule I
ITEM 27 (A) - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
CHAMPION INTERNATIONAL CORPORATION
HOURLY SAVINGS PLAN #158
FEIN: 13-1427390
EMPLOYEE LOAN FUND
DECEMBER 31, 1997
<TABLE>
<CAPTION>
Identity of Issuer/ Shares/ Current
Asset Description Par Value Cost Value
- ---------------------------------------------------------------- ------------------- ------------------ -----------
<S> <C> <C> <C>
* Participant Loans, Interest at Prime + 1% at
Origination (interest rates on loans ranged from
7.0% to 10.0% at December 31, 1997), secured by
applicable participants' vested accrued benefits - $12,466,841 $12,466,841
=========== ===========
* Represents a transaction with a Party-in-Interest
</TABLE>
16
<PAGE>
ITEM 27 (D) - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1997
CHAMPION INTERNATIONAL CORPORATION
FEIN: 13-1427390
HOURLY SAVINGS PLAN #158
<TABLE>
<CAPTION>
EXPENSE
NUMBER INCURRED
OF PURCHASE SELLING WITH COST OF NET GAIN
DESCRIPTION OF ASSET TRANSACTIONS PRICE (A) PRICE (A) TRANSACTIONS ASSET OR (LOSS)
- ---------------------------------------- ----------------- ------------ ------------- --------------- ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
Metropolitan Life Insurance Company
MetLife S&P 500 Commingled Fund
Separate Account 197 471 $20,429,372 $ - $ - $20,429,372 $ -
-
MetLife S&P 500 Commingled Fund
Separate Account 197 375 - 7,087,155 - 5,368,749 1,718,408
Contract 12785 4 - 127,108 - 127,108 -
Contract 12785 3 30,886 - - 30,886 -
Contract 13944 22 - 4,452,097 - 4,452,097 -
Contract 13944 10 404,061 - - 404,061 -
Separate Account 176 22 10,219,670 - - 10,219,670 -
Separate Account 176 16 - 5,281,257 - 5,281,257 -
Barclays Global Investors, N.A.
Extended Equity Market Fund K 407 4,468,982 - - 4,468,982 -
Extended Equity Market Fund K 397 - 2,674,650 - 2,155,870 518,780
State Street Bank and Trust Company
Government STIF 74 5,769,135 - - 5,769,135 -
Government STIF 96 - 5,614,652 - 5,614,652 -
</TABLE>
(A) The current value of all assets acquired or disposed of, at the time of
acquisition or disposition, is equal to the purchase price or selling
price, respectively.
Schedule II
17
<PAGE>
Schedule III
CHAMPION INTERNATIONAL CORPORATION
HOURLY SAVINGS PLAN #158
FEIN: 13-1427390
CERTIFICATION OF RECEIPT OF ANNUAL STATEMENT OF ASSETS
AND LIABILITIES OF COMMINGLED TRUST FUNDS
In accordance with 29 CFR 2520.103-9, the Pension and Employee Benefits
Committee (PEBC) of Champion International Corporation hereby certifies that
subject savings plan (the Plan) is in receipt of the most recent annual
statement of assets and liabilities of the collective trust funds in which the
Plan has an investment.
In addition, a notice has been received by the PEBC from State Street Bank and
Trust Company informing the Plan that the proper procedure will be followed in
filing a copy of the most recent annual statement of assets and liabilities of
State Street Bank and Trust Company Government Short Term Investment Fund, in
which the Plan has an investment, with the Department of Labor. The Employer
Identification Number of the fund is 04-1867445 and the filing will be made by
June 30, 1998.
At December 31, 1997, the Plan had investments in MetLife Separate Account 176
and MetLife Separate Account 197, pooled separate accounts of the Metropolitan
Life Insurance Company. Asset listings of Separate Account 176 (Group Annuity
Contract - Separate Account) and Separate Account 197 (S&P 500 Index Fund) as of
December 31, 1997 are included herein, as no separate filings of the most recent
statements of assets and liabilities of the Separate Accounts have been made by
Metropolitan with the Department of Labor.
At December 31, 1997, the Plan had investments in the Extended Equity Market
Fund K, the EAFE Equity Index Fund K, and the Money Market Fund, common,
collective funds of Barclays Global Investors, N.A. (Barclays). A notice has
been received by the Plan that the proper procedures have been followed in
filing a copy of the most recent statement of assets and liabilities of Barclays
common collective funds, in which the Plan had investments, with the Department
of Labor. The employer identification numbers of the common collective funds
are 94-3199860 (Extended Equity Market Fund K), 94-3199859 (EAFE Equity Index
Fund K), and 94-6450621 (Money Market Fund), and the filings were made as of
December 31, 1997.
All such funds are included in the accompanying Schedule of Assets Held for
Investment Purposes.
18
<PAGE>
MetLife Separate Account 176 Asset Listing
Net Asset Sector Detail
December 31, 1997
<TABLE>
<CAPTION>
Shares / Country Market Market % of
Par Name Description Cost Price Value Total
--- ---- ----------- ---- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C>
0.00 CASH (61,519.49) 1.000 (61,519.49) -0.02%
0.00 RECEIVABLE FOR INVESTMENTS SOLD 6,395,864.06 1.000 6,395,864.06 2.53%
0.00 PAYABLE FOR INVESTMENTS PURCHASED (31,877,056.12) 1.000 (31,877,056.12) -12.63%
5,355,000.00 UNITED STATES MERRILL LYNCH CO DISC 5,343,726.20 99.789 5,343,726.20 2.12%
3,761,000.00 UNITED STATES AMERICAN EX CR CP IB NT 3,761,000.00 100.000 3,761,000.00 1.49%
1,707,000.00 UNITED STATES AMERICAN EX CR CP IB NT 1,707,000.00 100.000 1,707,000.00 0.68%
6,500,000.00 UNITED STATES AMERICAN EX CR CP IB NT 6,500,000.00 100.000 6,500,000.00 2.58%
9,000,000.00 UNITED STATES CHEVRON USA INC IB NT 9,000,000.00 100.000 9,000,000.00 3.57%
325,000.00 UNITED STATES FORD MTR CR CO IB NT 325,000.00 100.000 325,000.00 0.13%
4,000,000.00 UNITED STATES FORD MTR CR CO IB NT 4,000,000.00 100.000 4,000,000.00 1.58%
910,000.00 UNITED STATES GENERAL ELEC CAP IB NT 910,000.00 100.000 910,000.00 0.36%
3,511,000.00 UNITED STATES GENERAL ELEC CAP IB NT 3,511,000.00 100.000 3,511,000.00 1.39%
2,600,000.00 SPAIN COMUNIDAD AUTONOMA NTS 2,590,225.30 89.708 2,332,408.00 0.92%
2,350,000.00 UNITED STATES U S TREAS STRIP GENERIC TINT 1,339,952.40 58.003 1,363,070.50 0.54%
9,125,000.00 UNITED STATES U S TREAS STRIP GENERIC TINT 6,695,386.95 73.804 6,734,615.00 2.67%
2,925,000.00 UNITED STATES U S TREASURY BONDS 3,674,694.56 131.109 3,834,938.25 1.52%
2,625,000.00 UNITED STATES U S TREASURY BONDS 3,650,507.73 147.344 3,867,780.00 1.53%
4,525,000.00 UNITED STATES U S TREASURY BONDS 5,140,640.31 126.141 5,707,880.25 2.26%
6,650,000.00 UNITED STATES U S TREASURY NOTES 6,757,935.35 101.875 6,774,687.50 2.68%
12,750,000.00 UNITED STATES U S TREASURY NOTES 12,785,753.26 104.344 13,303,860.00 5.27%
6,025,000.00 UNITED STATES U S TREASURY NOTES 6,609,093.30 111.797 6,735,769.25 2.67%
3,275,000.00 UNITED STATES U S TREASURY NOTES 3,276,906.10 101.828 3,334,867.00 1.32%
1,625,000.00 UNITED STATES U S TREASURY NOTES 1,670,222.77 102.812 1,670,695.00 0.66%
3,125,000.00 UNITED STATES U S TREASURY NOTES 3,212,851.08 107.000 3,343,750.00 1.32%
1,274,862.50 UNITED STATES US TREASURY INFLATION INDEX NT 1,247,362.81 97.375 1,241,397.36 0.49%
2,175,000.00 UNITED STATES COMMIT TO PUR FHLMC 2,202,527.34 101.375 2,204,906.25 0.87%
5,050,000.00 UNITED STATES COMMIT TO PUR FHLMC GOLD 5,104,445.31 101.375 5,119,437.50 2.03%
8,275,000.00 UNITED STATES COMMIT TO PUR FNMA 8,221,843.74 100.563 8,321,546.88 3.30%
5,075,000.00 UNITED STATES COMMIT TO PUR FNMA 5,081,343.75 100.563 5,103,546.88 2.02%
1,025,000.00 UNITED STATES COMMIT TO PUR GNMA 1,046,460.93 102.313 1,048,703.13 0.42%
2,475,000.00 UNITED STATES COMMIT TO PUR GNMA 2,533,394.53 102.313 2,532,234.38 1.00%
7,425,000.00 UNITED STATES COMMIT TO PUR GNMA 7,586,261.71 102.313 7,596,703.13 3.01%
1,400,000.00 UNITED STATES FEDERAL HOME LN MTG CORP DEB 1,417,189.77 100.344 1,404,816.00 0.56%
1,300,000.02 UNITED STATES GUARANTEED EXPT TR 1995-A 1,300,000.02 101.088 1,314,144.02 0.52%
841,176.48 UNITED STATES GUARANTEED EXPT TR 95-B CTF 841,176.48 100.142 842,370.95 0.33%
3,850,000.00 UNITED STATES PRIVATE EXPT FDG CRP SER YY 3,876,865.08 105.183 4,049,545.50 1.60%
1,640,869.90 UNITED STATES GNMA POOL #0352217 1,566,478.60 102.718 1,685,468.74 0.67%
1,025,563.37 UNITED STATES GNMA POOL #0389593 972,662.32 100.984 1,035,654.91 0.41%
<CAPTION>
Shares / Country Unrealized
Par Name Description Gain/Loss
--- ---- ----------- ---------
<S> <C> <C> <C>
0.00 CASH 0.00
0.00 RECEIVABLE FOR INVESTMENTS SOLD 0.00
0.00 PAYABLE FOR INVESTMENTS PURCHASED 0.00
5,355,000.00 UNITED STATES MERRILL LYNCH CO DISC 0.00
3,761,000.00 UNITED STATES AMERICAN EX CR CP IB NT 0.00
1,707,000.00 UNITED STATES AMERICAN EX CR CP IB NT 0.00
6,500,000.00 UNITED STATES AMERICAN EX CR CP IB NT 0.00
9,000,000.00 UNITED STATES CHEVRON USA INC IB NT 0.00
325,000.00 UNITED STATES FORD MTR CR CO IB NT 0.00
4,000,000.00 UNITED STATES FORD MTR CR CO IB NT 0.00
910,000.00 UNITED STATES GENERAL ELEC CAP IB NT 0.00
3,511,000.00 UNITED STATES GENERAL ELEC CAP IB NT 0.00
2,600,000.00 SPAIN COMUNIDAD AUTONOMA NTS (257,817.30)
2,350,000.00 UNITED STATES U S TREAS STRIP GENERIC TINT 23,118.10
9,125,000.00 UNITED STATES U S TREAS STRIP GENERIC TINT 39,228.05
2,925,000.00 UNITED STATES U S TREASURY BONDS 160,243.69
2,625,000.00 UNITED STATES U S TREASURY BONDS 217,272.27
4,525,000.00 UNITED STATES U S TREASURY BONDS 567,239.94
6,650,000.00 UNITED STATES U S TREASURY NOTES 16,752.15
