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<PAGE> PAGE 1
SECURITIES AND EXCHANGE COMMISSION
FORM 13F-E
Report for the Calendar Year or Quarter Ended: 03-31-97
Institutional Investment Manager:
PACIFIC TELESIS GROUP
130 KEARNY STREET
SAN FRANCISCO CA 94108
I represent that I am authorized to submit this Form and that all information
in this Form and the attachments to it is true, correct and complete, and I
understand that all required items, statements and schedules are integral
parts of this Form and that the submission of any amendment represents that
all unamended items, statements and schedules remain true, correct and
complete as previously submitted.
I am signing this report as required by the Securities Exchange Act of 1934.
/s/ W. E. Downing
W. E. Downing Executive Vice President, (415)394-3950
Chief Financial Officer
and Treasurer
San Francisco, CA Date: April 30, 1997
Name, Title and Telephone Number of Person Submitting Report:
W. E. DOWNING EVP, CFO & TREASURER 415-394-3950
Signature, Place and Date of Signing:
/s/ W. E. DOWNING SAN FRANCISCO CA 04-30-97
<PAGE> PAGE 2
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
AT&T CORP COM 001957109 1,482 42,500 SH SOLE 42,500
ABBOTT LABS COM 002824100 6,729 119,900 SH SOLE 119,900
ADVANCED MICRO DEVICES INC COM 007903107 5,515 132,900 SH SOLE 132,900
AETNA INC COM 008117103 1,018 11,858 SH SOLE 11,858
AHMANSON H F & CO COM 008677106 2,299 63,200 SH SOLE 63,200
AIRTOUCH COMMUNICATIONS INC COM 00949T100 1,686 73,300 SH SOLE 73,300
ALUMINUM CO AMER COM 022249106 1,183 17,400 SH SOLE 17,400
AMERADA HESS CORP COM 023551104 2,698 50,900 SH SOLE 50,900
AMERICAN HOME PRODS CORP COM 026609107 6,438 107,300 SH SOLE 107,300
AMERICAN INTL GROUP INC COM 026874107 8,530 72,675 SH SOLE 72,675
AMERICAN STORES CO NEW COM 030096101 863 19,400 SH SOLE 19,400
AMERITECH CORP NEW COM 030954101 5,586 91,200 SH SOLE 91,200
AMGEN INC COM 031162100 2,470 44,200 SH SOLE 44,200
AMOCO CORP COM 031905102 3,084 35,600 SH SOLE 35,600
ANDREW CORP COM 034425108 4,938 136,687 SH SOLE 136,687
APPLIED MATLS INC COM 038222105 1,438 31,000 SH SOLE 31,000
ARCHER DANIELS MIDLAND CO COM 039483102 4,104 229,612 SH SOLE 229,612
AVON PRODS INC COM 054303102 2,783 53,000 SH SOLE 53,000
BAKER HUGHES INC COM 057224107 3,335 86,900 SH SOLE 86,900
BALL CORP COM 058498106 729 27,500 SH SOLE 27,500
BANC ONE CORP COM 059438101 4,049 101,851 SH SOLE 101,851
BANK OF BOSTON CORP COM 060716107 1,675 25,000 SH SOLE 25,000
BANKAMERICA CORP COM 066050105 8,181 81,100 SH SOLE 81,100
BATTLE MTN GOLD CO COM 071593107 828 125,000 SH SOLE 125,000
BECTON DICKINSON & CO COM 075887109 3,744 83,200 SH SOLE 83,200
BELL ATLANTIC CORP COM 077853109 2,442 40,200 SH SOLE 40,200
BELLSOUTH CORP COM 079860102 6,470 153,600 SH SOLE 153,600
BEVERLY ENTERPRISES INC COM 087851101 1,075 74,800 SH SOLE 74,800
BLACK & DECKER CORP COM 091797100 3,222 100,300 SH SOLE 100,300
BOEING CO COM 097023105 3,076 31,187 SH SOLE 31,187
BOSTON SCIENTIFIC CORP COM 101137107 1,914 31,000 SH SOLE 31,000
BRISTOL MYERS SQUIBB CO COM 110122108 425 7,200 SH SOLE 7,200
BROWNING FERRIS INDS COM 115885105 3,254 112,700 SH SOLE 112,700
BRUNSWICK CORP COM 117043109 1,344 50,000 SH SOLE 50,000
