ELCA BOARD OF PENSIONS
13F-E, 1995-11-01
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                       SECURITIES AND EXCHANGE COMMISSION                                                                         
                                   FORM 13F-E                                                                                     
                                                                                                                                  
                                                                                                                                  
Report for the Calendar Year or Quarter Ended:    09/30/95                                                                        
                                                                                                                                  
                                                                                                                                  
Institutional Investment Manager:                                                                                                 
                                                                                                                                  
CATHERINE A. PITTENGER OF ELCA BOARD OF PENSIONS                                                                                  
800 MARQUETTE AVE.                                                                                                                
SUITE 1050                                                                                                                        
MINNEAPOLIS                                       MN            55402-0000                                                        
                                                                                                                                  
                                                                                                                                  
 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    10/30/95                                                    
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
<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
                                                                                                                                  
AHMANSON H F & CO              COM              008677106     2005    79000 SH       SOLE                  79000                  
AMERICAN EXPRESS CO            COM              025816109     3719    83800 SH       SOLE                  83800                  
AMERICAN GENERAL CORP          COM              026351106     3805   101800 SH       SOLE                 101800                  
AMERICAN HOME PRODS CORP       COM              026609107     2062    24300 SH       SOLE                  24300                  
AMERICAN INTL GROUP INC        COM              026874107     2321    27300 SH       SOLE                  27300                  
ANHEUSER BUSCH COS INC         COM              035229103     3081    49400 SH       SOLE                  49400                  
ARCHER DANIELS MIDLAND CO      COM              039483102     2583   168000 SH       SOLE                 168000                  
ASHLAND INC                    COM              044204105     3688   110500 SH       SOLE                 110500                  
BURLINGTON RES INC             COM              122014103     1411    36400 SH       SOLE                  36400                  
CIPSCO INC                     COM              125539106     1568    45600 SH       SOLE                  45600                  
CHEMICAL BKG CORP              COM              163722101     1698    27900 SH       SOLE                  27900                  
COOPER INDS INC                COM              216669101     3144    89200 SH       SOLE                  89200                  
CORNING INC                    COM              219350105     3698   129200 SH       SOLE                 129200                  
DAYTON HUDSON CORP             COM              239753106     3574    47100 SH       SOLE                  47100                  
DEAN FOODS CO                  COM              242361103     1815    63700 SH       SOLE                  63700                  
DEXTER CORP                    COM              252165105     1568    61500 SH       SOLE                  61500                  
DU PONT E I DE NEMOURS & CO    COM              263534109     1726    25100 SH       SOLE                  25100                  
EASTERN ENTERPRISES            COM              27637F100     2345    73000 SH       SOLE                  73000                  
EXXON CORP                     COM              302290101     2962    41000 SH       SOLE                  41000                  
FINGERHUT COS INC              COM              317867109      358    22200 SH       SOLE                  22200                  
FOSTER WHEELER CORP            COM              350244109     2140    60500 SH       SOLE                  60500                  
GTE CORP                       COM              362320103     2715    69400 SH       SOLE                  69400                  
GENERAL MTRS CORP              COM              370442105     3769    80400 SH       SOLE                  80400                  
GENERAL RE CORP                COM              370563108     3035    20100 SH       SOLE                  20100                  
GENERAL SIGNAL CORP            COM              370838104     3498   119600 SH       SOLE                 119600                  
GIDDINGS & LEWIS INC WIS       COM              375048105     3709   212700 SH       SOLE                 212700                  
HONEYWELL INC                  COM              438506107     2898    67600 SH       SOLE                  67600                  
HUMANA INC                     COM              444859102     3723   185000 SH       SOLE                 185000                  
INTERNATIONAL MULTIFOODS CORP  COM              460043102     1565    72800 SH       SOLE                  72800                  
LIMITED INC                    COM              532716107     3794   198400 SH       SOLE                 198400                  
LUBRIZOL CORP                  COM              549271104     3801   116500 SH       SOLE                 116500                  
MASCO CORP                     COM              574599106     3487   126800 SH       SOLE                 126800                  
MONTANA POWER CO               COM              612085100     3432   147600 SH       SOLE                 147600                  
MORGAN J P & CO INC            COM              616880100     2368    30600 SH       SOLE                  30600                  
NORFOLK SOUTHERN CORP          COM              655844108     2422    32400 SH       SOLE                  32400                  
NYNEX CORP                     COM              670768100     2388    50000 SH       SOLE                  50000                  
PACIFICORP                     COM              695114108     3906   205600 SH       SOLE                 205600                  
PITNEY BOWES INC               COM              724479100     2801    66700 SH       SOLE                  66700                  
PROVIDIAN CORP                 COM              744061102     4192   101000 SH       SOLE                 101000                  
QUESTAR CORP                   COM              748356102     1706    53300 SH       SOLE                  53300                  
REYNOLDS METALS CO             COM              761763101     3079    53200 SH       SOLE                  53200                  
SHERWIN WILLIAMS CO            COM              824348106     3770   107700 SH       SOLE                 107700                  
SNAP ON INC                    COM              833034101     2128    56000 SH       SOLE                  56000                  
SOUTHERN NEW ENGLAND TELECOM   COM              843485103      672    19000 SH       SOLE                  19000                  
SUPERVALU INC                  COM              868536103     2891    98400 SH       SOLE                  98400                  
TEXACO INC                     COM              881694103     3651    56600 SH       SOLE                  56600                  
THOMAS & BETTS CORP            COM              884315102     3154    48800 SH       SOLE                  48800                  
TRANSCANADA PIPELINES LTD      COM              893526103     3413   260000 SH       SOLE                 260000                  
U S WEST INC                   COM              912889102     2776    58900 SH       SOLE                  58900                  
WOOLWORTH CORP                 COM              980883102     3893   247200 SH       SOLE                 247200                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
<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
                                                                                                                                  
XEROX CORP                     COM              984121103     3507    26100 SH       SOLE                  26100                  
REPORT SUMMARY                 51 DATA RECORDS              143414            0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED    
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