UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 31, 1999
Check here if Amendment [ x ]; Amendment Number: 1
This Amendment (Check only one.): [ ] is a restatement.
[ x ] adds new holding entries.
Institutional Investment Manager Filing this Report:
Name: Guardian Investor Services Corporation
Address: 7 Hanover Square
New York, NY 10005
13F File Number:
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Frank L. Pepe
Title: Vice President/Treasurer
Phone: 212-598-8445
Signature, Place, and Date of Signing:
Frank L. Pepe New York, NY February 2, 2000
Report Type (Check only one.):
[ x ] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager:
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934.
<PAGE>
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 1,079
Form 13F Information Table Value Total: $8,280,984,985
List of Other Included Managers:
No. 13F File Number Name
<PAGE>
<TABLE>
THE PARK AVENUE FUND
FORM 13F INFORMATION TABLE
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NAME OF ISSUER TITLE OF CUSIP MLT VA SHRS/INV DISCRETION VOTING AUTHORITY (SHARES)
CLASS NUMBER SOLESHRDOTHRMGR A-SOLB-SHRC-NONE
GLOBAL CROSSING LTD COM G3921A100 34,153,000 683,060 X 01 683,060 0 0
TRANSOCEAN SEDCO FOREX INC COM G90078109 1,233,291 36,610 X 01 36,610 0 0
AUDIO CODES LTD ORD M15342104 3,008,400 32,700 X 01 32,700 0 0
FLEXTRONICS INTERNATIONAL ORD Y2573F102 3,956,000 86,000 X 01 86,000 0 0
AMFM INC COM 001693100 11,815,750 151,000 X 01 151,000 0 0
AT & T CORP COM 001957109 29,001,849 571,465 X 01 571,465 0 0
AVX CORP NEW COM 002444107 5,792,750 116,000 X 01 116,000 0 0
ABITIBI CONSOLIDATED INC COM 003924107 4,647,875 391,400 X 01 391,400 0 0
ADAPTEC INC COM 00651F108 11,605,913 232,700 X 01 232,700 0 0
ADELPHIA COMMUNICATIONS CORP CL A 006848105 12,869,063 196,100 X 01 196,100 0 0
ADOBE SYSINC COM 00724F101 14,203,200 211,200 X 01 211,200 0 0
ADVANCED FIBRE COMMUNICATIONS COM 00754A105 5,608,281 125,500 X 01 125,500 0 0
ADVANCED MICRO DEVICES INC COM 007903107 18,028,063 623,000 X 01 623,000 0 0
ADVENT SOFTWARE INC COM 007974108 3,402,300 52,800 X 01 52,800 0 0
AFFYMETRIX INC COM 00826T108 9,383,719 55,300 X 01 55,300 0 0
AGILENT TECHNOLOGIES INC COM 00846U101 5,906,675 76,400 X 01 76,400 0 0
AGILE SOFTWARE CORP COM 00846X105 7,516,309 34,600 X 01 34,600 0 0
ALTERA CORP COM 021441100 8,985,681 181,300 X 01 181,300 0 0
AMAZON COM INC COM 023135106 4,453,313 58,500 X 01 58,500 0 0
AMERICA ONLINE INC COM 02364J104 67,803,225 898,800 X 01 898,800 0 0
AMERICAN EXPRESS CO COM 025816109 50,274,000 302,400 X 01 302,400 0 0
AMERICAN TOWER CORP CL A 029912201 7,166,906 234,500 X 01 234,500 0 0
AMGEN INC COM 031162100 26,787,875 446,000 X 01 446,000 0 0
ANADARKO PETE CORP COM 032511107 6,555,413 192,100 X 01 192,100 0 0
ANALOG DEVICES INC COM 032654105 16,461,000 177,000 X 01 177,000 0 0
ANDRX CORP COM 034551101 5,623,331 132,900 X 01 132,900 0 0
ANHEUSER BUSCH COS INC COM 035229103 7,186,725 101,400 X 01 101,400 0 0
APACHE CORP COM 037411105 7,978,500 216,000 X 01 216,000 0 0
APPLE COMPUTER COM 037833100 15,637,781 152,100 X 01 152,100 0 0
APPLIED MICRO CIRCUITS CORP COM 03822W109 17,815,000 140,000 X 01 140,000 0 0
APPLIED MATERIALS INC COM 038222105 27,478,519 216,900 X 01 216,900 0 0
ARIBA INC COM 04033V104 10,252,275 57,800 X 01 57,800 0 0
ATMEL CORP COM 049513104 9,797,013 331,400 X 01 331,400 0 0
BJS WHSL CLUB INC COM 05548J106 11,621,600 318,400 X 01 318,400 0 0
BJ SVCS CO COM 055482103 8,149,256 194,900 X 01 194,900 0 0
BEA SYS INC COM 073325102 11,231,963 160,600 X 01 160,600 0 0
BELL ATLANTIC CORP COM 077853109 19,084,375 310,000 X 01 310,000 0 0
BEST BUY CO INC COM 086516101 11,191,813 223,000 X 01 223,000 0 0
BIOGEN INC COM 090597105 13,182,000 156,000 X 01 156,000 0 0
BLOCKBUSTER INC CL A 093679108 6,902,838 516,100 X 01 516,100 0 0
BOWATER INC COM 102183100 4,730,619 87,100 X 01 87,100 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 43,788,713 682,200 X 01 682,200 0 0
BROADVISION INC COM 111412102 16,768,163 98,600 X 01 98,600 0 0
CBS CORP COM 12490K107 37,026,206 579,100 X 01 579,100 0 0
CMG INFORMATION SVCS INC COM 125750109 20,239,563 73,100 X 01 73,100 0 0
CNET INC COM 125945105 3,212,050 56,600 X 01 56,600 0 0
CABLETRON SYSTEMS INC COM 126920107 5,075,200 195,200 X 01 195,200 0 0
CADENCE DESIGN SYS INC COM 127387108 6,374,400 265,600 X 01 265,600 0 0
CALPINE CORP COM 131347106 1,766,400 27,600 X 01 27,600 0 0
CHAMPION INTL CORP COM 158525105 7,785,544 125,700 X 01 125,700 0 0
CHARTER ONE FINL INC COM 160903100 14,691,079 768,161 X 01 768,161 0 0
CHARTER COMMUNICATIONS INC CL A 16117M107 8,601,250 393,200 X 01 393,200 0 0
CHASE MANHATTAN CORP COM 16161A108 11,287,994 145,300 X 01 145,300 0 0
CHEVRON CORP COM 166751107 18,451,125 213,000 X 01 213,000 0 0
CHURCH & DWIGHT INC COM 171340102 6,340,950 237,600 X 01 237,600 0 0
CIENA CORP COM 171779101 6,348,000 110,400 X 01 110,400 0 0
CISCO SYS INC COM 17275R102 55,276,500 516,000 X 01 516,000 0 0
CITIGROUP INC COM 172967101 62,574,4881,126,200 X 01 1,126,2 0 0
CITRIX SYS INC COM 177376100 9,077,400 73,800 X 01 73,800 0 0
CLEAR CHANNEL COMMUNICATIONS COM 184502102 15,618,750 175,000 X 01 175,000 0 0
COMCAST CORP CL A SPL 200300200 15,674,375 310,000 X 01 310,000 0 0
COMMERCE ONE INC COM 200693109 12,634,950 64,300 X 01 64,300 0 0
COMMERCIAL FED CORP COM 201647104 2,192,719 123,100 X 01 123,100 0 0
COMMSCOPE INC COM 203372107 5,752,594 142,700 X 01 142,700 0 0
CONEXANT SYS INC COM 207142100 5,701,613 85,900 X 01 85,900 0 0
CONOCO INC CL B 208251405 9,629,113 387,100 X 01 387,100 0 0
COOPER CAMERON CORP COM 216640102 8,431,931 172,300 X 01 172,300 0 0
COSTCO WHSL CORP COM 22160K105 11,862,500 130,000 X 01 130,000 0 0
COX COMMUNICATIONS INC CL A 224044107 11,366,050 220,700 X 01 220,700 0 0
CREDENCE SYSTEMS CORP COM 225302108 8,762,450 101,300 X 01 101,300 0 0
CRITICAL PATH INC COM 22674V100 20,347,250 215,600 X 01 215,600 0 0
CROSSMANN CMNTYS INC COM 22764E109 2,108,000 136,000 X 01 136,000 0 0
CROWN CASTLE INTL CORP COM 228227104 11,513,600 358,400 X 01 358,400 0 0
CUMULUS MEDIA INC CL A 231082108 4,136,125 81,500 X 01 81,500 0 0
CYBERSOURCE CORP COM 23251J106 3,017,025 58,300 X 01 58,300 0 0
CYMER INC COM 232572107 5,290,000 115,000 X 01 115,000 0 0
CYPRESS SEMICONDUCTOR CORP COM 232806109 10,784,113 333,100 X 01 333,100 0 0
DII GROUP INC COM 232949107 4,825,875 68,000 X 01 68,000 0 0
DSP GROUP INC COM 23332B106 7,523,700 80,900 X 01 80,900 0 0
DAIN RAUSCHER CORP COM 233856103 1,771,650 38,100 X 01 38,100 0 0
DAYTON HUDSON CORP COM 239753106 9,473,438 129,000 X 01 129,000 0 0
DELL COMPUTER CORP COM 247025109 18,569,100 364,100 X 01 364,100 0 0
DEVON ENERGY CORPORATION COM 25179M103 4,342,788 132,100 X 01 132,100 0 0
DOUBLECLICK INC COM 258609304 19,485,813 77,000 X 01 77,000 0 0
DUPONT PHOTOMASKS INC COM 26613X101 4,463,125 92,500 X 01 92,500 0 0
E M C CORP COM 268648102 57,552,900 526,800 X 01 526,800 0 0
E TEK DYNAMICS INC COM 269240107 13,018,238 96,700 X 01 96,700 0 0
EASTMAN KODAK CO COM 277461109 14,879,750 224,600 X 01 224,600 0 0
EBAY INC COM 278642103 18,703,013 149,400 X 01 149,400 0 0
ENERGY EAST CORP COM 29266M109 3,563,100 171,200 X 01 171,200 0 0
ENZON INC COM 293904108 11,507,388 265,300 X 01 265,300 0 0
EPCOS AG ORD 29410P107 4,966,719 66,500 X 01 66,500 0 0
EXODUS COMMUNICATIONS INC COM 302088109 32,434,325 365,200 X 01 365,200 0 0
EXXON MOBIL CORP COM 30231G102 16,410,581 203,700 X 01 203,700 0 0
FIFTH THIRD BANCORP COM 316773100 9,392,000 128,000 X 01 128,000 0 0
FIRSTAR CORP COM 33763V109 7,668,375 363,000 X 01 363,000 0 0
FLEETBOSTON FINL CORP COM 339030108 6,659,631 191,300 X 01 191,300 0 0
FORD MTR CO DEL COM 345370100 15,090,750 282,400 X 01 282,400 0 0
GST TELECOMMUNICATIONS INC COM 361942105 2,513,938 277,400 X 01 277,400 0 0
GTE CORP COM 362320103 31,047,500 440,000 X 01 440,000 0 0
GENERAL ELEC CO COM 369604103 69,513,700 449,200 X 01 449,200 0 0
GEORGIA PAC CORP COM 373298108 8,597,050 169,400 X 01 169,400 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 2,533,644 26,900 X 01 26,900 0 0
GO2NET COM 383486107 8,160,600 93,800 X 01 93,800 0 0
HALLIBURTON CO COM 406216101 11,664,450 289,800 X 01 289,800 0 0
HEWLETT PACKARD CO COM 428236103 15,324,594 134,500 X 01 134,500 0 0
HOME DEPOT INC COM 437076102 40,109,063 585,000 X 01 585,000 0 0
IDEC PHARMACEUTICALS CORP COM 449370105 13,872,900 141,200 X 01 141,200 0 0
INFINITY BROADCASTING CORP CL A 45662S102 24,495,319 676,900 X 01 676,900 0 0
INKTOMI CORP COM 457277101 11,111,500 125,200 X 01 125,200 0 0
INSIGHT COMMUNICATIONS INC CL A 45768V108 7,421,063 250,500 X 01 250,500 0 0
INTEGRATED DEVICE TECHNOLOGY COM 458118106 6,458,300 222,700 X 01 222,700 0 0
INTEL CORP COM 458140100 94,066,7251,142,800 X 01 1,142,8 0 0
INTERMEDIA COMMUNICATIONS INC COM 458801107 5,068,913 130,600 X 01 130,600 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 79,812,000 739,000 X 01 739,000 0 0
INTERNATIONAL PAPER CO COM 460146103 17,704,444 313,700 X 01 313,700 0 0
INTERNATIONAL RECTIFIER CORP COM 460254105 6,240,000 240,000 X 01 240,000 0 0
