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<TABLE>
<C> <C>
<PAGE> PAGE 1
SECURITIES AND EXCHANGE COMMISSION
FORM 13F-E
Report for the Calendar Year or Quarter Ended: 06/30/95
Institutional Investment Manager:
MICHAEL JENSON OF US WEST INC.
9785 MARION CIRCLE
SUITE 360
ENGLEWOOD CO 80112-0000
I represent that I am authorized to submit this form and that
all information in this form and the attachments to it are 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
Name, Title and Telephone Number of Person Submitting Report:
SCOTT W. OLSON DEPUTY GENERAL COUNSEL 617-382-2072
Signature, Place and Date of Signing:
/s/ SCOTT W. OLSON BOSTON MA 07/27/95
<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
EXEL LTD ORD G3242A102 811 15600 SH SOLE 15600
A D C TELECOMMUNICATIONS COM 000886101 1155 32300 SH SOLE 32300
AFLAC INC COM 001055102 2408 55375 SH SOLE 55375
ALC COMMUNICATIONS CORP COM NEW 001575307 1231 26753 SH SOLE 26753
AMR CORP COM 001765106 3802 50900 SH SOLE 50900
AT&T CORP COM 001957109 37357 703511 SH SOLE 703511
ABBOTT LABS COM 002824100 15584 387909 SH SOLE 387909
ADOBE SYS INC COM 00724F101 1950 33400 SH SOLE 33400
ADVANCED MICRO DEVICES INC COM 007903107 1779 49800 SH SOLE 49800
ADVANTA CORP CL A 007942105 1027 24600 SH SOLE 24600
AETNA LIFE & CAS CO COM 008140105 3006 48105 SH SOLE 48105
AHMANSON H F & CO COM 008677106 1102 50100 SH SOLE 50100
AIR PRODS & CHEMS INC COM 009158106 4580 82129 SH SOLE 82129
AIRTOUCH COMMUNICATIONS INC COM 00949T100 6565 228402 SH SOLE 228402
ALBERTSONS INC COM 013104104 3165 106600 SH SOLE 106600
ALCO STD CORP COM 013788104 2207 27815 SH SOLE 27815
ALEXANDER & BALDWIN INC COM 014482103 838 37400 SH SOLE 37400
ALLEGHENY PWR SYS INC COM 017411109 1256 53500 SH SOLE 53500
ALLERGAN INC COM 018490102 962 35370 SH SOLE 35370
ALLIEDSIGNAL INC COM 019512102 6388 143126 SH SOLE 143126
ALLMERICA PPTY & CAS COS INC COM 01975T105 1016 45900 SH SOLE 45900
ALLSTATE CORP COM 020002101 1680 55811 SH SOLE 55811
ALLTEL CORP COM 020039103 2725 106966 SH SOLE 106966
ALUMAX INC COM 022197107 973 31250 SH SOLE 31250
ALUMINUM CO AMER COM 022249106 3383 66200 SH SOLE 66200
ALZA CORP DEL COM 022615108 1045 44500 SH SOLE 44500
AMBAC INC COM 023139108 1020 25400 SH SOLE 25400
AMERADA HESS CORP COM 023551104 2808 57700 SH SOLE 57700
AMERICAN BRANDS INC COM 024703100 3027 76372 SH SOLE 76372
AMERICAN ELEC PWR INC COM 025537101 2688 76800 SH SOLE 76800
AMERICAN EXPRESS CO COM 025816109 8235 233069 SH SOLE 233069
AMERICAN GENERAL CORP COM 026351106 3595 105826 SH SOLE 105826
AMERICAN GREETINGS CORP CL A 026375105 980 33207 SH SOLE 33207
AMERICAN HOME PRODS CORP COM 026609107 11012 142738 SH SOLE 142738
AMERICAN INTL GROUP INC COM 026874107 13758 121674 SH SOLE 121674
AMERICAN NATL INS CO COM 028591105 525 8600 SH SOLE 8600
AMERICAN PWR CONVERSION CORP COM 029066107 1075 47800 SH SOLE 47800
AMERICAN RE CORP COM 029163102 884 23700 SH SOLE 23700
AMERICAN STORES CO NEW COM 030096101 1915 67597 SH SOLE 67597
AMERITECH CORP NEW COM 030954101 11655 260500 SH SOLE 260500
AMGEN INC COM 031162100 5497 68400 SH SOLE 68400
AMP INC COM 031897101 4741 112110 SH SOLE 112110
AMOCO CORP COM 031905102 15553 233230 SH SOLE 233230
AMPHENOL CORP CL A 032094203 787 27038 SH SOLE 27038
AMSOUTH BANCORPORATION COM 032165102 861 26400 SH SOLE 26400
ANADARKO PETE CORP COM 032511107 1985 46079 SH SOLE 46079
ANALOG DEVICES INC COM 032654105 1392 40900 SH SOLE 40900
ANHEUSER BUSCH COS INC COM 035229103 5880 103559 SH SOLE 103559
AON CORP COM 037389103 1414 37950 SH SOLE 37950
APACHE CORP COM 037411105 1104 40499 SH SOLE 40499
<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
APPLE COMPUTER INC COM 037833100 2793 60705 SH SOLE 60705
APPLIED MATLS INC COM 038222105 4074 46284 SH SOLE 46284
ARCHER DANIELS MIDLAND CO COM 039483102 4689 254577 SH SOLE 254577
ARGONAUT GROUP INC COM 040157109 429 13500 SH SOLE 13500
ARMSTRONG WORLD INDS INC COM 042476101 1300 25633 SH SOLE 25633
ATLANTA GAS LT CO COM 047753108 577 16600 SH SOLE 16600
ATLANTIC RICHFIELD CO COM 048825103 8249 74556 SH SOLE 74556
AUTODESK INC COM 052769106 1327 30505 SH SOLE 30505
AUTOMATIC DATA PROCESSING INC COM 053015103 4844 76946 SH SOLE 76946
AUTOZONE INC COM 053332102 2021 80500 SH SOLE 80500
AVERY DENNISON CORP COM 053611109 1936 48400 SH SOLE 48400
AVNET INC COM 053807103 869 17900 SH SOLE 17900
AVON PRODS INC COM 054303102 2414 35901 SH SOLE 35901
BMC SOFTWARE INC COM 055921100 1265 16600 SH SOLE 16600
BAKER HUGHES INC COM 057224107 1235 59644 SH SOLE 59644
BALTIMORE GAS & ELEC CO COM 059165100 1321 52900 SH SOLE 52900
BANC ONE CORP COM 059438101 5415 168116 SH SOLE 168116
BANCORP HAWAII INC COM 059685107 682 22750 SH SOLE 22750
BANK OF BOSTON CORP COM 060716107 2397 63200 SH SOLE 63200
BANK NEW YORK INC COM 064057102 2918 72798 SH SOLE 72798
BANKAMERICA CORP COM 066050105 10082 190935 SH SOLE 190935
BANKERS TRUST N Y CORP COM 066365107 2381 38430 SH SOLE 38430
BANPONCE CORP NEW COM 066704107 1108 31200 SH SOLE 31200