12,750,000.00 UNITED STATES U S TREASURY NOTES 518,106.74
6,025,000.00 UNITED STATES U S TREASURY NOTES 126,675.95
3,275,000.00 UNITED STATES U S TREASURY NOTES 57,960.90
1,625,000.00 UNITED STATES U S TREASURY NOTES 472.23
3,125,000.00 UNITED STATES U S TREASURY NOTES 130,898.92
1,274,862.50 UNITED STATES US TREASURY INFLATION INDEX NT (5,965.45)
2,175,000.00 UNITED STATES COMMIT TO PUR FHLMC 2,378.91
5,050,000.00 UNITED STATES COMMIT TO PUR FHLMC GOLD 14,992.19
8,275,000.00 UNITED STATES COMMIT TO PUR FNMA 99,703.14
5,075,000.00 UNITED STATES COMMIT TO PUR FNMA 22,203.13
1,025,000.00 UNITED STATES COMMIT TO PUR GNMA 2,242.20
2,475,000.00 UNITED STATES COMMIT TO PUR GNMA (1,160.15)
7,425,000.00 UNITED STATES COMMIT TO PUR GNMA 10,441.42
1,400,000.00 UNITED STATES FEDERAL HOME LN MTG CORP DEB (12,373.77)
1,300,000.02 UNITED STATES GUARANTEED EXPT TR 1995-A 14,144.00
841,176.48 UNITED STATES GUARANTEED EXPT TR 95-B CTF 1,194.47
3,850,000.00 UNITED STATES PRIVATE EXPT FDG CRP SER YY 172,680.42
1,640,869.90 UNITED STATES GNMA POOL #0352217 118,990.14
1,025,563.37 UNITED STATES GNMA POOL #0389593 62,992.59
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
1,914,132.75 UNITED STATES GNMA POOL #0389922 1,950,821.85 103.156 1,974,542.78 0.78% 23,720.93
2,363,275.92 UNITED STATES GNMA POOL #0414701 2,408,959.31 102.468 2,421,601.57 0.96% 12,642.26
2.16 UNITED STATES GNMA POOL #0423999 2.16 103.656 2.24 0.00% 0.08
2,801,553.12 UNITED STATES GNMA POOL #0780035 2,450,822.87 99.219 2,779,672.99 1.10% 328,850.12
686,578.47 UNITED STATES GNMA POOL #0780058 622,939.22 101.156 694,515.32 0.28% 71,576.10
838,576.10 UNITED STATES GNMA POOL #0780303 844,052.25 100.999 846,953.48 0.34% 2,901.23
1,861,902.95 UNITED STATES GNMA POOL #0780316 1,875,660.55 100.999 1,880,503.36 0.75% 4,842.81
1,594,240.47 UNITED STATES GNMA POOL #0780419 1,621,310.61 103.156 1,644,554.70 0.65% 23,244.09
2,063,382.98 UNITED STATES GNMA POOL #0780462 2,098,108.45 103.187 2,129,143.00 0.84% 31,034.55
944,248.04 UNITED STATES FHLMC GROUP #A0-1588 1,011,042.95 106.343 1,004,141.69 0.40% (6,901.26)
0.02 UNITED STATES FHLMC GROUP #C0-0473 0.02 102.499 0.02 0.00% 0.00
0.02 UNITED STATES FHLMC GROUP #D6-4987 0.02 102.593 0.02 0.00% 0.00
210,472.87 UNITED STATES FHLMC GROUP #D7-8963 213,677.87 102.406 215,536.85 0.09% 1,858.98
51,772.54 UNITED STATES FHLMC GROUP #E0-0299 49,950.14 100.498 52,030.37 0.02% 2,080.23
1,858,355.26 UNITED STATES FHLMC GROUP #E2-0251 1,801,925.95 100.593 1,869,375.31 0.74% 67,449.36
704,870.53 UNITED STATES FHLMC GROUP #E5-8125 671,054.51 100.545 708,712.07 0.28% 37,657.56
1,021,334.68 UNITED STATES FHLMC GROUP #G0-0264 985,202.67 102.687 1,048,777.94 0.42% 63,575.27
5,100,059.51 UNITED STATES FHLMC GROUP #G0-0331 4,849,515.87 101.312 5,166,972.29 2.05% 317,456.42
937,023.81 UNITED STATES FHLMC GROUP #G1-0391 942,160.79 102.862 963,841.43 0.38% 21,680.64
900,000.00 UNITED STATES FHLMC MULTI GNMA SER 29 CL H 865,536.36 100.125 901,125.00 0.36% 35,588.64
897,779.99 UNITED STATES FNMA POOL #0003218 900,064.51 102.634 921,427.51 0.37% 21,363.00
4,701,030.94 UNITED STATES FNMA POOL #0303888 4,785,550.19 103.775 4,878,494.86 1.93% 92,944.67
625,647.16 UNITED STATES FNMA POOL #0303973 631,748.06 101.871 637,353.02 0.25% 5,604.96
2,035,000.00 UNITED STATES FNMA GTD REMIC P/T CTFG93-26PJ 1,922,647.86 100.250 2,040,087.50 0.81% 117,439.64
2,275,000.00 UNITED STATES CALIFORNIA INFRASTRUCTURE 2,274,056.51 100.469 2,285,664.06 0.91% 11,607.55
3,200,000.00 UNITED STATES CHEVRON CORP PFT/SH TR AMTZG 3,382,561.97 106.717 3,414,944.00 1.35% 32,382.03
2,525,000.00 UNITED STATES CS FIRST BOSTON MTG SECS CORP 2,537,219.03 100.188 2,529,734.38 1.00% (7,484.65)
430,758.42 UNITED STATES CWMBS INC MTG P/T 94-2 CL A-7 433,567.15 99.656 429,276.61 0.17% (4,290.54)
2,900,000.00 UNITED STATES FIRST DEP MASTER TR ABC 93-1 2,836,417.57 99.906 2,897,274.00 1.15% 60,856.43
2,525,000.00 UNITED STATES FIRST UNION LEHMAN BROS 97-C2 2,541,372.59 100.031 2,525,789.06 1.00% (15,583.53)
1,250,000.00 UNITED STATES GMAC COML MTG SEC INC MTG PASS 1,256,245.56 100.415 1,255,187.50 0.50% (1,058.06)
1,224,251.67 UNITED STATES PRUDENTIAL HOME MTG 93-29 A-6 1,183,375.35 100.156 1,226,161.50 0.49% 42,786.15
1,753,321.98 UNITED STATES PRUDNTL HOME MTG 94-15 CL A-7 1,748,731.22 100.125 1,755,513.63 0.70% 6,782.41
1,051,621.20 UNITED STATES PRUDNTL HOME MTG 96-3 CL A-3 1,037,624.06 99.877 1,050,324.03 0.42% 12,699.97
2,490,971.54 UNITED STATES STRUCTURED ASSET 97-LLI CL A-1 2,525,518.72 102.094 2,543,126.26 1.01% 17,607.54
3,400,000.00 UNITED STATES NATIONSBANK CR MASTR 95-1 CL A 3,383,198.05 100.968 3,432,912.00 1.36% 49,713.95
1,225,000.00 UNITED STATES PRIME CR CARD MSTR TR 96-1 CLA 1,222,125.34 101.625 1,244,906.25 0.49% 22,780.91
2,525,000.00 UNITED STATES FORD CR AUTO TR 97-B CTF A-3 2,522,131.94 100.563 2,539,203.13 1.01% 17,071.19
2,525,000.00 UNITED STATES WORLD OMNI AUTO LSE 97-B A-3 2,524,736.47 100.000 2,525,000.00 1.00% 263.53
1,225,000.00 UNITED STATES ADVANTA CR CD MTR TR 95F CL A1 1,202,078.03 99.812 1,222,697.00 0.48% 20,618.97
2,500,000.00 UNITED STATES AMERICAN EXP CR SER 97-1 CL A 2,506,197.56 101.343 2,533,575.00 1.00% 27,377.44
1,625,000.00 UNITED STATES BANC ONE CR CARD MTR 94-C A 1,642,800.53 101.250 1,645,312.50 0.65% 2,511.97
5,000,000.00 UNITED STATES CHASE CREDIT CARD 97-2 CL A 4,998,539.82 100.500 5,025,000.00 1.99% 26,460.18
2,475,000.00 UNITED STATES FIRST USA CR CARD MASTER TR 2,469,370.37 101.375 2,509,031.25 0.99% 39,660.88
700,000.00 UNITED STATES SEARS CR ACCT MASTER TR 95-2 A 699,279.26 103.250 722,750.00 0.29% 23,470.74
1,275,000.00 UNITED STATES SEARS CR ACCT MSTR 97-1 CL A 1,264,385.81 99.937 1,274,196.75 0.50% 9,810.94
2,035,000.00 UNITED STATES STANDARD CR CARD MASTER TR I-3 2,078,208.78 101.406 2,063,612.10 0.82% (14,596.68)
</TABLE>
20
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C>
2,475,000.00 UNITED STATES ASSOCIATES CORP N A NTS 2,460,955.46 101.469 2,511,357.75
2,100,000.00 UNITED STATES ASSOCIATES CORP NA 2,087,002.76 101.680 2,135,280.00
1,400,000.00 UNITED STATES ASSOCIATES CORP NA NTS 1,398,287.63 100.447 1,406,258.00
2,250,000.00 UNITED STATES ASSOCIATES CORP NA SR NT 2,170,060.59 98.444 2,214,990.00
5,100,000.00 UNITED STATES GE GLOBAL INS HLDG CORP 4,922,468.84 103.816 5,294,616.00
2,000,000.00 UNITED STATES KFW INTL FIN INC GTD NT 2,024,140.28 101.576 2,031,520.00
3,750,000.00 UNITED STATES NORWEST CORP MTN TR # 00194 3,757,674.46 101.312 3,799,200.00
2,500,000.00 UNITED STATES NORWEST FINANCIAL INC NOTES 2,495,045.50 99.903 2,497,575.00
2,289,483.94 UNITED STATES PRUDENTIAL HOME MTG 93-45 A-2 2,270,252.78 99.500 2,278,036.52
4,800,000.00 UNITED STATES ARCHER DANIELS MIDLAND CO BDS 4,771,348.51 109.550 5,258,400.00
4,925,000.00 UNITED STATES NEW JERSEY ECONOMIC DEV AUTH 4,971,075.84 110.404 5,437,396.51
2,500,000.00 UNITED STATES LOS ANGELES CNTY CA SER D 2,500,000.00 102.875 2,571,875.00
2,000,000.00 UNITED STATES CARGILL INC SR NT 144A 2,057,038.00 108.072 2,161,440.00
3,000,000.00 UNITED STATES CARGILL INC SR NT 144A 2,984,612.92 106.440 3,193,200.00
1,238,527.01 UNITED STATES DLJ MTG ACCEP 144A 97-CF1 A 1A 1,241,357.51 100.859 1,249,170.66
2,208,517.58 UNITED STATES RAILCAR LEASING CL A-1 144A 2,179,770.19 101.500 2,241,645.34
7,300,000.00 UNITED STATES ZURICH CAP TRUST 144A 7,499,741.92 108.972 7,954,956.00
0.00 INTEREST RECEIVABLE 2,685,397.99 1.000 2,685,397.99
0.00 INTEREST RECEIVABLE RECLAIM 9,262.88 1.000 9,262.88
--------------- ---------------
TOTAL NET PORTFOLIO ASSETS $246,175,186.94 $252,381,945.01
<CAPTION>
<S> <C> <C> <C> <C>
2,475,000.00 UNITED STATES ASSOCIATES CORP N A NTS 1.00% 50,402.29
2,100,000.00 UNITED STATES ASSOCIATES CORP NA 0.85% 48,277.24
1,400,000.00 UNITED STATES ASSOCIATES CORP NA NTS 0.56% 7,970.37
2,250,000.00 UNITED STATES ASSOCIATES CORP NA SR NT 0.88% 44,929.41
5,100,000.00 UNITED STATES GE GLOBAL INS HLDG CORP 2.10% 372,147.16
2,000,000.00 UNITED STATES KFW INTL FIN INC GTD NT 0.80% 7,379.72
3,750,000.00 UNITED STATES NORWEST CORP MTN TR # 00194 1.51% 41,525.54
2,500,000.00 UNITED STATES NORWEST FINANCIAL INC NOTES 0.99% 2,529.50
2,289,483.94 UNITED STATES PRUDENTIAL HOME MTG 93-45 A-2 0.90% 7,783.74
4,800,000.00 UNITED STATES ARCHER DANIELS MIDLAND CO BDS 2.08% 487,051.49
4,925,000.00 UNITED STATES NEW JERSEY ECONOMIC DEV AUTH 2.15% 466,320.67
2,500,000.00 UNITED STATES LOS ANGELES CNTY CA SER D 1.02% 71,875.00
2,000,000.00 UNITED STATES CARGILL INC SR NT 144A 0.86% 104,402.00
3,000,000.00 UNITED STATES CARGILL INC SR NT 144A 1.27% 208,587.08
1,238,527.01 UNITED STATES DLJ MTG ACCEP 144A 97-CF1 A 1A 0.49% 7,813.15
2,208,517.58 UNITED STATES RAILCAR LEASING CL A-1 144A 0.89% 61,875.15
7,300,000.00 UNITED STATES ZURICH CAP TRUST 144A 3.15% 455,214.08
0.00 INTEREST RECEIVABLE 1.06% 0.00
0.00 INTEREST RECEIVABLE RECLAIM 0.00% 0.00
------- -------------
TOTAL NET PORTFOLIO ASSETS 100.00% $6,206,758.07
</TABLE>
21
<PAGE>
MetLife Separate Account 1997 Asset Listing
Net Asset Sector Detail
December 1997
<TABLE>
<CAPTION>
Shares/ Country Market Market % of Unrealized
Par Name Description Cost Price Value Total Gain Loss
--- ---- ----------- ---- ----- ----- ----- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