INTERNET CAP GROUP INC COM 46059C106 20,434,000 120,200 X 01 120,200 0 0
INTERPUBLIC GROUP COS INC COM 460690100 8,647,356 149,900 X 01 149,900 0 0
INTUIT COM 461202103 10,620,925 177,200 X 01 177,200 0 0
JABIL CIRCUIT INC COM 466313103 3,642,700 49,900 X 01 49,900 0 0
JEFFRIES GROUP INC COM 472319102 3,031,600 137,800 X 01 137,800 0 0
JOHNS MANVILLE CORP COM 478129109 3,640,000 260,000 X 01 260,000 0 0
JOHNSON & JOHNSON COM 478160104 14,527,500 156,000 X 01 156,000 0 0
JUNIPER NETWORKS INC COM 48203R104 9,860,000 29,000 X 01 29,000 0 0
KLA TENCOR CORP COM 482480100 12,351,488 110,900 X 01 110,900 0 0
KEMET CORP COM 488360108 6,358,319 141,100 X 01 141,100 0 0
KEYSPAN CORP COM 49337W100 6,089,038 262,600 X 01 262,600 0 0
KIMBERLY CLARK CORP COM 494368103 19,770,750 303,000 X 01 303,000 0 0
LSI LOGIC CORP COM 502161102 28,572,750 423,300 X 01 423,300 0 0
LAM RESH CORP COM 512807108 10,776,938 96,600 X 01 96,600 0 0
LAMAR ADVERTISING CO CL A 512815101 9,587,044 158,300 X 01 158,300 0 0
LATTICE SEMICONDUCTOR CORP COM 518415104 5,989,588 127,100 X 01 127,100 0 0
LEGATO SYSTEMS INC COM 524651106 3,303,000 48,000 X 01 48,000 0 0
LEGG MASON INC COM 524901105 7,926,643 218,666 X 01 218,666 0 0
LEHMAN BROTHERS HLDGS INC COM 524908100 33,426,156 394,700 X 01 394,700 0 0
LEVEL 3 COMMUNICATIONS INC COM 52729N100 5,985,063 73,100 X 01 73,100 0 0
LINEAR TECHNOLOGY CORP COM 535678106 5,309,938 74,200 X 01 74,200 0 0
LUCENT TECHNOLOGIES INC COM 549463107 46,555,819 622,300 X 01 622,300 0 0
M & T BK CORP COM 55261F104 1,669,842 4,031 X 01 4,031 0 0
MCI WORLDCOM INC COM 55268B106 40,586,445 764,880 X 01 764,880 0 0
MEAD CORP COM 582834107 7,844,813 180,600 X 01 180,600 0 0
MEDIAONE GROUP INC COM 58440J104 33,544,019 436,700 X 01 436,700 0 0
MEDIMMUNE INC COM 584699102 13,170,475 79,400 X 01 79,400 0 0
MERCK & CO INC COM 589331107 22,895,138 341,400 X 01 341,400 0 0
MERCURY INTERACTIVE CORP COM 589405109 10,038,188 93,000 X 01 93,000 0 0
MERRILL LYNCH & CO INC COM 590188108 9,602,500 115,000 X 01 115,000 0 0
MICREL INC COM 594793101 2,841,181 49,900 X 01 49,900 0 0
MICROSOFT CORP COM 594918104213,804,2751,831,300 X 01 1,831,3 0 0
MICROCHIP TECHNOLOGY INC COM 595017104 6,638,438 97,000 X 01 97,000 0 0
MICROMUSE INC COM 595094103 8,670,000 51,000 X 01 51,000 0 0
MICRON TECHNOLOGY INC COM 595112103 44,908,400 577,600 X 01 577,600 0 0
MILLENNIUM PHARMACEUTICALS COM 599902103 7,686,000 63,000 X 01 63,000 0 0
MONTANA PWR CO COM 612085100 15,881,925 440,400 X 01 440,400 0 0
MORGAN J P & CO INC COM 616880100 13,244,975 104,600 X 01 104,600 0 0
MORGAN STANLEY DEAN WITTER & CCOM 617446448 35,073,675 245,700 X 01 245,700 0 0
MOTOROLA INC COM 620076109 55,955,000 380,000 X 01 380,000 0 0
NATIONAL SEMICONDUCTOR CORP COM 637640103 14,350,750 335,200 X 01 335,200 0 0
NEWFIELD EXPL CO COM 651290108 6,874,750 257,000 X 01 257,000 0 0
NOKIA CORP SPNSRD ADR 654902204 17,993,000 94,700 X 01 94,700 0 0
NOBLE DRILLING CORP COM 655042109 9,209,300 281,200 X 01 281,200 0 0
NORTEL NETWORKS CORP COM 656569100 46,379,200 459,200 X 01 459,200 0 0
NORTH FORK BANCORPORATION INC COM 659424105 2,495,500 142,600 X 01 142,600 0 0
OPTICAL COATING LAB INC COM 683829105 9,590,400 32,400 X 01 32,400 0 0
ORACLE CORP COM 68389X105 55,751,094 497,500 X 01 497,500 0 0
PMC SIERRA INC COM 69344F106 13,498,313 84,200 X 01 84,200 0 0
PFIZER INC COM 717081103 20,237,756 623,900 X 01 623,900 0 0
PINNACLE HLDGS INC COM 72346N101 4,025,625 95,000 X 01 95,000 0 0
POTOMAC ELEC PWR CO COM 737679100 3,009,400 131,200 X 01 131,200 0 0
POWER INTEGRATIONS COM 739276103 4,645,144 96,900 X 01 96,900 0 0
PREMIER NATL BANCORP INC COM 74053F107 4,695,183 254,654 X 01 254,654 0 0
PROXIM INC COM 744284100 10,604,000 96,400 X 01 96,400 0 0
QUALCOMM INC COM 747525103 31,350,250 178,000 X 01 178,000 0 0
RF MICRO DEVICES INC COM 749941100 14,207,625 207,600 X 01 207,600 0 0
REAL NETWORKS INC COM 75605L104 3,573,281 29,700 X 01 29,700 0 0
ROYAL DUTCH PETE CO NY REG GLD 780257804 25,728,244 425,700 X 01 425,700 0 0
SBC COMMUNICATIONS INC COM 78387G103 49,812,7991,021,801 X 01 1,021,8 0 0
SAGA SYS INC COM 786610105 8,497,363 426,200 X 01 426,200 0 0
SANMINA CORP COM 800907107 3,166,038 31,700 X 01 31,700 0 0
SAPIENT CORP COM 803062108 9,865,625 70,000 X 01 70,000 0 0
SAWTEK INC COM 805468105 11,222,438 168,600 X 01 168,600 0 0
SCHERING PLOUGH CORP COM 806605101 20,874,375 494,800 X 01 494,800 0 0
SCHLUMBERGER LTD COM 806857108 10,636,875 189,100 X 01 189,100 0 0
SCHWAB CHARLES CORP COM 808513105 9,958,313 259,500 X 01 259,500 0 0
SCIENTIFIC ATLANTA INC COM 808655104 9,294,938 167,100 X 01 167,100 0 0
SEMTECH CORP COM 816850101 11,352,825 217,800 X 01 217,800 0 0
SEPRACOR INC COM 817315104 6,000,844 60,500 X 01 60,500 0 0
SIEBEL SYS INC COM 826170102 18,043,200 214,800 X 01 214,800 0 0
SMURFIT STONE CONTAINER CORP COM 832727101 7,727,300 315,400 X 01 315,400 0 0
SOLECTRONCORP COM 834182107 18,073,750 190,000 X 01 190,000 0 0
SPRINT CORP COM 852061100 25,713,375 382,000 X 01 382,000 0 0
SPRINT CORP PCS 852061506 9,788,750 95,500 X 01 95,500 0 0
STARBUCKSCORP COM 855244109 7,275,000 300,000 X 01 300,000 0 0
STATE AUTO FINL CORP COM 855707105 436,175 47,800 X 01 47,800 0 0
SUN MICROSYSTEMS INC COM 866810104 43,736,700 564,800 X 01 564,800 0 0
SYBASE INC COM 871130100 9,472,400 557,200 X 01 557,200 0 0
SYMANTEC CORP COM 871503108 8,383,375 143,000 X 01 143,000 0 0
TSI INTL SOFTWARE LTD COM 872879101 6,766,688 119,500 X 01 119,500 0 0
TALISMAN ENERGY INC COM 87425E103 11,116,275 431,700 X 01 431,700 0 0
TANDY CORP COM 875382103 24,593,750 500,000 X 01 500,000 0 0
TELLABS INC COM 879664100 4,525,219 70,500 X 01 70,500 0 0
TERADYNE INC COM 880770102 18,315,000 277,500 X 01 277,500 0 0
TEXACO INC COM 881694103 27,080,213 498,600 X 01 498,600 0 0
TEXAS INSTRS INC COM 882508104 23,831,250 246,000 X 01 246,000 0 0
TIME WARNER INC COM 887315109 15,733,425 217,200 X 01 217,200 0 0
TIME WARNER TELECOM INC CL A 887319101 7,290,875 146,000 X 01 146,000 0 0
TRANSWITCH CORP COM 894065101 7,713,394 106,300 X 01 106,300 0 0
TRIQUINT SEMICONDUCTOR INC COM 89674K103 8,466,125 76,100 X 01 76,100 0 0
UNITED PARCEL SVC INC CL B 911312106 2,622,000 38,000 X 01 38,000 0 0
U S WEST INC COM 91273H101 12,096,000 168,000 X 01 168,000 0 0
U S TR CORP COM 91288L105 1,202,813 15,000 X 01 15,000 0 0
VALASSIS COMMUNICATIONS INC COM 918866104 20,068,750 475,000 X 01 475,000 0 0
VASTAR RES INC COM 922380100 8,973,900 152,100 X 01 152,100 0 0
VERISIGN INC COM 92343E102 15,236,813 79,800 X 01 79,800 0 0
VERITAS SOFTWARE CORP COM 923436109 6,204,469 43,350 X 01 43,350 0 0
VERTICALNET INC COM 92532L107 12,595,200 76,800 X 01 76,800 0 0
VIACOM INC CL B 925524308 17,768,625 294,000 X 01 294,000 0 0
VIANT CORP COM 92553N107 5,247,000 53,000 X 01 53,000 0 0
VISIO CORP COM 927914101 12,164,750 256,100 X 01 256,100 0 0
VISHAY INTERTECHNOLOGY INC COM 928298108 5,667,200 179,200 X 01 179,200 0 0
VITRIA TECHNOLOGY INC COM 92849Q104 17,784,000 76,000 X 01 76,000 0 0
VITESSE SEMICONDUCTOR CORP COM 928497106 11,892,825 226,800 X 01 226,800 0 0
WAL MART STORES INC COM 931142103 70,562,8001,020,800 X 01 1,020,8 0 0
WARNER LAMBERT CO COM 934488107 19,910,813 243,000 X 01 243,000 0 0
WHIRLPOOLCORP COM 963320106 9,206,344 141,500 X 01 141,500 0 0
WILLIAMS COMMUNICATIONS GROUP CL A 969455104 1,215,375 42,000 X 01 42,000 0 0
WINSTAR COMMUNICATIONS INC COM 975515107 5,899,600 78,400 X 01 78,400 0 0
XILINX INC COM 983919101 35,010,938 770,000 X 01 770,000 0 0
YAHOO INC COM 984332106 41,667,806 96,300 X 01 96,300 0 0
YOUNG & RUBICAM INC COM 987425105 10,032,350 141,800 X 01 141,800 0 0
ZALE CORP COM 988858106 5,427,675 112,200 X 01 112,200 0 0
3,717,913,041
231 ITEMS
</TABLE>
<TABLE>
THE PARK AVENUE SMALL CAP STOCK FUND
FORM 13F INFORMATION TABLE
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NAME OF ISSUER TITLE OF CUSIP MKT VA SHRS/PINV DISCRETION VOTING AUTHORITY (SHARES)
CLASS NUMBER SOLESHRDOTHRMGR A-SOLEB-SHRDC-NONE
OPENTV CORP CL A G67543101 433,350 5,400 X 01 5,400 0 0
AUDIO CODES LTD ORD M15342104 708,400 7,700 X 01 7,700 0 0
METALINK LTD ORD M69897102 297,475 14,600 X 01 14,600 0 0
FLEXTRONICS INTERNATIONAL ORD Y2573F102 561,200 12,200 X 01 12,200 0 0
AVX CORP COM 002444107 344,569 6,900 X 01 6,900 0 0
ABITIBI CONSOLIDATED INC COM 003924107 231,563 19,500 X 01 19,500 0 0
ADELPHIA COMMUNICATIONS CORP CL A 006848105 1,542,188 23,500 X 01 23,500 0 0
ADVANCED MICRO DEVICES INC COM 007903107 781,313 27,000 X 01 27,000 0 0
ADVANCED ENERGY INDS INC COM 007973100 541,750 11,000 X 01 11,000 0 0
AETHER SYSTEMS INC COM 00808V105 537,188 7,500 X 01 7,500 0 0
AGENCY COM LTD COM 008447104 280,500 5,500 X 01 5,500 0 0
AGILE SOFTWARE CORP DEL COM 00846X105 369,298 1,700 X 01 1,700 0 0
AIRNET COMM CORP COM 00941P106 531,075 14,600 X 01 14,600 0 0
AKAMAI TECHNOLOGIES INC COM 00971T101 1,212,213 3,700 X 01 3,700 0 0
ALEXANDRIA REAL ESTATE EQUIT COM 015271109 276,769 8,700 X 01 8,700 0 0
ALLIANT TECHSYSTEMS INC COM 018804104 467,344 7,500 X 01 7,500 0 0
ALPHARMA INC CL A 020813101 421,275 13,700 X 01 13,700 0 0