BARD C R INC COM 067383109 797 26500 SH SOLE 26500
BARNETT BKS INC COM 068055102 2096 40454 SH SOLE 40454
BAUSCH & LOMB INC COM 071707103 1501 36100 SH SOLE 36100
BAXTER INTL INC COM 071813109 4247 116990 SH SOLE 116990
BAYBANKS INC COM 072723109 1195 14976 SH SOLE 14976
BEAR STEARNS COS INC COM 073902108 1421 66167 SH SOLE 66167
BECTON DICKINSON & CO COM 075887109 1899 32700 SH SOLE 32700
BELL ATLANTIC CORP COM 077853109 11144 197856 SH SOLE 197856
BELLSOUTH CORP COM 079860102 14694 230100 SH SOLE 230100
BELO A H CORP DEL COM SER A 080555105 1041 34000 SH SOLE 34000
BENEFICIAL CORP COM 081721102 1194 26973 SH SOLE 26973
BETHLEHEM STL CORP COM 087509105 923 57000 SH SOLE 57000
BETZ LABS INC COM 087779104 674 14900 SH SOLE 14900
BIOGEN INC COM 090597105 901 20500 SH SOLE 20500
BIOMET INC COM 090613100 1377 89100 SH SOLE 89100
BLACK & DECKER CORP COM 091797100 1838 59200 SH SOLE 59200
BLOCK H & R INC COM 093671105 2594 63933 SH SOLE 63933
BOATMENS BANCSHARES INC COM 096650106 1887 53135 SH SOLE 53135
BOB EVANS FARMS INC COM 096761101 701 34400 SH SOLE 34400
BOEING CO COM 097023105 10120 161446 SH SOLE 161446
BOISE CASCADE CORP COM 097383103 290 6800 SH SOLE 6800
BOSTON EDISON CO COM 100599109 1915 73700 SH SOLE 73700
BRINKER INTL INC COM 109641100 972 55675 SH SOLE 55675
BRISTOL MYERS SQUIBB CO COM 110122108 15577 228323 SH SOLE 228323
BROWN FORMAN CORP CL B 115637209 1413 42300 SH SOLE 42300
BROWNING FERRIS INDS INC COM 115885105 3107 85207 SH SOLE 85207
BRUNSWICK CORP COM 117043109 1024 59400 SH SOLE 59400
<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
BURLINGTON NORTHN INC COM 121897102 2409 37525 SH SOLE 37525
BURLINGTON RES INC COM 122014103 2526 68238 SH SOLE 68238
CBI INDS INC COM 124800103 460 18300 SH SOLE 18300
CBS INC COM 124845108 1206 17412 SH SOLE 17412
CIGNA CORP COM 125509109 2220 28500 SH SOLE 28500
CMS ENERGY CORP COM 125896100 1664 67922 SH SOLE 67922
CPC INTL INC COM 126149103 4242 68765 SH SOLE 68765
CSX CORP COM 126408103 3929 51263 SH SOLE 51263
CUC INTL INC COM 126545102 2650 68571 SH SOLE 68571
CABLETRON SYS INC COM 126920107 1710 32050 SH SOLE 32050
CABOT CORP COM 127055101 760 14020 SH SOLE 14020
CALLAWAY GOLF CO COM 131193104 714 47800 SH SOLE 47800
CAMPBELL SOUP CO COM 134429109 3379 69500 SH SOLE 69500
CAPITAL CITIES ABC INC COM 139859102 6668 62314 SH SOLE 62314
CARDINAL HEALTH INC COM 14149Y108 1230 26300 SH SOLE 26300
CAREMARK INTL INC COM 141704106 935 46800 SH SOLE 46800
CAROLINA PWR & LT CO COM 144141108 2301 76420 SH SOLE 76420
CATERPILLAR INC DEL COM 149123101 6416 99094 SH SOLE 99094
CENTERIOR ENERGY CORP COM 151883105 1281 132400 SH SOLE 132400
CENTRAL & SOUTH WEST CORP COM 152357109 1956 75081 SH SOLE 75081
CENTURY TEL ENTERPRISES INC COM 156686107 1124 39500 SH SOLE 39500
CERIDIAN CORP COM 15677T106 285 7100 SH SOLE 7100
CHAMPION INTL CORP COM 158525105 2206 41724 SH SOLE 41724
CHARMING SHOPPES INC COM 161133103 229 43692 SH SOLE 43692
CHASE MANHATTAN CORP COM 161610100 4413 93100 SH SOLE 93100
CHEMICAL BKG CORP COM 163722101 5759 120672 SH SOLE 120672
CHEVRON CORPORATION COM 166751107 13979 300794 SH SOLE 300794
CHIRON CORP COM 170040109 785 11985 SH SOLE 11985
CHRYSLER CORP COM 171196108 8151 170391 SH SOLE 170391
CHUBB CORP COM 171232101 2758 34575 SH SOLE 34575
CINCINNATI BELL INC COM 171870108 711 28157 SH SOLE 28157
CINCINNATI FINL CORP COM 172062101 1650 29720 SH SOLE 29720
CIRCUIT CITY STORE INC COM 172737108 1788 56160 SH SOLE 56160
CISCO SYS INC COM 17275R102 6826 133796 SH SOLE 133796
CIRCUS CIRCUS ENTERPRISES INC COM 172909103 2152 62250 SH SOLE 62250
CITICORP COM 173034109 11152 191464 SH SOLE 191464
CLOROX CO DEL COM 189054109 1601 24700 SH SOLE 24700
COASTAL CORP COM 190441105 1148 37600 SH SOLE 37600
COCA COLA CO COM 191216100 38716 605212 SH SOLE 605212
COCA COLA ENTERPRISES INC COM 191219104 1284 58700 SH SOLE 58700
COLGATE PALMOLIVE CO COM 194162103 5403 74789 SH SOLE 74789
COLUMBIA/HCA HEALTHCARE CORP COM 197677107 8056 183703 SH SOLE 183703
COMCAST CORP CL A 200300101 1950 106600 SH SOLE 106600
COMCAST CORP CL A SPL 200300200 560 29881 SH SOLE 29881
COMERICA INC COM 200340107 2026 62800 SH SOLE 62800
COMPAQ COMPUTER CORP COM 204493100 5682 124033 SH SOLE 124033
COMPUTER ASSOC INTL INC COM 204912109 4373 64744 SH SOLE 64744
COMPUTER SCIENCES CORP COM 205363104 1834 32400 SH SOLE 32400
COMPUWARE CORP COM 205638109 571 19300 SH SOLE 19300
CONAGRA INC COM 205887102 4307 122616 SH SOLE 122616
<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
CONRAIL INC COM 208368100 1850 32500 SH SOLE 32500
CONSECO INC COM 208464107 798 17400 SH SOLE 17400
CONSOLIDATED EDISON CO N Y INC COM 209111103 2594 88400 SH SOLE 88400
CONSOLIDATED NAT GAS CO COM 209615103 1308 34928 SH SOLE 34928
COOPER INDS INC COM 216669101 2322 58943 SH SOLE 58943
COOPER TIRE & RUBR CO COM 216831107 1188 48800 SH SOLE 48800
CORESTATES FINL CORP COM 218695104 2608 75600 SH SOLE 75600
CORNING INC COM 219350105 3411 104601 SH SOLE 104601
COUNTRYWIDE CR INDS INC DEL COM 222372104 1149 54593 SH SOLE 54593