BURLINGTON NORTHN SANTA FE CP COM 12189T104 2,294 31,000 SH SOLE 31,000
BURLINGTON RES INC COM 122014103 599 14,000 SH SOLE 14,000
CSX CORP COM 126408103 1,163 25,000 SH SOLE 25,000
CASE CORP COM 14743R103 1,776 35,000 SH SOLE 35,000
CATERPILLAR INC DEL COM 149123101 2,841 35,400 SH SOLE 35,400
CHASE MANHATTAN CORP NEW COM 16161A108 5,520 58,800 SH SOLE 58,800
CHEVRON CORPORATION COM 166751107 3,196 45,900 SH SOLE 45,900
CHRYSLER CORP COM 171196108 2,203 73,434 SH SOLE 73,434
CIRCUIT CITY STORE INC CIRCT CITY GRP 172737108 3,878 116,200 SH SOLE 116,200
CISCO SYS INC COM 17275R102 3,273 68,000 SH SOLE 68,000
CITICORP COM 173034109 15,588 144,000 SH SOLE 144,000
COCA COLA CO COM 191216100 14,790 265,300 SH SOLE 265,300
COLUMBIA/HCA HEALTHCARE CORP COM 197677107 3,026 90,000 SH SOLE 90,000
COMERICA INC COM 200340107 2,886 51,200 SH SOLE 51,200
COMPAQ COMPUTER CORP COM 204493100 2,958 38,600 SH SOLE 38,600
COMPUTER ASSOC INTL INC COM 204912109 1,829 47,050 SH SOLE 47,050
<PAGE> PAGE 3
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
COMPUTER SCIENCES CORP COM 205363104 2,696 43,400 SH SOLE 43,400
CONAGRA INC COM 205887102 6,749 124,400 SH SOLE 124,400
CONSECO INC COM 208464107 4,553 127,800 SH SOLE 127,800
COOPER INDS INC COM 216669101 2,603 60,000 SH SOLE 60,000
CUMMINS ENGINE INC COM 231021106 2,983 58,200 SH SOLE 58,200
DTE ENERGY CO COM 233331107 1,016 37,800 SH SOLE 37,800
DAYTON HUDSON CORP COM 239753106 6,112 146,400 SH SOLE 146,400
DEERE & CO COM 244199105 770 17,700 SH SOLE 17,700
DILLARD DEPT STORES INC CL A 254063100 725 23,000 SH SOLE 23,000
DISNEY WALT CO COM 254687106 7,272 99,783 SH SOLE 99,783
DOW CHEM CO COM 260543103 3,235 40,500 SH SOLE 40,500
DU PONT E I DE NEMOURS & CO COM 263534109 5,236 49,400 SH SOLE 49,400
EASTMAN KODAK CO COM 277461109 4,074 53,600 SH SOLE 53,600
ECHLIN INC COM 278749106 1,363 40,100 SH SOLE 40,100
EDISON INTL COM 281020107 3,800 168,900 SH SOLE 168,900
ENTERGY CORP NEW COM 29364G103 2,989 122,000 SH SOLE 122,000
EXXON CORP COM 302290101 13,889 128,900 SH SOLE 128,900
FEDERAL EXPRESS CORP COM 313309106 5,411 103,800 SH SOLE 103,800
FEDERAL NATL MTG ASSN COM 313586109 3,598 99,600 SH SOLE 99,600
FIRST UN CORP COM 337358105 4,997 61,600 SH SOLE 61,600
FLEETWOOD ENTERPRISES INC COM 339099103 795 31,800 SH SOLE 31,800
FORD MTR CO DEL COM 345370100 3,492 111,300 SH SOLE 111,300
GTE CORP COM 362320103 6,131 131,500 SH SOLE 131,500
GAP INC DEL COM 364760108 2,010 60,000 SH SOLE 60,000
GENERAL ELEC CO COM 369604103 18,451 185,900 SH SOLE 185,900
GENERAL MTRS CORP COM 370442105 5,837 105,400 SH SOLE 105,400
GENERAL RE CORP COM 370563108 3,207 20,300 SH SOLE 20,300
GEORGIA PAC CORP COM 373298108 4,270 58,900 SH SOLE 58,900
GILLETTE CO COM 375766102 1,888 26,000 SH SOLE 26,000
GOODRICH B F CO COM 382388106 733 20,000 SH SOLE 20,000
GOODYEAR TIRE & RUBR CO COM 382550101 1,404 26,800 SH SOLE 26,800
HALLIBURTON CO COM 406216101 2,100 31,000 SH SOLE 31,000
HARCOURT GEN INC COM 41163G101 5,162 111,000 SH SOLE 111,000
HARRIS CORP DEL COM 413875105 1,922 25,000 SH SOLE 25,000
HELMERICH & PAYNE INC COM 423452101 865 18,700 SH SOLE 18,700
HERCULES INC COM 427056106 1,420 33,600 SH SOLE 33,600
HEWLETT PACKARD CO COM 428236103 6,106 114,400 SH SOLE 114,400