ALTEON WEBSYSTEMS INC COM 02145A109 254,475 2,900 X 01 2,900 0 0
AMERICAN STD COS INC COM 029712106 325,713 7,100 X 01 7,100 0 0
AMERICAN TOWER CORP CL A 029912201 382,031 12,500 X 01 12,500 0 0
AMES DEPT STORES INC COM 030789507 777,938 27,000 X 01 27,000 0 0
ANDRX CORP COM 034551101 232,719 5,500 X 01 5,500 0 0
ANN TAYLOR STORES CORP COM 036115103 237,619 6,900 X 01 6,900 0 0
APPLIED MICRO CIRCUITS CORP COM 03822W109 1,883,300 14,800 X 01 14,800 0 0
AT HOME CORP COM SER A 045919107 464,508 10,834 X 01 10,834 0 0
BJS WHSL CLUB INC COM 05548J106 2,336,000 64,000 X 01 64,000 0 0
BJ SVCS CO COM 055482103 1,425,806 34,100 X 01 34,100 0 0
BARRETT RES CORP COM 068480201 261,994 8,900 X 01 8,900 0 0
BAY VIEW CAP CORP COM 07262L101 265,306 18,700 X 01 18,700 0 0
BEA SYS INC COM 073325102 363,675 5,200 X 01 5,200 0 0
BOWATER INC COM 102183100 336,738 6,200 X 01 6,200 0 0
BROADVISION INC COM 111412102 1,054,388 6,200 X 01 6,200 0 0
CH ENERGYGROUP INC COM 12541M102 438,900 13,300 X 01 13,300 0 0
CMG INFORMATION SVCS INC COM 125750109 1,882,750 6,800 X 01 6,800 0 0
CACHEFLOW INC COM 126946102 496,613 3,800 X 01 3,800 0 0
CABOT CORP COM 127055101 295,438 14,500 X 01 14,500 0 0
CALIPER TECHNOLOGIES CORP COM 130876105 974,550 14,600 X 01 14,600 0 0
CALPINE CORP COM 131347106 473,600 7,400 X 01 7,400 0 0
CELESTICA INC SUB VTG SHS 15101Q108 810,300 14,600 X 01 14,600 0 0
CENTEX CORP COM 152312104 229,594 9,300 X 01 9,300 0 0
CHURCH & DWIGHT INC COM 171340102 576,450 21,600 X 01 21,600 0 0
CITADEL COMMUNICATIONS CORP COM 172853202 2,413,350 37,200 X 01 37,200 0 0
CLASSIC COMMUN INC CL A 182728204 321,750 8,800 X 01 8,800 0 0
COBALT NETWORKS INC COM 19074R101 260,100 2,400 X 01 2,400 0 0
COMMERCE BANCORP INC N J COM 200519106 274,975 6,800 X 01 6,800 0 0
COMMERCE ONE INC DEL COM 200693109 609,150 3,100 X 01 3,100 0 0
COMMERCIAL FED CORP COM 201647104 434,625 24,400 X 01 24,400 0 0
COMMSCOPE INC COM 203372107 1,048,125 26,000 X 01 26,000 0 0
COOPER CAMERON CORP COM 216640102 322,988 6,600 X 01 6,600 0 0
COORS ADOLPH CO CL B 217016104 1,165,500 22,200 X 01 22,200 0 0
COX COMMUNICATIONS INC CL A 224044107 1,138,408 22,105 X 01 22,105 0 0
COX RADIO INC CL A 224051102 1,017,450 10,200 X 01 10,200 0 0
CREDENCE SYSTEMS CORP COM 225302108 484,400 5,600 X 01 5,600 0 0
CRITICAL PATH INC COM 22674V100 953,188 10,100 X 01 10,100 0 0
CROSSMANN CMNTYS INC COM 22764E109 527,000 34,000 X 01 34,000 0 0
CROWN CASTLE INTL CORP COM 228227104 462,600 14,400 X 01 14,400 0 0
CULLEN FROST BANKERS INC COM 229899109 430,025 16,700 X 01 16,700 0 0
CUMULUS MEDIA INC CL A 231082108 690,200 13,600 X 01 13,600 0 0
CYBERSOURCE CORP COM 23251J106 248,400 4,800 X 01 4,800 0 0
CYMER INC COM 232572107 285,200 6,200 X 01 6,200 0 0
CYPRESS SEMICONDUCTOR CORP COM 232806109 343,175 10,600 X 01 10,600 0 0
DII GROUP INC COM 232949107 652,913 9,200 X 01 9,200 0 0
DSP GROUP INC COM 23332B106 409,200 4,400 X 01 4,400 0 0
DAIN RAUSCHER CORP COM 233856103 511,500 11,000 X 01 11,000 0 0
DEXTER CORP COM 252165105 314,025 7,900 X 01 7,900 0 0
DIME BANCORP INC COM 25429Q102 240,488 15,900 X 01 15,900 0 0
DONALDSON LUFKIN & JENRETTE COM 257661504 211,575 15,600 X 01 15,600 0 0
DYCOM INDS INC COM 267475101 616,875 14,000 X 01 14,000 0 0
E PIPHANY INC COM 26881V100 357,000 1,600 X 01 1,600 0 0
E TEK DYNAMICS INC COM 269240107 1,211,625 9,000 X 01 9,000 0 0
ELCOR CHEM CORP COM 284443108 331,375 11,000 X 01 11,000 0 0
EMULEX CORP COM 292475209 562,500 5,000 X 01 5,000 0 0
ENTERCOM COMMUNICATIONS CORP CL A 293639100 976,800 14,800 X 01 14,800 0 0
ENZON INC COM 293904108 386,038 8,900 X 01 8,900 0 0
EPCOS AG ORD 29410P107 403,313 5,400 X 01 5,400 0 0
EQUITABLE RES INC COM 294549100 310,388 9,300 X 01 9,300 0 0
ETHAN ALLEN INTERIORS INC COM 297602104 1,112,569 34,700 X 01 34,700 0 0
EXAR CORP COM 300645108 453,338 7,700 X 01 7,700 0 0
EXODUS COMMUNICATIONS INC COM 302088109 1,847,300 20,800 X 01 20,800 0 0
EXPEDIA INC COM 302125109 350,000 10,000 X 01 10,000 0 0
FINISTAR CORP COM 31787A101 557,225 6,200 X 01 6,200 0 0
FIRST TENN NATL CORP COM 337162101 641,250 22,500 X 01 22,500 0 0
FREEMARKETS INC COM 356602102 341,313 1,000 X 01 1,000 0 0
FULTON FINL CORP PA COM 360271100 241,200 13,400 X 01 13,400 0 0
GALLAGHER ARTHUR J & CO COM 363576109 576,275 8,900 X 01 8,900 0 0
GO2NET COM 383486107 269,700 3,100 X 01 3,100 0 0
GRAND UNION CO COM 386532402 682,425 67,400 X 01 67,400 0 0
GRIC COMMUNICATIONS INC COM 398081109 494,813 19,500 X 01 19,500 0 0
HARMONIC INC COM 413160102 360,763 3,800 X 01 3,800 0 0
HELIX TECHNOLOGY CORP COM 423319102 367,463 8,200 X 01 8,200 0 0
HENRY JACK & ASSOC INC COM 426281101 794,575 14,800 X 01 14,800 0 0
HILB ROGAL & HAMILTON CO COM 431294107 226,000 8,000 X 01 8,000 0 0
HOME PPTYS N Y INC COM 437306103 252,425 9,200 X 01 9,200 0 0
IDEC PHARMACEUTICALS CORP COM 449370105 451,950 4,600 X 01 4,600 0 0
ITC DELTACOM COM 45031T104 284,538 10,300 X 01 10,300 0 0
INKTOMI CORP COM 457277101 976,250 11,000 X 01 11,000 0 0
INSIGHT COMMUNICATIONS INC CL A 45768V108 746,550 25,200 X 01 25,200 0 0
INTEGRATED DEVICE TECHNOLOGY COM 458118106 379,900 13,100 X 01 13,100 0 0
THE INTERCEPT GROUP INC COM 45845L107 590,781 19,900 X 01 19,900 0 0
INTERMEDIA COMMUNICATIONS INC COM 458801107 333,788 8,600 X 01 8,600 0 0
INTERTRUST TECHNOLOGIES CORP COM 46113Q109 435,213 3,700 X 01 3,700 0 0
INTERWOVEN INC COM 46114T102 462,175 3,800 X 01 3,800 0 0
INTUIT COM 461202103 539,438 9,000 X 01 9,000 0 0
INVESTMENT TECHNOLOGY GROUP COM 46145F105 238,625 8,300 X 01 8,300 0 0
JLG INDS INC COM 466210101 530,719 33,300 X 01 33,300 0 0
JNI CORP COM 46622G105 244,200 3,700 X 01 3,700 0 0
JAKKS PAC INC COM 47012E106 340,113 18,200 X 01 18,200 0 0
JONES INTERCABLE INC CL A 480206200 1,400,113 20,200 X 01 20,200 0 0
JONES PHARMA INC COM 480236108 716,719 16,500 X 01 16,500 0 0
JUNIPER NETWORKS INC COM 48203R104 680,000 2,000 X 01 2,000 0 0
KLA TENCOR CORP COM 482480100 1,202,850 10,800 X 01 10,800 0 0
KANA COMMUNICATIONS INC COM 483600102 1,476,000 7,200 X 01 7,200 0 0
KEMET CORP COM 488360108 374,019 8,300 X 01 8,300 0 0
KING PHARMACEUTICALS INC COM 495582108 686,766 12,250 X 01 12,250 0 0
L 3 COMMUNICATIONS HLDG CORP COM 502424104 487,013 11,700 X 01 11,700 0 0
LAFARGE CORP COM 505862102 433,713 15,700 X 01 15,700 0 0
LAM RESH CORP COM 512807108 435,094 3,900 X 01 3,900 0 0
LAMAR ADVERTISING CO CL A 512815101 593,513 9,800 X 01 9,800 0 0
LATTICE SEMICONDUCTOR CORP COM 518415104 315,738 6,700 X 01 6,700 0 0
LEARNING TREE INTL INC COM 522015106 428,400 15,300 X 01 15,300 0 0
LEGATO SYSTEMS INC COM 524651106 371,588 5,400 X 01 5,400 0 0
LEGG MASON INC COM 524901105 279,125 7,700 X 01 7,700 0 0
LOUIS DREYFUS NAT GAS CORP COM 546011107 335,313 18,500 X 01 18,500 0 0
M & T BK CORP COM 55261F104 207,125 500 X 01 500 0 0
MACDERMID INC COM 554273102 394,200 9,600 X 01 9,600 0 0
MACROMEDIA INC COM 556100105 1,265,063 17,300 X 01 17,300 0 0
MARSHALL & ILSLEY CORP COM 571834100 609,281 9,700 X 01 9,700 0 0
MARTIN MARIETTA MATLS INC COM 573284106 508,400 12,400 X 01 12,400 0 0
MAVERICK TUBE CORP COM 577914104 340,688 13,800 X 01 13,800 0 0
MERCURY INTERACTIVE CORP COM 589405109 377,781 3,500 X 01 3,500 0 0
METASOLV SOFTWARE INC COM 591393103 596,775 7,300 X 01 7,300 0 0
METROMEDIA FIBER NETWORK INC CL A 591689104 1,075,813 22,442 X 01 22,442 0 0
MIDCOAST ENERGY RES INC COM 59563W104 294,800 17,600 X 01 17,600 0 0
MILLENNIUM PHARMACEUTICALS COM 599902103 488,000 4,000 X 01 4,000 0 0
MOHAWK INDS INC COM 608190104 501,125 19,000 X 01 19,000 0 0
NATIONAL COMM BANCORP COM 635449101 544,500 24,000 X 01 24,000 0 0
NATIONAL COMPUTER SYS INC COM 635519101 887,950 23,600 X 01 23,600 0 0
NATIONAL FUEL GAS CO COM 636180101 344,100 7,400 X 01 7,400 0 0
NATIONAL R V HLDGS INC COM 637277104 500,500 26,000 X 01 26,000 0 0
NETRATINGS INC COM 64116M108 399,438 8,300 X 01 8,300 0 0
NETWORK APPLIANCE INC COM 64120L104 880,463 10,600 X 01 10,600 0 0
NETZERO INC COM 64122R109 269,375 10,000 X 01 10,000 0 0
NEWFIELD EXPL CO COM 651290108 307,625 11,500 X 01 11,500 0 0
NEWPORT NEWS SHIPBUILDING INC COM 652228107 242,000 8,800 X 01 8,800 0 0
NEXT LEVEL COMMUNICATIONS INC COM 65333U104 958,400 12,800 X 01 12,800 0 0
NISOURCE INC COM 65473P105 677,463 37,900 X 01 37,900 0 0
NORTH FORK BANCORPORATION INC COM 659424105 472,500 27,000 X 01 27,000 0 0
OPTICAL COATING LAB INC COM 683829105 740,000 2,500 X 01 2,500 0 0
OPTIMAL ROBOTICS CORP CL A 68388R208 1,303,750 35,000 X 01 35,000 0 0
OTTER TAIL PWR CO COM 689648103 600,000 16,000 X 01 16,000 0 0
PEOPLES HERITAGE FINL GROUP COM 711147108 1,157,101 76,820 X 01 76,820 0 0
PHILADELPHIA SUBN CORP COM 718009608 291,694 14,100 X 01 14,100 0 0
PINNACLE HLDGS INC COM 72346N101 423,750 10,000 X 01 10,000 0 0
PLEXUS CORP COM 729132100 1,148,400 26,100 X 01 26,100 0 0
POWER INTEGRATIONS COM 739276103 306,800 6,400 X 01 6,400 0 0
PRIMUS TELECOMM GROUP INC COM 741929103 535,500 14,000 X 01 14,000 0 0
PROFIT RECOVERY GROUP INTL INCCOM 743168106 350,625 13,200 X 01 13,200 0 0
QLOGIC CORP COM 747277101 1,726,650 10,800 X 01 10,800 0 0
RF MICRO DEVICES INC COM 749941100 342,188 5,000 X 01 5,000 0 0