CRACKER BARREL OLD CTRY STR COM 224100107 834 40200 SH SOLE 40200
CRESTAR FINL CORP COM 226091106 1224 24828 SH SOLE 24828
CROMPTON & KNOWLES CORP COM 227111101 660 46700 SH SOLE 46700
CROWN CORK & SEAL INC COM 228255105 2113 42600 SH SOLE 42600
CUMMINS ENGINE INC COM 231021106 789 18200 SH SOLE 18200
CYPRUS AMAX MINERALS CO COM 232809103 1445 50650 SH SOLE 50650
DQE COM 23329J104 1069 45300 SH SOLE 45300
DPL INC COM 233293109 967 43700 SH SOLE 43700
DSC COMMUNICATIONS CORP COM 233311109 2804 59700 SH SOLE 59700
DANA CORP COM 235811106 1502 52300 SH SOLE 52300
DAYTON HUDSON CORP COM 239753106 2092 28743 SH SOLE 28743
DEAN FOODS CO COM 242361103 412 14700 SH SOLE 14700
DEAN WITTER DISCOVER & CO COM 24240V101 1486 31465 SH SOLE 31465
DEERE & CO COM 244199105 3748 43542 SH SOLE 43542
DELL COMPUTER CORP COM 247025109 254 4227 SH SOLE 4227
DELTA AIR LINES INC DEL COM 247361108 1811 24300 SH SOLE 24300
DELUXE CORP COM 248019101 1163 35300 SH SOLE 35300
DENTSPLY INTL INC NEW COM 249030107 259 7181 SH SOLE 7181
DETROIT EDISON CO COM 250847100 1723 58700 SH SOLE 58700
DIAL CORP DEL COM 252470109 973 40100 SH SOLE 40100
DIEBOLD INC COM 253651103 1193 27250 SH SOLE 27250
DIGITAL EQUIP CORP COM 253849103 3268 81700 SH SOLE 81700
DILLARD DEPT STORES INC CL A 254063100 1842 62007 SH SOLE 62007
DISNEY WALT CO DEL COM 254687106 13150 237529 SH SOLE 237529
DOLE FOOD INC COM 256605106 624 21164 SH SOLE 21164
DOMINION RES INC VA COM 257470104 3158 86881 SH SOLE 86881
DONNELLEY R R & SONS CO COM 257867101 2202 60762 SH SOLE 60762
DOVER CORP COM 260003108 2095 28487 SH SOLE 28487
DOW CHEM CO COM 260543103 8760 121100 SH SOLE 121100
DOW JONES & CO INC COM 260561105 650 17700 SH SOLE 17700
DRESSER INDS INC COM 261597108 2056 92426 SH SOLE 92426
DU PONT E I DE NEMOURS & CO COM 263534109 17035 246987 SH SOLE 246987
DUKE POWER CO COM 264399106 3212 77600 SH SOLE 77600
DUN & BRADSTREET CORP COM 264830100 3968 75343 SH SOLE 75343
DURACELL INTL INC COM 26633L103 3216 73929 SH SOLE 73929
EG & G INC COM 268457108 819 48900 SH SOLE 48900
E M C CORP MASS COM 268648102 2070 86900 SH SOLE 86900
EASTMAN CHEM CO COM 277432100 2824 46940 SH SOLE 46940
EASTMAN KODAK CO COM 277461109 9699 161006 SH SOLE 161006
EATON CORP COM 278058102 2444 42470 SH SOLE 42470
ECHLIN INC COM 278749106 2239 63900 SH SOLE 63900
<PAGE> PAGE 6
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
ECOLAB INC COM 278865100 854 34181 SH SOLE 34181
EDWARDS AG INC COM 281760108 854 37341 SH SOLE 37341
EL PASO NAT GAS CO COM NEW 283695872 671 23700 SH SOLE 23700
ELECTRONIC ARTS INC COM 285512109 770 28400 SH SOLE 28400
EMERSON ELEC CO COM 291011104 8275 115705 SH SOLE 115705
ENGELHARD CORP COM 292845104 1931 48525 SH SOLE 48525
ENRON CORP COM 293561106 3644 103500 SH SOLE 103500
ENTERGY CORP NEW COM 29364G103 2308 95670 SH SOLE 95670
EQUIFAX INC COM 294429105 1866 55266 SH SOLE 55266
EQUITABLE COS INC COM 29444G107 1169 55956 SH SOLE 55956
EQUITABLE RES INC COM 294549100 589 20450 SH SOLE 20450
EXXON CORP COM 302290101 41534 584732 SH SOLE 584732
F M C CORP COM NEW 302491303 932 13753 SH SOLE 13753
FPL GROUP INC COM 302571104 3044 78966 SH SOLE 78966
FEDERAL EXPRESS CORP COM 313309106 1527 24900 SH SOLE 24900
FEDERAL HOME LN MTG CORP COM 313400301 5316 78200 SH SOLE 78200
FEDERAL NATL MTG ASSN COM 313586109 12980 138092 SH SOLE 138092
FEDERAL PAPER BRD INC COM 313693103 697 19700 SH SOLE 19700
FERRO CORP COM 315405100 494 18653 SH SOLE 18653
FIFTH THIRD BANCORP COM 316773100 1205 21400 SH SOLE 21400
FIRST AMER BK CORP COM 318906104 1429 38100 SH SOLE 38100
FIRST BK SYS INC COM 319279105 2087 50372 SH SOLE 50372
FIRST CHICAGO CORP COM 319455101 2735 45700 SH SOLE 45700
FIRST DATA CORP COM 319963104 3118 55000 SH SOLE 55000
FIRST EMPIRE ST CORP COM 320076102 209 1200 SH SOLE 1200
FIRST FID BANCORPORATION NEW COM 320195100 2342 39381 SH SOLE 39381
FIRST FINL MGMT CORP COM 320245103 3044 35849 SH SOLE 35849
FIRST HAWAIIAN INC COM 320506108 1041 38900 SH SOLE 38900
FIRST INTST BANCORP COM 320548100 3251 40238 SH SOLE 40238
FIRST SEC CORP DEL COM 336294103 540 19300 SH SOLE 19300
FIRST UN CORP COM 337358105 3936 86400 SH SOLE 86400
FIRST USA INC COM 33743H105 1409 32100 SH SOLE 32100
FIRSTAR CORP COM 33761C103 985 29100 SH SOLE 29100
FLEET FINL GROUP INC NEW COM 338915101 2078 56400 SH SOLE 56400
FLEMING COS INC COM 339130106 908 34300 SH SOLE 34300
FLIGHTSAFETY INTL INC COM 339423105 855 17743 SH SOLE 17743
FLORIDA PROGRESS CORP COM 341109106 1485 47700 SH SOLE 47700
FLUOR CORP COM 343861100 2263 42940 SH SOLE 42940
FOOD LION INC CL B 344775101 839 138700 SH SOLE 138700
FORD MTR CO DEL COM 345370100 14767 498660 SH SOLE 498660
FOREST LABS INC CL A 345838106 1262 28600 SH SOLE 28600
FOSTER WHEELER CORP COM 350244109 536 15200 SH SOLE 15200
FOUNDATION HEALTH CORP COM 350401105 451 16400 SH SOLE 16400
FRANKLIN RES INC COM 354613101 1489 33600 SH SOLE 33600
FREEPORT-MCMORAN COPPER & GOLD CL A 35671D105 648 30546 SH SOLE 30546
