ELCA BOARD OF PENSIONS
13F-E, 1997-01-24
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                       SECURITIES AND EXCHANGE COMMISSION                                                                         
                                   FORM 13F-E                                                                                     
                                                                                                                                  
                                                                                                                                  
Report for the Calendar Year or Quarter Ended:    12/31/96                                                                        
                                                                                                                                  
                                                                                                                                  
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    01/16/97                                                    
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
<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
                                                                                                                                  
AMERADA HESS CORP              COM              023551104     4202    72600 SH       SOLE                  72600                  
AMERICAN EXPRESS CO            COM              025816109     4198    74300 SH       SOLE                  74300                  
AMERICAN GENERAL CORP          COM              026351106     6217   152100 SH       SOLE                 152100                  
AMERITECH CORP NEW             COM              030954101     3534    58300 SH       SOLE                  58300                  
AMP INC                        COM              031897101     4870   126900 SH       SOLE                 126900                  
ASHLAND INC                    COM              044204105     1891    43100 SH       SOLE                  43100                  
BANKERS TRUST N Y CORP         COM              066365107     5132    59500 SH       SOLE                  59500                  
BEVERLY ENTERPRISES INC        COM              087851101     3825   300000 SH       SOLE                 300000                  
BROWNING FERRIS INDS           COM              115885105     4449   169500 SH       SOLE                 169500                  
CIPSCO INC                     COM              125539106     1656    46000 SH       SOLE                  46000                  
COOPER INDS INC                COM              216669101     5510   130800 SH       SOLE                 130800                  
DAYTON HUDSON CORP             COM              239753106     2057    52400 SH       SOLE                  52400                  
DENTSPLY INTL INC NEW          COM              249030107     4289    90300 SH       SOLE                  90300                  
DONNELLEY R R & SONS CO        COM              257867101     4760   151700 SH       SOLE                 151700                  
DU PONT E I DE NEMOURS & CO    COM              263534109     3746    39800 SH       SOLE                  39800                  
ENTERGY CORP NEW               COM              29364G103     4569   165400 SH       SOLE                 165400                  
GENERAL MTRS CORP              COM              370442105     4388    78700 SH       SOLE                  78700                  
GENERAL RE CORP                COM              370563108     5190    32900 SH       SOLE                  32900                  
GENERAL SIGNAL CORP            COM              370838104     4617   108000 SH       SOLE                 108000                  
GIDDINGS & LEWIS INC WIS       COM              375048105     3136   243600 SH       SOLE                 243600                  
HANSON PLC                     SPONSORED ADR    411352305     2502   370600 SH       SOLE                 370600                  
HUMANA INC                     COM              444859102     4739   249400 SH       SOLE                 249400                  
INCO LTD                       COM              453258402     3487   109400 SH       SOLE                 109400                  
INTERNATIONAL MULTIFOODS CORP  COM              460043102     1501    82800 SH       SOLE                  82800                  
LIMITED INC                    COM              532716107     4570   248700 SH       SOLE                 248700                  
MALLINCKRODT INC NEW           COM              561232109     4187    94900 SH       SOLE                  94900                  
MANPOWER INC                   COM              56418H100     4774   146900 SH       SOLE                 146900                  
MARSH & MCLENNAN COS INC       COM              571748102     3588    34500 SH       SOLE                  34500                  
MASCO CORP                     COM              574599106     3085    85700 SH       SOLE                  85700                  
MAY DEPT STORES CO             COM              577778103     3109    66500 SH       SOLE                  66500                  
MOTOROLA INC                   COM              620076109     5139    83900 SH       SOLE                  83900                  
NELLCOR PURITAN BENNET INC     COM              640275103     2262   103400 SH       SOLE                 103400                  
NORFOLK SOUTHERN CORP          COM              655844108     5192    59000 SH       SOLE                  59000                  
NORTHN STS PWR CO MINN         COM              665772109     3748    81700 SH       SOLE                  81700                  
PNC BK CORP                    COM              693475105     4428   117700 SH       SOLE                 117700                  
PACIFICORP                     COM              695114108     5564   271400 SH       SOLE                 271400                  
PENNEY J C INC                 COM              708160106     4885   100200 SH       SOLE                 100200                  
PHILLIPS PETE CO               COM              718507106     5345   120800 SH       SOLE                 120800                  
PROVIDIAN CORP                 COM              744061102     2502    48700 SH       SOLE                  48700                  
PUBLIC SVC ENTERPRISE GROUP    COM              744573106     4782   175500 SH       SOLE                 175500                  
REYNOLDS METALS CO             COM              761763101     2469    43800 SH       SOLE                  43800                  
SAFECO CORP                    COM              786429100     4322   109600 SH       SOLE                 109600                  
SNAP ON INC                    COM              833034101     5397   151500 SH       SOLE                 151500                  
SOUTHERN CO                    COM              842587107     5362   237000 SH       SOLE                 237000                  
SOUTHERN NEW ENGLAND TELECOM   COM              843485103     1843    47400 SH       SOLE                  47400                  
SUN INC                        COM              866762107     4144   170000 SH       SOLE                 170000                  
SUPERVALU INC                  COM              868536103     4832   170300 SH       SOLE                 170300                  
THOMAS & BETTS CORP            COM              884315102     4127    93000 SH       SOLE                  93000                  
WHIRLPOOL CORP                 COM              963320106     2201    47200 SH       SOLE                  47200                  
XEROX CORP                     COM              984121103     5584   106100 SH       SOLE                 106100                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
<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
                                                                                                                                  
REPORT SUMMARY                 50 DATA RECORDS              201906            0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED    
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