RADIO UNICA COMMUNICATIONS COM 75040Q106 288,750 10,000 X 01 10,000 0 0
REAL NETWORKS INC COM 75605L104 721,875 6,000 X 01 6,000 0 0
RED HAT INC COM 756577102 633,750 3,000 X 01 3,000 0 0
RETEK INC COM 76128Q109 203,175 2,700 X 01 2,700 0 0
SDL INC COM 784076101 1,765,800 8,100 X 01 8,100 0 0
SAPIENT CORP COM 803062108 563,750 4,000 X 01 4,000 0 0
SCIENTIFIC ATLANTA INC COM 808655104 289,250 5,200 X 01 5,200 0 0
SEMTECH CORP COM 816850101 338,813 6,500 X 01 6,500 0 0
SEPRACOR INC COM 817315104 396,750 4,000 X 01 4,000 0 0
SHAW GROUP INC COM 820280105 356,906 14,100 X 01 14,100 0 0
SHAW INDS INC COM 820286102 566,556 36,700 X 01 36,700 0 0
SILICON IMAGE INC COM 82705T102 525,469 7,500 X 01 7,500 0 0
SILKNET SOFTWARE INC COM 827094103 414,375 2,500 X 01 2,500 0 0
SOUTHDOWN INC COM 841297104 531,738 10,300 X 01 10,300 0 0
SPANISH BROADCASTING SYS INC CL A 846425882 603,750 15,000 X 01 15,000 0 0
SPARTECH CORP COM 847220209 554,700 17,200 X 01 17,200 0 0
SPINNAKER EXPL CO COM 84855W109 222,469 15,750 X 01 15,750 0 0
STATE AUTO FINL CORP COM 855707105 168,813 18,500 X 01 18,500 0 0
STONE ENERGY CORP COM 861642106 331,313 9,300 X 01 9,300 0 0
SYCAMORE NETWORKS INC COM 871206108 1,232,000 4,000 X 01 4,000 0 0
TNP ENTERPRISES INC COM 872594106 1,485,000 36,000 X 01 36,000 0 0
TELECORP PCS INC CL A 879299105 307,800 8,100 X 01 8,100 0 0
TEREX CORP COM 880779103 460,650 16,600 X 01 16,600 0 0
THOR INDS INC COM 885160101 1,092,706 35,900 X 01 35,900 0 0
3DO CO COM 88553W105 222,797 24,500 X 01 24,500 0 0
TIME WARNER TELECOM INC CL A 887319101 399,500 8,000 X 01 8,000 0 0
TRANSWITCH CORP COM 894065101 769,163 10,600 X 01 10,600 0 0
TRITEL INC CL A 89675X104 278,850 8,800 X 01 8,800 0 0
UCAR INTL INC COM 90262K109 222,656 12,500 X 01 12,500 0 0
U S CONCRETE INC COM 90333L102 240,000 40,000 X 01 40,000 0 0
UNITED PAYORS & UTD PROVIDERS COM 911319101 623,578 37,650 X 01 37,650 0 0
U S TR CORP COM 91288L105 801,875 10,000 X 01 10,000 0 0
UNITED STATIONERS INC COM 913004107 605,525 21,200 X 01 21,200 0 0
VA LINUX SYS INC COM 91819B105 268,613 1,300 X 01 1,300 0 0
VALASSIS COMMUNICATIONS INC COM 918866104 2,201,225 52,100 X 01 52,100 0 0
VALLEY NATL BANCORP COM 919794107 999,600 35,700 X 01 35,700 0 0
VERISIGN INC COM 92343E102 2,520,375 13,200 X 01 13,200 0 0
VERITAS DGC INC COM 92343P107 319,200 22,800 X 01 22,800 0 0
VIANT CORP COM 92553N107 297,000 3,000 X 01 3,000 0 0
VIRATA CORP COM 927646109 215,100 7,200 X 01 7,200 0 0
VISIO CORP COM 927914101 332,500 7,000 X 01 7,000 0 0
VITRIA TECHNOLOGY INC COM 92849Q104 1,006,200 4,300 X 01 4,300 0 0
WADDELL & REED FINL INC CL A 930059100 868,000 32,000 X 01 32,000 0 0
WATSON PHARMACEUTICALS INC COM 942683103 393,938 11,000 X 01 11,000 0 0
WINSTAR COMMUNICATIONS INC COM 975515107 391,300 5,200 X 01 5,200 0 0
XILINX INC COM 983919101 1,764,188 38,800 X 01 38,800 0 0
XIRCOM INC COM 983922105 1,485,000 19,800 X 01 19,800 0 0
XPEDIOR INC COM 98413B100 258,750 9,000 X 01 9,000 0 0
YOUNG & RUBICAM INC COM 987425105 849,000 12,000 X 01 12,000 0 0
ZALE CORP COM 988858106 2,447,775 50,600 X 01 50,600 0 0
ZIONS BANCORP COM 989701107 1,444,175 24,400 X 01 24,400 0 0
131,934,801
210 ITEMS
</TABLE>
<TABLE>
THE GUARDIAN STOCK FUND
FORM 13F INFORMATION TABLE
<C> <C> <C> <C> <C> <C> <C> <C><C> <C> <C> <C>
NAME OF ISSUER TITLE OF CUSIP MKT VAL SHRS/PINV DISCRETION VOTING AUTHORITY (SHARES)
CLASS NUMBER SOLESHRDOTHMGR A-SOLE B-SHRC-NONE
GLOBAL CROSSING LTD COM G3921A100 37,053,750 741,075 X 01 741,075 0 0
TRANSOCEAN SEDCO FOREX INC COM G90078109 1,329,815 39,475 X 01 39,475 0 0
AUDIO CODES LTD ORD M15342104 3,312,000 36,000 X 01 36,000 0 0
FLEXTRONICS INTERNATIONAL ORD Y2573F102 4,268,800 92,800 X 01 92,800 0 0
AMFM INC COM 001693100 12,833,000 164,000 X 01 164,000 0 0
AT & T CORP COM 001957109 31,315,440 617,053 X 01 617,053 0 0
AVX CORP NEW COM 002444107 6,247,181 125,100 X 01 125,100 0 0
ABITIBI CONSOLIDATED INC COM 003924107 5,043,313 424,700 X 01 424,700 0 0
ADAPTEC INC COM 00651F108 12,578,475 252,200 X 01 252,200 0 0
ADELPHIA COMMUNICATIONS CORP CL A 006848105 13,938,750 212,400 X 01 212,400 0 0
ADOBE SYS INC COM 00724F101 15,319,550 227,800 X 01 227,800 0 0
ADVANCED FIBRE COMMUNICATIONSCOM 00754A105 6,046,219 135,300 X 01 135,300 0 0
ADVANCED MICRO DEVICES INC COM 007903107 19,446,000 672,000 X 01 672,000 0 0
ADVENT SOFTWARE INC COM 007974108 3,685,825 57,200 X 01 57,200 0 0
AFFYMETRIX INC COM 00826T108 10,113,375 59,600 X 01 59,600 0 0
AGILENT TECHNOLOGIES INC COM 00846U101 6,378,281 82,500 X 01 82,500 0 0
AGILE SOFTWARE CORP COM 00846X105 8,102,842 37,300 X 01 37,300 0 0
ALTERA CORP COM 021441100 9,699,381 195,700 X 01 195,700 0 0
AMAZON COM INC COM 023135106 4,795,875 63,000 X 01 63,000 0 0
AMERICA ONLINE INC COM 02364J104 73,053,675 968,400 X 01 968,400 0 0
AMERICAN EXPRESS CO COM 025816109 48,944,000 294,400 X 01 294,400 0 0
AMERICAN TOWER CORP CL A 029912201 7,726,200 252,800 X 01 252,800 0 0
AMGEN INC COM 031162100 28,950,125 482,000 X 01 482,000 0 0
ANADARKO PETE CORP COM 032511107 7,070,700 207,200 X 01 207,200 0 0
ANALOG DEVICES INC COM 032654105 17,670,000 190,000 X 01 190,000 0 0
ANDRX CORP COM 034551101 6,071,844 143,500 X 01 143,500 0 0
ANHEUSER BUSCH COS INC COM 035229103 7,746,638 109,300 X 01 109,300 0 0
APACHE CORP COM 037411105 8,628,600 233,600 X 01 233,600 0 0
APPLE COMPUTER COM 037833100 16,861,250 164,000 X 01 164,000 0 0
APPLIED MICRO CIRCUITS CORP COM 03822W109 19,342,000 152,000 X 01 152,000 0 0
APPLIED MATERIALS INC COM 038222105 29,632,206 233,900 X 01 233,900 0 0
ARIBA INC COM 04033V104 11,068,200 62,400 X 01 62,400 0 0
ATMEL CORP COM 049513104 10,571,550 357,600 X 01 357,600 0 0
BJS WHSL CLUB INC COM 05548J106 12,588,850 344,900 X 01 344,900 0 0
BJ SVCS CO COM 055482103 8,818,256 210,900 X 01 210,900 0 0
BEA SYS INC COM 073325102 12,127,163 173,400 X 01 173,400 0 0
BELL ATLANTIC CORP COM 077853109 19,084,375 310,000 X 01 310,000 0 0
BEST BUY CO INC COM 086516101 12,436,463 247,800 X 01 247,800 0 0
BIOGEN INC COM 090597105 14,365,000 170,000 X 01 170,000 0 0
BLOCKBUSTER INC CL A 093679108 7,461,913 557,900 X 01 557,900 0 0
BOWATER INC COM 102183100 5,116,238 94,200 X 01 94,200 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 47,216,325 735,600 X 01 735,600 0 0
BROADVISION INC COM 111412102 18,094,650 106,400 X 01 106,400 0 0
CBS CORP COM 12490K107 39,986,513 625,400 X 01 625,400 0 0
CMG INFORMATION SVCS INC COM 125750109 21,928,500 79,200 X 01 79,200 0 0
CNET INC COM 125945105 3,473,100 61,200 X 01 61,200 0 0
CABLETRONSYSTEMS INC COM 126920107 5,473,000 210,500 X 01 210,500 0 0
CADENCE DESIGN SYS INC COM 127387108 6,873,600 286,400 X 01 286,400 0 0
CALPINE CORP COM 131347106 1,907,200 29,800 X 01 29,800 0 0
CHAMPION INTL CORP COM 158525105 8,442,081 136,300 X 01 136,300 0 0
CHARTER ONE FINL INC COM 160903100 15,933,803 833,140 X 01 833,140 0 0
CHARTER COMMUNICATIONS INC CL A 16117M107 9,283,750 424,400 X 01 424,400 0 0
CHASE MANHATTAN CORP COM 16161A108 12,173,631 156,700 X 01 156,700 0 0
CHEVRON CORP COM 166751107 19,923,750 230,000 X 01 230,000 0 0
CHURCH & DWIGHT INC COM 171340102 6,840,006 256,300 X 01 256,300 0 0
CIENA CORP COM 171779101 6,848,250 119,100 X 01 119,100 0 0
CISCO SYS INC COM 17275R102 59,025,875 551,000 X 01 551,000 0 0
CITIGROUP INC COM 172967101 67,869,5941,221,500 X 01 1,221,5 0 0
CITRIX SYS INC COM 177376100 9,790,800 79,600 X 01 79,600 0 0
CLEAR CHANNEL COMMUNICATIONS COM 184502102 16,957,500 190,000 X 01 190,000 0 0
COMCAST CORP CL A SPL 200300200 16,685,625 330,000 X 01 330,000 0 0
COMMERCE ONE INC COM 200693109 13,656,750 69,500 X 01 69,500 0 0
COMMERCIAL FED CORP COM 201647104 2,376,188 133,400 X 01 133,400 0 0
COMMSCOPE INC COM 203372107 6,204,094 153,900 X 01 153,900 0 0
CONEXANT SYS INC COM 207142100 6,152,963 92,700 X 01 92,700 0 0
CONOCO INC CL B 208251405 10,385,313 417,500 X 01 417,500 0 0
COOPER CAMERON CORP COM 216640102 9,121,950 186,400 X 01 186,400 0 0
COSTCO WHSL CORP COM 22160K105 12,775,000 140,000 X 01 140,000 0 0
COX COMMUNICATIONS INC CL A 224044107 12,293,050 238,700 X 01 238,700 0 0
CREDENCE SYSTEMS CORP COM 225302108 9,454,450 109,300 X 01 109,300 0 0
CRITICAL PATH INC COM 22674V100 22,064,875 233,800 X 01 233,800 0 0
CROSSMANN CMNTYS INC COM 22764E109 2,266,100 146,200 X 01 146,200 0 0
CROWN CASTLE INTL CORP COM 228227104 12,416,313 386,500 X 01 386,500 0 0
CUMULUS MEDIA INC CL A 231082108 4,466,000 88,000 X 01 88,000 0 0
CYBERSOURCE CORP COM 23251J106 3,255,075 62,900 X 01 62,900 0 0
CYMER INC COM 232572107 5,704,000 124,000 X 01 124,000 0 0
CYPRESS SEMICONDUCTOR CORP COM 232806109 11,632,338 359,300 X 01 359,300 0 0
DII GROUP INC COM 232949107 5,209,106 73,400 X 01 73,400 0 0
DSP GROUP INC COM 23332B106 8,118,900 87,300 X 01 87,300 0 0
DAIN RAUSCHER CORP COM 233856103 1,920,450 41,300 X 01 41,300 0 0
DAYTON HUDSON CORP COM 239753106 10,215,156 139,100 X 01 139,100 0 0
DELL COMPUTER CORP COM 247025109 20,027,700 392,700 X 01 392,700 0 0
DEVON ENERGY CORPORATION COM 25179M103 4,710,988 143,300 X 01 143,300 0 0
