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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: 03/31/97
Institutional Investment Manager:
U S WEST INVESTMENT MANAGEMENT CO.
9785 MAROON 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:
KAREN FRAME MANAGER 303-649-4506
Signature, Place and Date of Signing:
/s/ KAREN FRAME ENGLEWOOD CO 05/05/97
<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
A D C TELECOMMUNICATIONS COM 000886101 2343 87200 SH SOLE 87200
AFLAC INC COM 001055102 3264 87050 SH SOLE 87050
AES CORP COM 00130H105 2094 37400 SH SOLE 37400
AK STL HLDG CORP COM 001547108 540 15000 SH SOLE 15000
AMR CORP COM 001765106 4059 49202 SH SOLE 49202
AT&T CORP COM 001957109 32172 925806 SH SOLE 925806
ABBOTT LABS COM 002824100 24999 445414 SH SOLE 445414
ACCUSTAFF INC COM 004401105 534 31900 SH SOLE 31900
ACNIELSEN CORP COM 004833109 730 48675 SH SOLE 48675
ADAPTEC INC COM 00651F108 2569 71860 SH SOLE 71860
ADOBE SYS INC COM 00724F101 1609 40100 SH SOLE 40100
ADVANCED MICRO DEVICES INC COM 007903107 3241 78100 SH SOLE 78100
ADVANTA CORP CL A 007942105 685 25500 SH SOLE 25500
AETNA INC COM 008117103 7160 83374 SH SOLE 83374
AHMANSON H F & CO COM 008677106 2529 69300 SH SOLE 69300
AIR PRODS & CHEMS INC COM 009158106 4434 65325 SH SOLE 65325
AIRGAS INC COM 009363102 771 45674 SH SOLE 45674
AIRTOUCH COMMUNICATIONS INC COM 00949T100 6597 286843 SH SOLE 286843
ALBERTSONS INC COM 013104104 4438 130539 SH SOLE 130539
ALEXANDER & BALDWIN INC COM 014482103 963 37200 SH SOLE 37200
ALLEGHENY PWR SYS INC COM 017411109 2103 71000 SH SOLE 71000
ALLEGHENY TELEDYNE INC COM 017415100 2628 93450 SH SOLE 93450
ALLEGIANCE CORP COM 017475104 855 38666 SH SOLE 38666
ALLERGAN INC COM 018490102 1507 51746 SH SOLE 51746
ALLIEDSIGNAL INC COM 019512102 10327 144941 SH SOLE 144941
ALLMERICA PPTY & CAS COS INC COM 01975T105 1200 38400 SH SOLE 38400
ALLSTATE CORP COM 020002101 14374 242088 SH SOLE 242088
ALLTEL CORP COM 020039103 3831 117866 SH SOLE 117866
ALTERA CORP COM 021441100 2430 56500 SH SOLE 56500
ALUMAX INC COM 022197107 992 28650 SH SOLE 28650
ALUMINUM CO AMER COM 022249106 6134 90200 SH SOLE 90200
ALZA CORP DEL COM 022615108 1496 54400 SH SOLE 54400
AMBAC INC COM 023139108 1548 24000 SH SOLE 24000
AMERADA HESS CORP COM 023551104 2821 53230 SH SOLE 53230
AMERICA ONLINE INC DEL COM 02364J104 2233 52700 SH SOLE 52700
AMDAHL CORP COM 023905102 516 55072 SH SOLE 55072
AMERICAN BRANDS INC COM 024703100 5046 99672 SH SOLE 99672
AMERICAN ELEC PWR INC COM 025537101 4195 101700 SH SOLE 101700
AMERICAN EXPRESS CO COM 025816109 16472 275108 SH SOLE 275108
AMERICAN FINL GROUP INC COM 02608W101 953 26100 SH SOLE 26100
AMERICAN GENERAL CORP COM 026351106 5188 127322 SH SOLE 127322
AMERICAN GREETINGS CORP CL A 026375105 1560 48851 SH SOLE 48851
AMERICAN HOME PRODS CORP COM 026609107 21985 366414 SH SOLE 366414
AMERICAN INTL GROUP INC COM 026874107 26297 224046 SH SOLE 224046
AMERICAN MGMT SYS INC COM 027352103 786 35745 SH SOLE 35745
AMERICAN NATL INS CO COM 028591105 869 11100 SH SOLE 11100
AMERICAN PWR CONVERSION CORP COM 029066107 1137 52600 SH SOLE 52600
AMERICAN STD COS INC DEL COM 029712106 2421 53800 SH SOLE 53800
AMERICAN STORES CO NEW COM 030096101 3526 79233 SH SOLE 79233
AMERITECH CORP NEW COM 030954101 19027 309380 SH SOLE 309380
<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
AMGEN INC COM 031162100 8465 151500 SH SOLE 151500
AMP INC COM 031897101 4431 128891 SH SOLE 128891
AMOCO CORP COM 031905102 24295 280467 SH SOLE 280467
AMPHENOL CORP CL A 032094203 783 31338 SH SOLE 31338
AMSOUTH BANCORPORATION COM 032165102 2051 42500 SH SOLE 42500
ANADARKO PETE CORP COM 032511107 2103 37478 SH SOLE 37478
ANALOG DEVICES INC COM 032654105 2560 113799 SH SOLE 113799
ANHEUSER BUSCH COS INC COM 035229103 11286 267912 SH SOLE 267912
AON CORP COM 037389103 3439 56150 SH SOLE 56150
APACHE CORP COM 037411105 1755 52399 SH SOLE 52399
APOLLO GROUP INC CL A 037604105 960 39200 SH SOLE 39200
APPLE COMPUTER INC COM 037833100 1290 70705 SH SOLE 70705
APRIA HEALTHCARE GROUP INC COM 037933108 549 30300 SH SOLE 30300
APPLIED MATLS INC COM 038222105 4829 104126 SH SOLE 104126
ARCHER DANIELS MIDLAND CO COM 039483102 5508 308121 SH SOLE 308121
ARMSTRONG WORLD INDS INC COM 042476101 1680 25949 SH SOLE 25949
ARROW ELECTRS INC COM 042735100 1874 33243 SH SOLE 33243
ASCEND COMMUNICATIONS INC COM 043491109 2870 70420 SH SOLE 70420
ASHLAND INC COM 044204105 1573 39091 SH SOLE 39091
ASPECT TELECOMMUNICATIONS CORP COM 045237104 581 29800 SH SOLE 29800
ATLANTIC RICHFIELD CO COM 048825103 12343 91433 SH SOLE 91433
ATMEL CORP COM 049513104 1522 63600 SH SOLE 63600
AUTODESK INC COM 052769106 977 31505 SH SOLE 31505
AUTOMATIC DATA PROCESSING INC COM 053015103 7671 183191 SH SOLE 183191
AUTOZONE INC COM 053332102 2180 96900 SH SOLE 96900
AVERY DENNISON CORP COM 053611109 3060 79490 SH SOLE 79490
AVNET INC COM 053807103 1629 28900 SH SOLE 28900
AVON PRODS INC COM 054303102 4244 80842 SH SOLE 80842
BHC COMMUNICATIONS INC CL A 055448104 768 7300 SH SOLE 7300
BMC SOFTWARE INC COM 055921100 3003 65100 SH SOLE 65100
BAKER HUGHES INC COM 057224107 3424 89235 SH SOLE 89235
BALTIMORE GAS & ELEC CO COM 059165100 2244 83900 SH SOLE 83900
BANC ONE CORP COM 059438101 9972 250877 SH SOLE 250877
BANCORP HAWAII INC COM 059685107 1577 36780 SH SOLE 36780
BANK OF BOSTON CORP COM 060716107 6309 94171 SH SOLE 94171
BANK NEW YORK INC COM 064057102 8506 231468 SH SOLE 231468
BANKAMERICA CORP COM 066050105 21202 210437 SH SOLE 210437
BANKERS TRUST N Y CORP COM 066365107 3780 46100 SH SOLE 46100
BANPONCE CORP NEW COM 066704107 1935 54500 SH SOLE 54500
BARD C R INC COM 067383109 1094 38400 SH SOLE 38400
BARNES & NOBLE INC COM 067774109 997 28080 SH SOLE 28080
BARNETT BKS INC COM 068055102 5325 114508 SH SOLE 114508
BAUSCH & LOMB INC COM 071707103 1268 32100 SH SOLE 32100
BAXTER INTL INC COM 071813109 6608 153231 SH SOLE 153231
