ELCA BOARD OF PENSIONS
13F-E, 1997-07-25
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                       SECURITIES AND EXCHANGE COMMISSION                                                                         
                                   FORM 13F-E                                                                                     
                                                                                                                                  
                                                                                                                                  
Report for the Calendar Year or Quarter Ended:    06/30/97                                                                        
                                                                                                                                  
                                                                                                                                  
Institutional Investment Manager:                                                                                                 
                                                                                                                                  
EVANGELICAL LUTHERAN CHURCH IN AMERICA BOARD OF PEN                                                                               
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:                                                                     
                                                                                                                                  
    KATHLEEN A. RADCLIFFE          CONTROLLER                   612-333-7651                                                      
                                                                                                                                  
                                                                                                                                  
Signature, Place and Date of Signing:                                                                                             
                                                                                                                                  
/s/ KATHLEEN A. RADCLIFFE          MINNEAPOLIS                  MN    07/17/97                                                    
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
<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
                                                                                                                                  
AEGON N V                      ORD AMER REG     007924103     2873    41009 SH       SOLE                  41009                  
AMERADA HESS CORP              COM              023551104     6145   110600 SH       SOLE                 110600                  
AMERICAN EXPRESS CO            COM              025816109     4813    64600 SH       SOLE                  64600                  
AMERICAN GENERAL CORP          COM              026351106     8108   169800 SH       SOLE                 169800                  
AMERITECH CORP NEW             COM              030954101     4321    63600 SH       SOLE                  63600                  
AMP INC                        COM              031897101     7377   176700 SH       SOLE                 176700                  
ASHLAND INC                    COM              044204105     3149    67900 SH       SOLE                  67900                  
BANKERS TRUST N Y CORP         COM              066365107     7310    83900 SH       SOLE                  83900                  
BARD C R INC                   COM              067383109     3435    94600 SH       SOLE                  94600                  
BEVERLY ENTERPRISES INC        COM              087851101     3474   213800 SH       SOLE                 213800                  
BROWNING FERRIS INDS           COM              115885105     2574    77400 SH       SOLE                  77400                  
BURLINGTON NORTHN SANTA FE CP  COM              12189T104     7019    78100 SH       SOLE                  78100                  
CIPSCO INC                     COM              125539106     1835    50200 SH       SOLE                  50200                  
COMPUTER SCIENCES CORP         COM              205363104     2928    40600 SH       SOLE                  40600                  
COOPER INDS INC                COM              216669101     6269   126000 SH       SOLE                 126000                  
DAYTON HUDSON CORP             COM              239753106     4649    87400 SH       SOLE                  87400                  
DENTSPLY INTL INC NEW          COM              249030107     3900    79600 SH       SOLE                  79600                  
DONNELLEY R R & SONS CO        COM              257867101     4025   109900 SH       SOLE                 109900                  
DOW CHEM CO                    COM              260543103     6325    72800 SH       SOLE                  72800                  
ELECTRONIC DATA SYS NEW        COM              285661104     2199    53400 SH       SOLE                  53400                  
ENTERGY CORP NEW               COM              29364G103     5077   184600 SH       SOLE                 184600                  
GENERAL MTRS CORP              COM              370442105     6829   122500 SH       SOLE                 122500                  
GENERAL RE CORP                COM              370563108     6679    36700 SH       SOLE                  36700                  
GENERAL SIGNAL CORP            COM              370838104     6177   141600 SH       SOLE                 141600                  
HUMANA INC                     COM              444859102     6170   266800 SH       SOLE                 266800                  
INCO LTD                       COM              453258402     4930   164000 SH       SOLE                 164000                  
LIMITED INC                    COM              532716107     6909   341200 SH       SOLE                 341200                  
MALLINCKRODT INC NEW           COM              561232109     6228   163900 SH       SOLE                 163900                  
MANPOWER INC                   COM              56418H100     6328   142200 SH       SOLE                 142200                  
MARSH & MCLENNAN COS INC       COM              571748102     4240    59400 SH       SOLE                  59400                  
MASCO CORP                     COM              574599106     5319   127400 SH       SOLE                 127400                  
MAY DEPT STORES CO             COM              577778103     6440   136300 SH       SOLE                 136300                  
MOTOROLA INC                   COM              620076109     7704   101200 SH       SOLE                 101200                  
NELLCOR PURITAN BENNET INC     COM              640275103     2248   124000 SH       SOLE                 124000                  
NORTHN STS PWR CO MINN         COM              665772109     4720    91200 SH       SOLE                  91200                  
PNC BK CORP                    COM              693475105     6346   152000 SH       SOLE                 152000                  
PACIFICORP                     COM              695114108     5458   248100 SH       SOLE                 248100                  
PENNEY J C INC                 COM              708160106     6612   126700 SH       SOLE                 126700                  
PHILLIPS PETE CO               COM              718507106     7293   166700 SH       SOLE                 166700                  
PROVIDIAN FINL CORP            COM              74406A102     3033    94400 SH       SOLE                  94400                  
PUBLIC SVC ENTERPRISE GROUP    COM              744573106     4893   195700 SH       SOLE                 195700                  
SAFECO CORP                    COM              786429100     5397   115600 SH       SOLE                 115600                  
SNAP ON INC                    COM              833034101     3418    86800 SH       SOLE                  86800                  
SOUTHERN CO                    COM              842587107     5786   264500 SH       SOLE                 264500                  
SOUTHERN NEW ENGLAND TELECOM   COM              843485103     2686    69100 SH       SOLE                  69100                  
SUN INC                        COM              866762107     3974   128200 SH       SOLE                 128200                  
SUPERVALU INC                  COM              868536103     6641   192500 SH       SOLE                 192500                  
THOMAS & BETTS CORP            COM              884315102     6817   129700 SH       SOLE                 129700                  
TRINITY INDS INC               COM              896522109     2264    71300 SH       SOLE                  71300                  
WHIRLPOOL CORP                 COM              963320106     5751   105400 SH       SOLE                 105400                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
<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     4149    52600 SH       SOLE                  52600                  
REPORT SUMMARY                 51 DATA RECORDS              259244            0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED    
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