DOUBLECLICK INC COM 258609304 21,105,413 83,400 X 01 83,400 0 0
DUPONT PHOTOMASKS INC COM 26613X101 4,810,525 99,700 X 01 99,700 0 0
E M C CORP COM 268648102 63,780,150 583,800 X 01 583,800 0 0
E TEK DYNAMICS INC COM 269240107 14,256,788 105,900 X 01 105,900 0 0
EASTMAN KODAK CO COM 277461109 16,045,750 242,200 X 01 242,200 0 0
EBAY INC COM 278642103 20,180,225 161,200 X 01 161,200 0 0
ENERGY EAST CORP COM 29266M109 3,321,675 159,600 X 01 159,600 0 0
ENZON INC COM 293904108 12,396,575 285,800 X 01 285,800 0 0
EPCOS AG ORD 29410P107 5,392,438 72,200 X 01 72,200 0 0
EXODUS COMMUNICATIONS INC COM 302088109 34,974,363 393,800 X 01 393,800 0 0
EXXON MOBIL CORP COM 30231G102 17,949,325 222,800 X 01 222,800 0 0
FIFTH THIRD BANCORP COM 316773100 10,272,500 140,000 X 01 140,000 0 0
FIRSTAR CORP COM 33763V109 8,304,238 393,100 X 01 393,100 0 0
FLEETBOSTON FINL CORP COM 339030108 7,181,819 206,300 X 01 206,300 0 0
FORD MTR CO COM 345370100 16,271,719 304,500 X 01 304,500 0 0
GST TELECOMMUNICATIONS INC COM 361942105 2,721,469 300,300 X 01 300,300 0 0
GTE CORP COM 362320103 34,928,438 495,000 X 01 495,000 0 0
GENERAL ELEC CO COM 369604103 76,694,100 495,600 X 01 495,600 0 0
GEORGIA PAC CORP COM 373298108 9,327,850 183,800 X 01 183,800 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 2,740,856 29,100 X 01 29,100 0 0
GO2NET COM 383486107 8,804,400 101,200 X 01 101,200 0 0
HALLIBURTON CO COM 406216101 12,578,125 312,500 X 01 312,500 0 0
HEWLETT PACKARD CO COM 428236103 16,543,725 145,200 X 01 145,200 0 0
HOME DEPOT INC COM 437076102 43,194,375 630,000 X 01 630,000 0 0
IDEC PHARMACEUTICALS CORP COM 449370105 14,973,300 152,400 X 01 152,400 0 0
INFINITY BROADCASTING CORP CL A 45662S102 26,749,800 739,200 X 01 739,200 0 0
INKTOMI CORP COM 457277101 11,999,000 135,200 X 01 135,200 0 0
INSIGHT COMMUNICATIONS INC CL A 45768V108 7,995,788 269,900 X 01 269,900 0 0
INTEGRATED DEVICE TECHNOLOGY COM 458118106 6,965,800 240,200 X 01 240,200 0 0
INTEL CORP COM 458140100102,915,3191,250,300 X 01 1,250,3 0 0
INTERMEDIA COMMUNICATIONS INCCOM 458801107 5,488,088 141,400 X 01 141,400 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 86,054,400 796,800 X 01 796,800 0 0
INTERNATIONAL PAPER CO COM 460146103 19,250,831 341,100 X 01 341,100 0 0
INTERNATIONAL RECTIFIER CORP COM 460254105 6,731,400 258,900 X 01 258,900 0 0
INTERNET CAP GROUP INC COM 46059C106 22,066,000 129,800 X 01 129,800 0 0
INTERPUBLIC GROUP COS INC COM 460690100 9,339,606 161,900 X 01 161,900 0 0
INTUIT COM 461202103 11,466,044 191,300 X 01 191,300 0 0
JABIL CIRCUIT INC COM 466313103 3,927,400 53,800 X 01 53,800 0 0
JEFFRIES GROUP INC COM 472319102 3,271,400 148,700 X 01 148,700 0 0
JOHNS MANVILLE CORP COM 478129109 3,924,200 280,300 X 01 280,300 0 0
JOHNSON & JOHNSON COM 478160104 15,924,375 171,000 X 01 171,000 0 0
JUNIPER NETWORKS INC COM 48203R104 10,540,000 31,000 X 01 31,000 0 0
KLA TENCOR CORP COM 482480100 13,320,450 119,600 X 01 119,600 0 0
KEMET CORP COM 488360108 6,858,513 152,200 X 01 152,200 0 0
KEYSPAN CORP COM 49337W100 6,603,800 284,800 X 01 284,800 0 0
KIMBERLY CLARK CORP COM 494368103 21,323,700 326,800 X 01 326,800 0 0
LSI LOGICCORP COM 502161102 30,854,250 457,100 X 01 457,100 0 0
LAM RESH CORP COM 512807108 11,669,438 104,600 X 01 104,600 0 0
LAMAR ADVERTISING CO CL A 512815101 10,338,019 170,700 X 01 170,700 0 0
LATTICE SEMICONDUCTOR CORP COM 518415104 6,460,838 137,100 X 01 137,100 0 0
LEGATO SYSTEMS INC COM 524651106 3,564,488 51,800 X 01 51,800 0 0
LEGG MASON INC COM 524901105 3,165,785 87,332 X 01 87,332 0 0
LEHMAN BROTHERS HLDGS INC COM 524908100 36,034,531 425,500 X 01 425,500 0 0
LEVEL 3 COMMUNICATIONS INC COM 52729N100 6,451,750 78,800 X 01 78,800 0 0
LINEAR TECHNOLOGY CORP COM 535678106 5,732,156 80,100 X 01 80,100 0 0
LUCENT TECHNOLOGIES INC COM 549463107 50,513,400 675,200 X 01 675,200 0 0
M & T BK CORP COM 55261F104 2,537,281 6,125 X 01 6,125 0 0
MCI WORLDCOM INC COM 55268B106 43,976,184 828,762 X 01 828,762 0 0
MEAD CORP COM 582834107 8,509,406 195,900 X 01 195,900 0 0
MEDIAONE GROUP INC COM 58440J104 36,132,600 470,400 X 01 470,400 0 0
MEDIMMUNE INC COM 584699102 14,281,838 86,100 X 01 86,100 0 0
MERCK & CO INC COM 589331107 24,464,400 364,800 X 01 364,800 0 0
MERCURY INTERACTIVE CORP COM 589405109 10,815,338 100,200 X 01 100,200 0 0
MERRILL LYNCH & CO INC COM 590188108 10,354,000 124,000 X 01 124,000 0 0
MICREL INC COM 594793101 3,068,931 53,900 X 01 53,900 0 0
MICROSOFT CORP COM 594918104231,410,1751,982,100 X 01 1,982,1 0 0
MICROCHIP TECHNOLOGY INC COM 595017104 7,165,406 104,700 X 01 104,700 0 0
MICROMUSE INC COM 595094103 9,401,000 55,300 X 01 55,300 0 0
MICRON TECHNOLOGY INC COM 595112103 48,461,575 623,300 X 01 623,300 0 0
MILLENNIUM PHARMACEUTICALS COM 599902103 8,332,600 68,300 X 01 68,300 0 0
MONTANA PWR CO COM 612085100 17,216,238 477,400 X 01 477,400 0 0
MORGAN J P & CO INC COM 616880100 14,283,300 112,800 X 01 112,800 0 0
MORGAN STANLEY DEAN WITTER & COM 617446448 37,814,475 264,900 X 01 264,900 0 0
MOTOROLA INC COM 620076109 60,372,500 410,000 X 01 410,000 0 0
NATIONAL SEMICONDUCTOR CORP COM 637640103 15,476,719 361,500 X 01 361,500 0 0
NEWFIELD EXPL CO COM 651290108 7,602,350 284,200 X 01 284,200 0 0
NOKIA CORP SPNSRD ADR 654902204 19,494,000 102,600 X 01 102,600 0 0
NOBLE DRILLING CORP COM 655042109 9,962,550 304,200 X 01 304,200 0 0
NORTEL NETWORKS CORP COM 656569100 50,298,000 498,000 X 01 498,000 0 0
NORTH FORK BANCORPORATION INCCOM 659424105 2,726,500 155,800 X 01 155,800 0 0
OPTICAL COATING LAB INC COM 683829105 10,389,600 35,100 X 01 35,100 0 0
ORACLE CORP COM 68389X105 60,233,594 537,500 X 01 537,500 0 0
PMC SIERRA INC COM 69344F106 14,652,563 91,400 X 01 91,400 0 0
PFIZER INC COM 717081103 21,817,463 672,600 X 01 672,600 0 0
PINNACLE HLDGS INC COM 72346N101 4,343,438 102,500 X 01 102,500 0 0
POTOMAC ELEC PWR CO COM 737679100 3,247,950 141,600 X 01 141,600 0 0
POWER INTEGRATIONS COM 739276103 4,999,881 104,300 X 01 104,300 0 0
PREMIER NATL BANCORP INC COM 74053F107 4,560,184 247,332 X 01 247,332 0 0
PROXIM INC COM 744284100 11,484,000 104,400 X 01 104,400 0 0
QUALCOMM INC COM 747525103 33,816,000 192,000 X 01 192,000 0 0
RF MICRO DEVICES INC COM 749941100 15,330,000 224,000 X 01 224,000 0 0
REAL NETWORKS INC COM 75605L104 3,874,063 32,200 X 01 32,200 0 0
ROYAL DUTCH PETE CO NY REG GLD 780257804 27,764,988 459,400 X 01 459,400 0 0
SBC COMMUNICATIONS INC COM 78387G103 51,211,0951,050,484 X 01 1,050,4 0 0
SAGA SYS INC COM 786610105 9,161,281 459,500 X 01 459,500 0 0
SANMINA CORP COM 800907107 3,415,725 34,200 X 01 34,200 0 0
SAPIENT CORP COM 803062108 10,711,250 76,000 X 01 76,000 0 0
SAWTEK INC COM 805468105 12,107,719 181,900 X 01 181,900 0 0
SCHERING PLOUGH CORP COM 806605101 22,435,313 531,800 X 01 531,800 0 0
SCHLUMBERGER LTD COM 806857108 11,469,375 203,900 X 01 203,900 0 0
SCHWAB CHARLES CORP COM 808513105 10,787,213 281,100 X 01 281,100 0 0
SCIENTIFIC ATLANTA INC COM 808655104 10,079,250 181,200 X 01 181,200 0 0
SEMTECH CORP COM 816850101 12,244,163 234,900 X 01 234,900 0 0
SEPRACOR INC COM 817315104 6,496,781 65,500 X 01 65,500 0 0
SIEBEL SYS INC COM 826170102 19,572,000 233,000 X 01 233,000 0 0
SMURFIT STONE CONTAINER CORP COM 832727101 8,383,900 342,200 X 01 342,200 0 0
SOLECTRON CORP COM 834182107 19,595,750 206,000 X 01 206,000 0 0
SPRINT CORP COM 852061100 28,405,875 422,000 X 01 422,000 0 0
SPRINT CORP PCS 852061506 10,813,750 105,500 X 01 105,500 0 0
STARBUCKS CORP COM 855244109 7,566,000 312,000 X 01 312,000 0 0
STATE AUTO FINL CORP COM 855707105 511,000 56,000 X 01 56,000 0 0
SUN MICROSYSTEMS INC COM 866810104 47,252,363 610,200 X 01 610,200 0 0
SYBASE INC COM 871130100 10,217,000 601,000 X 01 601,000 0 0
SYMANTEC CORP COM 871503108 9,045,838 154,300 X 01 154,300 0 0
TSI INTL SOFTWARE LTD COM 872879101 7,332,938 129,500 X 01 129,500 0 0
TALISMAN ENERGY INC COM 87425E103 11,984,050 465,400 X 01 465,400 0 0
TANDY CORP COM 875382103 24,593,750 500,000 X 01 500,000 0 0
TELLABS INC COM 879664100 4,884,669 76,100 X 01 76,100 0 0
TERADYNE INC COM 880770102 19,767,000 299,500 X 01 299,500 0 0
TEXACO INC COM 881694103 29,366,769 540,700 X 01 540,700 0 0
TEXAS INSTRS INC COM 882508104 25,575,000 264,000 X 01 264,000 0 0
TIME WARNER INC CL A 887315109 16,964,863 234,200 X 01 234,200 0 0
TIME WARNER TELECOM INC COM 887319101 7,690,375 154,000 X 01 154,000 0 0
TRANSWITCH CORP COM 894065101 8,322,919 114,700 X 01 114,700 0 0
TRIQUINT SEMICONDUCTOR INC COM 89674K103 9,178,125 82,500 X 01 82,500 0 0
UNITED PARCEL SVC INC CL B 911312106 2,822,100 40,900 X 01 40,900 0 0
U S WEST INC COM 91273H101 13,089,600 181,800 X 01 181,800 0 0
U S TR CORP COM 91288L105 1,844,313 23,000 X 01 23,000 0 0
VALASSIS COMMUNICATIONS INC COM 918866104 21,547,500 510,000 X 01 510,000 0 0
VASTAR RES INC COM 922380100 8,973,900 152,100 X 01 152,100 0 0
VERISIGN INC COM 92343E102 16,497,000 86,400 X 01 86,400 0 0
VERITAS SOFTWARE CORP COM 923436109 6,698,250 46,800 X 01 46,800 0 0
VERTICALNET INC COM 92532L107 13,579,200 82,800 X 01 82,800 0 0
VIACOM INC CL B 925524308 19,098,250 316,000 X 01 316,000 0 0