BAY NETWORKS INC COM 072510100 1895 105998 SH SOLE 105998
BEAR STEARNS COS INC COM 073902108 2169 82617 SH SOLE 82617
BECKMAN INSTRS INC NEW COM 075816108 1113 26500 SH SOLE 26500
BECTON DICKINSON & CO COM 075887109 3456 76800 SH SOLE 76800
BELL ATLANTIC CORP COM 077853109 14997 246356 SH SOLE 246356
BELLSOUTH CORP COM 079860102 23582 558154 SH SOLE 558154
<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
BELO A H CORP DEL COM SER A 080555105 1003 27100 SH SOLE 27100
BENEFICIAL CORP COM 081721102 3050 47193 SH SOLE 47193
BERGEN BRUNSWIG CORP CL A 083739102 821 27590 SH SOLE 27590
BETHLEHEM STL CORP COM 087509105 614 74400 SH SOLE 74400
BETZDEARBORN INC COM 087779104 1218 19300 SH SOLE 19300
BEVERLY ENTERPRISES INC COM 087851101 959 67290 SH SOLE 67290
BIOGEN INC COM 090597105 1645 44000 SH SOLE 44000
BIOMET INC COM 090613100 1250 74100 SH SOLE 74100
BLACK & DECKER CORP COM 091797100 1854 57700 SH SOLE 57700
BLOCK H & R INC COM 093671105 1907 64933 SH SOLE 64933
BLYTH INDS INC COM 09643P108 809 22400 SH SOLE 22400
BOEING CO COM 097023105 19909 201867 SH SOLE 201867
BOISE CASCADE OFFICE PRODS COM 097403109 250 15400 SH SOLE 15400
BORDERS GROUP INC COM 099709107 1234 65400 SH SOLE 65400
BOSTON CHICKEN INC COM 100578103 1321 43300 SH SOLE 43300
BOSTON EDISON CO COM 100599109 1100 41900 SH SOLE 41900
BOSTON SCIENTIFIC CORP COM 101137107 3804 61600 SH SOLE 61600
BRINKER INTL INC COM 109641100 745 59025 SH SOLE 59025
BRISTOL MYERS SQUIBB CO COM 110122108 33706 571286 SH SOLE 571286
BROWN FORMAN CORP CL B 115637209 1705 35700 SH SOLE 35700
BROWNING FERRIS INDS COM 115885105 3497 121094 SH SOLE 121094
BRUNSWICK CORP COM 117043109 1634 60800 SH SOLE 60800
BURLINGTON NORTHN SANTA FE CP COM 12189T104 6519 88092 SH SOLE 88092
BURLINGTON RES INC COM 122014103 3242 75834 SH SOLE 75834
C-CUBE MICROSYSTEMS INC COM 125015107 507 19900 SH SOLE 19900
CDW COMPUTER CTRS INC COM 125129106 444 9850 SH SOLE 9850
CIGNA CORP COM 125509109 6894 47180 SH SOLE 47180
CMS ENERGY CORP COM 125896100 2080 63276 SH SOLE 63276
CNA FINL CORP COM 126117100 708 6602 SH SOLE 6602
CPC INTL INC COM 126149103 6511 79401 SH SOLE 79401
CSX CORP COM 126408103 5754 123734 SH SOLE 123734
CUC INTL INC COM 126545102 5021 223161 SH SOLE 223161
CVS CORP COM 126650100 2760 59829 SH SOLE 59829
CABLETRON SYS INC COM 126920107 2015 68900 SH SOLE 68900
CABOT CORP COM 127055101 1160 48340 SH SOLE 48340
CADENCE DESIGN SYSTEM INC COM 127387108 2040 59350 SH SOLE 59350
CALIBER SYS INC COM 129894101 612 23100 SH SOLE 23100
CALLAWAY GOLF CO COM 131193104 1351 47200 SH SOLE 47200
CAMBRIDGE TECH PARTNERS MASS COM 132524109 786 34000 SH SOLE 34000
CAMPBELL SOUP CO COM 134429109 7485 161400 SH SOLE 161400
CAPITAL ONE FINL CORP COM 14040H105 601 16124 SH SOLE 16124
CARDINAL HEALTH INC COM 14149Y108 3209 59008 SH SOLE 59008
CAROLINA PWR & LT CO COM 144141108 3168 87400 SH SOLE 87400
CASCADE COMMUNICATIONS CORP COM 147184105 1110 42100 SH SOLE 42100
CATERPILLAR INC DEL COM 149123101 8929 111259 SH SOLE 111259
CENTERIOR ENERGY CORP COM 151883105 1598 157800 SH SOLE 157800
CENTRAL & SOUTH WEST CORP COM 152357109 2233 104481 SH SOLE 104481
CENTURY TEL ENTERPRISES INC COM 156686107 1100 37300 SH SOLE 37300
CHAMPION INTL CORP COM 158525105 2158 47424 SH SOLE 47424
CHARTER ONE FINL INC COM 160903100 1737 39585 SH SOLE 39585
<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
CHASE MANHATTAN CORP NEW COM 16161A108 23574 251794 SH SOLE 251794
CHECKPOINT SYS INC COM 162825103 521 30400 SH SOLE 30400
CHESAPEAKE ENERGY CORP COM 165167107 624 29900 SH SOLE 29900
CHEVRON CORPORATION COM 166751107 26627 382432 SH SOLE 382432
CHIRON CORP COM 170040109 1943 104336 SH SOLE 104336
CHRYSLER CORP COM 171196108 11000 366662 SH SOLE 366662
CHUBB CORP COM 171232101 5671 105264 SH SOLE 105264
CINCINNATI BELL INC COM 171870108 2736 48427 SH SOLE 48427
CINCINNATI FINL CORP COM 172062101 2465 35086 SH SOLE 35086
CINERGY CORP COM 172474108 3443 100900 SH SOLE 100900
CIRCUIT CITY STORE INC CIRCT CITY GRP 172737108 2053 61509 SH SOLE 61509
CISCO SYS INC COM 17275R102 19368 402462 SH SOLE 402462
CIRRUS LOGIC CORP COM 172755100 477 39300 SH SOLE 39300
CIRCUS CIRCUS ENTERPRISES INC COM 172909103 1602 61608 SH SOLE 61608
CITICORP COM 173034109 29874 275973 SH SOLE 275973
CITY INVESTING CO LIQ TR UNIT BEN INT 177900107 36 35000 SH SOLE 35000
CLOROX CO DEL COM 189054109 2568 22900 SH SOLE 22900
COASTAL CORP COM 190441105 2674 55700 SH SOLE 55700
COCA COLA CO COM 191216100 80500 1440720 SH SOLE 1440720
COCA COLA ENTERPRISES INC COM 191219104 2897 50500 SH SOLE 50500
COGNIZANT CORP COM 192441103 3068 105329 SH SOLE 105329
COLGATE PALMOLIVE CO COM 194162103 8537 85687 SH SOLE 85687
COLUMBIA GAS SYS INC COM 197648108 1859 32122 SH SOLE 32122
COLUMBIA/HCA HEALTHCARE CORP COM 197677107 13114 389997 SH SOLE 389997
COMAIR HOLDINGS INC COM 199789108 681 31300 SH SOLE 31300
COMCAST CORP CL A 200300101 1190 72700 SH SOLE 72700
COMCAST CORP CL A SPL 200300200 2528 149820 SH SOLE 149820
COMDISCO INC COM 200336105 1127 36200 SH SOLE 36200
COMERICA INC COM 200340107 4093 72600 SH SOLE 72600
COMPAQ COMPUTER CORP COM 204493100 12603 164474 SH SOLE 164474
COMPUTER ASSOC INTL INC COM 204912109 6812 175223 SH SOLE 175223
COMPUSA INC COM 204932107 1082 68700 SH SOLE 68700
COMPUTER SCIENCES CORP COM 205363104 2818 45637 SH SOLE 45637
COMPUWARE CORP COM 205638109 1675 26700 SH SOLE 26700
CONAGRA INC COM 205887102 7269 133985 SH SOLE 133985
CONCORD EFS INC COM 206197105 796 42450 SH SOLE 42450
CONRAIL INC COM 208368100 3805 33749 SH SOLE 33749
CONSECO INC COM 208464107 3577 100400 SH SOLE 100400
CONSOLIDATED EDISON CO N Y INC COM 209111103 3876 129200 SH SOLE 129200
CONSOLIDATED NAT GAS CO COM 209615103 2722 54028 SH SOLE 54028
CONTINENTAL AIRLS INC CL B 210795308 891 28400 SH SOLE 28400
COOPER INDS INC COM 216669101 2647 61029 SH SOLE 61029