HILTON HOTELS CORP COM 432848109 1,698 70,000 SH SOLE 70,000
HOUSEHOLD INTL INC COM 441815107 3,256 37,800 SH SOLE 37,800
HOUSTON INDS INC COM 442161105 1,424 68,200 SH SOLE 68,200
ITT HARTFORD GROUP INC COM 45068H106 1,644 22,800 SH SOLE 22,800
ITT INDS INC IND COM 450911102 510 22,800 SH SOLE 22,800
ITT CORP NEW COM 450912100 1,342 22,800 SH SOLE 22,800
INTEL CORP COM 458140100 13,106 94,200 SH SOLE 94,200
INTERNATIONAL BUSINESS MACHS COM 459200101 8,523 62,100 SH SOLE 62,100
INTERNATIONAL FLAVORS&FRAGRANCCOM 459506101 538 12,300 SH SOLE 12,300
INTL PAPER CO COM 460146103 1,143 29,300 SH SOLE 29,300
JAMES RIV CORP VA COM 470349101 2,330 80,000 SH SOLE 80,000
JOHNSON & JOHNSON COM 478160104 10,966 207,400 SH SOLE 207,400
JOHNSON CTLS INC COM 478366107 1,860 23,100 SH SOLE 23,100
<PAGE> PAGE 4
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
KROGER CO COM 501044101 5,299 103,900 SH SOLE 103,900
LILLY ELI & CO COM 532457108 3,290 40,000 SH SOLE 40,000
LIMITED INC COM 532716107 713 38,800 SH SOLE 38,800
LINCOLN NATL CORP IND COM 534187109 1,552 29,000 SH SOLE 29,000
LOEWS CORP COM 540424108 4,088 46,000 SH SOLE 46,000
LUCENT TECHNOLOGIES INC COM 549463107 2,154 41,029 SH SOLE 41,029
MCI COMMUNICATIONS CORP COM 552673105 3,370 94,600 SH SOLE 94,600
MALLINCKRODT INC NEW COM 561232109 823 20,000 SH SOLE 20,000
MANOR CARE INC COM 564054104 1,371 56,250 SH SOLE 56,250
MARRIOTT INTL INC COM 571900109 1,940 39,000 SH SOLE 39,000
MCDONALDS CORP COM 580135101 3,945 83,500 SH SOLE 83,500
MCDONNELL DOUGLAS CORP COM 580169100 2,050 33,600 SH SOLE 33,600
MELLON BK CORP COM 585509102 1,517 20,850 SH SOLE 20,850
MERCK & CO INC COM 589331107 11,407 135,400 SH SOLE 135,400
MERRILL LYNCH & CO INC COM 590188108 9,704 113,000 SH SOLE 113,000
MICROSOFT CORP COM 594918104 15,349 167,400 SH SOLE 167,400
MICRON TECHNOLOGY INC COM 595112103 3,149 78,000 SH SOLE 78,000
MOBIL CORP COM 607059102 8,269 63,300 SH SOLE 63,300
MOORE LTD COM 615785102 2,280 114,000 SH SOLE 114,000
MORGAN J P & CO INC COM 616880100 1,238 12,600 SH SOLE 12,600
MORGAN STANLEY GROUP INC COM 617446109 2,644 45,000 SH SOLE 45,000
MORTON INTL INC COM 619331101 1,039 24,600 SH SOLE 24,600
MOTOROLA INC COM 620076109 1,978 32,700 SH SOLE 32,700
NATIONSBANK CORP COM 638585109 4,107 74,000 SH SOLE 74,000
NEW YORK TIMES CO CL A 650111107 883 20,000 SH SOLE 20,000
NEWELL CO COM 651192106 2,439 72,800 SH SOLE 72,800
NIKE INC CL B 654106103 2,525 40,800 SH SOLE 40,800
NORTHERN TELECOM LTD COM 665815106 2,288 35,000 SH SOLE 35,000
NORWEST CORP COM 669380107 5,994 129,600 SH SOLE 129,600
NYNEX CORP COM 670768100 1,360 29,900 SH SOLE 29,900
ORYX ENERGY COMPANY COM 68763F100 4,014 208,500 SH SOLE 208,500
PG&E CORP COM 69331C108 3,859 164,200 SH SOLE 164,200
PACIFIC TELESIS GROUP COM 694890104 3,692 97,800 SH SOLE 97,800
PANENERGY CORP COM 697926103 1,561 36,200 SH SOLE 36,200
PEPSICO INC COM 713448108 10,872 335,800 SH SOLE 335,800
PFIZER INC COM 717081103 6,654 79,100 SH SOLE 79,100
PHELPS DODGE CORP COM 717265102 3,766 51,500 SH SOLE 51,500
PHILIP MORRIS COS INC COM 718154107 12,223 107,100 SH SOLE 107,100
PHILLIPS PETE CO COM 718507106 5,579 136,500 SH SOLE 136,500
PITNEY BOWES INC COM 724479100 1,469 25,000 SH SOLE 25,000
