ELCA BOARD OF PENSIONS
13F-E, 1996-11-01
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                       SECURITIES AND EXCHANGE COMMISSION                                                                         
                                   FORM 13F-E                                                                                     
                                                                                                                                  
                                                                                                                                  
Report for the Calendar Year or Quarter Ended:    09/30/96                                                                        
                                                                                                                                  
                                                                                                                                  
Institutional Investment Manager:                                                                                                 
                                                                                                                                  
CATHLEEN A. PITTENGER FOR 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    10/29/96                                                    
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
<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
                                                                                                                                  
AMERADA HESS CORP              COM              023551104     3759    71100 SH       SOLE                  71100                  
AMERICAN EXPRESS CO            COM              025816109     5078   109800 SH       SOLE                 109800                  
AMERICAN GENERAL CORP          COM              026351106     5376   142400 SH       SOLE                 142400                  
AMP INC                        COM              031897101     5545   143100 SH       SOLE                 143100                  
ARCHER DANIELS MIDLAND CO      COM              039483102     3967   206100 SH       SOLE                 206100                  
ASHLAND INC                    COM              044204105     3880    97600 SH       SOLE                  97600                  
BANKERS TRUST N Y CORP         COM              066365107     4348    55300 SH       SOLE                  55300                  
BEVERLY ENTERPRISES INC        COM              087851101     3263   300000 SH       SOLE                 300000                  
BROWNING FERRIS INDS           COM              115885105     2283    91300 SH       SOLE                  91300                  
CIPSCO INC                     COM              125539106     1910    53600 SH       SOLE                  53600                  
COOPER INDS INC                COM              216669101     5657   130800 SH       SOLE                 130800                  
DAYTON HUDSON CORP             COM              239753106     2749    83300 SH       SOLE                  83300                  
DEAN FOODS CO                  COM              242361103     2082    73700 SH       SOLE                  73700                  
DENTSPLY INTL INC NEW          COM              249030107     4130    92800 SH       SOLE                  92800                  
DONNELLEY R R & SONS CO        COM              257867101     4570   141700 SH       SOLE                 141700                  
DU PONT E I DE NEMOURS & CO    COM              263534109     3957    44900 SH       SOLE                  44900                  
ENTERGY CORP NEW               COM              29364G103     4247   157300 SH       SOLE                 157300                  
GENERAL MTRS CORP              COM              370442105     4075    84900 SH       SOLE                  84900                  
GENERAL RE CORP                COM              370563108     4664    32900 SH       SOLE                  32900                  
GENERAL SIGNAL CORP            COM              370838104     3071    69800 SH       SOLE                  69800                  
GIDDINGS & LEWIS INC WIS       COM              375048105     2893   243600 SH       SOLE                 243600                  
HANSON PLC                     SPONSORED ADR    411352305     4586   370600 SH       SOLE                 370600                  
HUMANA INC                     COM              444859102     1962    96900 SH       SOLE                  96900                  
INTERNATIONAL MULTIFOODS CORP  COM              460043102     1346    82800 SH       SOLE                  82800                  
KERR MCGEE CORP                COM              492386107     2879    47300 SH       SOLE                  47300                  
LIMITED INC                    COM              532716107     4362   228100 SH       SOLE                 228100                  
MALLINCKRODT GROUP INC         COM              561226101     4733   113700 SH       SOLE                 113700                  
MANPOWER INC                   COM              56418H100     3511   105600 SH       SOLE                 105600                  
MARSH & MCLENNAN COS INC       COM              571748102     3331    34300 SH       SOLE                  34300                  
MASCO CORP                     COM              574599106     3914   131000 SH       SOLE                 131000                  
MAY DEPT STORES CO             COM              577778103     3234    66500 SH       SOLE                  66500                  
MOTOROLA INC                   COM              620076109     5171   100400 SH       SOLE                 100400                  
NELLCOR PURITAN BENNET INC     COM              640275103     1905    86600 SH       SOLE                  86600                  
NORFOLK SOUTHERN CORP          COM              655844108     4139    45300 SH       SOLE                  45300                  
NORTHN STS PWR CO MINN         COM              665772109     4630    99300 SH       SOLE                  99300                  
PNC BK CORP                    COM              693475105     3928   117700 SH       SOLE                 117700                  
PACIFICORP                     COM              695114108     5598   271400 SH       SOLE                 271400                  
PHILLIPS PETE CO               COM              718507106     3347    78300 SH       SOLE                  78300                  
PROVIDIAN CORP                 COM              744061102     5151   119800 SH       SOLE                 119800                  
PUBLIC SVC ENTERPRISE GROUP    COM              744573106     4695   175500 SH       SOLE                 175500                  
REYNOLDS METALS CO             COM              761763101     2924    57200 SH       SOLE                  57200                  
SAFECO CORP                    COM              786429100     3931   112300 SH       SOLE                 112300                  
SHERWIN WILLIAMS CO            COM              824348106     3831    82600 SH       SOLE                  82600                  
SNAP ON INC                    COM              833034101     5085   158300 SH       SOLE                 158300                  
SOUTHERN CO                    COM              842587107     5333   237000 SH       SOLE                 237000                  
SOUTHERN NEW ENGLAND TELECOM   COM              843485103     2533    68700 SH       SOLE                  68700                  
SUPERVALU INC                  COM              868536103     4683   170300 SH       SOLE                 170300                  
THOMAS & BETTS CORP            COM              884315102     4809   117300 SH       SOLE                 117300                  
XEROX CORP                     COM              984121103     2488    46400 SH       SOLE                  46400                  
REPORT SUMMARY                 49 DATA RECORDS              189543            0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED    
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