0.00 CASH 2,318,856.05 1.00 2,318,856.05 0.95% 0.00
16,952.00 BERMUDA TYCO INTL LTD NEW COM 79,416.87 45.06 763,899.50 0.31% 284,482.63
11,217.00 CANADA SEAGRAM LTD COM 366,655.95 32.31 362,449.31 0.15% (4,206.64)
10,300.00 CANADA LAIDLAW INC COM 109,074.70 13.63 140,337.50 0.06% 31,262.80
8,266.00 CANADA NORTHERN TELECOM LTD 471,037.13 89.00 735,674.00 0.30% 264,636.87
7,185.00 CANADA ALCAN ALUM LTD 223,045.23 27.63 198,485.63 0.08% (24,559.60)
11,743.00 CANADA BARRICK GOLD CORP 273,468.93 18.63 218,713.38 0.09% (54,755.55)
4,400.00 CANADA ECHO BAY MINES LTD 26,883.80 2.44 10,725.00 0.00% (16,158.80)
5,262.00 CANADA INCO LTD COM 157,432.54 17.00 89,454.00 0.04% (67,978.54)
7,511.00 CANADA PLACER DOME INC 143,434.85 12.69 95,295.81 0.04% (48,139.04)
2,800.00 CANADA MOORE LTD 60,074.90 15.13 42,350.00 0.02% (17,724.90)
1.00 GERMANY FRESENIUS MED CARE 22.97 21.75 21.75 0.00% (1.22)
1.00 NETHERLANDS AEGON N V AMERICAN REG SHR 1.00 89.63 89.63 0.00% 88.63
20,712.00 NETHERLANDS UNILEVER NV N Y SHS ADR 750,310.00 62.44 1,293,205.50 0.53% 542,895.50
68,420.00 NETHERLANDS ROYAL DUTCH PETE CO N Y 2,353,437.83 54.19 3,707,508.75 1.52% 1,354,070.92
4,741.00 UNITED STATES AETNA INC COM 335,573.05 70.56 334,536.81 0.14% (1,036.24)
3,100.00 UNITED STATES AHMANSON H F & CO COM 100,943.30 66.94 207,506.25 0.08% 106,562.95
13,708.00 UNITED STATES ALLSTATE CORP COM 525,683.71 90.88 1,245,714.50 0.51% 720,030.79
14,805.00 UNITED STATES AMERICAN EXPRESS CO COM 643,779.54 89.25 1,321,346.25 0.54% 677,566.71
7,999.00 UNITED STATES AMERICAN GEN CORP COM 296,450.92 54.06 432,445.94 0.18% 135,995.02
22,643.00 UNITED STATES AMERICAN INTL GROUP INC COM 1,389,274.36 108.75 2,462,426.25 1.01% 1,073,151.89
5,250.00 UNITED STATES AON CORP COM 212,605.70 58.63 307,781.25 0.13% 95,175.55
18,895.00 UNITED STATES BANC ONE CORP COM 727,085.14 54.31 1,026,234.69 0.42% 299,149.55
12,000.00 UNITED STATES BANK NEW YORK INC COM 337,887.85 57.81 693,750.00 0.28% 355,862.15
22,114.00 UNITED STATES BANKAMERICA CORP COM 750,967.48 73.00 1,614,322.00 0.66% 863,354.52
4,728.00 UNITED STATES BANKBOSTON CORP COM 282,030.58 93.94 444,136.50 0.18% 162,105.92
3,153.00 UNITED STATES BANKERS TRUST CORP COM 244,970.33 112.44 354,515.44 0.15% 109,545.11
6,308.00 UNITED STATES BARNETT BKS INC COM 181,486.30 71.88 453,387.50 0.19% 271,901.20
4,400.00 UNITED STATES BB&T CORP COM 280,588.00 64.06 281,875.00 0.12% 1,287.00
1,700.00 UNITED STATES BENEFICIAL CORP COM 94,727.80 83.13 141,312.50 0.06% 46,584.70
13,422.00 UNITED STATES CHASE MANHATTAN CORP NEW COM 812,206.51 109.50 1,469,709.00 0.60% 657,502.49
5,440.00 UNITED STATES CHUBB CORP COM 276,766.00 75.63 411,400.00 0.17% 134,634.00
2,343.00 UNITED STATES CIGNA CORP COM 242,898.58 173.06 405,485.44 0.17% 162,586.86
1,800.00 UNITED STATES CINCINNATI FINL CORP COM 241,911.00 140.75 253,350.00 0.10% 11,439.00
14,524.00 UNITED STATES CITICORP COM 1,128,104.41 126.44 1,836,378.25 0.75% 708,273.84
3,400.00 UNITED STATES COMERICA INC COM 153,955.60 90.25 306,850.00 0.13% 152,894.40
5,900.00 UNITED STATES CONSECO INC COM 224,388.40 45.44 268,081.25 0.11% 43,692.85
6,385.00 UNITED STATES CORESTATES FINL CORP COM 305,790.63 80.06 511,199.06 0.21% 205,408.43
</TABLE>
22
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
3,400.00 UNITED STATES COUNTRYWIDE CR INDS INC COM 112,143.10 42.88 145,775.00 0.06% 33,631.90
4,700.00 UNITED STATES EQUIFAX INC COM 148,298.72 35.44 166,556.25 0.07% 18,257.53
22,428.00 UNITED STATES FEDERAL HOME LN MTG CORP COM 463,327.90 41.94 940,574.25 0.39% 477,246.35
33,992.00 UNITED STATES FEDERAL NATL MTG ASSN COM 896,461.55 57.06 1,939,668.50 0.79% 1,043,206.95
4,850.00 UNITED STATES FIFTH THIRD BANCORP 247,173.80 81.75 396,487.50 0.16% 149,313.70
9,377.00 UNITED STATES FIRST CHICAGO NBD CORP COM 409,640.03 83.50 782,979.50 0.32% 373,339.47
20,148.00 UNITED STATES FIRST UN CORP COM 660,588.74 51.25 1,032,585.00 0.42% 371,996.26
7,947.00 UNITED STATES FLEET FINL GROUP INC NEW COM 350,131.32 74.94 595,528.31 0.24% 245,396.99
2,513.00 UNITED STATES GENERAL RE CORP COM 440,493.63 212.00 532,756.00 0.22% 92,262.37
1,800.00 UNITED STATES GOLDEN WEST FINL CORP DEL COM 120,229.80 97.81 176,062.50 0.07% 55,832.70
4,300.00 UNITED STATES GREEN TREE FINL CORP COM 149,561.00 26.19 112,606.25 0.05% (36,954.75)
3,812.00 UNITED STATES HARTFORD FINL SVCS GROUP INC 184,231.30 93.56 356,660.25 0.15% 172,428.95
3,443.00 UNITED STATES HOUSEHOLD INTL INC COM 217,422.88 127.56 439,197.69 0.18% 221,774.81
6,000.00 UNITED STATES HUNTINGTON BANCSHARES INC 205,708.70 36.00 216,000.00 0.09% 10,291.30
2,300.00 UNITED STATES JEFFERSON PILOT CORP COM 128,250.75 77.88 179,112.50 0.07% 50,861.75
6,878.00 UNITED STATES KEYCORP NEW COM 289,687.60 70.81 487,048.38 0.20% 197,360.78
3,200.00 UNITED STATES LINCOLN NATL CORP IND COM 164,045.30 78.13 250,000.00 0.10% 85,954.70
5,314.00 UNITED STATES MARSH & MCLENNAN COS INC COM 291,690.05 74.56 396,225.13 0.16% 104,535.08
2,800.00 UNITED STATES MBIA INC COM 141,553.00 66.81 187,075.00 0.08% 45,522.00
15,963.00 UNITED STATES MBNA CORP COM 211,735.78 27.31 435,989.44 0.18% 224,253.66
8,452.00 UNITED STATES MELLON BK CORP COM 247,873.00 60.63 512,402.50 0.21% 264,529.50
10,964.00 UNITED STATES MERRILL LYNCH & CO INC 292,245.75 72.94 799,686.75 0.33% 507,441.00
3,600.00 UNITED STATES MGIC INVT CORP WIS COM 120,150.15 66.50 239,400.00 0.10% 119,249.85
5,649.00 UNITED STATES MORGAN J P & CO INC COM 441,706.60 112.88 637,630.88 0.26% 195,924.28
19,080.00 UNITED STATES MORGAN STANLEY DEAN WTTER & CO 537,782.63 59.13 1,128,105.00 0.46% 590,322.37
6,860.00 UNITED STATES NATIONAL CITY CORP COM 249,911.50 65.75 451,045.00 0.18% 201,133.50
23,044.00 UNITED STATES NATIONSBANK CORP COM 698,622.29 60.81 1,401,363.25 0.57% 702,740.96
24,236.00 UNITED STATES NORWEST CORP COM 400,115.90 38.63 936,115.50 0.38% 535,999.60
9,707.00 UNITED STATES PNC BK CORP COM 355,636.90 57.06 553,905.69 0.23% 198,268.79
2,300.00 UNITED STATES PROGRESSIVE CORP OHIO COM 252,471.00 119.88 275,712.50 0.11% 23,241.50
2,948.00 UNITED STATES PROVIDIAN FINL CORP COM 9,514.50 45.19 133,212.75 0.05% 123,698.25
1,800.00 UNITED STATES REPUBLIC N Y CORP COM 159,579.80 114.19 205,537.50 0.08% 45,957.70
4,640.00 UNITED STATES SAFECO CORP COM 169,045.80 48.75 226,200.00 0.09% 57,154.20
8,350.00 UNITED STATES SCHWAB CHARLES CORP NEW COM 240,996.97 41.94 350,178.13 0.14% 109,181.16
2,700.00 UNITED STATES ST PAUL COS INC 173,975.90 82.06 221,568.75 0.09% 47,592.85
5,100.00 UNITED STATES STATE STREET CORP 270,564.50 58.19 296,756.25 0.12% 26,191.75
6,200.00 UNITED STATES SUNAMERICA INC COM 232,485.26 42.75 265,050.00 0.11% 32,564.74
6,786.00 UNITED STATES SUNTRUST BKS INC 271,430.43 71.38 484,350.75 0.20% 212,920.32
5,600.00 UNITED STATES SYNOVUS FINL CORP 180,012.00 32.75 183,400.00 0.08% 3,388.00
4,400.00 UNITED STATES TORCHMARK CORP 109,163.85 42.06 185,075.00 0.08% 75,911.15
1,995.00 UNITED STATES TRANSAMERICA CORP COM 124,868.98 106.50 212,467.50 0.09% 87,598.52
36,464.00 UNITED STATES TRAVELERS GROUP INC COM 992,966.83 53.88 1,964,498.00 0.80% 971,531.17
8,218.50 UNITED STATES U S BANCORP DEL COM 455,410.85 111.94 919,958.34 0.38% 464,547.49
4,360.00 UNITED STATES UNUM CORP COM 132,388.05 54.38 237,075.00 0.10% 104,686.95
3,500.00 UNITED STATES USF&G CORP 75,326.30 22.06 77,218.75 0.03% 1,892.45
6,613.00 UNITED STATES WACHOVIA CORP NEW COM 329,575.03 81.13 536,479.63 0.22% 206,904.60
8,390.00 UNITED STATES WASHINGTON MUTUAL INC COM 467,451.83 63.81 535,386.88 0.22% 67,935.05
</TABLE>
23
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
2,811.00 UNITED STATES WELLS FARGO & CO COM 568,165.38 339.44 954,158.81 0.39% 385,993.43
24,305.00 UNITED STATES ABBOTT LABS COM 1,019,468.38 65.56 1,593,496.56 0.65% 574,028.18
2,000.00 UNITED STATES ALLERGAN INC COM 69,365.10 33.56 67,125.00 0.03% (2,240.10)
2,600.00 UNITED STATES ALZA CORP COM 64,202.00 31.81 82,712.50 0.03% 18,510.50
20,988.00 UNITED STATES AMERICAN HOME PRODS CORP COM 972,852.20 76.50 1,605,582.00 0.66% 632,729.80
8,376.00 UNITED STATES AMGEN INC 323,855.60 54.13 453,351.00 0.19% 129,495.40
1,800.00 UNITED STATES BARD C R INC 62,661.00 31.31 56,362.50 0.02% (6,298.50)
1,700.00 UNITED STATES BAUSCH & LOMB INC COM 65,602.80 39.63 67,362.50 0.03% 1,759.70
8,830.00 UNITED STATES BAXTER INTL INC COM 299,919.43 50.44 445,363.13 0.18% 145,443.70
3,900.00 UNITED STATES BECTON DICKINSON & CO COM 175,453.10 50.00 195,000.00 0.08% 19,546.90
3,400.00 UNITED STATES BEVERLY ENTERPRISES INC COM 19,500.53 13.00 44,200.00 0.02% 24,699.47
3,500.00 UNITED STATES BIOMET INC COM 65,718.70 25.63 89,687.50 0.04% 23,968.80
6,100.00 UNITED STATES BOSTON SCIENTIFIC CORP COM 257,166.85 45.88 279,837.50 0.11% 22,670.65
32,012.00 UNITED STATES BRISTOL MYERS SQUIBB CO COM 1,390,087.60 94.63 3,029,135.50 1.24% 1,639,047.90
3,400.00 UNITED STATES CARDINAL HEALTH INC COM 195,543.10 75.13 255,425.00 0.10% 59,881.90
20,723.00 UNITED STATES COLUMBIA/HCA HEALTHCARE CORP 641,931.25 29.63 613,918.88 0.25% (28,012.37)
4,700.00 UNITED STATES GUIDANT CORP COM 140,840.75 62.25 292,575.00 0.12% 151,734.25
6,300.00 UNITED STATES HBO & CO COM 294,739.20 48.00 302,400.00 0.12% 7,660.80
12,300.00 UNITED STATES HEALTHSOUTH CORP COM 272,820.25 27.75 341,325.00 0.14% 68,504.75