VIANT CORP COM 92553N107 5,544,000 56,000 X 01 56,000 0 0
VISIO CORP COM 927914101 13,124,250 276,300 X 01 276,300 0 0
VISHAY INTERTECHNOLOGY INC COM 928298108 6,113,113 193,300 X 01 193,300 0 0
VITRIA TECHNOLOGY INC COM 92849Q104 19,188,000 82,000 X 01 82,000 0 0
VITESSE SEMICONDUCTOR CORP COM 928497106 12,899,625 246,000 X 01 246,000 0 0
WAL MART STORES INC COM 931142103 78,940,7501,142,000 X 01 1,142,0 0 0
WARNER LAMBERT CO COM 934488107 21,549,563 263,000 X 01 263,000 0 0
WHIRLPOOL CORP COM 963320106 9,928,538 152,600 X 01 152,600 0 0
WILLIAMS COMMUNICATIONS GROUPCL A 969455104 1,313,763 45,400 X 01 45,400 0 0
WINSTAR COMMUNICATIONS INC COM 975515107 6,381,200 84,800 X 01 84,800 0 0
XILINX INC COM 983919101 37,811,813 831,600 X 01 831,600 0 0
YAHOO INC COM 984332106 44,999,500 104,000 X 01 104,000 0 0
YOUNG & RUBICAM INC COM 987425105 10,824,750 153,000 X 01 153,000 0 0
ZALE CORP COM 988858106 5,848,538 120,900 X 01 120,900 0 0
4,008,679,845
231 ITEMS
</TABLE>
<TABLE>
THE GUARDIAN SMALL CAP STOCK FUND
FORM 13F INFORMATION TABLE
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NAME OF ISSUER TITLE OF CUSIP MKT V SHRS/INV DISCRETION VOTING AUTHORITY (SHARES)
CLASS NUMBER SOLE SHRDOTHRMGR A-SOLEB-SHRC-NONE
OPENTV CORP CL A G67543101 770,400 9,600 X 01 9,600 0 0
AUDIO CODES LTD ORD M15342104 1,214,400 13,200 X 01 13,200 0 0
METALINK LTD ORD M69897102 517,525 25,400 X 01 25,400 0 0
FLEXTRONICS INTERNATIONAL ORD Y2573F102 956,800 20,800 X 01 20,800 0 0
AVX CORP NEW COM 002444107 589,263 11,800 X 01 11,800 0 0
ABITIBI CONSOLIDATED INC COM 003924107 400,188 33,700 X 01 33,700 0 0
ADELPHIA COMMUNICATIONS CORP CL A 006848105 3,346,875 51,000 X 01 51,000 0 0
ADVANCED MICRO DEVICES INC COM 007903107 1,331,125 46,000 X 01 46,000 0 0
ADVANCED ENERGY INDS INC COM 007973100 935,750 19,000 X 01 19,000 0 0
AETHER SYSTEMS INC COM 00808V105 537,188 7,500 X 01 7,500 0 0
AGENCY COM LTD COM 008447104 484,500 9,500 X 01 9,500 0 0
AGILE SOFTWARE CORP DEL COM 00846X105 651,703 3,000 X 01 3,000 0 0
AIRNET COMM CORP COM 00941P106 923,925 25,400 X 01 25,400 0 0
AKAMAI TECHNOLOGIES INC COM 00971T101 2,064,038 6,300 X 01 6,300 0 0
ALEXANDRIA REAL ESTATE EQUIT COM 015271109 474,006 14,900 X 01 14,900 0 0
ALLIANT TECHSYSTEMS INC COM 018804104 697,900 11,200 X 01 11,200 0 0
ALPHARMA INC CL A 020813101 728,775 23,700 X 01 23,700 0 0
ALTEON WEBSYSTEMS INC COM 02145A109 438,750 5,000 X 01 5,000 0 0
AMERICAN STD COS INC COM 029712106 564,263 12,300 X 01 12,300 0 0
AMERICAN TOWER CORP CL A 029912201 657,094 21,500 X 01 21,500 0 0
AMES DEPT STORES INC COM 030789507 1,613,500 56,000 X 01 56,000 0 0
ANDRX CORP COM 034551101 401,969 9,500 X 01 9,500 0 0
ANN TAYLOR STORES CORP COM 36115103 688,750 20,000 X 01 20,000 0 0
APPLIED MICRO CIRCUITS CORP COM 03822W109 3,206,700 25,200 X 01 25,200 0 0
AT HOME CORP COM SER A 045919107 786,156 18,336 X 01 18,336 0 0
BJS WHSL CLUB INC COM 05548J106 3,507,650 96,100 X 01 96,100 0 0
BJ SVCS CO COM 055482103 2,630,006 62,900 X 01 62,900 0 0
BARRETT RES CORP COM 068480201 444,506 15,100 X 01 15,100 0 0
BAY VIEW CAP CORP COM 07262L101 922,188 65,000 X 01 65,000 0 0
BEA SYS INC COM 073325102 643,425 9,200 X 01 9,200 0 0
BOWATER INC COM 102183100 581,144 10,700 X 01 10,700 0 0
BROADVISION INC COM 111412102 1,802,663 10,600 X 01 10,600 0 0
CH ENERGYGROUP INC COM 12541M102 297,000 9,000 X 01 9,000 0 0
CMG INFORMATION SVCS INC COM 125750109 2,934,875 10,600 X 01 10,600 0 0
CNET INC COM 125945105 351,850 6,200 X 01 6,200 0 0
CACHEFLOW INC COM 126946102 810,263 6,200 X 01 6,200 0 0
CABOT CORP COM 127055101 489,000 24,000 X 01 24,000 0 0
CALIPER TECHNOLOGIES CORP COM 130876105 1,695,450 25,400 X 01 25,400 0 0
CALPINE CORP COM 131347106 2,515,200 39,300 X 01 39,300 0 0
CELESTICA INC SUB VTG SH15101Q108 1,387,500 25,000 X 01 25,000 0 0
CENTEX CORP COM 152312104 395,000 16,000 X 01 16,000 0 0
CHURCH & DWIGHT INC COM 171340102 998,113 37,400 X 01 37,400 0 0
CITADEL COMMUNICATIONS CORP COM 172853202 4,074,150 62,800 X 01 62,800 0 0
CLASSIC COMMUN INC CL A 182728204 957,938 26,200 X 01 26,200 0 0
COBALT NETWORKS INC COM 19074R101 444,338 4,100 X 01 4,100 0 0
COMMERCE BANCORP INC N J COM 200519106 477,163 11,800 X 01 11,800 0 0
COMMERCE ONE INC DEL COM 200693109 1,061,100 5,400 X 01 5,400 0 0
COMMERCIAL FED CORP COM 201647104 746,344 41,900 X 01 41,900 0 0
COMMSCOPE INC COM 203372107 1,773,750 44,000 X 01 44,000 0 0
COOPER CAMERON CORP COM 216640102 557,888 11,400 X 01 11,400 0 0
COORS ADOLPH CO CL B 217016104 1,643,250 31,300 X 01 31,300 0 0
COX COMMUNICATIONS INC CL A 224044107 1,917,757 37,238 X 01 37,238 0 0
COX RADIO INC CL A 224051102 1,725,675 17,300 X 01 17,300 0 0
CREDENCE SYSTEMS CORP COM 225302108 830,400 9,600 X 01 9,600 0 0
CRITICAL PATH INC COM 22674V100 1,623,250 17,200 X 01 17,200 0 0
CROSSMANN CMNTYS INC COM 22764E109 899,000 58,000 X 01 58,000 0 0
CROWN CASTLE INTL CORP COM 228227104 796,700 24,800 X 01 24,800 0 0
CULLEN FROST BANKERS INC COM 229899109 728,725 28,300 X 01 28,300 0 0
CUMULUS MEDIA INC CL A 231082108 1,192,625 23,500 X 01 23,500 0 0
CYBERSOURCE CORP COM 23251J106 414,000 8,000 X 01 8,000 0 0
CYMER INC COM 232572107 506,000 11,000 X 01 11,000 0 0
CYPRESS SEMICONDUCTOR CORP COM 232806109 589,225 18,200 X 01 18,200 0 0
DII GROUP INC COM 232949107 1,107,113 15,600 X 01 15,600 0 0
DSP GROUP INC COM 23332B106 688,200 7,400 X 01 7,400 0 0
DAIN RAUSCHER CORP COM 233856103 1,116,000 24,000 X 01 24,000 0 0
DELTATHREE COM COM 24783N102 247,200 9,600 X 01 9,600 0 0
DEXTER CORP COM 252165105 520,725 13,100 X 01 13,100 0 0
DIGITAL IMPACT INC COM 25385G106 235,588 4,700 X 01 4,700 0 0
DIME BANCORP INC COM 25429Q102 415,938 27,500 X 01 27,500 0 0
DONALDSON LUFKIN & JENRETTE COM 257661504 370,256 27,300 X 01 27,300 0 0
DYCOM INDS INC COM 267475101 1,057,500 24,000 X 01 24,000 0 0
E PIPHANY INC COM 26881V100 557,813 2,500 X 01 2,500 0 0
E TEK DYNAMICS INC COM 269240107 2,584,800 19,200 X 01 19,200 0 0
ETOWN CORP COM 269242103 647,400 10,400 X 01 10,400 0 0
ELCOR CHEM CORP COM 284443108 569,363 18,900 X 01 18,900 0 0
EMULEX CORP COM 292475209 990,000 8,800 X 01 8,800 0 0
ENERGY EAST CORP COM 29266M109 337,163 16,200 X 01 16,200 0 0
ENTERCOM COMMUNICATIONS CORP COM 293639100 1,663,200 25,200 X 01 25,200 0 0
ENZON INC COM 293904108 667,975 15,400 X 01 15,400 0 0
EPCOS AG ORD 29410P107 702,063 9,400 X 01 9,400 0 0
EQUITABLE RES INC COM 294549100 523,988 15,700 X 01 15,700 0 0
ETHAN ALLEN INTERIORS INC COM 297602104 1,928,559 60,150 X 01 60,150 0 0
EXAR CORP COM 300645108 783,038 13,300 X 01 13,300 0 0
EXODUS COMMUNICATIONS INC COM 302088109 3,179,488 35,800 X 01 35,800 0 0
EXPEDIA INC COM 302125109 700,000 20,000 X 01 20,000 0 0
FINISTAR CORP COM 31787A101 970,650 10,800 X 01 10,800 0 0
FIRST TENN NATL CORP COM 337162101 1,105,800 38,800 X 01 38,800 0 0
FREEMARKETS INC COM 356602102 341,313 1,000 X 01 1,000 0 0
FULTON FINL CORP PA COM 360271100 406,800 22,600 X 01 22,600 0 0
GALLAGHER ARTHUR J & CO COM 363576109 1,262,625 19,500 X 01 19,500 0 0
GO2NET COM 383486107 461,100 5,300 X 01 5,300 0 0
GRAND UNION CO COM 386532402 1,545,075 152,600 X 01 152,600 0 0
GRIC COMMUNICATIONS INC COM 398081109 1,408,313 55,500 X 01 55,500 0 0
HARMONIC INC COM 413160102 626,588 6,600 X 01 6,600 0 0
HELIX TECHNOLOGY CORP COM 423319102 631,856 14,100 X 01 14,100 0 0
HENRY JACK & ASSOC INC COM 426281101 1,374,400 25,600 X 01 25,600 0 0
HILB ROGAL & HAMILTON CO COM 431294107 384,200 13,600 X 01 13,600 0 0
HOME PPTYS N Y INC COM 437306103 439,000 16,000 X 01 16,000 0 0
IDEC PHARMACEUTICALS CORP COM 449370105 786,000 8,000 X 01 8,000 0 0
ITC DELTACOM COM 45031T104 488,963 17,700 X 01 17,700 0 0
INKTOMI CORP COM 457277101 1,331,250 15,000 X 01 15,000 0 0
INSIGHT COMMUNICATIONS INC CL A 45768V108 1,016,138 34,300 X 01 34,300 0 0
INTEGRATED DEVICE TECHNOLOGY COM 458118106 652,500 22,500 X 01 22,500 0 0
THE INTERCEPT GROUP INC COM 45845L107 1,018,281 34,300 X 01 34,300 0 0
INTERMEDIA COMMUNICATIONS INC COM 458801107 566,663 14,600 X 01 14,600 0 0
INTERTRUST TECHNOLOGIES CORP COM 46113Q109 741,038 6,300 X 01 6,300 0 0
INTERWOVEN INC COM 46114T102 450,013 3,700 X 01 3,700 0 0
INTUIT COM 461202103 1,690,238 28,200 X 01 28,200 0 0
JLG INDS INC COM 466210101 913,219 57,300 X 01 57,300 0 0
JNI CORP COM 46622G105 415,800 6,300 X 01 6,300 0 0
JAKKS PACINC COM 47012E106 592,394 31,700 X 01 31,700 0 0
JONES INTERCABLE INC CL A 480206200 2,370,488 34,200 X 01 34,200 0 0
JONES PHARMA INC COM 480236108 1,242,313 28,600 X 01 28,600 0 0
JUNIPER NETWORKS INC COM 48203R104 1,360,000 4,000 X 01 4,000 0 0
KLA TENCOR CORP COM 482480100 1,826,550 16,400 X 01 16,400 0 0
KANA COMMUNICATIONS INC COM 483600102 2,050,000 10,000 X 01 10,000 0 0
KEMET CORP COM 488360108 644,394 14,300 X 01 14,300 0 0
KING PHARMACEUTICALS INC COM 495582108 1,182,919 21,100 X 01 21,100 0 0
L 3 COMMUNICATIONS HLDG CORP COM 502424104 840,825 20,200 X 01 20,200 0 0
LAFARGE CORP COM 505862102 1,602,250 58,000 X 01 58,000 0 0
LAM RESH CORP COM 512807108 758,625 6,800 X 01 6,800 0 0
LAMAR ADVERTISING CO CL A 512815101 1,023,506 16,900 X 01 16,900 0 0
