ELCA BOARD OF PENSIONS
13F-E, 1996-05-10
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                       SECURITIES AND EXCHANGE COMMISSION                                                                         
                                   FORM 13F-E                                                                                     
                                                                                                                                  
                                                                                                                                  
Report for the Calendar Year or Quarter Ended:    03/31/96                                                                        
                                                                                                                                  
                                                                                                                                  
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    04/30/96                                                    
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
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                                                           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
                                                                                                                                  
AMERICAN EXPRESS CO            COM              025816109     2380    48200 SH       SOLE                  48200                  
AMERICAN GENERAL CORP          COM              026351106     4564   132300 SH       SOLE                 132300                  
AMERICAN HOME PRODS CORP       COM              026609107     2634    24300 SH       SOLE                  24300                  
AMP INC                        COM              031897101     4038    97600 SH       SOLE                  97600                  
ARCHER DANIELS MIDLAND CO      COM              039483102     3844   209200 SH       SOLE                 209200                  
ASHLAND INC                    COM              044204105     3423    89200 SH       SOLE                  89200                  
BANKERS TRUST N Y CORP         COM              066365107     4812    67900 SH       SOLE                  67900                  
BEVERLY ENTERPRISES INC        COM              087851101     2397   217900 SH       SOLE                 217900                  
BROWNING FERRIS INDS           COM              115885105     2448    77700 SH       SOLE                  77700                  
BURLINGTON RES INC             COM              122014103     3991   107500 SH       SOLE                 107500                  
CIPSCO INC                     COM              125539106     2070    53600 SH       SOLE                  53600                  
COOPER INDS INC                COM              216669101     4594   117800 SH       SOLE                 117800                  
DAYTON HUDSON CORP             COM              239753106     2139    25200 SH       SOLE                  25200                  
DEAN FOODS CO                  COM              242361103     1843    73700 SH       SOLE                  73700                  
DONNELLEY R R & SONS CO        COM              257867101     3036    88000 SH       SOLE                  88000                  
DU PONT E I DE NEMOURS & CO    COM              263534109     2473    29800 SH       SOLE                  29800                  
EASTERN ENTERPRISES            COM              27637F100     1505    42400 SH       SOLE                  42400                  
GENERAL MTRS CORP              COM              370442105     3871    72700 SH       SOLE                  72700                  
GENERAL RE CORP                COM              370563108     3862    26500 SH       SOLE                  26500                  
GENERAL SIGNAL CORP            COM              370838104     3107    85700 SH       SOLE                  85700                  
GIDDINGS & LEWIS INC WIS       COM              375048105     3198   168300 SH       SOLE                 168300                  
HANSON PLC                     SPONSORED ADR    411352305     3754   252400 SH       SOLE                 252400                  
HUMANA INC                     COM              444859102     3211   127800 SH       SOLE                 127800                  
INTERNATIONAL MULTIFOODS CORP  COM              460043102     1584    82800 SH       SOLE                  82800                  
LIMITED INC                    COM              532716107     2371   124771 SH       SOLE                 124771                  
LUBRIZOL CORP                  COM              549271104     1056    35800 SH       SOLE                  35800                  
MALLINCKRODT GROUP INC         COM              561226101     1588    42200 SH       SOLE                  42200                  
MANPOWER INC                   COM              56418H100     2914    94000 SH       SOLE                  94000                  
MARSH & MCLENNAN COS INC       COM              571748102     3548    38200 SH       SOLE                  38200                  
MASCO CORP                     COM              574599106     4228   145800 SH       SOLE                 145800                  
MONTANA POWER CO               COM              612085100     3968   183500 SH       SOLE                 183500                  
MORGAN J P & CO INC            COM              616880100     2706    32600 SH       SOLE                  32600                  
MOTOROLA INC                   COM              620076109     4717    89000 SH       SOLE                  89000                  
NORFOLK SOUTHERN CORP          COM              655844108     3056    35900 SH       SOLE                  35900                  
NORTHN STS PWR CO MINN         COM              665772109     3115    63900 SH       SOLE                  63900                  
PACIFICORP                     COM              695114108     3880   187000 SH       SOLE                 187000                  
PHILLIPS PETE CO               COM              718507106     3895    98600 SH       SOLE                  98600                  
PROVIDIAN CORP                 COM              744061102     3646    81700 SH       SOLE                  81700                  
PUBLIC SVC ENTERPRISE GROUP    COM              744573106     4010   146500 SH       SOLE                 146500                  
REYNOLDS METALS CO             COM              761763101     4062    68700 SH       SOLE                  68700                  
SHERWIN WILLIAMS CO            COM              824348106     2450    55200 SH       SOLE                  55200                  
SNAP ON INC                    COM              833034101     2408    51500 SH       SOLE                  51500                  
SOUTHERN NEW ENGLAND TELECOM   COM              843485103     1622    40300 SH       SOLE                  40300                  
SUPERVALU INC                  COM              868536103     3810   123400 SH       SOLE                 123400                  
THOMAS & BETTS CORP            COM              884315102     3855    51400 SH       SOLE                  51400                  
TRANSCANADA PIPELINES LTD      COM              893526103     2686   193600 SH       SOLE                 193600                  
WOOLWORTH CORP                 COM              980883102     2338   149600 SH       SOLE                 149600                  
XEROX CORP                     COM              984121103     4468    35600 SH       SOLE                  35600                  
REPORT SUMMARY                 48 DATA RECORDS              151175            0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED    
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