5,100.00 UNITED STATES HUMANA INC COM 130,395.90 20.75 105,825.00 0.04% (24,570.90)
43,110.00 UNITED STATES JOHNSON & JOHNSON COM 1,694,531.83 65.88 2,839,871.25 1.16% 1,145,339.42
35,724.00 UNITED STATES LILLY ELI & CO COM 970,086.80 69.63 2,487,283.50 1.02% 1,517,196.70
2,285.00 UNITED STATES MALLINCKRODT INC NEW 99,860.70 38.00 86,830.00 0.04% (13,030.70)
1,939.00 UNITED STATES MANOR CARE INC COM 52,698.53 35.00 67,865.00 0.03% 15,166.47
14,792.00 UNITED STATES MEDTRONIC INC COM 362,669.08 52.31 773,806.50 0.32% 411,137.42
38,205.00 UNITED STATES MERCK & CO INC COM 2,104,911.45 106.25 4,059,281.25 1.66% 1,954,369.80
1,400.00 UNITED STATES MILLIPORE CORP COM 54,340.60 33.94 47,512.50 0.02% (6,828.10)
41,384.00 UNITED STATES PFIZER INC COM 1,292,873.25 74.56 3,085,694.50 1.26% 1,792,821.25
16,015.00 UNITED STATES PHARMACIA & UPJOHN INC COM 563,022.08 36.63 586,549.38 0.24% 23,527.30
1,547.34 UNITED STATES PHARMERICA INC COM 25,936.17 10.38 16,053.65 0.01% (9,882.52)
23,680.00 UNITED STATES SCHERING PLOUGH CORP COM 636,920.85 62.13 1,471,120.00 0.60% 834,199.15
2,900.00 UNITED STATES ST JUDE MED INC COM 112,808.00 30.50 88,450.00 0.04% (24,358.00)
9,533.00 UNITED STATES TENET HEALTHCARE CORP COM 210,117.93 33.13 315,780.63 0.13% 105,662.70
3,687.00 UNITED STATES UNITED HEALTHCARE CORP COM 178,819.50 49.69 183,197.81 0.07% 4,378.31
2,300.00 UNITED STATES UNITED STATES SURGICAL CORP 89,033.50 29.31 67,418.75 0.03% (21,614.75)
8,630.00 UNITED STATES WARNER LAMBERT CO COM 632,289.80 124.00 1,070,120.00 0.44% 437,830.20
1,700.00 UNITED STATES ALBERTO CULVER CO CL B COM 35,174.20 32.06 54,506.25 0.02% 19,332.05
15,566.00 UNITED STATES ANHEUSER BUSCH COS INC COM 493,586.06 44.00 684,904.00 0.28% 191,317.94
17,778.00 UNITED STATES ARCHER DANIELS MIDLAND CO COM 327,635.34 21.69 385,560.38 0.16% 57,925.04
4,212.00 UNITED STATES AVON PRODS INC COM 182,680.80 61.38 258,511.50 0.11% 75,830.70
900.00 UNITED STATES BALL CORP COM 24,055.50 35.31 31,781.25 0.01% 7,725.75
2,200.00 UNITED STATES BROWN FORMAN CORP CL B 104,053.50 55.25 121,550.00 0.05% 17,496.50
14,586.00 UNITED STATES CAMPBELL SOUP CO COM 432,146.75 58.13 847,811.25 0.35% 415,664.50
3,324.00 UNITED STATES CLOROX CO COM 109,463.75 79.06 262,803.75 0.11% 153,340.00
79,310.00 UNITED STATES COCA COLA CO COM 2,920,291.70 66.63 5,284,028.75 2.16% 2,363,737.05
9,364.00 UNITED STATES COLGATE PALMOLIVE CO 398,997.65 73.50 688,254.00 0.28% 289,256.35
14,960.00 UNITED STATES CONAGRA INC COM 328,748.35 32.81 490,875.00 0.20% 162,126.65
</TABLE>
24
<PAGE>
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<S> <C> <C> <C> <C> <C> <C> <C>
1,200.00 UNITED STATES COORS ADOLPH CO CL B 29,702.00 33.25 39,900.00 0.02% 10,198.00
4,584.00 UNITED STATES CPC INTL INC COM 296,160.00 107.75 493,926.00 0.20% 197,766.00
4,055.00 UNITED STATES CROWN CORK & SEAL INC COM 186,481.23 50.13 203,256.88 0.08% 16,775.65
10,349.00 UNITED STATES EASTMAN KODAK CO COM 595,409.90 60.81 629,348.56 0.26% 33,938.66
2,300.00 UNITED STATES FRUIT OF THE LOOM INC CL A 61,046.10 25.63 58,937.50 0.02% (2,108.60)
5,068.00 UNITED STATES GENERAL MLS INC COM 266,300.31 71.63 362,995.50 0.15% 96,695.19
18,220.00 UNITED STATES GILLETTE CO COM 1,102,617.05 100.44 1,829,971.25 0.75% 727,354.20
4,022.00 UNITED STATES HASBRO INC COM 90,357.74 31.50 126,693.00 0.05% 36,335.26
11,689.00 UNITED STATES HEINZ H J CO COM 377,540.37 50.81 593,947.31 0.24% 216,406.94
4,474.00 UNITED STATES HERSHEY FOODS CORP 160,654.78 61.94 277,108.38 0.11% 116,453.60
3,500.00 UNITED STATES INTL FLAVORS & FRAGRANCES INC 162,913.80 51.50 180,250.00 0.07% 17,336.20
13,074.00 UNITED STATES KELLOGG CO COM 405,047.80 49.63 648,797.25 0.27% 243,749.45
17,558.00 UNITED STATES KIMBERLY CLARK CORP COM 701,392.09 49.31 865,828.88 0.35% 164,436.79
2,200.00 UNITED STATES LIZ CLAIBORNE INC COM 81,803.15 41.81 91,987.50 0.04% 10,184.35
3,700.00 UNITED STATES LOEWS CORP COM 323,498.30 106.13 392,662.50 0.16% 69,164.20
9,166.00 UNITED STATES MATTEL INC COM 213,211.40 37.25 341,433.50 0.14% 128,222.10
4,414.00 UNITED STATES MORTON INTL INC IND NEW COM 97,967.10 34.38 151,731.25 0.06% 53,764.15
9,148.00 UNITED STATES NIKE INC CL B COM 303,176.70 39.25 359,059.00 0.15% 55,882.30
48,586.00 UNITED STATES PEPSICO INC COM 1,074,520.20 36.44 1,770,352.38 0.72% 695,832.18
77,247.00 UNITED STATES PHILIP MORRIS COS INC COM 2,047,480.63 45.31 3,500,254.69 1.43% 1,452,774.06
2,100.00 UNITED STATES PIONEER HI BRED INTL 109,666.10 107.25 225,225.00 0.09% 115,558.90
1,400.00 UNITED STATES POLAROID CORP COM 65,946.80 48.69 68,162.50 0.03% 2,215.70
43,226.00 UNITED STATES PROCTER & GAMBLE CO COM 1,833,237.20 79.81 3,449,975.13 1.41% 1,616,737.93
4,349.00 UNITED STATES QUAKER OATS CO COM 158,492.50 52.75 229,409.75 0.09% 70,917.25
3,361.00 UNITED STATES RALSTON PURINA CO-RALSTON 196,852.30 92.94 312,362.94 0.13% 115,510.64
1,800.00 UNITED STATES REEBOK INTL LTD COM 80,379.70 28.81 51,862.50 0.02% (28,517.20)
4,700.00 UNITED STATES RUBBERMAID INC COM 111,975.40 25.00 117,500.00 0.05% 5,524.60
1,087.00 UNITED STATES RUSSELL CORP 33,360.00 26.56 28,873.44 0.01% (4,486.56)
15,184.00 UNITED STATES SARA LEE CORP 479,094.80 56.31 855,049.00 0.35% 375,954.20
5,444.00 UNITED STATES SHERWIN WILLIAMS CO COM 117,643.80 27.75 151,071.00 0.06% 33,427.20
4,868.00 UNITED STATES TRICON GLOBAL RESTAURANTS INC 95,456.97 29.06 141,476.25 0.06% 46,019.28
1,900.00 UNITED STATES TUPPERWARE CORP COM 80,594.30 27.88 52,962.50 0.02% (27,631.80)
5,810.00 UNITED STATES UST INC COM 173,228.10 36.94 214,606.88 0.09% 41,378.78
4,000.00 UNITED STATES V F CORP COM 139,352.50 45.94 183,750.00 0.08% 44,397.50
3,200.00 UNITED STATES WHITMAN CORP COM 72,395.80 26.06 83,400.00 0.03% 11,004.20
3,711.00 UNITED STATES WRIGLEY WM JR CO COM 185,810.23 79.56 295,256.44 0.12% 109,446.21
1.00 UNITED STATES ACNIELSEN CORP 0.00 24.38 24.38 0.00% 24.38
7,765.00 UNITED STATES ALBERTSONS INC COM 242,924.05 47.38 367,866.88 0.15% 124,942.83
2,400.00 UNITED STATES AMERICAN GREETINGS CORP CL A 76,500.10 39.13 93,900.00 0.04% 17,399.90
8,872.00 UNITED STATES AMERICAN STORES CO NEW COM 156,954.20 20.56 182,430.50 0.07% 25,476.30
17,429.00 UNITED STATES AMERITECH CORP NEW COM 866,178.63 80.50 1,403,034.50 0.57% 536,855.87
51,747.00 UNITED STATES AT&T CORP COM 1,926,249.79 61.25 3,169,503.75 1.30% 1,243,253.96
0.00 UNITED STATES AUTOLIV INC COM 0.14 32.75 0.13 0.00% (0.01)
4,700.00 UNITED STATES AUTOZONE INC COM 109,150.40 29.00 136,300.00 0.06% 27,149.60
3,300.00 UNITED STATES BLOCK H & R INC COM 99,947.30 44.81 147,881.25 0.06% 47,933.95
3,100.00 UNITED STATES BRUNSWICK CORP COM 76,962.10 30.31 93,968.75 0.04% 17,006.65
22,318.00 UNITED STATES CBS CORP COM 457,219.20 29.44 656,986.13 0.27% 199,766.93
</TABLE>
25
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<S> <C> <C> <C> <C> <C> <C> <C>
24,965.50 UNITED STATES CENDANT CORP COM 606,040.18 34.38 858,189.06 0.35% 252,148.88
3,300.00 UNITED STATES CHARMING SHOPPES INC PA COM 16,029.60 4.69 15,468.75 0.01% (560.85)
3,100.00 UNITED STATES CIRCUIT CITY GROUP COM 111,649.60 35.56 110,243.75 0.05% (1,405.85)
3,100.00 UNITED STATES CLEAR CHANNEL COMMUNICATIONS 209,032.90 79.44 246,256.25 0.10% 37,223.35
5,134.00 UNITED STATES COGNIZANT CORP COM 57,198.90 44.56 228,783.88 0.09% 171,584.98
11,100.00 UNITED STATES COMCAST CORP CL A SPL 215,463.10 31.56 350,343.75 0.14% 134,880.65
6,731.00 UNITED STATES COSTCO COS INC COM 125,589.05 44.63 300,370.88 0.12% 174,781.83
5,500.00 UNITED STATES CVS CORP 272,678.80 64.06 352,343.75 0.14% 79,664.95
4,800.00 UNITED STATES DARDEN RESTAURANTS INC 40,514.80 12.50 60,000.00 0.02% 19,485.20
6,911.00 UNITED STATES DAYTON HUDSON CORP COM 217,639.33 67.50 466,492.50 0.19% 248,853.17
2,597.00 UNITED STATES DELUXE CORP COM 73,063.05 34.50 89,596.50 0.04% 16,533.45
3,498.00 UNITED STATES DILLARDS INC CL A COM 114,005.81 35.25 123,304.50 0.05% 9,298.69
21,905.00 UNITED STATES DISNEY WALT CO COM 1,310,407.98 99.06 2,169,964.06 0.89% 859,556.08
4,611.00 UNITED STATES DONNELLEY R R & SONS CO COM 146,593.85 37.25 171,759.75 0.07% 25,165.90
2,991.00 UNITED STATES DOW JONES & CO INC COM 106,925.35 53.69 160,579.31 0.07% 53,653.96
5,334.00 UNITED STATES DUN & BRADSTREET CORP COM 33,682.30 30.94 165,020.63 0.07% 131,338.33
2,017.00 UNITED STATES ECOLAB INC COM 65,921.35 55.44 111,817.44 0.05% 45,896.09
6,600.00 UNITED STATES FEDERATED DEPT STORES INC DEL 203,919.60 43.06 284,212.50 0.12% 80,292.90
5,387.00 UNITED STATES FORTUNE BRANDS INC COM 143,136.05 37.06 199,655.69 0.08% 56,519.64
8,976.00 UNITED STATES GANNETT INC COM 318,866.70 61.81 554,829.00 0.23% 235,962.30
12,768.00 UNITED STATES GAP INC COM 194,144.20 35.44 452,466.00 0.19% 258,321.80
1,900.00 UNITED STATES GIANT FOOD INC CL A 59,919.30 33.69 64,006.25 0.03% 4,086.95
1,200.00 UNITED STATES GREAT ATLANTIC & PAC TEA INC 34,099.00 29.69 35,625.00 0.01% 1,526.00
2,246.00 UNITED STATES HARCOURT GEN INC 90,205.45 54.75 122,968.50 0.05% 32,763.05
900.00 UNITED STATES HARLAND JOHN H CO COM 27,205.50 21.00 18,900.00 0.01% (8,305.50)
3,146.00 UNITED STATES HARRAHS ENTMT INC COM 82,843.72 18.88 59,380.75 0.02% (23,462.97)
7,907.00 UNITED STATES HILTON HOTELS CORP COM 121,611.75 29.75 235,233.25 0.10% 113,621.50