COOPER TIRE & RUBR CO COM 216831107 934 50500 SH SOLE 50500
CORESTATES FINL CORP COM 218695104 6151 129485 SH SOLE 129485
CORNING INC COM 219350105 5915 133293 SH SOLE 133293
CORRECTIONS CORP AMER COM 220256101 1545 63700 SH SOLE 63700
COSTCO COMPANIES INC COM 22160Q102 3248 117563 SH SOLE 117563
COUNTRYWIDE CR INDS INC DEL COM 222372104 1961 79247 SH SOLE 79247
COVANCE INC COM 222816100 523 32448 SH SOLE 32448
COX COMMUNICATIONS INC NEW CL A 224044107 872 42295 SH SOLE 42295
<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
CRACKER BARREL OLD CTRY STR COM 224100107 1178 45100 SH SOLE 45100
CRESTAR FINL CORP COM 226091106 2031 58656 SH SOLE 58656
CROWN CORK & SEAL INC COM 228255105 3167 61355 SH SOLE 61355
CUMMINS ENGINE INC COM 231021106 1153 22500 SH SOLE 22500
CYPRUS AMAX MINERALS CO COM 232809103 1353 56950 SH SOLE 56950
CYTEC INDS INC COM 232820100 1379 36400 SH SOLE 36400
DQE INC COM 23329J104 1406 50650 SH SOLE 50650
DPL INC COM 233293109 1713 71000 SH SOLE 71000
DSC COMMUNICATIONS CORP COM 233311109 1426 68100 SH SOLE 68100
DST SYS INC DEL COM 233326107 784 27500 SH SOLE 27500
DTE ENERGY CO COM 233331107 2204 82000 SH SOLE 82000
DANA CORP COM 235811106 2166 65900 SH SOLE 65900
DARDEN RESTAURANTS INC COM 237194105 905 114978 SH SOLE 114978
DAYTON HUDSON CORP COM 239753106 5612 134417 SH SOLE 134417
DEAN WITTER DISCOVER & CO COM 24240V101 5864 168142 SH SOLE 168142
DEERE & CO COM 244199105 6541 150376 SH SOLE 150376
DELL COMPUTER CORP COM 247025109 6310 93308 SH SOLE 93308
DELTA AIR LINES INC DEL COM 247361108 3437 40851 SH SOLE 40851
DELTIC TIMBER CORP COM 247850100 266 9371 SH SOLE 9371
DELUXE CORP COM 248019101 1722 53200 SH SOLE 53200
DENTSPLY INTL INC NEW COM 249030107 854 17088 SH SOLE 17088
DIAL CORP NEW COM 25247D101 897 55600 SH SOLE 55600
DIEBOLD INC COM 253651103 1967 52275 SH SOLE 52275
DIGITAL EQUIP CORP COM 253849103 2440 89119 SH SOLE 89119
DILLARD DEPT STORES INC CL A 254063100 2212 70207 SH SOLE 70207
DIME BANCORP INC NEW COM 25429Q102 1130 73510 SH SOLE 73510
DISNEY WALT CO COM 254687106 28050 384241 SH SOLE 384241
DOLE FOOD INC COM 256605106 1192 31567 SH SOLE 31567
DOLLAR TREE STORES INC COM 256747106 799 21600 SH SOLE 21600
DOMINION RES INC VA COM 257470104 3404 93575 SH SOLE 93575
DONNELLEY R R & SONS CO COM 257867101 3190 91460 SH SOLE 91460
DOVER CORP COM 260003108 4024 76653 SH SOLE 76653
DOW CHEM CO COM 260543103 11168 139600 SH SOLE 139600
DOW JONES & CO INC COM 260561105 1377 33900 SH SOLE 33900
DRESSER INDS INC COM 261597108 3152 104189 SH SOLE 104189
DU PONT E I DE NEMOURS & CO COM 263534109 34274 323337 SH SOLE 323337
DUKE POWER CO COM 264399106 4955 112300 SH SOLE 112300
DUN & BRADSTREET CORP COM 264830100 2612 102929 SH SOLE 102929
EG & G INC COM 268457108 1495 71606 SH SOLE 71606
E M C CORP MASS COM 268648102 4785 134800 SH SOLE 134800
ENSCO INTL INC COM 26874Q100 2374 48200 SH SOLE 48200
EASTMAN CHEM CO COM 277432100 2519 46864 SH SOLE 46864
EASTMAN KODAK CO COM 277461109 14512 191265 SH SOLE 191265
EATON CORP COM 278058102 2920 41200 SH SOLE 41200
ECHLIN INC COM 278749106 1455 42800 SH SOLE 42800
ECOLAB INC COM 278865100 1556 40942 SH SOLE 40942
EDISON INTL COM 281020107 5353 237900 SH SOLE 237900
EDWARDS AG INC COM 281760108 1301 42295 SH SOLE 42295
EL PASO NAT GAS CO COM NEW 283695872 1645 29059 SH SOLE 29059
ELECTRONIC ARTS INC COM 285512109 919 34500 SH SOLE 34500
<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
ELECTRONIC DATA SYS NEW COM 285661104 7838 194124 SH SOLE 194124
ELECTRONICS FOR IMAGING INC COM 286082102 1691 42400 SH SOLE 42400
EMERSON ELEC CO COM 291011104 11623 258290 SH SOLE 258290
ENGELHARD CORP COM 292845104 1293 61575 SH SOLE 61575
ENOVA CORP COM 293552105 1401 63700 SH SOLE 63700
ENRON CORP COM 293561106 4784 125900 SH SOLE 125900
ENSERCH CORP COM 293567103 921 44932 SH SOLE 44932
ENTERGY CORP NEW COM 29364G103 2961 120863 SH SOLE 120863
EQUIFAX INC COM 294429105 3856 141490 SH SOLE 141490
EQUITABLE COS INC COM 29444G107 1386 50856 SH SOLE 50856
EQUITABLE RES INC COM 294549100 870 28400 SH SOLE 28400
EXXON CORP COM 302290101 76941 714073 SH SOLE 714073
F M C CORP COM NEW 302491303 1157 18887 SH SOLE 18887
FPL GROUP INC COM 302571104 4646 105288 SH SOLE 105288
FEDERAL EXPRESS CORP COM 313309106 3685 70700 SH SOLE 70700
FEDERAL HOME LN MTG CORP COM 313400301 11587 425200 SH SOLE 425200
FEDERAL NATL MTG ASSN COM 313586109 22768 630266 SH SOLE 630266
FEDERATED DEPT STORES INC DEL COM 31410H101 4123 125423 SH SOLE 125423
FIFTH THIRD BANCORP COM 316773100 4251 54850 SH SOLE 54850
FIRST AMER BK CORP COM 318906104 2498 41800 SH SOLE 41800
FIRST BK SYS INC COM 319279105 6115 83762 SH SOLE 83762
FIRST CHICAGO NBD CORP COM 31945A100 10059 185841 SH SOLE 185841
FIRST DATA CORP COM 319963104 8272 244194 SH SOLE 244194
FIRST SEC CORP DEL COM 336294103 1762 54850 SH SOLE 54850
FIRST UN CORP COM 337358105 13100 161474 SH SOLE 161474
FIRST USA INC COM 33743H105 2975 70200 SH SOLE 70200
FIRSTAR CORP COM 33761C103 2497 90800 SH SOLE 90800
FLEET FINL GROUP INC NEW COM 338915101 8697 151911 SH SOLE 151911
FLORIDA PROGRESS CORP COM 341109106 1681 55355 SH SOLE 55355
FLUOR CORP COM 343861100 2557 48700 SH SOLE 48700
FOOD LION INC CL B 344775101 1814 225900 SH SOLE 225900
FOOTSTAR INC COM 344912100 788 26604 SH SOLE 26604
FORD MTR CO DEL COM 345370100 21315 679371 SH SOLE 679371
FORE SYSTEMS INC COM 345449102 450 30000 SH SOLE 30000
FOREST LABS INC CL A 345838106 1102 29300 SH SOLE 29300
FOSTER WHEELER CORP COM 350244109 930 26300 SH SOLE 26300
FOUNDATION HEALTH CORP COM 350401105 1347 36900 SH SOLE 36900
FRANKLIN RES INC COM 354613101 2479 48600 SH SOLE 48600
FREEPORT-MCMORAN COPPER & GOLD CL A 35671D105 2013 68521 SH SOLE 68521
FREEPORT-MCMORAN COPPER & GOLD CL B 35671D857 3280 107970 SH SOLE 107970
FRITZ COS INC COM 358846103 193 19898 SH SOLE 19898
FRONTIER CORPORATION COM 35906P105 1824 102061 SH SOLE 102061