FREEPORT MCMORAN INC COM 356714105 1401 76700 SH SOLE 76700
FRUIT OF THE LOOM INC CL A 359416104 837 39200 SH SOLE 39200
FUND AMERN ENTERPRISES HLDGS COM 360768105 351 4914 SH SOLE 4914
GEICO CORP COM 361582109 1483 26300 SH SOLE 26300
GTE CORP COM 362320103 15058 437932 SH SOLE 437932
<PAGE> PAGE 7
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
GANNETT INC COM 364730101 3904 72042 SH SOLE 72042
GAP INC DEL COM 364760108 1770 50400 SH SOLE 50400
GAYLORD ENTMT CO CL A 367901105 898 35240 SH SOLE 35240
GENERAL DYNAMICS CORP COM 369550108 968 21500 SH SOLE 21500
GENERAL ELEC CO COM 369604103 43682 767400 SH SOLE 767400
GENERAL INSTR CORP NEW COM 370121105 2727 71400 SH SOLE 71400
GENERAL MLS INC COM 370334104 4037 78388 SH SOLE 78388
GENERAL MTRS CORP COM 370442105 16984 358876 SH SOLE 358876
GENERAL MTRS CORP CL E 370442402 5319 122524 SH SOLE 122524
GENERAL MTRS CORP CL H 370442501 1926 48422 SH SOLE 48422
GENERAL PUB UTILS CP COM 370550105 1344 45400 SH SOLE 45400
GENERAL RE CORP COM 370563108 5876 44066 SH SOLE 44066
GENERAL SIGNAL CORP COM 370838104 1526 38331 SH SOLE 38331
GENUINE PARTS CO COM 372460105 2710 71700 SH SOLE 71700
GENZYME CORP COM 372917104 740 18500 SH SOLE 18500
GEORGIA GULF CORP COM PAR $0.01 373200203 795 24000 SH SOLE 24000
GEORGIA PAC CORP COM 373298108 3849 44510 SH SOLE 44510
GIANT FOOD INC CL A 374478105 1498 52800 SH SOLE 52800
GILLETTE CO COM 375766102 8905 201262 SH SOLE 201262
GLENAYRE TECHNOLOGIES INC COM 377899109 1269 24875 SH SOLE 24875
GOLDEN WEST FINL CORP DEL COM 381317106 1588 33700 SH SOLE 33700
GOODRICH B F CO COM 382388106 1311 24400 SH SOLE 24400
GOODYEAR TIRE & RUBR CO COM 382550101 3138 76021 SH SOLE 76021
GRACE W R & CO COM 383883105 3733 60714 SH SOLE 60714
GRAINGER W W INC COM 384802104 1010 17300 SH SOLE 17300
GREAT LAKES CHEM CORP COM 390568103 1780 29300 SH SOLE 29300
GREAT WESTN FINL CORP COM 391442100 1448 70300 SH SOLE 70300
GREEN TREE FINL CORP COM 393505102 2200 48600 SH SOLE 48600
HBO & CO COM 404100109 1506 27700 SH SOLE 27700
HALLIBURTON CO COM 406216101 1747 48100 SH SOLE 48100
HARCOURT GEN INC COM 41163G101 2366 55535 SH SOLE 55535
HARLEY DAVIDSON INC COM 412822108 1003 41100 SH SOLE 41100
HARRIS CORP DEL COM 413875105 1462 27900 SH SOLE 27900
HARSCO CORP COM 415864107 853 16100 SH SOLE 16100
HARTFORD STEAM BOILER INSP&INS COM 416704104 581 13200 SH SOLE 13200
HASBRO INC COM 418056107 1709 54058 SH SOLE 54058
HEALTH MGMT ASSOC INC NEW CL A 421933102 726 24500 SH SOLE 24500
HEILIG MEYERS CO COM 422893107 668 26400 SH SOLE 26400
HEINZ H J CO COM 423074103 4299 97100 SH SOLE 97100
HERCULES INC COM 427056106 3496 71091 SH SOLE 71091
HERSHEY FOODS CORP COM 427866108 1206 21700 SH SOLE 21700
HEWLETT PACKARD CO COM 428236103 13988 186533 SH SOLE 186533
HILTON HOTELS CORP COM 432848109 1535 21900 SH SOLE 21900
HOME DEPOT INC COM 437076102 8870 216009 SH SOLE 216009
HOMESTAKE MNG CO COM 437614100 1251 76140 SH SOLE 76140
HONEYWELL INC COM 438506107 3171 73600 SH SOLE 73600
HOSPITALITY FRANCHISE SYS INC COM 440912103 966 27000 SH SOLE 27000
HOST MARRIOTT CORP COM 441078102 874 81567 SH SOLE 81567
HOUGHTON MIFFLIN CO COM 441560109 939 17800 SH SOLE 17800
HOUSEHOLD INTL INC COM 441815107 2044 41180 SH SOLE 41180
<PAGE> PAGE 8
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
HOUSTON INDS INC COM 442161105 2012 47587 SH SOLE 47587
HUBBELL INC CL B 443510201 1009 17812 SH SOLE 17812
HUMANA INC COM 444859102 1603 89200 SH SOLE 89200
HUNTINGTON BANCSHARES INC COM 446150104 1753 83189 SH SOLE 83189
IBP INC COM 449223106 1048 24100 SH SOLE 24100
ITT CORP COM 450679105 5103 43564 SH SOLE 43564
ILLINOIS CENT CORP COM SER A 451841100 1148 32638 SH SOLE 32638
ILLINOIS TOOL WKS INC COM 452308109 3267 59100 SH SOLE 59100
ILLINOVA CORP COM 452317100 1463 58067 SH SOLE 58067
INFINITY BROADCASTING CORP CL A 456626100 1626 48900 SH SOLE 48900
INFORMIX CORP COM 456779107 1631 64286 SH SOLE 64286
INGERSOLL RAND CO COM 456866102 1899 49110 SH SOLE 49110
INLAND STL INDS INC COM 457472108 778 25800 SH SOLE 25800
INTEGRA FINL CORP COM 458104106 782 15800 SH SOLE 15800
INTEL CORP COM 458140100 25647 405458 SH SOLE 405458
INTERNATIONAL BUSINESS MACHS COM 459200101 26653 274203 SH SOLE 274203
INTERNATIONAL FLAVORS&FRAGRANC COM 459506101 2205 44024 SH SOLE 44024
INTERNATIONAL GAME TECHNOLOGY COM 459902102 1061 70300 SH SOLE 70300
INTL PAPER CO COM 460146103 4833 56562 SH SOLE 56562
INTERPUBLIC GROUP COS INC COM 460690100 2062 55171 SH SOLE 55171
IPALCO ENTERPRISES INC COM 462613100 1594 50000 SH SOLE 50000
ITEL CORP NEW COM 465642106 444 11376 SH SOLE 11376
IVAX CORP COM 465823102 891 36462 SH SOLE 36462
JAMES RIV CORP VA COM 470349101 2423 87700 SH SOLE 87700
JEFFERSON PILOT CORP COM 475070108 1377 25225 SH SOLE 25225
JOHNSON & JOHNSON COM 478160104 20660 304916 SH SOLE 304916
JOHNSON CTLS INC COM 478366107 1313 23000 SH SOLE 23000
KLA INSTRS CORP COM 482480100 305 3700 SH SOLE 3700
K MART CORP COM 482584109 2504 168300 SH SOLE 168300
KANSAS CITY PWR & LT CO COM 485134100 1834 80600 SH SOLE 80600
