ELCA BOARD OF PENSIONS
13F-E, 1997-10-24
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                       SECURITIES AND EXCHANGE COMMISSION                                                                         
                                   FORM 13F-E                                                                                     
                                                                                                                                  
                                                                                                                                  
Report for the Calendar Year or Quarter Ended:    09/30/97                                                                        
                                                                                                                                  
                                                                                                                                  
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    10/20/97                                                    
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
<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     3473    43578 SH       SOLE                  43578                  
AMERADA HESS CORP              COM              023551104     5293    85800 SH       SOLE                  85800                  
AMERICAN EXPRESS CO            COM              025816109     5993    73200 SH       SOLE                  73200                  
AMERICAN GENERAL CORP          COM              026351106     9037   174200 SH       SOLE                 174200                  
AMERITECH CORP NEW             COM              030954101     5586    84000 SH       SOLE                  84000                  
AMP INC                        COM              031897101     7199   134400 SH       SOLE                 134400                  
ANHEUSER BUSCH COS INC         COM              035229103     7410   164200 SH       SOLE                 164200                  
ASHLAND INC                    COM              044204105     2083    38300 SH       SOLE                  38300                  
AUTOMATIC DATA PROCESSING INC  COM              053015103     7070   141400 SH       SOLE                 141400                  
BANKERS TRUST N Y CORP         COM              066365107     6645    54300 SH       SOLE                  54300                  
BARD C R INC                   COM              067383109     6406   188400 SH       SOLE                 188400                  
BROWNING FERRIS INDS           COM              115885105     2721    71500 SH       SOLE                  71500                  
BURLINGTON NORTHN SANTA FE CP  COM              12189T104     8551    88500 SH       SOLE                  88500                  
BURLINGTON RES INC             COM              122014103     5316   103600 SH       SOLE                 103600                  
CIPSCO INC                     COM              125539106     2169    56900 SH       SOLE                  56900                  
COMPUTER SCIENCES CORP         COM              205363104     5717    80800 SH       SOLE                  80800                  
COOPER INDS INC                COM              216669101     7358   136100 SH       SOLE                 136100                  
DENTSPLY INTL INC NEW          COM              249030107     4732    84500 SH       SOLE                  84500                  
DONNELLEY R R & SONS CO        COM              257867101     5746   161000 SH       SOLE                 161000                  
DOW CHEM CO                    COM              260543103     7210    79500 SH       SOLE                  79500                  
EMERSON ELEC CO                COM              291011104     6771   117500 SH       SOLE                 117500                  
ENTERGY CORP NEW               COM              29364G103     5285   202800 SH       SOLE                 202800                  
FIRST HAWAIIAN INC             COM              320506108     3136    78900 SH       SOLE                  78900                  
GENERAL MTRS CORP              COM              370442105     6901   103100 SH       SOLE                 103100                  
GENERAL RE CORP                COM              370563108     6749    34000 SH       SOLE                  34000                  
GENERAL SIGNAL CORP            COM              370838104     6937   160400 SH       SOLE                 160400                  
GRAINGER W W INC               COM              384802104     4263    47900 SH       SOLE                  47900                  
HUMANA INC                     COM              444859102     7201   302400 SH       SOLE                 302400                  
INCO LTD                       COM              453258402     5323   212400 SH       SOLE                 212400                  
LIMITED INC                    COM              532716107     4575   187200 SH       SOLE                 187200                  
MALLINCKRODT INC NEW           COM              561232109     6484   180100 SH       SOLE                 180100                  
MANPOWER INC                   COM              56418H100     5451   138000 SH       SOLE                 138000                  
MASCO CORP                     COM              574599106     5617   122600 SH       SOLE                 122600                  
MAY DEPT STORES CO             COM              577778103     7352   134900 SH       SOLE                 134900                  
MOTOROLA INC                   COM              620076109     4578    63700 SH       SOLE                  63700                  
NORTHN STS PWR CO MINN         COM              665772109     4244    85300 SH       SOLE                  85300                  
PNC BK CORP                    COM              693475105     8406   172200 SH       SOLE                 172200                  
PACIFICORP                     COM              695114108     4999   223400 SH       SOLE                 223400                  
PENNEY J C INC                 COM              708160106     6285   107900 SH       SOLE                 107900                  
PHILLIPS PETE CO               COM              718507106     9406   182200 SH       SOLE                 182200                  
PROVIDIAN FINL CORP            COM              74406A102     4247   107000 SH       SOLE                 107000                  
PUBLIC SVC ENTERPRISE GROUP    COM              744573106     5714   221900 SH       SOLE                 221900                  
SAFECO CORP                    COM              786429100     6487   122400 SH       SOLE                 122400                  
SNAP ON INC                    COM              833034101     4533    98400 SH       SOLE                  98400                  
SOUTHERN CO                    COM              842587107     6764   299800 SH       SOLE                 299800                  
SOUTHERN NEW ENGLAND TELECOM   COM              843485103     3201    78300 SH       SOLE                  78300                  
SUPERVALU INC                  COM              868536103     6319   161000 SH       SOLE                 161000                  
THOMAS & BETTS CORP            COM              884315102     5064    92700 SH       SOLE                  92700                  
WHIRLPOOL CORP                 COM              963320106     5895    88900 SH       SOLE                  88900                  
REPORT SUMMARY                 49 DATA RECORDS              283902            0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED    
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