FRUIT OF THE LOOM INC CL A 359416104 2034 49000 SH SOLE 49000
GPU INC COM 36225X100 2053 63900 SH SOLE 63900
GTE CORP COM 362320103 25417 545142 SH SOLE 545142
GANNETT INC COM 364730101 7359 85691 SH SOLE 85691
GAP INC DEL COM 364760108 4355 130000 SH SOLE 130000
GAYLORD ENTMT CO CL A 367901105 898 41758 SH SOLE 41758
GENERAL DYNAMICS CORP COM 369550108 1809 26856 SH SOLE 26856
GENERAL ELEC CO COM 369604103 93838 945470 SH SOLE 945470
<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
GENERAL INSTR CORP NEW COM 370121105 1727 75500 SH SOLE 75500
GENERAL MLS INC COM 370334104 5411 87098 SH SOLE 87098
GENERAL MTRS CORP COM 370442105 24005 433500 SH SOLE 433500
GENERAL MTRS CORP CL H 370442501 3315 61098 SH SOLE 61098
GENERAL NUTRITION COS INC COM 37047F103 1191 58800 SH SOLE 58800
GENERAL RE CORP COM 370563108 6999 44299 SH SOLE 44299
GENERAL SIGNAL CORP COM 370838104 1510 38592 SH SOLE 38592
GENUINE PARTS CO COM 372460105 3483 74700 SH SOLE 74700
GENZYME CORP COM GENL DIV 372917104 972 43200 SH SOLE 43200
GEORGIA GULF CORP COM PAR $0.01 373200203 649 25700 SH SOLE 25700
GEORGIA PAC CORP COM 373298108 3751 51743 SH SOLE 51743
GIANT FOOD INC CL A 374478105 1341 41900 SH SOLE 41900
GILLETTE CO COM 375766102 23097 318033 SH SOLE 318033
GLENAYRE TECHNOLOGIES INC COM 377899109 438 44312 SH SOLE 44312
GOLDEN WEST FINL CORP DEL COM 381317106 1632 26000 SH SOLE 26000
GOODRICH B F CO COM 382388106 1343 36680 SH SOLE 36680
GOODYEAR TIRE & RUBR CO COM 382550101 4875 93292 SH SOLE 93292
GRACE W R & CO DEL COM 383911104 2527 53351 SH SOLE 53351
GRAINGER W W INC COM 384802104 1917 25900 SH SOLE 25900
GRAND CASINOS INC COM 385269105 228 24300 SH SOLE 24300
GREAT LAKES CHEM CORP COM 390568103 1757 38200 SH SOLE 38200
GREAT WESTN FINL CORP COM 391442100 2556 63300 SH SOLE 63300
GREEN TREE FINL CORP COM 393505102 3088 91500 SH SOLE 91500
GREENPOINT FINL CORP COM 395384100 1563 30350 SH SOLE 30350
GUIDANT CORP COM 401698105 2908 47281 SH SOLE 47281
HBO & CO COM 404100109 2698 56800 SH SOLE 56800
HFS INC COM 404181109 5069 86100 SH SOLE 86100
HALLIBURTON CO COM 406216101 4505 66500 SH SOLE 66500
HARCOURT GEN INC COM 41163G101 1609 34595 SH SOLE 34595
HARLEY DAVIDSON INC COM 412822108 1826 53900 SH SOLE 53900
HARRAHS ENTMT INC COM 413619107 1099 64193 SH SOLE 64193
HARRIS CORP DEL COM 413875105 2383 31000 SH SOLE 31000
HARSCO CORP COM 415864107 1659 45600 SH SOLE 45600
HASBRO INC COM 418056107 1877 68562 SH SOLE 68562
HEALTHSOUTH CORP COM 421924101 3542 185200 SH SOLE 185200
HEALTH MGMT ASSOC INC NEW CL A 421933102 1667 70175 SH SOLE 70175
HEALTH SYSTEMS INTERNATIONAL COM 421949108 816 29000 SH SOLE 29000
HEINZ H J CO COM 423074103 7165 181400 SH SOLE 181400
HERCULES INC COM 427056106 2581 61091 SH SOLE 61091
HERSHEY FOODS CORP COM 427866108 3100 62000 SH SOLE 62000
HEWLETT PACKARD CO COM 428236103 25591 480582 SH SOLE 480582
HILLENBRAND INDS INC COM 431573104 1316 33000 SH SOLE 33000
HILTON HOTELS CORP COM 432848109 3250 134000 SH SOLE 134000
HOME DEPOT INC COM 437076102 15136 282911 SH SOLE 282911
HOMESTAKE MNG CO COM 437614100 1343 88800 SH SOLE 88800
HONEYWELL INC COM 438506107 5158 76000 SH SOLE 76000
HOST MARRIOTT CORP COM 441078102 1854 109067 SH SOLE 109067
HOUSEHOLD INTL INC COM 441815107 4792 55800 SH SOLE 55800
HOUSTON INDS INC COM 442161105 2488 119174 SH SOLE 119174
HUBBELL INC CL B 443510201 3456 81804 SH SOLE 81804
<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
HUMANA INC COM 444859102 2158 98100 SH SOLE 98100
HUNTINGTON BANCSHARES INC COM 446150104 2622 99899 SH SOLE 99899
IBP INC COM 449223106 1529 62100 SH SOLE 62100
IMC GLOBAL INC COM 449669100 1530 42356 SH SOLE 42356
ITT HARTFORD GROUP INC COM 45068H106 4842 67138 SH SOLE 67138
ITT INDS INC IND COM 450911102 1488 66503 SH SOLE 66503
ITT CORP NEW COM 450912100 4010 68103 SH SOLE 68103
IDEXX LABS CORP COM 45168D104 375 26800 SH SOLE 26800
IKON OFFICE SOLUTIONS INC COM 451713101 2547 76030 SH SOLE 76030
ILLINOIS CENT CORP COM SER A 451841100 1314 41707 SH SOLE 41707
ILLINOIS TOOL WKS INC COM 452308109 4995 61200 SH SOLE 61200
ILLINOVA CORP COM 452317100 1319 57659 SH SOLE 57659
IMATION CORP COM 45245A107 787 31471 SH SOLE 31471
INFORMIX CORP COM 456779107 1435 94886 SH SOLE 94886
INGERSOLL RAND CO COM 456866102 2877 65947 SH SOLE 65947
INLAND STL INDS INC COM 457472108 638 32700 SH SOLE 32700
INPUT/OUTPUT INC COM 457652105 473 32600 SH SOLE 32600
INTEL CORP COM 458140100 66108 475170 SH SOLE 475170
INTERNATIONAL BUSINESS MACHS COM 459200101 41466 301845 SH SOLE 301845
INTERNATIONAL FLAVORS&FRAGRANC COM 459506101 2461 56250 SH SOLE 56250
INTERNATIONAL GAME TECHNOLOGY COM 459902102 1359 84300 SH SOLE 84300
INTL PAPER CO COM 460146103 6327 162755 SH SOLE 162755
INTERNATIONAL RECTIFIER CORP COM 460254105 436 36712 SH SOLE 36712
INTERNEURON PHARMACEUTICALS COM 460573108 449 25500 SH SOLE 25500
INTERPUBLIC GROUP COS INC COM 460690100 3638 68958 SH SOLE 68958
INTERSTATE BAKERIES CORP DEL COM 46072H108 945 20000 SH SOLE 20000
INTUIT COM 461202103 584 25100 SH SOLE 25100
IOMEGA CORP COM 462030107 1380 84900 SH SOLE 84900
IPALCO ENTERPRISES INC COM 462613100 1651 54350 SH SOLE 54350
IVAX CORP COM 465823102 640 64762 SH SOLE 64762
JLG INDS INC COM 466210101 730 37200 SH SOLE 37200
JAMES RIV CORP VA COM 470349101 1764 60550 SH SOLE 60550
JEFFERSON PILOT CORP COM 475070108 2466 45350 SH SOLE 45350
JOHNSON & JOHNSON COM 478160104 40456 765124 SH SOLE 765124
JOHNSON CTLS INC COM 478366107 2157 26800 SH SOLE 26800
K MART CORP COM 482584109 3487 287600 SH SOLE 287600
KANSAS CITY PWR & LT CO COM 485134100 1386 49500 SH SOLE 49500
KANSAS CITY SOUTHN INDS INC COM 485170104 1417 28344 SH SOLE 28344
KELLOGG CO COM 487836108 3630 53973 SH SOLE 53973
KELLY SVCS INC CL A 488152208 885 33100 SH SOLE 33100
KERR MCGEE CORP COM 492386107 2271 36700 SH SOLE 36700
KEYCORP NEW COM 493267108 6534 134039 SH SOLE 134039