23,729.00 UNITED STATES HOME DEPOT INC COM 826,788.08 58.88 1,397,044.88 0.57% 570,256.80
4,184.00 UNITED STATES IKON OFFICE SOLUTIONS INC COM 137,814.60 28.13 117,675.00 0.05% (20,139.60)
3,959.00 UNITED STATES INTERPUBLIC GROUP COS INC COM 113,944.57 49.81 197,207.69 0.08% 83,263.12
3,800.00 UNITED STATES ITT CORP NEW COM 178,488.75 82.88 314,925.00 0.13% 136,436.25
1,200.00 UNITED STATES JOSTENS INC 26,736.50 23.06 27,675.00 0.01% 938.50
15,450.00 UNITED STATES K MART CORP COM 195,772.35 11.56 178,640.63 0.07% (17,131.72)
1,200.00 UNITED STATES KING WORLD PRODTNS INC COM 50,036.60 57.75 69,300.00 0.03% 19,263.40
2,796.00 UNITED STATES KNIGHT RIDDER INC 93,858.00 52.00 145,392.00 0.06% 51,534.00
7,986.00 UNITED STATES KROGER CO COM 143,170.33 36.94 294,982.88 0.12% 151,812.55
8,572.00 UNITED STATES LIMITED INC COM 153,021.90 25.50 218,586.00 0.09% 65,564.10
1,228.00 UNITED STATES LONGS DRUG STORES CORP COM 24,437.30 32.13 39,449.50 0.02% 15,012.20
5,483.00 UNITED STATES LOWES COS INC COM 200,271.65 47.69 261,470.56 0.11% 61,198.91
4,086.00 UNITED STATES MARRIOTT INTL INC COM 143,465.50 69.25 282,955.50 0.12% 139,490.00
7,363.00 UNITED STATES MAY DEPT STORES CO COM 280,088.69 52.69 387,938.06 0.16% 107,849.37
22,215.00 UNITED STATES MCDONALDS CORP COM 824,449.53 47.75 1,060,766.25 0.43% 236,316.72
3,100.00 UNITED STATES MCGRAW HILL COS INC COM 138,055.70 74.00 229,400.00 0.09% 91,344.30
1,200.00 UNITED STATES MERCANTILE STORES INC COM 62,113.50 60.88 73,050.00 0.03% 10,936.50
1,700.00 UNITED STATES MEREDITH CORP COM 47,051.30 35.69 60,668.75 0.02% 13,617.45
5,600.00 UNITED STATES MIRAGE RESORTS INC COM 145,783.50 22.75 127,400.00 0.05% (18,383.50)
1,400.00 UNITED STATES NATIONAL SVC INDS INC COM 59,559.40 49.56 69,387.50 0.03% 9,828.10
</TABLE>
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<S> <C> <C> <C> <C> <C> <C> <C>
3,000.00 UNITED STATES NEW YORK TIMES CO CL A 131,447.70 66.13 198,375.00 0.08% 66,927.30
2,401.00 UNITED STATES NORDSTROM INC WASH COM 99,403.00 60.38 144,960.38 0.06% 45,557.38
5,200.00 UNITED STATES OMNICOM GROUP INC COM 202,852.00 42.38 220,350.00 0.09% 17,498.00
7,872.00 UNITED STATES PENNEY J C INC COM 390,836.60 60.31 474,780.00 0.19% 83,943.40
2,000.00 UNITED STATES PEP BOYS MANNY MOE & JACK COM 57,540.00 23.88 47,750.00 0.02% (9,790.00)
3,900.00 UNITED STATES RITE AID CORP COM 119,221.90 58.69 228,881.25 0.09% 109,659.35
1,800.00 UNITED STATES SAFETY KLEEN CORP 28,904.80 27.44 49,387.50 0.02% 20,482.70
29,389.00 UNITED STATES SBC COMMUNICATIONS INC COM 1,386,988.13 73.25 2,152,744.25 0.88% 765,756.12
12,362.00 UNITED STATES SEARS ROEBUCK & CO COM 448,371.02 45.25 559,380.50 0.23% 111,009.48
7,876.00 UNITED STATES SERVICE CORP INTL COM 178,668.20 36.94 290,919.75 0.12% 112,251.55
13,562.00 UNITED STATES SPRINT CORP COM 450,638.13 58.63 795,072.25 0.33% 344,434.12
1,900.00 UNITED STATES SUPERVALU INC COM 61,263.10 41.88 79,562.50 0.03% 18,299.40
5,517.00 UNITED STATES SYSCO CORP COM 188,730.03 45.56 251,368.31 0.10% 62,638.28
3,318.00 UNITED STATES TANDY CORP COM 75,189.75 38.56 127,950.38 0.05% 52,760.63
16,047.00 UNITED STATES TELE COMMUNICATIONS INC NEW 264,968.01 27.94 448,313.06 0.18% 183,345.05
18,176.00 UNITED STATES TIME WARNER INC COM 774,838.30 62.00 1,126,912.00 0.46% 352,073.70
3,076.00 UNITED STATES TIMES MIRROR CO NEW COM SER A 93,459.01 61.50 189,174.00 0.08% 95,714.99
5,100.00 UNITED STATES TJX COS INC NEW COM 102,765.50 34.38 175,312.50 0.07% 72,547.00
8,982.00 UNITED STATES TOYS R US INC COM 264,577.90 31.44 282,371.63 0.12% 17,793.73
3,900.00 UNITED STATES TRIBUNE CO NEW COM 147,239.90 62.25 242,775.00 0.10% 95,535.10
19,240.00 UNITED STATES U S WEST INC COM MEDIA GROUP 346,765.01 28.88 555,555.00 0.23% 208,789.99
11,124.00 UNITED STATES VIACOM INC CL B 441,591.30 41.44 460,950.75 0.19% 19,359.45
72,128.00 UNITED STATES WAL MART STORES INC COM 1,836,342.00 39.44 2,844,548.00 1.16% 1,008,206.00
15,480.00 UNITED STATES WALGREEN CO 273,072.00 31.38 485,685.00 0.20% 212,613.00
14,290.00 UNITED STATES WASTE MGMT INC NEW COM NEW 425,063.65 27.50 392,975.00 0.16% (32,088.65)
4,100.00 UNITED STATES WENDYS INTL INC COM 84,119.60 24.06 98,656.25 0.04% 14,536.65
4,650.00 UNITED STATES WINN DIXIE STORES INC 139,356.55 43.69 203,146.88 0.08% 63,790.33
4,200.00 UNITED STATES WOOLWORTH CORP COM 80,767.25 20.38 85,575.00 0.04% 4,807.75
900.00 UNITED STATES AEROQUIP-VICKERS INC COM 39,299.40 49.06 44,156.25 0.02% 4,856.85
2,935.00 UNITED STATES BLACK & DECKER CORP COM 89,743.10 39.06 114,648.44 0.05% 24,905.34
21,156.00 UNITED STATES CHRYSLER CORP COM 564,075.55 35.19 744,426.75 0.30% 180,351.20
2,464.00 UNITED STATES COOPER TIRE & RUBR CO 53,272.58 24.38 60,060.00 0.02% 6,787.42
7,264.00 UNITED STATES CORNING INC COM 256,888.54 37.13 269,676.00 0.11% 12,787.46
1,100.00 UNITED STATES FLEETWOOD ENTERPRISES INC COM 30,490.80 42.44 46,681.25 0.02% 16,190.45
38,262.00 UNITED STATES FORD MTR CO DEL COM 1,206,103.75 48.69 1,862,881.13 0.76% 656,777.38
22,616.00 UNITED STATES GENERAL MTRS CORP COM 986,055.25 60.63 1,371,095.00 0.56% 385,039.75
5,689.00 UNITED STATES GENUINE PARTS CO COM 162,425.35 33.94 193,070.44 0.08% 30,645.09
4,927.00 UNITED STATES GOODYEAR TIRE & RUBR CO COM 220,767.38 63.63 313,480.38 0.13% 92,713.00
5,182.00 UNITED STATES MASCO CORP COM 161,360.45 50.88 263,634.25 0.11% 102,273.80
3,095.00 UNITED STATES MAYTAG CORP COM 50,504.43 37.31 115,482.19 0.05% 64,977.76
4,973.00 UNITED STATES NEWELL CO COM 157,646.00 42.50 211,352.50 0.09% 53,706.50
4,600.00 UNITED STATES NEXTLEVEL SYS INC COM 92,521.04 17.88 82,225.00 0.03% (10,296.04)
700.00 UNITED STATES PULTTE CORP COM 24,695.30 41.81 29,268.75 0.01% 4,573.45
1,905.00 UNITED STATES SNAP ON INC COM 52,307.06 43.63 83,105.63 0.03% 30,798.57
600.00 UNITED STATES SPRINGS INDS INC CL A 29,224.60 52.00 31,200.00 0.01% 1,975.40
1,700.00 UNITED STATES UNOVA INC COM 25,331.85 16.44 27,943.75 0.01% 2,611.90
2,356.00 UNITED STATES WHIRLPOOL CORP COM 118,246.30 55.00 129,580.00 0.05% 11,333.70
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<S> <C> <C> <C> <C> <C> <C> <C>
2,955.00 UNITED STATES AMERADA HESS CORP COM 154,859.03 54.88 162,155.63 0.07% 7,296.60
15,568.00 UNITED STATES AMOCO CORP COM 1,025,770.90 85.13 1,325,226.00 0.54% 299,455.10
1,900.00 UNITED STATES ANADARKO PETE CORP COM 127,619.40 60.69 115,306.25 0.05% (12,313.15)
2,800.00 UNITED STATES APACHE CORP COM 101,299.80 35.06 98,175.00 0.04% (3,124.80)
2,400.00 UNITED STATES ASHLAND INC 105,916.80 53.69 128,850.00 0.05% 22,933.20
10,164.00 UNITED STATES ATLANTIC RICHFIELD CO COM 596,010.50 80.13 814,390.50 0.33% 218,380.00
5,291.00 UNITED STATES BAKER HUGHES INC COM 173,026.18 43.63 230,819.88 0.09% 57,793.70
5,631.00 UNITED STATES BURLINGTON RES INC COM 229,521.95 44.81 252,339.19 0.10% 22,817.24
21,188.00 UNITED STATES CHEVRON CORP COM 1,143,803.45 77.00 1,631,476.00 0.67% 487,672.55
3,318.00 UNITED STATES COASTAL CORP COM 136,426.00 61.94 205,508.63 0.08% 69,082.63
5,524.00 UNITED STATES DRESSER INDS INC COM 163,344.30 41.94 231,662.75 0.09% 68,318.45
600.00 UNITED STATES EASTERN ENTERPRISES 21,062.00 45.00 27,000.00 0.01% 5,938.00
3,391.00 UNITED STATES EEX CORP 22,694.54 9.06 30,730.94 0.01% 8,036.40
10,196.00 UNITED STATES ENRON CORP COM 357,300.30 41.56 423,771.25 0.17% 66,470.95
78,614.00 UNITED STATES EXXON CORP COM 3,084,749.05 61.19 4,810,194.13 1.97% 1,725,445.08
8,568.00 UNITED STATES HALLIBURTON CO COM 234,217.66 51.94 445,000.50 0.18% 210,782.84
804.00 UNITED STATES HELMERICH & PAYNE INC COM 31,028.80 67.88 54,571.50 0.02% 23,542.70
1,547.00 UNITED STATES KERR MCGEE CORP 78,951.43 63.31 97,944.44 0.04% 18,993.01
1,728.00 UNITED STATES MCDERMOTT INTL INC COM 35,259.06 36.63 63,288.00 0.03% 28,028.94
25,388.00 UNITED STATES MOBIL CORP COM 1,298,087.20 72.19 1,832,696.25 0.75% 534,609.05
10,961.00 UNITED STATES OCCIDENTAL PETE CORP COM 238,298.85 29.31 321,294.31 0.13% 82,995.46
3,300.00 UNITED STATES ORYX ENERGY CO COM 64,897.30 25.50 84,150.00 0.03% 19,252.70
1,500.00 UNITED STATES PENNZOIL CO COM 76,430.00 66.81 100,218.75 0.04% 23,788.75
8,359.00 UNITED STATES PHILLIPS PETE CO COM 300,199.63 48.63 406,456.38 0.17% 106,256.75
2,700.00 UNITED STATES ROWAN COS INC COM 63,879.10 30.50 82,350.00 0.03% 18,470.90
16,144.00 UNITED STATES SCHLUMBERGER LTD COM 626,331.40 80.50 1,299,592.00 0.53% 673,260.60
2,731.00 UNITED STATES SONAT INC COM 93,811.63 45.75 124,943.25 0.05% 31,131.62
2,300.00 UNITED STATES SUN INC COM 66,627.30 42.06 96,743.75 0.04% 30,116.45
18,020.00 UNITED STATES TEXACO INC COM 704,755.23 54.38 979,837.50 0.40% 275,082.27
8,024.00 UNITED STATES UNION PAC RES GROUP INC COM 190,398.41 24.25 194,582.00 0.08% 4,183.59
7,886.00 UNITED STATES UNOCAL CORP COM 239,938.43 38.81 306,075.38 0.13% 66,136.95
9,130.00 UNITED STATES USX MARATHON GROUP NEW COM 191,056.90 33.75 308,137.50 0.13% 117,080.60
1,700.00 UNITED STATES WESTERN ATLAS INC COM 96,502.15 74.00 125,800.00 0.05% 29,297.85
10,100.00 UNITED STATES WILLIAMS COS INC COM 145,643.42 28.38 286,587.50 0.12% 140,944.08
2,974.00 UNITED STATES AMR CORP DEL COM 246,472.25 128.50 382,159.00 0.16% 135,686.75
4,952.00 UNITED STATES BURLINGTON NORTH SANTA FE CORP 351,612.70 92.94 460,226.50 0.19% 108,613.80