LATTICE SEMICONDUCTOR CORP COM 518415104 551,363 11,700 X 01 11,700 0 0
LEARNING TREE INTL INC COM 522015106 736,400 26,300 X 01 26,300 0 0
LEGATO SYSTEMS INC COM 524651106 639,956 9,300 X 01 9,300 0 0
LEGG MASON INC COM 524901105 482,125 13,300 X 01 13,300 0 0
LOUIS DREYFUS NAT GAS CORP COM 546011107 572,750 31,600 X 01 31,600 0 0
M & T BK CORP COM 55261F104 414,250 1,000 X 01 1,000 0 0
M.D.C. HOLDINGS INC COM 552676108 800,063 51,000 X 01 51,000 0 0
MACDERMID INC COM 554273102 677,531 16,500 X 01 16,500 0 0
MACROMEDIA INC COM 556100105 2,186,438 29,900 X 01 29,900 0 0
MARSHALL & ILSLEY CORP COM 571834100 1,275,094 20,300 X 01 20,300 0 0
MARTIN MARIETTA MATLS INC COM 573284106 873,300 21,300 X 01 21,300 0 0
MAVERICK TUBE CORP COM 577914104 814,688 33,000 X 01 33,000 0 0
MERCURY INTERACTIVE CORP COM 589405109 658,419 6,100 X 01 6,100 0 0
METASOLV SOFTWARE INC COM 591393103 1,038,225 12,700 X 01 12,700 0 0
METROMEDIA FIBER NETWORK INC CL A 591689104 1,464,491 30,550 X 01 30,550 0 0
MIDCOAST ENERGY RES INC COM 59563W104 515,900 30,800 X 01 30,800 0 0
MILLENNIUM PHARMACEUTICALS COM 599902103 841,800 6,900 X 01 6,900 0 0
MOHAWK INDS INC COM 608190104 764,875 29,000 X 01 29,000 0 0
NATIONAL COMM BANCORP COM 635449101 816,750 36,000 X 01 36,000 0 0
NATIONAL COMPUTER SYS INC COM 635519101 1,188,950 31,600 X 01 31,600 0 0
NATIONAL FUEL GAS CO COM 636180101 585,900 12,600 X 01 12,600 0 0
NATIONAL R V HLDGS INC COM 637277104 915,338 47,550 X 01 47,550 0 0
NETRATINGS INC COM 64116M108 803,688 16,700 X 01 16,700 0 0
NETWORK APPLIANCE INC COM 64120L104 4,153,125 50,000 X 01 50,000 0 0
NETZERO INC COM 64122R109 269,375 10,000 X 01 10,000 0 0
NEWFIELD EXPL CO COM 651290108 521,625 19,500 X 01 19,500 0 0
NEWPORT NEWS SHIPBUILDING INC COM 652228107 415,250 15,100 X 01 15,100 0 0
NEXT LEVEL COMMUNICATIONS INC COM 65333U104 1,662,225 22,200 X 01 22,200 0 0
NISOURCE INC COM 65473P105 1,181,538 66,100 X 01 66,100 0 0
NORTH FORK BANCORPORATION INC COM 659424105 1,316,000 75,200 X 01 75,200 0 0
OPTICAL COATING LAB INC COM 683829105 1,272,800 4,300 X 01 4,300 0 0
OPTIMAL ROBOTICS CORP CL A 68388R208 2,421,250 65,000 X 01 65,000 0 0
OTTER TAIL PWR CO COM 689648103 206,250 5,500 X 01 5,500 0 0
PEOPLES HERITAGE FINL GROUP COM 711147108 1,960,354 130,148 X 01 130,148 0 0
PHILADELPHIA SUBN CORP COM 718009608 510,981 24,700 X 01 24,700 0 0
PINNACLE HLDGS INC COM 72346N101 728,850 17,200 X 01 17,200 0 0
PLEXUS CORP COM 729132100 1,958,000 44,500 X 01 44,500 0 0
POWER INTEGRATIONS COM 739276103 527,313 11,000 X 01 11,000 0 0
PRIMUS TELECOMM GROUP INC COM 741929103 2,295,000 60,000 X 01 60,000 0 0
PROFIT RECOVERY GROUP INTL INC COM 743168106 613,594 23,100 X 01 23,100 0 0
QLOGIC CORP COM 747277101 2,973,675 18,600 X 01 18,600 0 0
RF MICRO DEVICES INC COM 749941100 588,563 8,600 X 01 8,600 0 0
RADIO UNICA COMMUNICATIONS COM 75040Q106 288,750 10,000 X 01 10,000 0 0
REAL NETWORKS INC COM 75605L104 962,500 8,000 X 01 8,000 0 0
RED HAT INC COM 756577102 633,750 3,000 X 01 3,000 0 0
RETEK INC COM 76128Q109 361,200 4,800 X 01 4,800 0 0
SDL INC COM 784076101 3,030,200 13,900 X 01 13,900 0 0
SAPIENT CORP COM 803062108 986,563 7,000 X 01 7,000 0 0
SCIENTIFIC ATLANTA INC COM 808655104 506,188 9,100 X 01 9,100 0 0
SEMTECH CORP COM 816850101 589,013 11,300 X 01 11,300 0 0
SEPRACOR INC COM 817315104 674,475 6,800 X 01 6,800 0 0
SHAW GROUP INC COM 820280105 630,281 24,900 X 01 24,900 0 0
SHAW INDS INC COM 820286102 1,003,438 65,000 X 01 65,000 0 0
SILICON IMAGE INC COM 82705T102 525,469 7,500 X 01 7,500 0 0
SILKNET SOFTWARE INC COM 827094103 414,375 2,500 X 01 2,500 0 0
SOUTHDOWN INC COM 841297104 908,600 17,600 X 01 17,600 0 0
SPANISH BROADCASTING SYS INC CL A 846425882 1,006,250 25,000 X 01 25,000 0 0
SPARTECH CORP COM 847220209 964,275 29,900 X 01 29,900 0 0
SPINNAKER EXPL CO COM 84855W109 413,156 29,250 X 01 29,250 0 0
STATE AUTO FINL CORP COM 855707105 108,588 11,900 X 01 11,900 0 0
STONE ENERGY CORP COM 861642106 559,313 15,700 X 01 15,700 0 0
SYCAMORE NETWORKS INC COM 871206108 1,232,000 4,000 X 01 4,000 0 0
THQ INC COM 872443403 262,019 11,300 X 01 11,300 0 0
TNP ENTERPRISES INC COM 872594106 1,278,750 31,000 X 01 31,000 0 0
TELECORP PCS INC CL A 879299105 539,600 14,200 X 01 14,200 0 0
TEREX CORP COM 880779103 771,450 27,800 X 01 27,800 0 0
THOR INDS INC COM 885160101 1,881,038 61,800 X 01 61,800 0 0
3DO CO COM 88553W105 388,303 42,700 X 01 42,700 0 0
TIME WARNER TELECOM INC CL A 887319101 694,131 13,900 X 01 13,900 0 0
TRANSWITCH CORP COM 894065101 1,327,894 18,300 X 01 18,300 0 0
TRITEL INC CL A 89675X104 513,338 16,200 X 01 16,200 0 0
UCAR INTL INC COM 90262K109 368,719 20,700 X 01 20,700 0 0
U S CONCRETE INC COM 90333L102 330,000 55,000 X 01 55,000 0 0
UNITED PAYORS & UTD PROVIDERS COM 911319101 982,984 59,350 X 01 59,350 0 0
U S TR CORP COM 91288L105 2,124,969 26,500 X 01 26,500 0 0
UNITED STATIONERS INC COM 913004107 1,033,963 36,200 X 01 36,200 0 0
VA LINUX SYS INC COM 91819B105 247,950 1,200 X 01 1,200 0 0
VALASSIS COMMUNICATIONS INC COM 918866104 3,794,050 89,800 X 01 89,800 0 0
VALLEY NATL BANCORP COM 919794107 1,646,400 58,800 X 01 58,800 0 0
VERISIGN INC COM 92343E102 4,353,375 22,800 X 01 22,800 0 0
VERITAS DGC INC COM 92343P107 840,000 60,000 X 01 60,000 0 0
VIANT CORP COM 92553N107 495,000 5,000 X 01 5,000 0 0
VIRATA CORP COM 927646109 370,450 12,400 X 01 12,400 0 0
VISIO CORP COM 927914101 593,750 12,500 X 01 12,500 0 0
VITRIA TECHNOLOGY INC COM 92849Q104 1,942,200 8,300 X 01 8,300 0 0
WADDELL & REED FINL INC CL A 930059100 1,085,000 40,000 X 01 40,000 0 0
WATSON PHARMACEUTICALS INC COM 942683103 687,600 19,200 X 01 19,200 0 0
WINSTAR COMMUNICATIONS INC COM 975515107 662,200 8,800 X 01 8,800 0 0
XILINX INC COM 983919101 3,091,875 68,000 X 01 68,000 0 0
XIRCOM INC COM 983922105 2,550,000 34,000 X 01 34,000 0 0
XPEDIOR INC COM 98413B100 460,000 16,000 X 01 16,000 0 0
YOUNG & RUBICAM INC COM 987425105 1,450,375 20,500 X 01 20,500 0 0
ZALE CORP COM 988858106 3,400,763 70,300 X 01 70,300 0 0
ZIONS BANCORP COM 989701107 2,491,794 42,100 X 01 42,100 0 0
232,114,497
216 ITEMS
</TABLE>
<TABLE>
THE GUARDIAN VC 500 INDEX FUND
FORM 13F INFORMATION TABLE
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NAME OF ISSUER TITLE OF CUSIP MKT VA SHRS/INV DISCRETION VOTING AUTHORITY (SHARES)
CLASS SOLESHRDOTHRMGR A-SOLB-SHRC-NONE
GLOBAL CROSSING LTD COM G3921A100 560,700 11,214 X 01 11,214 0 0
AFLAC INC COM 001055102 226,500 4,800 X 01 4,800 0 0
AES CORP COM 00130H105 254,150 3,400 X 01 3,400 0 0
AT & T CORP COM 001957109 2,892,750 57,000 X 01 57,000 0 0
ABBOTT LABS COM 002824100 987,700 27,200 X 01 27,200 0 0
ALBERTSONS INC COM 013104104 241,875 7,500 X 01 7,500 0 0
ALCOA INC COM 013817101 547,800 6,600 X 01 6,600 0 0
ALLSTATE CORP COM 020002101 348,000 14,500 X 01 14,500 0 0
ALLTEL CORP COM 020039103 454,781 5,500 X 01 5,500 0 0
AMERICA ONLINE INC DEL COM 02364J104 2,942,063 39,000 X 01 39,000 0 0
AMERICAN EXPRESS CO COM 025816109 1,346,625 8,100 X 01 8,100 0 0
AMERICAN GENERAL CORP COM 026351106 341,438 4,500 X 01 4,500 0 0
AMERICAN HOME PRODUCTS CORP COM 026609107 926,781 23,500 X 01 23,500 0 0
AMERICAN INT'L GROUP INC COM 026874107 2,995,063 27,700 X 01 27,700 0 0
AMGEN INC COM 031162100 1,105,150 18,400 X 01 18,400 0 0
ANALOG DEVICES INC COM 032654105 242,451 2,607 X 01 2,607 0 0
ANHEUSER BUSCH COS INC COM 035229103 602,438 8,500 X 01 8,500 0 0
APPLE COMPUTER COM 037833100 287,875 2,800 X 01 2,800 0 0
APPLIED MATERIALS INC COM 038222105 848,806 6,700 X 01 6,700 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 135,281 11,100 X 01 11,100 0 0
ASSOCIATES FIRST CAP CORP CL A 046008108 356,688 13,000 X 01 13,000 0 0
ATLANTIC RICHFIELD CO COM 048825103 501,700 5,800 X 01 5,800 0 0
AUTOMATIC DATA PROCESSING INCOM 053015103 598,013 11,100 X 01 11,100 0 0
BMC SOFTWARE INC COM 055921100 335,738 4,200 X 01 4,200 0 0
BANK AMERCORP COM 060505104 1,565,850 31,200 X 01 31,200 0 0
BANK NEW YORK INC COM 064057102 544,000 13,600 X 01 13,600 0 0
BANK ONE CORP COM 06423A103 676,519 21,100 X 01 21,100 0 0
BAXTER INTL INC COM 071813109 326,625 5,200 X 01 5,200 0 0
BELL ATLANTIC CORP COM 077853109 1,711,438 27,800 X 01 27,800 0 0
BELLSOUTH CORP COM 079860102 1,586,944 33,900 X 01 33,900 0 0
BESTFOODS COM 08658U101 262,813 5,000 X 01 5,000 0 0
BOEING CO COM 097023105 723,188 17,400 X 01 17,400 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 2,285,075 35,600 X 01 35,600 0 0
BURLINGTON NORTHERN SANTA FECOM 12189T104 203,700 8,400 X 01 8,400 0 0
CBS CORP COM 12490K107 879,332 13,753 X 01 13,753 0 0
CIGNA CORP COM 125509109 290,025 3,600 X 01 3,600 0 0
CVS CORP COM 126650100 279,563 7,000 X 01 7,000 0 0
CAMPBELL SOUP CO COM 134429109 301,763 7,800 X 01 7,800 0 0
CARDINAL HEALTH INC COM 14149Y108 234,588 4,900 X 01 4,900 0 0
CARNIVAL CORP COM 143658102 525,938 11,000 X 01 11,000 0 0
CATERPILLAR INC COM 149123101 301,200 6,400 X 01 6,400 0 0
CENDANT CORP COM 151313103 342,656 12,900 X 01 12,900 0 0
CHASE MANHATTAN CORP COM 16161A108 1,173,081 15,100 X 01 15,100 0 0
CHEVRON CORP COM 166751107 1,013,513 11,700 X 01 11,700 0 0