KIMBERLY CLARK CORP COM 494368103 15661 157594 SH SOLE 157594
KING WORLD PRODTNS INC COM 495667107 750 20552 SH SOLE 20552
KNIGHT RIDDER INC COM 499040103 2139 53650 SH SOLE 53650
KOHLS CORP COM 500255104 1805 42600 SH SOLE 42600
KROGER CO COM 501044101 3604 71014 SH SOLE 71014
LCI INTL INC COM 501813109 1033 61700 SH SOLE 61700
LSI LOGIC CORP COM 502161102 2672 76900 SH SOLE 76900
LEARNING CO INC COM 522008101 166 25100 SH SOLE 25100
<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
LEGGETT & PLATT INC COM 524660107 2171 66800 SH SOLE 66800
LEHMAN BROS HLDGS INC COM 524908100 2046 70250 SH SOLE 70250
LILLY ELI & CO COM 532457108 21857 265737 SH SOLE 265737
LIMITED INC COM 532716107 2405 130863 SH SOLE 130863
LINCARE HLDGS INC COM 532791100 940 22800 SH SOLE 22800
LINCOLN NATL CORP IND COM 534187109 3337 62374 SH SOLE 62374
LINEAR TECHNOLOGY CORP COM 535678106 2204 49800 SH SOLE 49800
LITTON INDS INC COM 538021106 1157 28738 SH SOLE 28738
LIZ CLAIBORNE INC COM 539320101 2029 46520 SH SOLE 46520
LOCKHEED MARTIN CORP COM 539830109 8078 96165 SH SOLE 96165
LOEWS CORP COM 540424108 4903 55168 SH SOLE 55168
LONG ISLAND LTG CO COM 542671102 1963 81800 SH SOLE 81800
LOUISIANA LD & EXPL CO COM 546268103 1039 21934 SH SOLE 21934
LOUISIANA PAC CORP COM 546347105 1287 62000 SH SOLE 62000
LOWES COS INC COM 548661107 3371 90200 SH SOLE 90200
LUBRIZOL CORP COM 549271104 1332 40993 SH SOLE 40993
LUCENT TECHNOLOGIES INC COM 549463107 19413 368012 SH SOLE 368012
LYONDELL PETROCHEMICAL CO COM 552078107 595 26000 SH SOLE 26000
MBIA INC COM 55262C100 2608 27200 SH SOLE 27200
MBNA CORP COM 55262L100 4891 175462 SH SOLE 175462
MCI COMMUNICATIONS CORP COM 552673105 14179 398003 SH SOLE 398003
MGIC INVT CORP WIS COM 552848103 2521 35627 SH SOLE 35627
MACROMEDIA INC COM 556100105 247 27300 SH SOLE 27300
MALLINCKRODT INC NEW COM 561232109 1904 46300 SH SOLE 46300
MANPOWER INC COM 56418H100 1937 53800 SH SOLE 53800
MAPCO INC COM 565097102 1159 37400 SH SOLE 37400
MARSH & MCLENNAN COS INC COM 571748102 4829 42636 SH SOLE 42636
MARSHALL & ILSLEY CORP COM 571834100 2464 67500 SH SOLE 67500
MARRIOTT INTL INC COM 571900109 3513 70608 SH SOLE 70608
MARTIN MARIETTA MATLS INC COM 573284106 853 33111 SH SOLE 33111
MASCO CORP COM 574599106 3417 95573 SH SOLE 95573
MATTEL INC COM 577081102 3943 164275 SH SOLE 164275
MAXIM INTEGRATED PRODS INC COM 57772K101 2247 46450 SH SOLE 46450
MAY DEPT STORES CO COM 577778103 6782 149046 SH SOLE 149046
MAYTAG CORP COM 578592107 1524 73900 SH SOLE 73900
MCAFEE ASSOCS INC COM 579057100 1344 30362 SH SOLE 30362
MCCORMICK & CO INC COM NON VTG 579780206 1269 51800 SH SOLE 51800
MCDONALDS CORP COM 580135101 18913 400267 SH SOLE 400267
MCDONNELL DOUGLAS CORP COM 580169100 5348 87670 SH SOLE 87670
MCGRAW HILL COS INC COM 580645109 2950 57700 SH SOLE 57700
MCKESSON CORP NEW COM 581557105 1389 21700 SH SOLE 21700
MEAD CORP COM 582834107 2331 43972 SH SOLE 43972
MEDIC COMPUTER SYS INC COM 584472104 322 20100 SH SOLE 20100
MEDPARTNERS INC NEW COM 58503X107 1785 84020 SH SOLE 84020
MEDTRONIC INC COM 585055106 8703 139800 SH SOLE 139800
MELLON BK CORP COM 585509102 5996 82413 SH SOLE 82413
MERCANTILE BANKSHARES CORP COM 587405101 1573 46600 SH SOLE 46600
MERCANTILE STORES INC COM 587533100 958 20650 SH SOLE 20650
MERCK & CO INC COM 589331107 58824 698204 SH SOLE 698204
MERCURY FIN CO COM 589395102 241 91900 SH SOLE 91900
<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
MEREDITH CORP COM 589433101 860 37200 SH SOLE 37200
MERRILL LYNCH & CO INC COM 590188108 9506 110700 SH SOLE 110700
MICROSOFT CORP COM 594918104 42358 461984 SH SOLE 461984
MICRON ELECTRONICS INC COM 595100108 390 20400 SH SOLE 20400
MICRON TECHNOLOGY INC COM 595112103 3935 97172 SH SOLE 97172
MIDAMERICA ENERGY HLDGS CO COM 595920109 1228 71700 SH SOLE 71700
MILLIPORE CORP COM 601073109 1288 30400 SH SOLE 30400
MINNESOTA MNG & MFG CO COM 604059105 20299 240219 SH SOLE 240219
MIRAGE RESORTS INC COM 60462E104 2692 126700 SH SOLE 126700
MOBIL CORP COM 607059102 29289 224219 SH SOLE 224219
MOLEX INC COM 608554101 2011 56650 SH SOLE 56650
MONEY STORE INC COM 60934T101 588 28000 SH SOLE 28000
MONSANTO CO COM 611662107 13441 351390 SH SOLE 351390
MONTANA POWER CO COM 612085100 873 40600 SH SOLE 40600
MORGAN J P & CO INC COM 616880100 11262 114625 SH SOLE 114625
MORGAN STANLEY GROUP INC COM 617446109 3149 53600 SH SOLE 53600
MORTON INTL INC COM 619331101 4154 98329 SH SOLE 98329
MOTOROLA INC COM 620076109 20587 340980 SH SOLE 340980
MURPHY OIL CORP COM 626717102 1542 32800 SH SOLE 32800
MYLAN LABS INC COM 628530107 1092 74650 SH SOLE 74650
NCR CORP NEW COM 62886E108 1959 55568 SH SOLE 55568
NGC CORP COM 629121104 1597 101400 SH SOLE 101400
NIPSCO INDS INC COM 629140104 1585 40385 SH SOLE 40385
NABORS INDS INC COM 629568106 1412 72400 SH SOLE 72400
NALCO CHEM CO COM 629853102 1573 42094 SH SOLE 42094
NATIONAL CITY CORP COM 635405103 6290 134900 SH SOLE 134900
NATIONAL SEMICONDUCTOR CORP COM 637640103 2241 81500 SH SOLE 81500
NATIONAL SVC INDS INC COM 637657107 1467 37500 SH SOLE 37500
NATIONSBANK CORP COM 638585109 25618 462624 SH SOLE 462624
NEIMAN MARCUS GROUP INC COM 640204103 548 21300 SH SOLE 21300
NELLCOR PURITAN BENNET INC COM 640275103 730 41400 SH SOLE 41400
NETSCAPE COMMUNICATIONS CORP COM 641149109 986 32800 SH SOLE 32800
NETWORK GEN CORP COM 641210109 753 35000 SH SOLE 35000
NEW ENGLAND ELEC SYS COM 644001109 1516 44100 SH SOLE 44100
NEW YORK ST ELEC & GAS CORP COM 649840105 958 44300 SH SOLE 44300
NEW YORK TIMES CO CL A 650111107 2705 61300 SH SOLE 61300
NEWELL CO COM 651192106 3170 94630 SH SOLE 94630
NEWMONT MINING CORP COM 651639106 2185 56384 SH SOLE 56384
NEWPORT NEWS SHIPBUILDING INC COM 652228107 289 19912 SH SOLE 19912
NEWS CORP LTD SP ADR PFD 652487802 867 58290 SH SOLE 58290
NEXTEL COMMUNICATIONS INC CL A 65332V103 1133 84700 SH SOLE 84700