1,200.00 UNITED STATES CALIBER SYS INC 34,386.60 48.69 58,425.00 0.02% 24,038.40
6,920.00 UNITED STATES CSX CORP COM 286,797.75 54.00 373,680.00 0.15% 86,882.25
2,341.00 UNITED STATES DELTA AIR LINES INC DEL COM 165,965.10 119.00 278,579.00 0.11% 112,613.90
3,694.00 UNITED STATES FEDERAL EXPRESS CORP COM 134,179.45 61.06 225,564.88 0.09% 91,385.43
12,120.00 UNITED STATES NORFOLK SOUTHN CORP COM 280,893.77 30.81 373,447.50 0.15% 92,553.73
2,425.00 UNITED STATES RYDER SYS INC COM 63,851.00 32.75 79,418.75 0.03% 15,567.75
6,900.00 UNITED STATES SOUTHWEST AIRLS CO COM 102,148.40 24.63 169,912.50 0.07% 67,764.10
7,777.00 UNITED STATES UNION PAC CORP COM 374,622.37 62.44 485,576.44 0.20% 110,954.07
2,900.00 UNITED STATES US AIRWAYS GROUP INC COM 78,164.30 62.50 181,250.00 0.07% 103,085.70
4,427.00 UNITED STATES ADVANCED MICRO DEVICES INC COM 123,341.16 17.94 79,409.31 0.03% (43,931.85)
15,910.00 UNITED STATES AIRTOUCH COMMUNICATIONS INC 472,945.80 41.56 661,259.38 0.27% 188,313.58
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<S> <C> <C> <C> <C> <C> <C>
6,966.00 UNITED STATES AMP INC COM 272,904.70 42.00 292,572.00 0.12%
2,800.00 UNITED STATES ANDREW CORP COM 106,470.70 24.00 67,200.00 0.03%
4,000.00 UNITED STATES APPLE COMPUTER INC 69,587.80 13.13 52,500.00 0.02%
11,600.00 UNITED STATES APPLIED MATLS INC COM 254,219.10 30.13 349,450.00 0.14%
1,500.00 UNITED STATES AUTODESK INC COM 59,593.70 37.00 55,500.00 0.02%
9,288.00 UNITED STATES AUTOMATIC DATA PROCESSING INC 342,872.90 61.38 570,051.00 0.23%
6,800.00 UNITED STATES BAY NETWORKS INC 241,887.40 25.56 173,825.00 0.07%
32,164.20 UNITED STATES BOEING CO COM 996,194.16 48.94 1,574,035.54 0.64%
5,000.00 UNITED STATES CABLETRON SYS INC COM 153,666.75 15.00 75,000.00 0.03%
2,500.00 UNITED STATES CERIDIAN CORP COM 91,393.90 45.81 114,531.25 0.05%
31,957.00 UNITED STATES CISCO SYS INC COM 858,984.08 55.75 1,781,602.75 0.73%
1.00 UNITED STATES COMMSCOPE INC COM 15.97 13.44 13.40 0.00%
24,434.50 UNITED STATES COMPAQ COMPUTER CORP COM 630,604.65 56.44 1,379,022.09 0.56%
17,499.00 UNITED STATES COMPUTER ASSOC INTL INC COM 430,841.50 52.88 925,259.63 0.38%
2,500.00 UNITED STATES COMPUTER SCIENCES CORP COM 144,856.30 83.50 208,750.00 0.09%
1,500.00 UNITED STATES DATA GEN CORP COM 35,648.90 17.44 26,156.25 0.01%
10,500.00 UNITED STATES DELL COMPUTER CORP COM 323,062.80 84.00 882,000.00 0.36%
4,829.00 UNITED STATES DIGITAL EQUIP CORP COM 170,370.28 37.00 178,673.00 0.07%
3,700.00 UNITED STATES DSC COMMUNICATIONS CORP COM 86,325.10 24.00 88,800.00 0.04%
1,400.00 UNITED STATES EG & G INC 28,546.80 20.81 29,137.50 0.01%
15,600.00 UNITED STATES EMC CORP MASS 229,411.47 27.44 428,025.00 0.18%
13,512.00 UNITED STATES FIRST DATA CORP COM 454,731.35 29.25 395,226.00 0.16%
5,100.00 UNITED STATES FRONTIER CORP COM 111,977.00 24.06 122,718.75 0.05%
2,506.00 UNITED STATES HARRIS CORP DEL COM 79,912.75 45.88 114,962.75 0.05%
33,404.00 UNITED STATES HEWLETT PACKARD CO COM 1,240,111.80 62.50 2,087,750.00 0.85%
4,072.00 UNITED STATES HONEYWELL INC COM 194,218.30 68.50 278,932.00 0.11%
31,120.00 UNITED STATES IBM CORP COM 1,583,106.90 104.56 3,253,985.00 1.33%
52,524.00 UNITED STATES INTEL CORP CALIF COM 1,695,417.75 70.25 3,689,811.00 1.51%
2,700.00 UNITED STATES KLA TENCOR CORP 194,062.50 38.63 104,287.50 0.04%
6,112.00 UNITED STATES LOCKHEED MARTIN CORP COM 463,493.37 98.50 602,032.00 0.25%
4,500.00 UNITED STATES LSI LOGIC CORP COM 143,784.10 19.75 88,875.00 0.04%
20,834.00 UNITED STATES LUCENT TECHNOLOGIES INC COM 1,099,254.88 79.88 1,664,115.75 0.68%
6,674.00 UNITED STATES MICRON TECHNOLOGY INC COM 195,527.98 26.00 173,524.00 0.07%
38,936.00 UNITED STATES MICROSOFT CORP COM 2,180,969.40 129.25 5,032,478.00 2.06%
19,320.00 UNITED STATES MOTOROLA INC COM 1,196,819.65 57.06 1,102,447.50 0.45%
5,200.00 UNITED STATES NATIONAL SEMICONDUCTOR CORP 144,704.20 25.94 134,875.00 0.06%
22.00 UNITED STATES NETSCAPE COMMUNICATIONS CORP 0.00 24.38 536.25 0.00%
11,000.00 UNITED STATES NOVELL INC 115,622.40 7.50 82,500.00 0.03%
31,098.00 UNITED STATES ORACLE CORPORATION COM 649,562.14 22.31 693,874.13 0.28%
4,000.00 UNITED STATES PARAMETRIC TECHNOLOGY CORP COM 178,843.90 47.38 189,500.00 0.08%
1,400.00 UNITED STATES PERKIN ELMER CORP COM 103,546.70 71.06 99,487.50 0.04%
4,568.00 UNITED STATES PITNEY BOWES INC COM 183,892.30 89.94 410,834.50 0.17%
2,400.00 UNITED STATES SCIENTIFIC ATLANTA INC 41,754.30 16.75 40,200.00 0.02%
7,700.00 UNITED STATES SEAGATE TECHNOLOGY COM 261,221.70 19.25 148,225.00 0.06%
800.00 UNITED STATES SHARED MED SYS CORP 41,214.00 66.00 52,800.00 0.02%
5,590.00 UNITED STATES SILICON GRAPHICS INC COM 110,114.40 12.44 69,525.63 0.03%
12,232.00 UNITED STATES SUN MICROSYSTEMS INC COM 242,580.95 39.88 487,751.00 0.20%
<CAPTION>
<S> <C> <C> <C>
6,966.00 UNITED STATES AMP INC COM 19,667.30
2,800.00 UNITED STATES ANDREW CORP COM (39,270.70)
4,000.00 UNITED STATES APPLE COMPUTER INC (17,087.80)
11,600.00 UNITED STATES APPLIED MATLS INC COM 95,230.90
1,500.00 UNITED STATES AUTODESK INC COM (4,093.70)
9,288.00 UNITED STATES AUTOMATIC DATA PROCESSING INC 227,178.10
6,800.00 UNITED STATES BAY NETWORKS INC (68,062.40)
32,164.20 UNITED STATES BOEING CO COM 577,841.38
5,000.00 UNITED STATES CABLETRON SYS INC COM (78,666.75)
2,500.00 UNITED STATES CERIDIAN CORP COM 23,137.35
31,957.00 UNITED STATES CISCO SYS INC COM 922,618.67
1.00 UNITED STATES COMMSCOPE INC COM (2.57)
24,434.50 UNITED STATES COMPAQ COMPUTER CORP COM 748,417.44
17,499.00 UNITED STATES COMPUTER ASSOC INTL INC COM 494,418.13
2,500.00 UNITED STATES COMPUTER SCIENCES CORP COM 63,893.70
1,500.00 UNITED STATES DATA GEN CORP COM (9,492.65)
10,500.00 UNITED STATES DELL COMPUTER CORP COM 558,937.20
4,829.00 UNITED STATES DIGITAL EQUIP CORP COM 8,302.72
3,700.00 UNITED STATES DSC COMMUNICATIONS CORP COM 2,474.90
1,400.00 UNITED STATES EG & G INC 590.70
15,600.00 UNITED STATES EMC CORP MASS 198,613.53
13,512.00 UNITED STATES FIRST DATA CORP COM (59,505.35)
5,100.00 UNITED STATES FRONTIER CORP COM 10,741.75
2,506.00 UNITED STATES HARRIS CORP DEL COM 35,050.00
33,404.00 UNITED STATES HEWLETT PACKARD CO COM 847,638.20
4,072.00 UNITED STATES HONEYWELL INC COM 84,713.70
31,120.00 UNITED STATES IBM CORP COM 1,670,878.10
52,524.00 UNITED STATES INTEL CORP CALIF COM 1,994,393.25
2,700.00 UNITED STATES KLA TENCOR CORP (89,775.00)
6,112.00 UNITED STATES LOCKHEED MARTIN CORP COM 138,538.63
4,500.00 UNITED STATES LSI LOGIC CORP COM (54,909.10)
20,834.00 UNITED STATES LUCENT TECHNOLOGIES INC COM 564,860.87
6,674.00 UNITED STATES MICRON TECHNOLOGY INC COM (22,003.98)
38,936.00 UNITED STATES MICROSOFT CORP COM 2,851,508.60
19,320.00 UNITED STATES MOTOROLA INC COM (94,372.15)
5,200.00 UNITED STATES NATIONAL SEMICONDUCTOR CORP (9,829.20)
22.00 UNITED STATES NETSCAPE COMMUNICATIONS CORP 536.25
11,000.00 UNITED STATES NOVELL INC (33,122.40)
31,098.00 UNITED STATES ORACLE CORPORATION COM 44,311.99
4,000.00 UNITED STATES PARAMETRIC TECHNOLOGY CORP COM 10,656.10
1,400.00 UNITED STATES PERKIN ELMER CORP COM (4,059.20)
4,568.00 UNITED STATES PITNEY BOWES INC COM 226,942.20
2,400.00 UNITED STATES SCIENTIFIC ATLANTA INC (1,554.30)
7,700.00 UNITED STATES SEAGATE TECHNOLOGY COM (112,996.70)
800.00 UNITED STATES SHARED MED SYS CORP 11,586.00
5,590.00 UNITED STATES SILICON GRAPHICS INC COM (40,588.77)
12,232.00 UNITED STATES SUN MICROSYSTEMS INC COM 245,170.05
</TABLE>
29
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
1,650.00 UNITED STATES TEKTRONIX INC COM 52,598.40 39.69 65,484.38 0.03%
5,700.00 UNITED STATES TELLABS INC COM 190,285.90 52.88 301,387.50 0.12%
12,728.00 UNITED STATES TEXAS INSTRS INC COM 374,684.60 45.00 572,760.00 0.23%
5,500.00 UNITED STATES UNISYS CORP 49,154.30 13.88 76,312.50 0.03%
7,442.00 UNITED STATES UNITED TECHNOLOGIES CORP COM 393,281.95 72.81 541,870.63 0.22%
10,274.00 UNITED STATES XEROX CORP COM 510,715.61 73.81 758,349.63 0.31%
10,900.00 UNITED STATES 3COM CORP COM 539,783.90 34.94 380,818.75 0.16%
3,440.00 UNITED STATES AIR PRODS & CHEMS INC COM 198,635.80 82.25 282,940.00 0.12%
5,500.00 UNITED STATES ALLEGHENY TELEDYNE INC COM 125,460.20 25.88 142,312.50 0.06%
17,798.00 UNITED STATES ALLIED SIGNAL INC COM 484,685.25 38.94 693,009.63 0.28%
5,550.00 UNITED STATES ALUMINUM CO AMER COM 297,406.73 70.38 390,581.25 0.16%
3,300.00 UNITED STATES ARMCO INC 14,222.40 4.94 16,293.75 0.01%
1,281.00 UNITED STATES ASARCO INC 36,165.08 22.44 28,742.44 0.01%
3,238.00 UNITED STATES AVERY DENNISON CORP COM 80,789.85 44.75 144,900.50 0.06%
7,200.00 UNITED STATES BATTLE MTN GOLD CO COM 54,284.80 5.88 42,300.00 0.02%
1,700.00 UNITED STATES BEMIS INC COM 63,134.10 44.06 74,906.25 0.03%
3,500.00 UNITED STATES BETHLEHEM STL CORP COM 31,945.10 8.63 30,187.50 0.01%
1,700.00 UNITED STATES BOISE CASCADE CORP COM 66,852.90 30.25 51,425.00 0.02%
6,211.00 UNITED STATES BROWNING FERRIS INDS INC COM 195,459.95 37.00 229,807.00 0.09%
3,085.00 UNITED STATES CHAMPION INTL CORP COM 123,730.05 45.31 139,789.06 0.06%
2,897.00 UNITED STATES CYPRUS AMAX MINERALS CO COM 75,662.58 15.38 44,541.38 0.02%
7,267.00 UNITED STATES DOW CHEM CO COM 505,173.53 101.50 737,600.50 0.30%
36,274.00 UNITED STATES DU PONT E I DE NEMOURS & CO 1,379,807.55 60.06 2,178,707.13 0.89%