KANSAS CITY SOUTHN INDS INC COM 485170104 961 25844 SH SOLE 25844
KELLOGG CO COM 487836108 4420 62003 SH SOLE 62003
KELLY SVCS INC CL A 488152208 743 28150 SH SOLE 28150
KEMPER CORP COM 488396102 981 21000 SH SOLE 21000
KERR MCGEE CORP COM 492386107 1919 35600 SH SOLE 35600
KEYCORP NEW COM 493267108 2993 95615 SH SOLE 95615
KIMBERLY CLARK CORP COM 494368103 4084 67724 SH SOLE 67724
KING WORLD PRODTNS INC COM 495667107 557 13752 SH SOLE 13752
KNIGHT RIDDER INC COM 499040103 1617 28500 SH SOLE 28500
KOHLS CORP COM 500255104 767 16500 SH SOLE 16500
KROGER CO COM 501044101 1708 62314 SH SOLE 62314
LSI LOGIC CORP COM 502161102 2272 55800 SH SOLE 55800
LEGGETT & PLATT INC COM 524660107 1302 29600 SH SOLE 29600
LEHMAN BROS HLDGS INC COM 524908100 1079 49220 SH SOLE 49220
LILLY ELI & CO COM 532457108 9050 115656 SH SOLE 115656
LIMITED INC COM 532716107 3013 137207 SH SOLE 137207
LIN BROADCASTING CORP COM 532763109 1532 12100 SH SOLE 12100
LINCOLN NATL CORP IND COM 534187109 2425 56016 SH SOLE 56016
LINEAR TECHNOLOGY CORP COM 535678106 2008 30600 SH SOLE 30600
LITTON INDS INC COM 538021106 842 22838 SH SOLE 22838
<PAGE> PAGE 9
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
LIZ CLAIBORNE INC COM 539320101 921 42900 SH SOLE 42900
LOCTITE CORP DEL COM 540137106 710 15600 SH SOLE 15600
LOEWS CORP COM 540424108 2597 21547 SH SOLE 21547
LONG ISLAND LTG CO COM 542671102 689 44400 SH SOLE 44400
LONGVIEW FIBRE CO COM 543213102 575 33800 SH SOLE 33800
LORAL CORP COM 543859102 2125 40666 SH SOLE 40666
LOTUS DEV CORP COM 545700106 1400 22000 SH SOLE 22000
LOUISIANA LD & EXPL CO COM 546268103 774 19600 SH SOLE 19600
LOUISIANA PAC CORP COM 546347105 1416 54100 SH SOLE 54100
LOWES COS INC COM 548661107 2053 67200 SH SOLE 67200
LUBRIZOL CORP COM 549271104 1520 42743 SH SOLE 42743
LYONDELL PETROCHEMICAL CO COM 552078107 582 22700 SH SOLE 22700
MBIA INC COM 55262C100 1459 22000 SH SOLE 22000
MBNA CORP COM 55262L100 2631 77650 SH SOLE 77650
MCI COMMUNICATIONS CORP COM 552673105 7056 321609 SH SOLE 321609
MGIC INVT CORP WIS COM 552848103 1531 32427 SH SOLE 32427
MALLINCKRODT GROUP INC COM 561226101 1110 30800 SH SOLE 30800
MANPOWER INC COM 56418H100 1160 45500 SH SOLE 45500
MAPCO INC COM 565097102 1235 21300 SH SOLE 21300
MARION MERRELL DOW INC COM 569790108 686 26900 SH SOLE 26900
MARSH & MCLENNAN COS INC COM 571748102 2670 33135 SH SOLE 33135
MARSHALL & ILSLEY CORP COM 571834100 1590 70000 SH SOLE 70000
MARRIOTT INTL INC COM 571900109 2183 60150 SH SOLE 60150
MARTIN MARIETTA MATLS INC COM 573284106 312 15621 SH SOLE 15621
MASCO CORP COM 574599106 1929 72015 SH SOLE 72015
MATTEL INC COM 577081102 2804 105431 SH SOLE 105431
MAY DEPT STORES CO COM 577778103 5255 125291 SH SOLE 125291
MAYTAG CORP COM 578592107 1139 71200 SH SOLE 71200
MCCORMICK & CO INC COM NON VTG 579780206 1116 51800 SH SOLE 51800
MCDONALDS CORP COM 580135101 12667 324422 SH SOLE 324422
MCDONNELL DOUGLAS CORP COM 580169100 3431 44342 SH SOLE 44342
MCGRAW HILL INC COM 580645109 2504 33000 SH SOLE 33000
MEAD CORP COM 582834107 1376 23228 SH SOLE 23228
MEDTRONIC INC COM 585055106 5282 68500 SH SOLE 68500
MELLON BK CORP COM 585509102 3737 90001 SH SOLE 90001
MELVILLE CORP COM 585745102 1468 42700 SH SOLE 42700
MERCANTILE BANCORPORATION INC COM 587342106 268 5950 SH SOLE 5950
MERCANTILE BANKSHARES CORP COM 587405101 1046 45700 SH SOLE 45700
MERCANTILE STORES INC COM 587533100 991 21300 SH SOLE 21300
MERCK & CO INC COM 589331107 28367 575812 SH SOLE 575812
MERCURY FIN CO COM 589395102 771 40500 SH SOLE 40500
MERIDIAN BANCORP INC COM 589580109 1713 49500 SH SOLE 49500
MERRILL LYNCH & CO INC COM 590188108 4446 84000 SH SOLE 84000
MICHIGAN NATL CORP COM 594563108 256 2400 SH SOLE 2400
MICROSOFT CORP COM 594918104 13768 151846 SH SOLE 151846
MICRON TECHNOLOGY INC COM 595112103 4507 81872 SH SOLE 81872
MID ATLANTIC MED SVCS INC COM 59523C107 582 31700 SH SOLE 31700
MIDLANTIC CORP COM 59780E101 1265 30700 SH SOLE 30700
MIDWEST RES INC COM 598374106 544 36600 SH SOLE 36600
MILLIPORE CORP COM 601073109 1225 18000 SH SOLE 18000
<PAGE> PAGE 10
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
MINNESOTA MNG & MFG CO COM 604059105 11653 202328 SH SOLE 202328
MINNESOTA PWR & LT CO COM 604110106 978 36000 SH SOLE 36000
MIRAGE RESORTS INC COM 60462E104 1750 57750 SH SOLE 57750
MOBIL CORP COM 607059102 18982 196389 SH SOLE 196389
MOLEX INC COM 608554101 2005 51250 SH SOLE 51250
MONSANTO CO COM 611662107 4467 49458 SH SOLE 49458
MONTANA POWER CO COM 612085100 744 32800 SH SOLE 32800
MORGAN J P & CO INC COM 616880100 6251 88995 SH SOLE 88995
MORGAN STANLEY GROUP INC COM 617446109 1592 19400 SH SOLE 19400
MORTON INTL INC COM 619331101 2349 80638 SH SOLE 80638
MOTOROLA INC COM 620076109 18772 273844 SH SOLE 273844
MURPHY OIL CORP COM 626717102 1002 24400 SH SOLE 24400
MYLAN LABS INC COM 628530107 1549 51300 SH SOLE 51300
NBD BANCORP INC COM 628900102 2286 70900 SH SOLE 70900
NIPSCO INDS INC COM 629140104 1134 33593 SH SOLE 33593