NIAGARA MOHAWK PWR CORP COM 653522102 842 99000 SH SOLE 99000
NICOR INC COM 654086107 1155 36100 SH SOLE 36100
NIKE INC CL B 654106103 5039 81272 SH SOLE 81272
NINE WEST GROUP INC COM 65440D102 922 20610 SH SOLE 20610
NOBLE AFFILIATES INC COM 654894104 1166 30900 SH SOLE 30900
NOBLE DRILLING CORP COM 655042109 1408 81634 SH SOLE 81634
NORAM ENERGY CORP COM 655419109 1231 84200 SH SOLE 84200
NORDSTROM INC COM 655664100 1278 33739 SH SOLE 33739
NORFOLK SOUTHERN CORP COM 655844108 6121 71800 SH SOLE 71800
<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
NORTHEAST UTILS COM 664397106 654 83000 SH SOLE 83000
NORTHN STS PWR CO MINN COM 665772109 1942 41000 SH SOLE 41000
NORTHERN TR CORP COM 665859104 3068 81800 SH SOLE 81800
NORTHROP GRUMMAN CORP COM 666807102 2400 31740 SH SOLE 31740
NORTHWEST AIRLS CORP CL A 667280101 1716 45600 SH SOLE 45600
NORWEST CORP COM 669380107 10166 219813 SH SOLE 219813
NOVELL INC COM 670006105 1799 189413 SH SOLE 189413
NUCOR CORP COM 670346105 2417 52826 SH SOLE 52826
NYNEX CORP COM 670768100 11093 243145 SH SOLE 243145
OGE ENERGY CORP COM 670837103 1231 29400 SH SOLE 29400
OAKWOOD HOMES CORP COM 674098108 661 37500 SH SOLE 37500
OCCIDENTAL PETE CORP DEL COM 674599105 4619 187587 SH SOLE 187587
OCTEL COMMUNICATIONS CORP COM 675724108 675 42504 SH SOLE 42504
OFFICE DEPOT INC COM 676220106 1767 86700 SH SOLE 86700
OHIO CAS CORP COM 677240103 975 23700 SH SOLE 23700
OHIO EDISON CO COM 677347106 1808 85600 SH SOLE 85600
OLD REP INTL CORP COM 680223104 1617 63100 SH SOLE 63100
OLIN CORP COM PAR $1 680665205 1202 30234 SH SOLE 30234
OMNICARE INC COM 681904108 1107 47100 SH SOLE 47100
ORACLE CORP COM 68389X105 11531 299025 SH SOLE 299025
ORYX ENERGY COMPANY COM 68763F100 1667 86600 SH SOLE 86600
OWENS CORNING COM 69073F103 1304 32400 SH SOLE 32400
OWENS ILL INC COM NEW 690768403 2047 83126 SH SOLE 83126
OXFORD HEALTH PLANS INC COM 691471106 2738 46700 SH SOLE 46700
PECO ENERGY CO COM 693304107 2478 121600 SH SOLE 121600
PG&E CORP COM 69331C108 5359 228054 SH SOLE 228054
PNC BK CORP COM 693475105 7759 193971 SH SOLE 193971
P P & L RES INC COM 693499105 1956 96600 SH SOLE 96600
PPG INDS INC COM 693506107 5934 109890 SH SOLE 109890
PACCAR INC COM 693718108 1467 21985 SH SOLE 21985
PACIFIC ENTERPRISES COM 694232109 1627 53800 SH SOLE 53800
PACIFIC TELESIS GROUP COM 694890104 9018 238890 SH SOLE 238890
PACIFICARE HEALTH SYS DEL CL B 695112201 1833 21255 SH SOLE 21255
PACIFICORP COM 695114108 3401 159092 SH SOLE 159092
PAGING NETWORK INC COM 695542100 521 64100 SH SOLE 64100
PAINE WEBBER GROUP INC COM 695629105 1390 49200 SH SOLE 49200
PAIRGAIN TECHNOLOGIES INC COM 695934109 1502 50700 SH SOLE 50700
PALL CORP COM 696429307 1626 70310 SH SOLE 70310
PANENERGY CORP COM 697926103 3855 89400 SH SOLE 89400
PARAMETRIC TECHNOLOGY CORP COM 699173100 3592 79600 SH SOLE 79600
PARKER HANNIFIN CORP COM 701094104 1943 45450 SH SOLE 45450
PAYLESS SHOESOURCE INC COM 704379106 1296 30947 SH SOLE 30947
PENNEY J C INC COM 708160106 6422 134841 SH SOLE 134841
PENNZOIL CO COM 709903108 1527 29500 SH SOLE 29500
PEOPLES ENERGY CORP COM 711030106 908 27400 SH SOLE 27400
PEP BOYS MANNY MOE & JACK COM 713278109 1353 45100 SH SOLE 45100
PEPSICO INC COM 713448108 30241 926928 SH SOLE 926928
PERKIN ELMER CORP COM 714041100 2473 38411 SH SOLE 38411
PHARMACIA & UPJOHN INC COM 716941109 9086 248086 SH SOLE 248086
PFIZER INC COM 717081103 30916 367500 SH SOLE 367500
<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
PHELPS DODGE CORP COM 717265102 2845 38910 SH SOLE 38910
PHILIP MORRIS COS INC COM 718154107 53333 467323 SH SOLE 467323
PHILLIPS PETE CO COM 718507106 5118 125223 SH SOLE 125223
PHYCOR INC COM 71940F100 997 36600 SH SOLE 36600
PHYSICIAN RELIANCE NETWORK INC COM 71940G108 107 20900 SH SOLE 20900
PHYSICIAN SALES & SVC INC COM 71940L107 337 26700 SH SOLE 26700
PICTURETEL CORP COM NEW 720035302 284 23900 SH SOLE 23900
PINNACLE WEST CAP CORP COM 723484101 2532 84047 SH SOLE 84047
PIONEER HI BRED INTL INC COM 723686101 2590 41200 SH SOLE 41200
PITNEY BOWES INC COM 724479100 5540 94301 SH SOLE 94301
PITTSTON CO COM BRINKS GRP 725701106 911 36075 SH SOLE 36075
POLAROID CORP COM 731095105 803 20200 SH SOLE 20200
PORTLAND GEN CORP COM 736506106 2096 60094 SH SOLE 60094
POTLATCH CORP COM 737628107 901 21900 SH SOLE 21900
POTOMAC ELEC PWR CO COM 737679100 1588 64800 SH SOLE 64800
PRAXAIR INC COM 74005P104 4164 92800 SH SOLE 92800
PREMISYS COMMUNICATIONS INC COM 740584107 117 14400 SH SOLE 14400
PRICE T ROWE & ASSOCIATES COM 741477103 1741 46892 SH SOLE 46892
PROCTER & GAMBLE CO COM 742718109 44774 389336 SH SOLE 389336
PROGRESSIVE CORP OHIO COM 743315103 1910 29900 SH SOLE 29900
PROMUS HOTEL CORP COM 74342H104 1438 43246 SH SOLE 43246
PROTECTIVE LIFE CORP COM 743674103 1151 27400 SH SOLE 27400
PROVIDIAN CORP COM 744061102 3676 68719 SH SOLE 68719
PUBLIC SERVICE CO COLO COM 744448101 1772 45723 SH SOLE 45723
PUBLIC SVC ENTERPRISE GROUP COM 744573106 3334 127000 SH SOLE 127000
QUAKER OATS CO COM 747402105 3011 82500 SH SOLE 82500
QUALCOMM INC COM 747525103 1971 34970 SH SOLE 34970
QUEST DIAGNOSTICS INC COM 74834L100 241 16224 SH SOLE 16224
QUESTAR CORP COM 748356102 1058 29500 SH SOLE 29500
QUINTILES TRANSNATIONAL CORP COM 748767100 770 14300 SH SOLE 14300
RJR NABISCO HOLDINGS CORP COM NEW 74960K876 6382 197890 SH SOLE 197890
RPM INC OHIO COM 749685103 1037 62350 SH SOLE 62350
RALSTON PURINA CO COM RAL-PUR GP 751277302 4799 61428 SH SOLE 61428
RATIONAL SOFTWARE CORP COM NEW 75409P202 613 29700 SH SOLE 29700
RAYCHEM CORP DEL COM 754603108 2611 31700 SH SOLE 31700
RAYONIER INC COM 754907103 958 25720 SH SOLE 25720
RAYTHEON CO COM 755111101 6218 137801 SH SOLE 137801
READ-RITE CORP COM 755246105 730 28900 SH SOLE 28900
READERS DIGEST ASSN INC CL A NON VTG 755267101 1382 48076 SH SOLE 48076
READERS DIGEST ASSN INC CL B 755267200 448 16600 SH SOLE 16600