CISCO SYS INC COM 17275R102 6,127,550 57,200 X 01 57,200 0 0
CITIGROUP INC COM 172967101 3,361,531 60,500 X 01 60,500 0 0
CITRIX SYS INC COM 177376100 201,228 1,636 X 01 1,636 0 0
CLEAR CHANNEL COMMUNICATIONSCOM 184502102 526,575 5,900 X 01 5,900 0 0
COCA COLA CO COM 191216100 2,574,650 44,200 X 01 44,200 0 0
COLGATE PALMOLIVE CO COM 194162103 682,500 10,500 X 01 10,500 0 0
COLUMBIA / HCA HEALTHCARE COCOM 197677107 298,988 10,200 X 01 10,200 0 0
COMCAST CORP CL A SPL 200300200 672,481 13,300 X 01 13,300 0 0
COMPAQ COMPUTER CORP COM 204493100 822,700 30,400 X 01 30,400 0 0
COMPUTER ASSOC INTL INC COM 204912109 671,400 9,600 X 01 9,600 0 0
COMPUTER SCIENCES CORP COM 205363104 264,950 2,800 X 01 2,800 0 0
COMPUWARE CORP COM 205638109 245,850 6,600 X 01 6,600 0 0
COMVERSE TECHNOLOGY INC COM 205862402 244,628 1,690 X 01 1,690 0 0
CONOCO INC CL B 208251405 278,600 11,200 X 01 11,200 0 0
CORNING INC COM 219350105 567,325 4,400 X 01 4,400 0 0
COSTCO WHSL CORP NEW COM 22160K105 355,875 3,900 X 01 3,900 0 0
DAYTON HUDSON CORP COM 239753106 580,156 7,900 X 01 7,900 0 0
DELL COMPUTER CORP COM 247025109 2,315,400 45,400 X 01 45,400 0 0
DELPHI AUTOMOTIVE SYS CORP COM 247126105 159,075 10,100 X 01 10,100 0 0
DISNEY WALT CO COM 254687106 1,079,325 36,900 X 01 36,900 0 0
DOW CHEM CO COM 260543103 521,138 3,900 X 01 3,900 0 0
DU PONT EI DE NEMOURS & CO COM 263534109 1,152,813 17,500 X 01 17,500 0 0
DUKE ENERGY CO COM 264399106 325,813 6,500 X 01 6,500 0 0
E M C CORP COM 268648102 2,008,124 18,381 X 01 18,381 0 0
EASTMAN KODAK CO COM 277461109 384,250 5,800 X 01 5,800 0 0
ELECTRONIC DATA SYS CORP COM 285661104 589,050 8,800 X 01 8,800 0 0
EMERSON ELEC CO COM 291011104 447,525 7,800 X 01 7,800 0 0
ENRON CORP COM 293561106 563,563 12,700 X 01 12,700 0 0
EXXON MOBIL CORP COM 30231G102 4,993,425 61,982 X 01 61,982 0 0
FDX CORP COM 31304N107 216,969 5,300 X 01 5,300 0 0
FEDERAL HOME LN MTG CORP COM 313400301 583,575 12,400 X 01 12,400 0 0
FEDERAL NATL MTG ASSN COM 313586109 1,148,850 18,400 X 01 18,400 0 0
FIFTH THIRD BANCORP COM 316773100 352,200 4,800 X 01 4,800 0 0
FIRST DATA CORP COM 319963104 379,706 7,700 X 01 7,700 0 0
FIRST UNION CORP COM 337358105 567,656 17,300 X 01 17,300 0 0
FIRSTAR CORP COM 33763V109 372,941 17,654 X 01 17,654 0 0
FLEETBOSTON FINL CORP COM 339030108 573,606 16,477 X 01 16,477 0 0
FORD MTR CO COM 345370100 1,159,594 21,700 X 01 21,700 0 0
GTE CORP COM 362320103 1,227,788 17,400 X 01 17,400 0 0
GANNETT INC COM 364730101 407,813 5,000 X 01 5,000 0 0
GAP INC COM 364760108 708,400 15,400 X 01 15,400 0 0
GATEWAY INC COM 367626108 403,550 5,600 X 01 5,600 0 0
GENERAL ELEC CO COM 369604103 7,898,440 51,040 X 01 51,040 0 0
GENERAL INSTR CORP COM 370120107 263,500 3,100 X 01 3,100 0 0
GENERAL MTRS CORP COM 370442105 843,175 11,600 X 01 11,600 0 0
GILLETTE CO COM 375766102 819,631 19,900 X 01 19,900 0 0
GUIDANT CORP COM 401698105 253,800 5,400 X 01 5,400 0 0
HALLIBURTON CO COM 406216101 317,975 7,900 X 01 7,900 0 0
HEINZ H J CO COM 423074103 254,800 6,400 X 01 6,400 0 0
HEWLETT PACKARD CO COM 428236103 2,073,663 18,200 X 01 18,200 0 0
HOME DEPOT INC COM 437076102 2,725,359 39,750 X 01 39,750 0 0
HONEYWELL INTL INC COM 438516106 819,855 14,212 X 01 14,212 0 0
HOUSEHOLD INTL INC COM 441815107 320,350 8,600 X 01 8,600 0 0
ILLINOIS TOOL WKS INC COM 452308109 304,031 4,500 X 01 4,500 0 0
INTEL CORP COM 458140100 4,889,363 59,400 X 01 59,400 0 0
INTERNATIONAL BUSINESS MACHSCOM 459200101 3,510,000 32,500 X 01 32,500 0 0
INTERNATIONAL PAPER CO COM 460146103 417,638 7,400 X 01 7,400 0 0
INTERPUBLIC GROUP COS INC COM 460690100 288,438 5,000 X 01 5,000 0 0
JOHNSON & JOHNSON COM 478160104 2,244,313 24,100 X 01 24,100 0 0
KELLOGG CO COM 487836108 224,931 7,300 X 01 7,300 0 0
KIMBERLY CLARK CORP COM 494368103 619,875 9,500 X 01 9,500 0 0
KOHLS CORP COM 500255104 209,344 2,900 X 01 2,900 0 0
KROGER CO COM 501044101 279,350 14,800 X 01 14,800 0 0
LEXMARK INTL GROUP INC CL A 529771107 208,150 2,300 X 01 2,300 0 0
LILLY ELI & CO COM 532457108 1,310,050 19,700 X 01 19,700 0 0
LOWES COS INC COM 548661107 394,350 6,600 X 01 6,600 0 0
LUCENT TECHNOLOGIES INC COM 549463107 4,069,800 54,400 X 01 54,400 0 0
MBNA CORP COM 55262L100 392,400 14,400 X 01 14,400 0 0
MCI WORLDCOM INC COM 55268B106 2,650,472 49,950 X 01 49,950 0 0
MARSH & MCLENNAN COS INC COM 571748102 449,731 4,700 X 01 4,700 0 0
MCDONALDS CORP COM 580135101 979,594 24,300 X 01 24,300 0 0
MCGRAW HILL COS INC COM 580645109 215,688 3,500 X 01 3,500 0 0
MEDIAONE GROUP INC COM 58440J104 829,575 10,800 X 01 10,800 0 0
MEDTRONIC INC COM 585055106 765,188 21,000 X 01 21,000 0 0
MELLON FINL CORP COM 58551A108 316,781 9,300 X 01 9,300 0 0
MERCK & CO INC COM 589331107 2,836,744 42,300 X 01 42,300 0 0
MERRILL LYNCH & CO INC COM 590188108 551,100 6,600 X 01 6,600 0 0
MICROSOFT CORP COM 59491810410,670,950 91,400 X 01 91,400 0 0
MICRON TECHNOLOGY INC COM 595112103 349,875 4,500 X 01 4,500 0 0
MINNESOTA MNG & MFG CO COM 604059105 704,700 7,200 X 01 7,200 0 0
MOLEX INC COM 608554101 215,072 3,794 X 01 3,794 0 0
MONSANTO CO COM 611662107 402,563 11,300 X 01 11,300 0 0
MORGAN J P & CO INC COM 616880100 405,200 3,200 X 01 3,200 0 0
MORGAN STANLEY DEAN WITTER &COM 617446448 1,456,050 10,200 X 01 10,200 0 0
MOTOROLA INC COM 620076109 1,590,300 10,800 X 01 10,800 0 0
NATIONAL CITY CORP COM 635405103 267,669 11,300 X 01 11,300 0 0
NETWORK APPLIANCE INC COM 64120L104 215,963 2,600 X 01 2,600 0 0
NEXTEL COMMUNICATIONS INC CL A 65332V103 546,563 5,300 X 01 5,300 0 0
NIKE INC CL B 654106103 247,813 5,000 X 01 5,000 0 0
NORTEL NETWORKS CORP COM 656569100 2,403,800 23,800 X 01 23,800 0 0
NORTHERN TRUST CORP COM 665859104 212,000 4,000 X 01 4,000 0 0
NOVELL INC COM 670006105 239,625 6,000 X 01 6,000 0 0
OMNICOM GROUP COM 681919106 320,000 3,200 X 01 3,200 0 0
ORACLE CORP COM 68389X105 2,891,213 25,800 X 01 25,800 0 0
PE CORP COM 69332S102 216,563 1,800 X 01 1,800 0 0
PNC BK CORP COM 693475105 240,300 5,400 X 01 5,400 0 0
PEPSICO INC COM 713448108 930,600 26,400 X 01 26,400 0 0
PHARMACIA & UPJOHN INC COM 716941109 409,500 9,100 X 01 9,100 0 0
PFIZER INC COM 717081103 2,254,406 69,500 X 01 69,500 0 0
PHILIP MORRIS COS INC COM 718154107 1,001,700 43,200 X 01 43,200 0 0
PHILLIPS PETE CO COM 718507106 211,500 4,500 X 01 4,500 0 0
PITNEY BOWES INC COM 724479100 231,900 4,800 X 01 4,800 0 0
PROCTER & GAMBLE CO COM 742718109 2,607,588 23,800 X 01 23,800 0 0
PROVIDIAN FINL CORP COM 74406A102 227,656 2,500 X 01 2,500 0 0
QUALCOMM INC COM 747525103 1,902,150 10,800 X 01 10,800 0 0
ROYAL DUTCH PETE CO NY REG GLD 780257804 2,320,800 38,400 X 01 38,400 0 0
SBC COMMUNICATIONS INC COM 78387G103 2,979,844 61,125 X 01 61,125 0 0
SAFEWAY INC COM 786514208 316,506 8,900 X 01 8,900 0 0
SARA LEE CORP COM 803111103 357,413 16,200 X 01 16,200 0 0
SCHERING PLOUGH CORP COM 806605101 1,113,750 26,400 X 01 26,400 0 0
SCHLUMBERGER LTD COM 806857108 551,250 9,800 X 01 9,800 0 0
SCHWAB CHARLES CORP COM 808513105 560,275 14,600 X 01 14,600 0 0
SEAGRAM LTD COM 811850106 346,019 7,700 X 01 7,700 0 0
SEARS ROEBUCK & CO COM 812387108 206,975 6,800 X 01 6,800 0 0
SOLECTRON CORP COM 834182107 456,600 4,800 X 01 4,800 0 0
SOUTHERN CO COM 842587107 293,750 12,500 X 01 12,500 0 0
SPRINT CORP COM 852061100 1,043,344 15,500 X 01 15,500 0 0
SPRINT CORP PCS 852061506 809,750 7,900 X 01 7,900 0 0
STATE STREET CORPORATION COM 857477103 211,881 2,900 X 01 2,900 0 0
SUN MICROSYSTEMS INC COM 866810104 2,152,763 27,800 X 01 27,800 0 0
SUNTRUST BKS INC COM 867914103 399,113 5,800 X 01 5,800 0 0
SYSCO CORP COM 871829107 233,419 5,900 X 01 5,900 0 0
TELLABS INC COM 879664100 449,313 7,000 X 01 7,000 0 0
TERADYNE INC COM 880770102 231,660 3,510 X 01 3,510 0 0
TEXACO INC COM 881694103 521,400 9,600 X 01 9,600 0 0
TEXAS INSTRS INC COM 882508104 1,356,250 14,000 X 01 14,000 0 0
TEXTRON INC COM 883203101 207,056 2,700 X 01 2,700 0 0
3COM CORP COM 885535104 305,500 6,500 X 01 6,500 0 0
TIME WARNER INC COM 887315109 1,550,163 21,400 X 01 21,400 0 0
TRIBUNE CO NEW COM 896047107 231,263 4,200 X 01 4,200 0 0
TYCO INTL LTD COM 902124106 1,142,925 29,400 X 01 29,400 0 0
US BANCORP COM 902973106 309,563 13,000 X 01 13,000 0 0
UNILEVER N V NY SHS NEW 904784709 555,263 10,200 X 01 10,200 0 0
U S WEST INC COM 91273H101 648,000 9,000 X 01 9,000 0 0
UNITED TECHNOLOGIES CORP COM 913017109 559,000 8,600 X 01 8,600 0 0
VIACOM INC CL B 925524308 749,425 12,400 X 01 12,400 0 0
WACHOVIA CORP COM 929771103 244,800 3,600 X 01 3,600 0 0
WAL MART STORES INC COM 931142103 5,509,263 79,700 X 01 79,700 0 0
WALGREEN CO COM 931422109 523,575 17,900 X 01 17,900 0 0
WARNER LAMBERT CO COM 934488107 1,245,450 15,200 X 01 15,200 0 0
WASHINGTON MUT INC COM 939322103 278,200 10,700 X 01 10,700 0 0
WASTE MGMT INC COM 94106L109 187,344 10,900 X 01 10,900 0 0
WELLS FARGO & CO COM 949746101 1,196,950 29,600 X 01 29,600 0 0
WEYERHAEUSER CO COM 962166104 258,525 3,600 X 01 3,600 0 0
WILLIAMS COS INC COM 969457100 235,331 7,700 X 01 7,700 0 0
XEROX CORP COM 984121103 267,713 11,800 X 01 11,800 0 0
YAHOO INC COM 984332106 1,877,431 4,339 X 01 4,339 0 0
190,342,801
191 ITEMS
</TABLE>