NALCO CHEM CO COM 629853102 1310 35800 SH SOLE 35800
NATIONAL CITY CORP COM 635405103 2090 70900 SH SOLE 70900
NATIONAL SEMICONDUCTOR CORP COM 637640103 1849 66800 SH SOLE 66800
NATIONAL SVC INDS INC COM 637657107 1365 47250 SH SOLE 47250
NATIONSBANK CORP COM 638585109 6887 127740 SH SOLE 127740
NEW ENGLAND ELEC SYS COM 644001109 995 29100 SH SOLE 29100
NEW YORK ST ELEC & GAS CORP COM 649840105 933 40100 SH SOLE 40100
NEW YORK TIMES CO CL A 650111107 1426 60400 SH SOLE 60400
NEWELL CO COM 651192106 2113 86900 SH SOLE 86900
NEWMONT MINING CORP COM 651639106 1769 42030 SH SOLE 42030
NEXTEL COMMUNICATIONS INC CL A 65332V103 697 46900 SH SOLE 46900
NIAGARA MOHAWK PWR CORP COM 653522102 748 51200 SH SOLE 51200
NICOR INC COM 654086107 784 29400 SH SOLE 29400
NIKE INC CL B 654106103 1681 19953 SH SOLE 19953
NINE WEST GROUP INC COM 65440D102 341 9346 SH SOLE 9346
NOBLE AFFILIATES INC COM 654894104 377 14800 SH SOLE 14800
NORAM ENERGY CORP COM 655419109 625 96200 SH SOLE 96200
NORDSTROM INC COM 655664100 994 23839 SH SOLE 23839
NORFOLK SOUTHERN CORP COM 655844108 3905 57300 SH SOLE 57300
NORTHEAST UTILS COM 664397106 1505 67000 SH SOLE 67000
NORTHN STS PWR CO MINN COM 665772109 1421 31100 SH SOLE 31100
NORTHERN TR CORP COM 665859104 1302 32400 SH SOLE 32400
NORTHROP GRUMMAN CORP COM 666807102 1038 19600 SH SOLE 19600
NORWEST CORP COM 669380107 4344 151300 SH SOLE 151300
NOVELL INC COM 670006105 3198 162143 SH SOLE 162143
NUCOR CORP COM 670346105 2371 44236 SH SOLE 44236
NYNEX CORP COM 670768100 7433 183459 SH SOLE 183459
OCCIDENTAL PETE CORP DEL COM 674599105 3636 158506 SH SOLE 158506
OFFICE DEPOT INC COM 676220106 2046 72900 SH SOLE 72900
OGDEN CORP COM 676346109 784 35700 SH SOLE 35700
OHIO CAS CORP COM 677240103 632 19900 SH SOLE 19900
OHIO EDISON CO COM 677347106 2715 120500 SH SOLE 120500
OKLAHOMA GAS & ELEC CO COM 678858101 1083 31100 SH SOLE 31100
OLD REP INTL CORP COM 680223104 1019 39000 SH SOLE 39000
OLIN CORP COM PAR $1 680665205 821 15600 SH SOLE 15600
<PAGE> PAGE 11
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
ORACLE SYSTEMS CORP COM 68389X105 6246 161850 SH SOLE 161850
ORYX ENERGY COMPANY COM 68763F100 833 60200 SH SOLE 60200
OWENS CORNING FIBERGLAS CORP COM NEW 690734207 1147 30800 SH SOLE 30800
OWENS ILL INC COM NEW 690768403 856 65216 SH SOLE 65216
OXFORD HEALTH PLANS INC COM 691471106 973 20600 SH SOLE 20600
PECO ENERGY CO COM 693304107 2045 73900 SH SOLE 73900
PNC BK CORP COM 693475105 3131 119861 SH SOLE 119861
PPG INDS INC COM 693506107 4925 114600 SH SOLE 114600
PACCAR INC COM 693718108 946 19925 SH SOLE 19925
PACIFIC ENTERPRISES COM 694232109 775 32100 SH SOLE 32100
PACIFIC GAS & ELEC CO COM 694308107 6186 213044 SH SOLE 213044
PACIFIC TELESIS GROUP COM 694890104 5541 206990 SH SOLE 206990
PACIFICARE HEALTH SYS INC CL A 695110106 532 10400 SH SOLE 10400
PACIFICORP COM 695114108 3102 166400 SH SOLE 166400
PAGING NETWORK INC COM 695542100 1194 34050 SH SOLE 34050
PAINE WEBBER GROUP INC COM 695629105 977 51150 SH SOLE 51150
PALL CORP COM 696429307 1891 84200 SH SOLE 84200
PANHANDLE EASTN CORP COM 698462108 1756 72300 SH SOLE 72300
PARAMETRIC TECHNOLOGY CORP COM 699173100 1965 39300 SH SOLE 39300
PARKER HANNIFIN CORP COM 701094104 1838 50250 SH SOLE 50250
PENNEY J C INC COM 708160106 4184 86914 SH SOLE 86914
PENNZOIL CO COM 709903108 1530 32500 SH SOLE 32500
PEOPLES ENERGY CORP COM 711030106 618 23800 SH SOLE 23800
PEP BOYS MANNY MOE & JACK COM 713278109 1073 39800 SH SOLE 39800
PEPSICO INC COM 713448108 16786 370409 SH SOLE 370409
PERKIN ELMER CORP COM 714041100 1208 34589 SH SOLE 34589
PERRIGO CO COM 714290103 385 34600 SH SOLE 34600
PFIZER INC COM 717081103 14105 176676 SH SOLE 176676
PHELPS DODGE CORP COM 717265102 2017 33700 SH SOLE 33700
PHILIP MORRIS COS INC COM 718154107 30393 408325 SH SOLE 408325
PHILLIPS PETE CO COM 718507106 2859 85057 SH SOLE 85057
PHYSICIAN CORP AMER COM 71940P108 342 25100 SH SOLE 25100
PINNACLE WEST CAP CORP COM 723484101 1447 59414 SH SOLE 59414
PIONEER HI BRED INTL INC COM 723686101 1951 46300 SH SOLE 46300
PITNEY BOWES INC COM 724479100 2563 66618 SH SOLE 66618
POLAROID CORP COM 731095105 737 17995 SH SOLE 17995
PORTLAND GEN CORP COM 736506106 1003 44834 SH SOLE 44834
POTLATCH CORP COM 737628107 654 15600 SH SOLE 15600
POTOMAC ELEC PWR CO COM 737679100 1113 52200 SH SOLE 52200
PRAXAIR INC COM 74005P104 2031 80500 SH SOLE 80500
PREMARK INTL INC COM 740459102 1605 30700 SH SOLE 30700
PRICE/COSTCO INC COM 74143W102 1705 103061 SH SOLE 103061
PRICE T ROWE & ASSOCIATES COM 741477103 547 14205 SH SOLE 14205
PROCTER & GAMBLE CO COM 742718109 23026 323824 SH SOLE 323824
PROGRESSIVE CORP OHIO COM 743315103 1494 38900 SH SOLE 38900
PROMUS COS INC COM 74342A109 1876 48093 SH SOLE 48093
PROVIDIAN CORP COM 744061102 2246 62132 SH SOLE 62132
PUBLIC SERVICE CO COLO COM 744448101 1633 50712 SH SOLE 50712
PUBLIC SVC ENTERPRISE GROUP COM 744573106 2281 82400 SH SOLE 82400
QUAKER OATS CO COM 747402105 1835 56100 SH SOLE 56100
<PAGE> PAGE 12
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