READING & BATES CORP COM NEW 755281805 1102 48700 SH SOLE 48700
REEBOK INTL LTD COM 758110100 1777 39600 SH SOLE 39600
REGIONS FINL CORP COM 758940100 2531 45600 SH SOLE 45600
RELIASTAR FINL CORP COM 75952U103 1937 32758 SH SOLE 32758
REPUBLIC INDS INC COM 760516104 3243 93500 SH SOLE 93500
REPUBLIC N Y CORP COM 760719104 3296 37400 SH SOLE 37400
REYNOLDS METALS CO COM 761763101 2061 33237 SH SOLE 33237
RHONE POULENC RORER INC COM 76242T104 2051 27710 SH SOLE 27710
RICHFOOD HLDGS INC COM 763408101 742 39594 SH SOLE 39594
RITE AID CORP COM 767754104 2392 56950 SH SOLE 56950
<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
ROBERT HALF INTL INC COM 770323103 1716 49200 SH SOLE 49200
ROCKWELL INTL CORP NEW COM 773903109 6205 95648 SH SOLE 95648
ROHM & HAAS CO COM 775371107 1887 25200 SH SOLE 25200
ROUSE CO COM 779273101 2121 72500 SH SOLE 72500
ROWAN COS INC COM 779382100 1364 60300 SH SOLE 60300
RUBBERMAID INC COM 781088109 2241 90078 SH SOLE 90078
RUSSELL CORP COM 782352108 1144 32000 SH SOLE 32000
RYDER SYS INC COM 783549108 1661 56791 SH SOLE 56791
SBC COMMUNICATIONS INC COM 78387G103 17829 338787 SH SOLE 338787
SCI SYS INC COM 783890106 1119 22100 SH SOLE 22100
SAFECO CORP COM 786429100 3292 82300 SH SOLE 82300
SAFEGUARD SCIENTIFICS INC COM 786449108 587 29700 SH SOLE 29700
SAFEWAY INC COM NEW 786514208 6966 150200 SH SOLE 150200
ST JUDE MED INC COM 790849103 1627 48750 SH SOLE 48750
ST PAUL COS INC COM 792860108 3307 50978 SH SOLE 50978
SALOMON INC COM 79549B107 3004 60224 SH SOLE 60224
SANTA FE ENERGY RES INC COM 802012104 957 68962 SH SOLE 68962
SANTA FE PACIFIC GOLD CORP COM 802176107 1404 85082 SH SOLE 85082
SARA LEE CORP COM 803111103 11149 275275 SH SOLE 275275
SCANA CORP COM 805898103 1756 69200 SH SOLE 69200
SCHERING PLOUGH CORP COM 806605101 15484 212841 SH SOLE 212841
SCHWAB CHARLES CORP NEW COM 808513105 2298 72100 SH SOLE 72100
SCIENTIFIC ATLANTA INC COM 808655104 753 49400 SH SOLE 49400
SCRIPPS HOWARD INC CL A 811054204 642 19670 SH SOLE 19670
SEAGATE TECHNOLOGY COM 811804103 5874 130900 SH SOLE 130900
SEARS ROEBUCK & CO COM 812387108 10074 200476 SH SOLE 200476
SECURITY DYNAMICS TECHNOLOGIES COM 814208104 603 24600 SH SOLE 24600
SENSORMATIC ELECTRS CORP COM 817265101 781 46274 SH SOLE 46274
SERVICE CORP INTL COM 817565104 4406 148100 SH SOLE 148100
SHAW INDS INC COM 820286102 1074 84200 SH SOLE 84200
SHERWIN WILLIAMS CO COM 824348106 2577 95448 SH SOLE 95448
SHIVA CORP COM 824851109 219 24800 SH SOLE 24800
SIGMA ALDRICH CORP COM 826552101 1939 62800 SH SOLE 62800
SIGNET BKG CORP COM 826681108 1411 47814 SH SOLE 47814
SILICON GRAPHICS INC COM 827056102 1967 100862 SH SOLE 100862
SIMON DEBARTOLO GROUP INC COM 828781104 1224 40461 SH SOLE 40461
SMITH INTL INC COM 832110100 1419 31100 SH SOLE 31100
SNAP ON INC COM 833034101 1540 39750 SH SOLE 39750
SONAT INC COM 835415100 3063 56199 SH SOLE 56199
SONOCO PRODS CO COM 835495102 1664 61620 SH SOLE 61620
SOUTHERN CO COM 842587107 7636 361464 SH SOLE 361464
SOUTHERN NEW ENGLAND TELECOM COM 843485103 1507 42000 SH SOLE 42000
SOUTHLAND CORP COM NEW 844436402 536 169700 SH SOLE 169700
SOUTHTRUST CORP COM 844730101 2420 67000 SH SOLE 67000
SOUTHWEST AIRLS CO COM 844741108 2053 92790 SH SOLE 92790
SOUTHWESTERN PUB SVC CO COM 845743103 1582 44100 SH SOLE 44100
SPEEDWAY MOTORSPORTS INC COM 847788106 451 19000 SH SOLE 19000
SPRINT CORP COM 852061100 11234 246905 SH SOLE 246905
STANDARD FED BANCORPORATION COM 853386100 1591 27436 SH SOLE 27436
STANLEY WKS COM 854616109 1643 43378 SH SOLE 43378
<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
STAPLES INC COM 855030102 2099 104287 SH SOLE 104287
STAR BANC CORP COM 855083101 2847 71400 SH SOLE 71400
STARBUCKS CORP COM 855244109 1585 53500 SH SOLE 53500
STATE ST BOSTON CORP COM 857473102 3539 51017 SH SOLE 51017
STERIS CORP COM 859152100 620 25424 SH SOLE 25424
STERLING COMM INC COM 859205106 1614 55671 SH SOLE 55671
STERLING SOFTWARE INC COM 859547101 702 25420 SH SOLE 25420
STONE CONTAINER CORP COM 861589109 604 54300 SH SOLE 54300
STORAGE TECHNOLOGY CORP COM PAR $0.10 862111200 1546 39400 SH SOLE 39400
STRYKER CORP COM 863667101 1216 48900 SH SOLE 48900
STUDENT LOAN MARKETING ASSN COM NEW VTG 863871505 3063 32161 SH SOLE 32161
SUMMIT BANCORP COM 866005101 2538 58000 SH SOLE 58000
SUN INC COM 866762107 1251 47900 SH SOLE 47900
SUN MICROSYSTEMS INC COM 866810104 6227 215656 SH SOLE 215656
SUNBEAM CORP COM 867071102 1767 58901 SH SOLE 58901
SUNDSTRAND CORP COM 867323107 1891 43600 SH SOLE 43600
SUNGLASS HUT INTL INC COM 86736F106 319 45500 SH SOLE 45500
SUNTRUST BKS INC COM 867914103 6274 135280 SH SOLE 135280
SUPERVALU INC COM 868536103 1398 47000 SH SOLE 47000
SYBASE INC COM 871130100 672 48000 SH SOLE 48000
SYSCO CORP COM 871829107 3620 106091 SH SOLE 106091
TCI SATELLITE ENTMT INC CL A 872298104 446 57600 SH SOLE 57600
TECO ENERGY INC COM 872375100 1740 72500 SH SOLE 72500
TIG HLDGS INC COM 872469101 2309 72722 SH SOLE 72722
TJX COS INC NEW COM 872540109 2762 64606 SH SOLE 64606
TRW INC COM 872649108 4184 80852 SH SOLE 80852
TAMBRANDS INC COM 875080103 1142 26635 SH SOLE 26635
TANDEM COMPUTERS INC COM 875370108 1068 89900 SH SOLE 89900
TANDY CORP COM 875382103 1799 35900 SH SOLE 35900
TECUMSEH PRODS CO CL A 878895200 955 16757 SH SOLE 16757
TELE COMMUNICATIONS INC NEW COM TCI GRP A 87924V101 4356 363006 SH SOLE 363006
TELE COMMUNICATIONS INC NEW COM LIB GRP A 87924V507 3175 159258 SH SOLE 159258
TELEPHONE & DATA SYS INC COM 879433100 1416 36900 SH SOLE 36900
TELLABS INC COM 879664100 3790 104900 SH SOLE 104900
TEMPLE INLAND INC COM 879868107 1727 32893 SH SOLE 32893
TENET HEALTHCARE CORP COM 88033G100 4121 167330 SH SOLE 167330
TENNECO INC NEW COM 88037E101 3883 99560 SH SOLE 99560
TERADYNE INC COM 880770102 1504 52102 SH SOLE 52102
TEXACO INC COM 881694103 16864 154006 SH SOLE 154006
TEXAS INSTRS INC COM 882508104 8067 107734 SH SOLE 107734