4,500.00 UNITED STATES ENGELHARD CORP 93,808.90 17.38 78,187.50 0.03%
1,200.00 UNITED STATES FMC CORP NEW COM 84,849.00 67.31 80,775.00 0.03%
6,636.00 UNITED STATES FORT JAMES CORP COM 227,719.94 38.25 253,827.00 0.10%
5,800.00 UNITED STATES FREEPORT MCMORAN COPPER B 153,216.20 15.75 91,350.00 0.04%
1,600.00 UNITED STATES GENERAL SIGNAL CORP COM 63,082.10 42.19 67,500.00 0.03%
2,888.00 UNITED STATES GEORGIA PAC CORP COM 154,456.49 60.75 175,446.00 0.07%
2,888.00 UNITED STATES GEORGIA PAC CORP COM TIMBER 61,139.01 22.69 65,521.50 0.03%
2,300.00 UNITED STATES GOODRICH B F CO 91,095.55 41.44 95,306.25 0.04%
2,343.00 UNITED STATES GRACE W R & CO DEL COM 120,377.26 80.44 188,465.06 0.08%
1,900.00 UNITED STATES GREAT LAKES CHEM CORP COM 91,244.30 44.88 85,262.50 0.03%
1,600.00 UNITED STATES HARNISCHFEGER INDS INC COM 63,607.00 35.31 56,500.00 0.02%
3,176.00 UNITED STATES HERCULES INC COM 140,620.80 50.06 158,998.50 0.07%
4,600.00 UNITED STATES HOMESTAKE MNG CO COM 64,429.60 8.88 40,825.00 0.02%
1,500.00 UNITED STATES INLAND STL INDS INC COM 30,392.50 17.13 25,687.50 0.01%
9,610.00 UNITED STATES INTERNATIONAL PAPER CO COM 373,929.88 43.13 414,431.25 0.17%
3,400.00 UNITED STATES LOUISIANA PAC CORP COM 84,930.50 19.00 64,600.00 0.03%
3,294.00 UNITED STATES MEAD CORP COM 86,852.13 28.00 92,232.00 0.04%
13,152.00 UNITED STATES MINNESOTA MNG & MFG CO COM 857,086.09 82.06 1,079,286.00 0.44%
19,090.00 UNITED STATES MONSANTO CO COM 395,166.70 42.00 801,780.00 0.33%
300.00 UNITED STATES NACCO INDS INC CL A 15,068.50 107.19 32,156.25 0.01%
2,100.00 UNITED STATES NALCO CHEM CO COM 78,479.50 39.56 83,081.25 0.03%
4,957.00 UNITED STATES NEWMONT MNG CORP COM 189,382.61 29.38 145,611.88 0.06%
2,746.00 UNITED STATES NUCOR CORP 141,814.30 48.31 132,666.13 0.05%
4,400.00 UNITED STATES OWENS ILL INC NEW 159,844.30 37.94 166,925.00 0.07%
<CAPTION>
<S> <C> <C> <C>
1,650.00 UNITED STATES TEKTRONIX INC COM 12,885.98
5,700.00 UNITED STATES TELLABS INC COM 111,101.60
12,728.00 UNITED STATES TEXAS INSTRS INC COM 198,075.40
5,500.00 UNITED STATES UNISYS CORP 27,158.20
7,442.00 UNITED STATES UNITED TECHNOLOGIES CORP COM 148,588.68
10,274.00 UNITED STATES XEROX CORP COM 247,634.02
10,900.00 UNITED STATES 3COM CORP COM (158,965.15)
3,440.00 UNITED STATES AIR PRODS & CHEMS INC COM 84,304.20
5,500.00 UNITED STATES ALLEGHENY TELEDYNE INC COM 16,852.30
17,798.00 UNITED STATES ALLIED SIGNAL INC COM 208,324.38
5,550.00 UNITED STATES ALUMINUM CO AMER COM 93,174.52
3,300.00 UNITED STATES ARMCO INC 2,071.35
1,281.00 UNITED STATES ASARCO INC (7,422.64)
3,238.00 UNITED STATES AVERY DENNISON CORP COM 64,110.65
7,200.00 UNITED STATES BATTLE MTN GOLD CO COM (11,984.80)
1,700.00 UNITED STATES BEMIS INC COM 11,772.15
3,500.00 UNITED STATES BETHLEHEM STL CORP COM (1,757.60)
1,700.00 UNITED STATES BOISE CASCADE CORP COM (15,427.90)
6,211.00 UNITED STATES BROWNING FERRIS INDS INC COM 34,347.05
3,085.00 UNITED STATES CHAMPION INTL CORP COM 16,059.01
2,897.00 UNITED STATES CYPRUS AMAX MINERALS CO COM (31,121.20)
7,267.00 UNITED STATES DOW CHEM CO COM 232,426.97
36,274.00 UNITED STATES DU PONT E I DE NEMOURS & CO 798,899.58
4,500.00 UNITED STATES ENGELHARD CORP (15,621.40)
1,200.00 UNITED STATES FMC CORP NEW COM (4,074.00)
6,636.00 UNITED STATES FORT JAMES CORP COM 26,107.06
5,800.00 UNITED STATES FREEPORT MCMORAN COPPER B (61,866.20)
1,600.00 UNITED STATES GENERAL SIGNAL CORP COM 4,417.90
2,888.00 UNITED STATES GEORGIA PAC CORP COM 20,989.51
2,888.00 UNITED STATES GEORGIA PAC CORP COM TIMBER 4,382.49
2,300.00 UNITED STATES GOODRICH B F CO 4,210.70
2,343.00 UNITED STATES GRACE W R & CO DEL COM 68,087.80
1,900.00 UNITED STATES GREAT LAKES CHEM CORP COM (5,981.80)
1,600.00 UNITED STATES HARNISCHFEGER INDS INC COM (7,107.00)
3,176.00 UNITED STATES HERCULES INC COM 18,377.70
4,600.00 UNITED STATES HOMESTAKE MNG CO COM (23,604.60)
1,500.00 UNITED STATES INLAND STL INDS INC COM (4,705.00)
9,610.00 UNITED STATES INTERNATIONAL PAPER CO COM 40,501.37
3,400.00 UNITED STATES LOUISIANA PAC CORP COM (20,330.50)
3,294.00 UNITED STATES MEAD CORP COM 5,379.87
13,152.00 UNITED STATES MINNESOTA MNG & MFG CO COM 222,199.91
19,090.00 UNITED STATES MONSANTO CO COM 406,613.30
300.00 UNITED STATES NACCO INDS INC CL A 17,087.75
2,100.00 UNITED STATES NALCO CHEM CO COM 4,601.75
4,957.00 UNITED STATES NEWMONT MNG CORP COM (43,770.73)
2,746.00 UNITED STATES NUCOR CORP (9,148.17)
4,400.00 UNITED STATES OWENS ILL INC NEW 7,080.70
</TABLE>
30
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
1,962.00 UNITED STATES PHELPS DODGE CORP COM 125,708.95 62.25 122,134.50 0.05%
886.00 UNITED STATES POTLATCH CORP COM 41,082.62 43.00 38,098.00 0.02%
5,688.00 UNITED STATES PPG INDS INC COM 225,656.90 57.13 324,927.00 0.13%
4,987.00 UNITED STATES PRAXAIR INC COM 146,676.68 45.00 224,415.00 0.09%
2,300.00 UNITED STATES REYNOLDS METALS CO COM 132,296.00 60.00 138,000.00 0.06%
2,000.00 UNITED STATES ROHM & HAAS CO COM 175,458.80 95.75 191,500.00 0.08%
3,100.00 UNITED STATES SIGMA ALDRICH CORP 71,371.77 39.75 123,225.00 0.05%
3,758.00 UNITED STATES SOLUTIA INC COM 32,715.31 26.69 100,291.63 0.04%
3,100.00 UNITED STATES STONE CONTAINER CORP COM 45,568.30 10.44 32,356.25 0.01%
1,800.00 UNITED STATES TEMPLE INLAND INC COM 91,970.80 52.31 94,162.50 0.04%
2,156.00 UNITED STATES UNION CAMP CORP COM 106,762.80 53.69 115,750.25 0.05%
3,887.00 UNITED STATES UNION CARBIDE CORP COM 115,554.50 42.94 166,898.06 0.07%
2,685.00 UNITED STATES USX U S STL GROUP COM 78,369.31 31.25 83,906.25 0.03%
3,200.00 UNITED STATES WESTVACO CORP COM 89,190.60 31.44 100,600.00 0.04%
6,314.00 UNITED STATES WEYERHAEUSER CO COM 273,360.00 49.06 309,780.63 0.13%
3,500.00 UNITED STATES WILLAMETTE INDS INC 118,799.50 32.19 112,656.25 0.05%
3,000.00 UNITED STATES WORTHINGTON INDS INC COM 60,125.60 16.50 49,500.00 0.02%
2,300.00 UNITED STATES ADOBE SYS INC DEL COM 103,812.70 41.25 94,875.00 0.04%
1,300.00 UNITED STATES ARMSTRONG WORLD INDS INC COM 88,919.80 74.75 97,175.00 0.04%
800.00 UNITED STATES BRIGGS & STRATTON CORP 37,616.10 48.56 38,850.00 0.02%
2,400.00 UNITED STATES CASE CORP COM 117,898.00 60.44 145,050.00 0.06%
11,910.00 UNITED STATES CATERPILLAR INC 403,449.10 48.56 578,379.38 0.24%
900.00 UNITED STATES CENTEX CORP COM 37,711.80 62.94 56,643.75 0.02%
1,200.00 UNITED STATES CINCINNATI MILACRON INC COM 27,086.50 25.94 31,125.00 0.01%
3,837.00 UNITED STATES COOPER INDS INC COM 158,768.65 49.00 188,013.00 0.08%
1,400.00 UNITED STATES CRANE CO 52,415.16 43.38 60,725.00 0.02%
1,200.00 UNITED STATES CUMMINS ENGINE INC COM 58,574.00 59.06 70,875.00 0.03%
3,312.00 UNITED STATES DANA CORP 99,634.60 47.50 157,320.00 0.06%
7,946.00 UNITED STATES DEERE & CO COM 291,112.50 58.31 463,351.13 0.19%
7,108.00 UNITED STATES DOVER CORP COM 127,474.48 36.13 256,776.50 0.11%
2,509.00 UNITED STATES EATON CORP 135,864.63 89.25 223,928.25 0.09%
2,000.00 UNITED STATES ECHLIN INC 65,427.70 36.19 72,375.00 0.03%
13,996.00 UNITED STATES EMERSON ELEC CO COM 536,404.60 56.44 789,899.25 0.32%
2,621.00 UNITED STATES FLUOR CORP 150,076.25 37.38 97,959.88 0.04%
1,300.00 UNITED STATES FOSTER WHEELER CORP 52,951.00 27.06 35,181.25 0.01%
2,000.00 UNITED STATES GENERAL DYNAMICS CORP COM 132,490.00 86.44 172,875.00 0.07%
104,810.00 UNITED STATES GENERAL ELEC CO COM 3,781,579.90 73.38 7,690,433.75 3.15%
1,583.00 UNITED STATES GRAINGER W W INC COM 100,954.88 97.19 153,847.81 0.06%
7,896.00 UNITED STATES ILLINOIS TOOL WKS INC COM 272,281.50 60.13 474,747.00 0.19%
5,263.00 UNITED STATES INGERSOLL RAND CO 138,065.60 40.50 213,151.50 0.09%
3,700.00 UNITED STATES ITT INDS INC IND COM 95,499.10 31.38 116,087.50 0.05%
2,634.00 UNITED STATES JOHNSON CTLS INC COM 101,574.21 47.75 125,773.50 0.05%
1,200.00 UNITED STATES KAUFMAN & BROAD HOME CORP COM 17,342.80 22.44 26,925.00 0.01%
2,300.00 UNITED STATES NAVISTAR INTL CORP NEW COM 39,415.00 24.81 57,068.75 0.02%
2,100.00 UNITED STATES NORTHROP GRUMMAN CORP COM 158,598.30 115.00 241,500.00 0.10%
1,700.00 UNITED STATES OWENS CORNING COM 68,877.80 34.13 58,012.50 0.02%
2,604.00 UNITED STATES PACCAR INC 87,368.80 52.50 136,710.00 0.06%
<CAPTION>
<S> <C> <C> <C>
1,962.00 UNITED STATES PHELPS DODGE CORP COM (3,574.45)
886.00 UNITED STATES POTLATCH CORP COM (2,984.62)
5,688.00 UNITED STATES PPG INDS INC COM 99,270.10
4,987.00 UNITED STATES PRAXAIR INC COM 77,738.32
2,300.00 UNITED STATES REYNOLDS METALS CO COM 5,704.00
2,000.00 UNITED STATES ROHM & HAAS CO COM 16,041.20
3,100.00 UNITED STATES SIGMA ALDRICH CORP 51,853.23
3,758.00 UNITED STATES SOLUTIA INC COM 67,576.32
3,100.00 UNITED STATES STONE CONTAINER CORP COM (13,212.05)
1,800.00 UNITED STATES TEMPLE INLAND INC COM 2,191.70
2,156.00 UNITED STATES UNION CAMP CORP COM 8,987.45
3,887.00 UNITED STATES UNION CARBIDE CORP COM 51,343.56
2,685.00 UNITED STATES USX U S STL GROUP COM 5,536.94
3,200.00 UNITED STATES WESTVACO CORP COM 11,409.40
6,314.00 UNITED STATES WEYERHAEUSER CO COM 36,420.63
3,500.00 UNITED STATES WILLAMETTE INDS INC (6,143.25)
3,000.00 UNITED STATES WORTHINGTON INDS INC COM (10,625.60)
2,300.00 UNITED STATES ADOBE SYS INC DEL COM (8,937.70)
1,300.00 UNITED STATES ARMSTRONG WORLD INDS INC COM 8,255.20
800.00 UNITED STATES BRIGGS & STRATTON CORP 1,233.90
2,400.00 UNITED STATES CASE CORP COM 27,152.00