QUALCOMM INC COM 747525103 843 24400 SH SOLE 24400
QUESTAR CORP COM 748356102 632 22100 SH SOLE 22100
RPM INC OHIO COM 749685103 481 24200 SH SOLE 24200
RALSTON PURINA CO COM RAL-PUR GP 751277302 2559 50175 SH SOLE 50175
RAYCHEM CORP DEL COM 754603108 1034 27100 SH SOLE 27100
RAYTHEON CO COM 755111101 5052 64881 SH SOLE 64881
READERS DIGEST ASSN INC CL A NON VTG 755267101 3342 75600 SH SOLE 75600
READERS DIGEST ASSN INC CL B 755267200 691 16900 SH SOLE 16900
REEBOK INTL LTD COM 758110100 1412 41500 SH SOLE 41500
REGIONS FINL CORP COM 758940100 698 18800 SH SOLE 18800
REPUBLIC N Y CORP COM 760719104 1348 24200 SH SOLE 24200
REYNOLDS METALS CO COM 761763101 1719 32234 SH SOLE 32234
RHONE POULENC RORER INC COM 76242T104 691 16800 SH SOLE 16800
RITE AID CORP COM 767754104 1179 46000 SH SOLE 46000
ROADWAY SVCS INC COM 769748104 599 12600 SH SOLE 12600
ROCKWELL INTL CORP COM 774347108 3712 81167 SH SOLE 81167
ROHM & HAAS CO COM 775371107 1319 23900 SH SOLE 23900
ROUSE CO COM 779273101 882 44700 SH SOLE 44700
RUBBERMAID INC COM 781088109 2256 80762 SH SOLE 80762
RUSSELL CORP COM 782352108 661 23200 SH SOLE 23200
RYDER SYS INC COM 783549108 796 32991 SH SOLE 32991
SCECORP COM 783882103 4160 243400 SH SOLE 243400
SPDR TR UNIT SER 1 78462F103 720 13000 SH SOLE 13000
SAFECO CORP COM 786429100 1712 29900 SH SOLE 29900
SAFETY KLEEN CORP COM 786484105 929 58000 SH SOLE 58000
ST JUDE MED INC COM 790849103 1760 35000 SH SOLE 35000
ST PAUL COS INC COM 792860108 1987 40771 SH SOLE 40771
SALOMON INC COM 79549B107 2181 55354 SH SOLE 55354
SAN DIEGO GAS & ELEC CO COM 797440104 856 41000 SH SOLE 41000
SANTA FE PACIFIC GOLD CORP COM 802176107 624 51336 SH SOLE 51336
SANTA FE PAC CORP COM 802183103 2050 79228 SH SOLE 79228
SARA LEE CORP COM 803111103 6719 235153 SH SOLE 235153
SCANA CORP COM 805898103 1112 50100 SH SOLE 50100
SCHERING PLOUGH CORP COM 806605101 8008 180944 SH SOLE 180944
SCHULMAN A INC COM 808194104 519 18050 SH SOLE 18050
SCIENTIFIC ATLANTA INC COM 808655104 1156 52700 SH SOLE 52700
SCOTT PAPER CO COM 809877103 3949 80899 SH SOLE 80899
SEAGATE TECHNOLOGY COM 811804103 1485 37300 SH SOLE 37300
SEAGULL ENERGY CORP COM 812007102 297 18000 SH SOLE 18000
SEARS ROEBUCK & CO COM 812387108 7726 141158 SH SOLE 141158
SENSORMATIC ELECTRS CORP COM 817265101 1389 41300 SH SOLE 41300
SERVICE CORP INTL COM 817565104 1543 48800 SH SOLE 48800
SHAW INDS INC COM 820286102 1189 70600 SH SOLE 70600
SHAWMUT NATL CORP COM 820484103 1900 60000 SH SOLE 60000
SHERWIN WILLIAMS CO COM 824348106 1862 52158 SH SOLE 52158
SIGMA ALDRICH CORP COM 826552101 1554 31780 SH SOLE 31780
SIGNET BKG CORP COM 826681108 855 38414 SH SOLE 38414
SILICON GRAPHICS INC COM 827056102 3175 79362 SH SOLE 79362
SNAP ON INC COM 833034101 830 21100 SH SOLE 21100
SONAT INC COM 835415100 1438 47319 SH SOLE 47319
<PAGE> PAGE 13
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
SONOCO PRODS CO COM 835495102 1191 47865 SH SOLE 47865
SOUTHERN CO COM 842587107 7058 316470 SH SOLE 316470
SOUTHERN NEW ENGLAND TELECOM COM 843485103 1496 42900 SH SOLE 42900
SOUTHERN PAC RAIL CORP COM 843584103 178 11328 SH SOLE 11328
SOUTHTRUST CORP COM 844730101 1388 60000 SH SOLE 60000
SOUTHWEST AIRLS CO COM 844741108 1911 78800 SH SOLE 78800
SOUTHWESTERN PUB SVC CO COM 845743103 1469 49900 SH SOLE 49900
SPRINT CORP COM 852061100 5606 166417 SH SOLE 166417
STANLEY WKS COM 854616109 697 18139 SH SOLE 18139
STAPLES INC COM 855030102 1163 39850 SH SOLE 39850
STAR BANC CORP COM 855083101 938 20400 SH SOLE 20400
STATE ST BOSTON CORP COM 857473102 1538 41825 SH SOLE 41825
STONE CONTAINER CORP COM 861589109 899 42600 SH SOLE 42600
STORAGE TECHNOLOGY CORP COM PAR $0.10 862111200 607 24700 SH SOLE 24700
STRATUS COMPUTER INC COM 863155107 391 12600 SH SOLE 12600
STRYKER CORP COM 863667101 1224 31100 SH SOLE 31100
STUDENT LOAN MARKETING ASSN COM NEW VTG 863871505 3204 68100 SH SOLE 68100
SUN INC COM 866762107 1189 43000 SH SOLE 43000
SUN MICROSYSTEMS INC COM 866810104 2915 61464 SH SOLE 61464
SUNBEAM-OSTER INC COM 867071102 689 48001 SH SOLE 48001
SUNDSTRAND CORP COM 867323107 1626 27100 SH SOLE 27100
SUNTRUST BKS INC COM 867914103 3834 65800 SH SOLE 65800
SUPERIOR INDS INTL INC COM 868168105 638 20400 SH SOLE 20400
SUPERVALU INC COM 868536103 955 32800 SH SOLE 32800
SYBASE INC COM 871130100 1107 36700 SH SOLE 36700
SYSCO CORP COM 871829107 2593 87700 SH SOLE 87700
TECO ENERGY INC COM 872375100 1355 61800 SH SOLE 61800
TJX COS INC NEW COM 872540109 486 35906 SH SOLE 35906
TRW INC COM 872649108 2490 31326 SH SOLE 31326
TAMBRANDS INC COM 875080103 1411 32772 SH SOLE 32772
TANDEM COMPUTERS INC COM 875370108 1109 71600 SH SOLE 71600
TANDY CORP COM 875382103 2104 40000 SH SOLE 40000
TECUMSEH PRODS CO CL B 878895101 519 11800 SH SOLE 11800
TELE COMMUNICATIONS INC NEW CL A 87924V101 7031 299356 SH SOLE 299356
TELEDYNE INC COM 879335107 875 35700 SH SOLE 35700
TELEPHONE & DATA SYS INC COM 879433100 952 25900 SH SOLE 25900
TELLABS INC COM 879664100 2377 50100 SH SOLE 50100