TEXAS UTILS CO COM 882848104 4033 117740 SH SOLE 117740
TEXTRON INC COM 883203101 5127 48831 SH SOLE 48831
THERMO FIBERTEK INC COM 88355W105 234 25800 SH SOLE 25800
THERMO ELECTRON CORP COM 883556102 2785 90201 SH SOLE 90201
THERMOLASE CORP COM 883624108 213 18700 SH SOLE 18700
THERMEDICS INC COM 883901100 317 20290 SH SOLE 20290
THOMAS & BETTS CORP COM 884315102 1462 34200 SH SOLE 34200
3COM CORP COM 885535104 3324 101500 SH SOLE 101500
360 COMMUNICATIONS CO COM 885571109 1357 78668 SH SOLE 78668
TIDEWATER INC COM 886423102 2098 45600 SH SOLE 45600
<PAGE> PAGE 16
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
TIFFANY & CO NEW COM 886547108 969 25500 SH SOLE 25500
TIME WARNER INC COM 887315109 10962 253458 SH SOLE 253458
TIMES MIRROR CO NEW COM SER A 887364107 2622 48000 SH SOLE 48000
TIMKEN CO COM 887389104 1077 20124 SH SOLE 20124
TORCHMARK CORP COM 891027104 2326 42000 SH SOLE 42000
TOSCO CORP COM NEW 891490302 2434 85404 SH SOLE 85404
TOYS R US INC COM 892335100 4213 150471 SH SOLE 150471
TRANSAMERICA CORP COM 893485102 3735 41734 SH SOLE 41734
TRAVELERS GROUP INC COM 894190107 17783 371450 SH SOLE 371450
TRIBUNE CO NEW COM 896047107 2665 65800 SH SOLE 65800
TUPPERWARE CORP COM 899896104 1327 39600 SH SOLE 39600
TYCO INTERNATIONAL LTD COM 902120104 5038 91606 SH SOLE 91606
TYSON FOODS INC CL A 902494103 1415 73042 SH SOLE 73042
UAL CORP COM PAR $0.01 902549500 2545 39300 SH SOLE 39300
UCAR INTL INC COM 90262K109 811 20460 SH SOLE 20460
USX MARATHON GROUP COM NEW 902905827 4853 174109 SH SOLE 174109
UST INC COM 902911106 3134 112442 SH SOLE 112442
USA WASTE SVCS INC COM 902917103 2514 70821 SH SOLE 70821
UNUM CORP COM 903192102 3081 42210 SH SOLE 42210
USF&G CORP COM 903290104 1608 74800 SH SOLE 74800
U S G CORP COM NEW 903293405 1082 34500 SH SOLE 34500
USX-U S STL COM 90337T101 1334 50100 SH SOLE 50100
U S ROBOTICS CORP COM 90338F100 2951 53300 SH SOLE 53300
UNICOM CORP COM 904911104 2811 144168 SH SOLE 144168
UNION CAMP CORP COM 905530101 1932 41000 SH SOLE 41000
UNION CARBIDE CORP COM 905581104 3102 70100 SH SOLE 70100
UNION ELEC CO COM 906548102 2072 56200 SH SOLE 56200
UNION PAC CORP COM 907818108 7179 126502 SH SOLE 126502
UNION PAC RES GROUP INC COM 907834105 3835 143379 SH SOLE 143379
UNISOURCE WORLDWIDE INC COM 909208100 584 38015 SH SOLE 38015
UNISYS CORP COM 909214108 806 126400 SH SOLE 126400
UNITED HEALTHCARE CORP COM 910581107 5049 106025 SH SOLE 106025
U S BANCORP ORE COM 911596104 5227 97702 SH SOLE 97702
UNITED STATES CELLULAR CORP COM 911684108 771 31000 SH SOLE 31000
US AIRWAYS GROUP INC COM 911905107 1318 53800 SH SOLE 53800
UNITED STATES SURGICAL CORP COM 912707106 1171 38400 SH SOLE 38400
U S WEST INC COM-COMMUNCTNS 912889102 9291 273267 SH SOLE 273267
U S WEST INC COM-MEDIA GRP 912889201 5025 269783 SH SOLE 269783
UNITED TECHNOLOGIES CORP COM 913017109 11613 154332 SH SOLE 154332
UNITRIN INC COM 913275103 1264 25400 SH SOLE 25400
UNOCAL CORP COM 915289102 5937 155720 SH SOLE 155720
V F CORP COM 918204108 2461 36800 SH SOLE 36800
VALERO ENERGY CORP COM 919138107 1204 33100 SH SOLE 33100
VALLEY NATL BANCORP COM 919794107 920 33920 SH SOLE 33920
VALUE HEALTH INC COM 920393105 686 37100 SH SOLE 37100
VARIAN ASSOC INC COM 922204102 1931 36087 SH SOLE 36087
VASTAR RES INC COM 922380100 524 18240 SH SOLE 18240
VERIFONE INC COM 923429104 688 21000 SH SOLE 21000
VIAD CORP COM 92552R109 1370 85600 SH SOLE 85600
VIACOM INC CL A 925524100 1453 44524 SH SOLE 44524
<PAGE> PAGE 17
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
VIACOM INC CL B 925524308 7865 237442 SH SOLE 237442
VIKING OFFICE PRODS COM 926913104 1209 62400 SH SOLE 62400
VIVRA INC COM 92855M104 743 27500 SH SOLE 27500
VULCAN MATLS CO COM 929160109 1486 22900 SH SOLE 22900
WMX TECHNOLOGIES INC COM 92929Q107 8361 273000 SH SOLE 273000
WACHOVIA CORP COM 929771103 5473 100430 SH SOLE 100430
WAL MART STORES INC COM 931142103 22826 818867 SH SOLE 818867
WALGREEN CO COM 931422109 6362 151920 SH SOLE 151920
WARNER LAMBERT CO COM 934488107 13728 158706 SH SOLE 158706
WASHINGTON MUT INC COM 939322103 2131 44100 SH SOLE 44100
WASHINGTON POST CO CL B 939640108 1582 4600 SH SOLE 4600
WATSON PHARMACEUTICALS INC COM 942683103 765 21400 SH SOLE 21400
WEATHERFORD ENTERRA INC COM 947071106 1011 34400 SH SOLE 34400
WELLS FARGO & CO DEL COM 949740104 15346 54010 SH SOLE 54010
WENDYS INTL INC COM 950590109 1757 85200 SH SOLE 85200
WESCO FINL CORP COM 950817106 697 3400 SH SOLE 3400
WESTERN ATLAS INC COM 957674104 1843 30400 SH SOLE 30400
WESTERN NATL CORP COM 958845109 1117 47800 SH SOLE 47800
WESTERN RES INC COM 959425109 1212 40400 SH SOLE 40400
WESTINGHOUSE ELEC CORP COM 960402105 6231 351026 SH SOLE 351026
WESTVACO CORP COM 961548104 1437 57205 SH SOLE 57205
WEYERHAEUSER CO COM 962166104 5110 114502 SH SOLE 114502
WHEELABRATOR TECH INC NEW COM PAR $0.01 962901302 704 53609 SH SOLE 53609
WHIRLPOOL CORP COM 963320106 2138 44900 SH SOLE 44900
WHITMAN CORP COM 96647K102 1921 78400 SH SOLE 78400
WILLAMETTE INDS INC COM 969133107 2088 33400 SH SOLE 33400
WILLIAMS COS INC DEL COM 969457100 4385 98550 SH SOLE 98550
WINN DIXIE STORES INC COM 974280109 1818 55100 SH SOLE 55100
WISCONSIN ENERGY CORP COM 976657106 1673 68300 SH SOLE 68300
WITCO CORP COM 977385103 1400 41177 SH SOLE 41177
WOOLWORTH CORP COM 980883102 2036 87100 SH SOLE 87100
WORLDCOM INC GA COM 98155K102 8018 364440 SH SOLE 364440
WORTHINGTON INDS INC COM 981811102 1047 54750 SH SOLE 54750
WRIGLEY WM JR CO COM 982526105 3497 59900 SH SOLE 59900
XILINX INC COM 983919101 2408 49400 SH SOLE 49400
XEROX CORP COM 984121103 11500 202190 SH SOLE 202190
YORK INTL CORP NEW COM 986670107 1135 27100 SH SOLE 27100
ZIONS BANCORPORATION COM 989701107 1591 13400 SH SOLE 13400
REPORT SUMMARY 788 DATA RECORDS 3590850 0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
</TABLE>
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