11,910.00 UNITED STATES CATERPILLAR INC 174,930.28
900.00 UNITED STATES CENTEX CORP COM 18,931.95
1,200.00 UNITED STATES CINCINNATI MILACRON INC COM 4,038.50
3,837.00 UNITED STATES COOPER INDS INC COM 29,244.35
1,400.00 UNITED STATES CRANE CO 8,309.84
1,200.00 UNITED STATES CUMMINS ENGINE INC COM 12,301.00
3,312.00 UNITED STATES DANA CORP 57,685.40
7,946.00 UNITED STATES DEERE & CO COM 172,238.63
7,108.00 UNITED STATES DOVER CORP COM 129,302.02
2,509.00 UNITED STATES EATON CORP 88,063.62
2,000.00 UNITED STATES ECHLIN INC 6,947.30
13,996.00 UNITED STATES EMERSON ELEC CO COM 253,494.65
2,621.00 UNITED STATES FLUOR CORP (52,116.37)
1,300.00 UNITED STATES FOSTER WHEELER CORP (17,769.75)
2,000.00 UNITED STATES GENERAL DYNAMICS CORP COM 40,385.00
104,810.00 UNITED STATES GENERAL ELEC CO COM 3,908,853.85
1,583.00 UNITED STATES GRAINGER W W INC COM 52,892.93
7,896.00 UNITED STATES ILLINOIS TOOL WKS INC COM 202,465.50
5,263.00 UNITED STATES INGERSOLL RAND CO 75,085.90
3,700.00 UNITED STATES ITT INDS INC IND COM 20,588.40
2,634.00 UNITED STATES JOHNSON CTLS INC COM 24,199.29
1,200.00 UNITED STATES KAUFMAN & BROAD HOME CORP COM 9,582.20
2,300.00 UNITED STATES NAVISTAR INTL CORP NEW COM 17,653.75
2,100.00 UNITED STATES NORTHROP GRUMMAN CORP COM 82,901.70
1,700.00 UNITED STATES OWENS CORNING COM (10,865.30)
2,604.00 UNITED STATES PACCAR INC 49,341.20
</TABLE>
31
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
3,993.00 UNITED STATES PALL CORP COM 82,932.50 20.69 82,605.19 0.03%
3,549.00 UNITED STATES PARKER HANNIFIN CORP COM 83,091.97 45.88 162,810.38 0.07%
2,800.00 UNITED STATES RAYCHEM CORP COM 105,079.75 43.06 120,575.00 0.05%
1,499.62 UNITED STATES RAYTHEON CO CL A 56,184.02 49.31 73,949.76 0.03%
10,904.00 UNITED STATES RAYTHEON CO CL B 457,367.10 50.50 550,652.00 0.23%
6,606.00 UNITED STATES ROCKWELL INTL CORP NEW COM 270,559.33 52.25 345,163.50 0.14%
2,800.00 UNITED STATES STANLEY WKS 90,858.80 47.19 132,125.00 0.05%
5,491.00 UNITED STATES TENNECO INC NEW COM 222,668.86 39.50 216,894.50 0.09%
5,198.00 UNITED STATES TEXTRON INC COM 192,893.18 62.50 324,875.00 0.13%
4,700.00 UNITED STATES THERMO ELECTRON CORP COM 171,787.90 44.50 209,150.00 0.09%
1,700.00 UNITED STATES THOMAS & BETTS CORP COM 75,802.80 47.25 80,325.00 0.03%
2,000.00 UNITED STATES TIMKEN CO 59,813.70 34.38 68,750.00 0.03%
3,940.00 UNITED STATES TRW INC 137,648.80 53.38 210,297.50 0.09%
5,849.00 UNITED STATES ALLTEL CORP 174,344.88 41.06 240,174.56 0.10%
5,978.00 UNITED STATES AMERICAN ELEC PWR INC COM 223,855.60 51.63 308,614.25 0.13%
4,652.00 UNITED STATES BALTIMORE GAS & ELEC CO COM 124,064.24 34.06 158,458.75 0.06%
25,069.20 UNITED STATES BELL ATLANTIC CORP COM 1,452,706.66 91.00 2,281,297.20 0.93%
31,848.00 UNITED STATES BELLSOUTH CORP COM 1,118,656.30 56.31 1,793,440.50 0.73%
4,766.00 UNITED STATES CAROLINA PWR & LT CO COM 157,158.15 42.44 202,257.13 0.08%
6,656.00 UNITED STATES CENTRAL & SOUTH WEST CORP COM 157,509.70 27.06 180,128.00 0.07%
4,917.00 UNITED STATES CINERGY CORP COM 139,906.83 38.31 188,382.56 0.08%
1,800.00 UNITED STATES COLUMBIA ENERGY GROUP COM 93,121.05 78.56 141,412.50 0.06%
7,427.00 UNITED STATES CONSOLIDATED EDISON CO N Y INC 224,107.85 41.00 304,507.00 0.12%
2,974.00 UNITED STATES CONSOLIDATED NAT GAS CO COM 136,553.80 60.50 179,927.00 0.07%
5,882.00 UNITED STATES DOMINION RES INC VA COM 224,857.35 42.56 250,352.63 0.10%
4,514.00 UNITED STATES DTE ENERGY CO COM 128,928.60 34.69 156,579.38 0.06%
11,351.00 UNITED STATES DUKE ENERGY CORP COM 439,861.05 55.38 628,561.63 0.26%
12,126.00 UNITED STATES EDISON INTL COM 224,504.05 27.19 329,675.63 0.13%
7,588.00 UNITED STATES ENTERGY CORP NEW COM 192,113.60 29.94 227,165.75 0.09%
7,390.00 UNITED STATES FIRSTENERGY CORP COM 176,337.80 29.00 214,310.00 0.09%
5,783.00 UNITED STATES FPL GROUP INC COM 234,719.38 59.19 342,281.31 0.14%
3,800.00 UNITED STATES GPU INC COM 119,944.80 42.13 160,075.00 0.07%
30,693.00 UNITED STATES GTE CORP COM 1,169,458.68 52.25 1,603,709.25 0.66%
8,958.00 UNITED STATES HOUSTON INDS INC COM 183,626.38 26.69 239,066.63 0.10%
22,382.00 UNITED STATES MCI COMMUNICATIONS CORP COM 543,240.65 42.81 958,229.38 0.39%
4,500.00 UNITED STATES NIAGARA MOHAWK PWR CORP COM 41,152.80 10.50 47,250.00 0.02%
1,500.00 UNITED STATES NICOR INC COM 42,467.50 42.19 63,281.25 0.03%
2,350.00 UNITED STATES NORTHERN STS PWR CO MINN COM 107,909.65 58.25 136,887.50 0.06%
850.00 UNITED STATES ONEOK INC NEW COM 23,119.48 40.38 34,318.75 0.01%
5,200.00 UNITED STATES P P & L RESOURCES INC COM 122,938.40 23.94 124,475.00 0.05%
2,500.00 UNITED STATES PACIFIC ENTERPRISES COM 77,500.00 37.63 94,062.50 0.04%
9,334.00 UNITED STATES PACIFICORP COM 189,585.20 27.31 254,934.88 0.10%
7,021.00 UNITED STATES PECO ENERGY CO COM 178,841.05 24.25 170,259.25 0.07%
1,100.00 UNITED STATES PEOPLES ENERGY CORP ILL COM 38,597.00 39.38 43,312.50 0.02%
13,781.00 UNITED STATES PG&E CORP COM 345,707.45 30.44 419,459.19 0.17%
7,320.00 UNITED STATES PUBLIC SVC ENTERPRISE GROUP 205,218.90 31.69 231,952.50 0.09%
22,052.00 UNITED STATES SOUTHERN CO COM 476,256.70 25.88 570,595.50 0.23%
<CAPTION>
<S> <C> <C> <C>
3,993.00 UNITED STATES PALL CORP COM (327.31)
3,549.00 UNITED STATES PARKER HANNIFIN CORP COM 79,718.41
2,800.00 UNITED STATES RAYCHEM CORP COM 15,495.25
1,499.62 UNITED STATES RAYTHEON CO CL A 17,765.74
10,904.00 UNITED STATES RAYTHEON CO CL B 93,284.90
6,606.00 UNITED STATES ROCKWELL INTL CORP NEW COM 74,604.17
2,800.00 UNITED STATES STANLEY WKS 41,266.20
5,491.00 UNITED STATES TENNECO INC NEW COM (5,774.36)
5,198.00 UNITED STATES TEXTRON INC COM 131,981.82
4,700.00 UNITED STATES THERMO ELECTRON CORP COM 37,362.10
1,700.00 UNITED STATES THOMAS & BETTS CORP COM 4,522.20
2,000.00 UNITED STATES TIMKEN CO 8,936.30
3,940.00 UNITED STATES TRW INC 72,648.70
5,849.00 UNITED STATES ALLTEL CORP 65,829.68
5,978.00 UNITED STATES AMERICAN ELEC PWR INC COM 84,758.65
4,652.00 UNITED STATES BALTIMORE GAS & ELEC CO COM 34,394.51
25,069.20 UNITED STATES BELL ATLANTIC CORP COM 828,590.54
31,848.00 UNITED STATES BELLSOUTH CORP COM 674,784.20
4,766.00 UNITED STATES CAROLINA PWR & LT CO COM 45,098.98
6,656.00 UNITED STATES CENTRAL & SOUTH WEST CORP COM 22,618.30
4,917.00 UNITED STATES CINERGY CORP COM 48,475.73
1,800.00 UNITED STATES COLUMBIA ENERGY GROUP COM 48,291.45
7,427.00 UNITED STATES CONSOLIDATED EDISON CO N Y INC 80,399.15
2,974.00 UNITED STATES CONSOLIDATED NAT GAS CO COM 43,373.20
5,882.00 UNITED STATES DOMINION RES INC VA COM 25,495.28
4,514.00 UNITED STATES DTE ENERGY CO COM 27,650.78
11,351.00 UNITED STATES DUKE ENERGY CORP COM 188,700.58
12,126.00 UNITED STATES EDISON INTL COM 105,171.58
7,588.00 UNITED STATES ENTERGY CORP NEW COM 35,052.15
7,390.00 UNITED STATES FIRSTENERGY CORP COM 37,972.20
5,783.00 UNITED STATES FPL GROUP INC COM 107,561.93
3,800.00 UNITED STATES GPU INC COM 40,130.20
30,693.00 UNITED STATES GTE CORP COM 434,250.57
8,958.00 UNITED STATES HOUSTON INDS INC COM 55,440.25
22,382.00 UNITED STATES MCI COMMUNICATIONS CORP COM 414,988.73
4,500.00 UNITED STATES NIAGARA MOHAWK PWR CORP COM 6,097.20
1,500.00 UNITED STATES NICOR INC COM 20,813.75
2,350.00 UNITED STATES NORTHERN STS PWR CO MINN COM 28,977.85
850.00 UNITED STATES ONEOK INC NEW COM 11,199.27
5,200.00 UNITED STATES P P & L RESOURCES INC COM 1,536.60
2,500.00 UNITED STATES PACIFIC ENTERPRISES COM 16,562.50
9,334.00 UNITED STATES PACIFICORP COM 65,349.68
7,021.00 UNITED STATES PECO ENERGY CO COM (8,581.80)
1,100.00 UNITED STATES PEOPLES ENERGY CORP ILL COM 4,715.50
13,781.00 UNITED STATES PG&E CORP COM 73,751.74
7,320.00 UNITED STATES PUBLIC SVC ENTERPRISE GROUP 26,733.60
22,052.00 UNITED STATES SOUTHERN CO COM 94,338.80
</TABLE>
32
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
8,110.00 UNITED STATES TEXAS UTILS CO COM 288,482.82 41.56 337,071.88 0.14%
15,640.00 UNITED STATES U S WEST COMMUNICATIONS GROUP 426,639.62 45.13 705,755.00 0.29%
6,837.00 UNITED STATES UNICOM CORP COM 173,520.70 30.75 210,237.75 0.09%
3,200.00 UNITED STATES UNION ELEC CO COM 123,120.40 43.25 138,400.00 0.06%
28,800.00 UNITED STATES WORLDCOM INC GA COM 782,993.10 30.25 871,200.00 0.36%
2,496.00 UNITED STATES EASTMAN CHEM CO COM 131,516.80 59.56 148,668.00 0.06%
0.00 DIVIDENDS RECEIVABLE 331,719.42 1.00 331,719.42 0.14%
---------- ---------- -----
NET PORTFOLIO ASSETS $157,855,988.50 $244,268,196.05 100.00%
<CAPTION>
<S> <C> <C> <C>
8,110.00 UNITED STATES TEXAS UTILS CO COM 48,589.06
15,640.00 UNITED STATES U S WEST COMMUNICATIONS GROUP 279,115.38
6,837.00 UNITED STATES UNICOM CORP COM 36,717.05
3,200.00 UNITED STATES UNION ELEC CO COM 15,279.60
28,800.00 UNITED STATES WORLDCOM INC GA COM 88,206.90
2,496.00 UNITED STATES EASTMAN CHEM CO COM 17,151.20
0.00 DIVIDENDS RECEIVABLE 0.00
NET PORTFOLIO ASSETS 86,412,207.55
</TABLE>
33
<PAGE>
EXHIBIT 23
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation
by reference of our reports dated June 1, 1998 on the Champion International
Corporation Savings Plan #077 and the Champion International Corporation Savings
Plan for Hourly Employees #158 included in this Form 11-K into the Company's
previously filed Registration Statement on Form S-8 (Registration No. 333-
34069).
/s/ Arthur Andersen LLP
New York, N.Y.
June 26, 1998