TEMPLE INLAND INC COM 879868107 1485 30703 SH SOLE 30703
TENNECO INC NEW COM 880370101 3845 82714 SH SOLE 82714
TERADYNE INC COM 880770102 1563 23901 SH SOLE 23901
TEXACO INC COM 881694103 8099 123572 SH SOLE 123572
TEXAS INSTRS INC COM 882508104 6161 45467 SH SOLE 45467
TEXAS UTILS CO COM 882848104 4045 117900 SH SOLE 117900
TEXTRON INC COM 883203101 2091 35464 SH SOLE 35464
THERMO ELECTRON CORP COM 883556102 1516 37276 SH SOLE 37276
THOMAS & BETTS CORP COM 884315102 1007 14800 SH SOLE 14800
3COM CORP COM 885535104 2470 36500 SH SOLE 36500
TIDEWATER INC COM 886423102 759 30300 SH SOLE 30300
TIME WARNER INC COM 887315109 6240 150511 SH SOLE 150511
TORCHMARK CORP COM 891027104 1181 31200 SH SOLE 31200
<PAGE> PAGE 14
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
TOYS R US COM 892335100 3403 116628 SH SOLE 116628
TRANSAMERICA CORP COM 893485102 1637 27931 SH SOLE 27931
TRAVELERS INC COM 894190107 7005 159569 SH SOLE 159569
TRIBUNE CO NEW COM 896047107 1176 19100 SH SOLE 19100
TRITON ENERGY CORP COM 896750106 1339 29000 SH SOLE 29000
TURNER BROADCASTING SYS INC CL A 900262403 689 34300 SH SOLE 34300
TURNER BROADCASTING SYS INC CL B 900262502 686 33400 SH SOLE 33400
TYCO INTERNATIONAL LTD COM 902120104 1428 26333 SH SOLE 26333
TYSON FOODS INC CL A 902494103 1104 47807 SH SOLE 47807
UAL CORP COM PAR $0.01 902549500 1239 8800 SH SOLE 8800
UJB FINL CORP COM 902760107 1283 41400 SH SOLE 41400
USX MARATHON GROUP COM NEW 902905827 3023 153236 SH SOLE 153236
UST INC COM 902911106 3422 115942 SH SOLE 115942
UNUM CORP COM 903192102 1767 37701 SH SOLE 37701
USF&G CORP COM 903290104 953 59400 SH SOLE 59400
U S G CORP COM NEW 903293405 848 35600 SH SOLE 35600
USX-U S STL COM 90337T101 1416 41400 SH SOLE 41400
UNIFI INC COM 904677101 1189 49196 SH SOLE 49196
UNICOM CORP COM 904911104 3245 121320 SH SOLE 121320
UNION CAMP CORP COM 905530101 1735 30100 SH SOLE 30100
UNION CARBIDE CORP COM 905581104 2613 77000 SH SOLE 77000
UNION ELEC CO COM 906548102 1498 40500 SH SOLE 40500
UNION PAC CORP COM 907818108 5415 96492 SH SOLE 96492
UNISYS CORP COM 909214108 936 88400 SH SOLE 88400
UNITED HEALTHCARE CORP COM 910581107 3317 79425 SH SOLE 79425
U S BANCORP ORE COM 911596104 1374 56800 SH SOLE 56800
UNITED STATES CELLULAR CORP COM 911684108 866 27900 SH SOLE 27900
U S HEALTHCARE INC COM 911910107 2306 75050 SH SOLE 75050
UNITED STATES SURGICAL CORP COM 912707106 808 37700 SH SOLE 37700
U S WEST INC COM 912889102 6862 164847 SH SOLE 164847
UNITED TECHNOLOGIES CORP COM 913017109 4819 61543 SH SOLE 61543
UNITRIN INC COM 913275103 2357 49800 SH SOLE 49800
UNOCAL CORP COM 915289102 3762 136433 SH SOLE 136433
UPJOHN CO COM 915302103 2592 68502 SH SOLE 68502
V F CORP COM 918204108 1372 25400 SH SOLE 25400
VALERO ENERGY CORP COM 919138107 573 28300 SH SOLE 28300
VALUE HEALTH INC COM 920393105 676 20600 SH SOLE 20600
VANGUARD CELLULAR SYS INC CL A 922022108 993 41300 SH SOLE 41300
VARITY CORP COM NEW 92224R602 882 19700 SH SOLE 19700
VIACOM INC CL A 925524100 2732 58000 SH SOLE 58000
VIACOM INC CL B 925524308 2395 50684 SH SOLE 50684
VIKING OFFICE PRODS COM 926913104 584 16200 SH SOLE 16200
VULCAN MATLS CO COM 929160109 1154 20900 SH SOLE 20900
WMX TECHNOLOGIES INC COM 92929Q107 6870 239077 SH SOLE 239077
WACHOVIA CORP COM 929771103 3447 96100 SH SOLE 96100
WAL MART STORES INC COM 931142103 17561 653710 SH SOLE 653710
WALGREEN CO COM 931422109 3603 71600 SH SOLE 71600
WARNER LAMBERT CO COM 934488107 5637 65524 SH SOLE 65524
WASHINGTON POST CO CL B 939640108 970 3700 SH SOLE 3700
WELLS FARGO & CO DEL COM 949740104 4765 26455 SH SOLE 26455
<PAGE> PAGE 15
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
WENDYS INTL INC COM 950590109 960 53700 SH SOLE 53700
WESCO FINL CORP COM 950817106 568 4500 SH SOLE 4500
WESTERN ATLAS INC COM 957674104 1030 23100 SH SOLE 23100
WESTERN RES INC COM 959425109 937 30600 SH SOLE 30600
WESTINGHOUSE ELEC CORP COM 960402105 2563 178300 SH SOLE 178300
WESTVACO CORP COM 961548104 1766 39800 SH SOLE 39800
WEYERHAEUSER CO COM 962166104 4521 96061 SH SOLE 96061
WHEELABRATOR TECH INC NEW COM PAR $0.01 962901302 378 24601 SH SOLE 24601
WHIRLPOOL CORP COM 963320106 1668 30200 SH SOLE 30200
WHITMAN CORP COM 96647K102 730 37700 SH SOLE 37700
WILLAMETTE INDS INC COM 969133107 1863 33100 SH SOLE 33100
WILLIAMS COS INC DEL COM 969457100 2223 63700 SH SOLE 63700
WINN DIXIE STORES INC COM 974280109 1356 23700 SH SOLE 23700
WISCONSIN ENERGY CORP COM 976657106 1638 58700 SH SOLE 58700
WITCO CORP COM 977385103 1317 40653 SH SOLE 40653
WOOLWORTH CORP COM 980883102 1185 78000 SH SOLE 78000
WORTHINGTON INDS INC COM 981811102 784 38350 SH SOLE 38350
WRIGLEY WM JR CO COM 982526105 2130 46300 SH SOLE 46300
XEROX CORP COM 984121103 6769 57800 SH SOLE 57800
XTRA CORP COM 984138107 275 5937 SH SOLE 5937
YORK INTL CORP NEW COM 986670107 1427 31800 SH SOLE 31800
REPORT SUMMARY 671 DATA RECORDS 2020341 0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
</TABLE>
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