PRAXAIR INC COM 74005P104 2,957 65,900 SH SOLE 65,900
PROCTER & GAMBLE CO COM 742718109 6,529 56,900 SH SOLE 56,900
PUBLIC SVC ENTERPRISE GROUP COM 744573106 992 37,800 SH SOLE 37,800
QUAKER OATS CO COM 747402105 1,716 47,000 SH SOLE 47,000
ROCKWELL INTL CORP NEW COM 773903109 1,680 25,900 SH SOLE 25,900
ROYAL DUTCH PETE CO NY REG GLDR 5 780257705 5,355 30,600 SH SOLE 30,600
RUSSELL CORP COM 782352108 1,248 34,900 SH SOLE 34,900
RYDER SYS INC COM 783549108 1,463 50,000 SH SOLE 50,000
SBC COMMUNICATIONS INC COM 78387G103 1,659 31,600 SH SOLE 31,600
SAFECO CORP COM 786429100 1,384 34,600 SH SOLE 34,600
<PAGE> PAGE 5
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
SARA LEE CORP COM 803111103 3,920 96,800 SH SOLE 96,800
SCHERING PLOUGH CORP COM 806605101 7,086 97,400 SH SOLE 97,400
SCHLUMBERGER LTD COM 806857108 2,006 18,700 SH SOLE 18,700
SEAGATE TECHNOLOGY COM 811804103 5,223 116,400 SH SOLE 116,400
SERVICE CORP INTL COM 817565104 1,990 66,900 SH SOLE 66,900
SONAT INC COM 835415100 1,090 20,000 SH SOLE 20,000
SPRINT CORP COM 852061100 5,944 131,000 SH SOLE 131,000
SUN MICROSYSTEMS INC COM 866810104 5,798 200,800 SH SOLE 200,800
SUPERVALU INC COM 868536103 2,219 74,600 SH SOLE 74,600
TJX COS INC NEW COM 872540109 5,605 131,100 SH SOLE 131,100
TANDEM COMPUTERS INC COM 875370108 3,561 299,900 SH SOLE 299,900
TANDY CORP COM 875382103 2,887 57,600 SH SOLE 57,600
TELE COMMUNICATIONS INC NEW COM TCI GRP A 87924V101 1,127 93,900 SH SOLE 93,900
TEXACO INC COM 881694103 12,549 114,600 SH SOLE 114,600
TEXAS INSTRS INC COM 882508104 5,421 72,400 SH SOLE 72,400
3COM CORP COM 885535104 917 28,000 SH SOLE 28,000
TIMKEN CO COM 887389104 1,284 24,000 SH SOLE 24,000
TORCHMARK CORP COM 891027104 1,838 33,200 SH SOLE 33,200
TRANSAMERICA CORP COM 893485102 1,360 15,200 SH SOLE 15,200
TRAVELERS GROUP INC COM 894190107 6,963 145,065 SH SOLE 145,065
TRIBUNE CO NEW COM 896047107 1,920 47,400 SH SOLE 47,400
TUPPERWARE CORP COM 899896104 1,623 48,800 SH SOLE 48,800
TYCO INTERNATIONAL LTD COM 902120104 5,291 96,200 SH SOLE 96,200
UST INC COM 902911106 1,090 39,100 SH SOLE 39,100
USF&G CORP COM 903290104 1,720 80,000 SH SOLE 80,000
USX-U S STL COM 90337T101 2,663 100,000 SH SOLE 100,000
UNICOM CORP COM 904911104 2,477 127,000 SH SOLE 127,000
UNION CARBIDE CORP COM 905581104 2,929 66,200 SH SOLE 66,200
UNITED STATES SURGICAL CORP COM 912707106 3,325 109,000 SH SOLE 109,000
U S WEST INC COM-MEDIA GRP 912889201 4,459 241,000 SH SOLE 241,000
UNITED TECHNOLOGIES CORP COM 913017109 7,014 92,600 SH SOLE 92,600
UNOCAL CORP COM 915289102 2,234 58,600 SH SOLE 58,600
V F CORP COM 918204108 1,585 23,700 SH SOLE 23,700
VIACOM INC CL B 925524308 669 20,195 SH SOLE 20,195
WAL MART STORES INC COM 931142103 6,963 249,800 SH SOLE 249,800
WARNER LAMBERT CO COM 934488107 1,626 18,800 SH SOLE 18,800
WENDYS INTL INC COM 950590109 1,130 54,800 SH SOLE 54,800
WEYERHAEUSER CO COM 962166104 1,098 24,600 SH SOLE 24,600
WILLIAMS COS INC DEL COM 969457100 4,739 106,200 SH SOLE 106,200
WORLDCOM INC GA COM 98155K102 4,987 226,700 SH SOLE 226,700
REPORT SUMMARY 190 DATA RECORDS 0 0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
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