ELCA BOARD OF PENSIONS
13F-E, 1998-01-27
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                       SECURITIES AND EXCHANGE COMMISSION                                                                         
                                   FORM 13F-E                                                                                     
                                                                                                                                  
                                                                                                                                  
Report for the Calendar Year or Quarter Ended:    12/31/97                                                                        
                                                                                                                                  
                                                                                                                                  
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    01/16/98                                                    
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
<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     7699   140300 SH       SOLE                 140300        0        0
AMERICAN EXPRESS CO            COM              025816109     5150    57700 SH       SOLE                  57700        0        0
AMERICAN GENERAL CORP          COM              026351106     8072   149300 SH       SOLE                 149300        0        0
AMERITECH CORP NEW             COM              030954101     5257    65300 SH       SOLE                  65300        0        0
AMP INC                        COM              031897101     7749   184500 SH       SOLE                 184500        0        0
ANHEUSER BUSCH COS INC         COM              035229103     8122   184600 SH       SOLE                 184600        0        0
BANC ONE CORP                  COM              059438101     5138    94600 SH       SOLE                  94600        0        0
BANKERS TRUST N Y CORP         COM              066365107     3272    29100 SH       SOLE                  29100        0        0
BARD C R INC                   COM              067383109     7424   237100 SH       SOLE                 237100        0        0
BURLINGTON NORTHN SANTA FE CP  COM              12189T104     7184    77300 SH       SOLE                  77300        0        0
BURLINGTON RES INC             COM              122014103     7399   165100 SH       SOLE                 165100        0        0
CIPSCO INC                     COM              125539106     2518    56900 SH       SOLE                  56900        0        0
COMPUTER SCIENCES CORP         COM              205363104     3616    43300 SH       SOLE                  43300        0        0
COOPER INDS INC                COM              216669101     6669   136100 SH       SOLE                 136100        0        0
DENTSPLY INTL INC NEW          COM              249030107     3148   103200 SH       SOLE                 103200        0        0
DONNELLEY R R & SONS CO        COM              257867101     7007   188100 SH       SOLE                 188100        0        0
DOW CHEM CO                    COM              260543103     5461    53800 SH       SOLE                  53800        0        0
EMERSON ELEC CO                COM              291011104     7365   130500 SH       SOLE                 130500        0        0
ENTERGY CORP NEW               COM              29364G103     7544   252000 SH       SOLE                 252000        0        0
FIRST DATA CORP                COM              319963104     7207   246400 SH       SOLE                 246400        0        0
FIRST HAWAIIAN INC             COM              320506108     3136    78900 SH       SOLE                  78900        0        0
GENERAL MTRS CORP              COM              370442105     7035   115800 SH       SOLE                 115800        0        0
GENERAL RE CORP                COM              370563108     6784    32000 SH       SOLE                  32000        0        0
GENERAL SIGNAL CORP            COM              370838104     6767   160400 SH       SOLE                 160400        0        0
GRAINGER W W INC               COM              384802104     4655    47900 SH       SOLE                  47900        0        0
HUMANA INC                     COM              444859102     6904   332700 SH       SOLE                 332700        0        0
INCO LTD                       COM              453258402     5153   303100 SH       SOLE                 303100        0        0
INTL PAPER CO                  COM              460146103     5123   118800 SH       SOLE                 118800        0        0
LIMITED INC                    COM              532716107     3741   146700 SH       SOLE                 146700        0        0
MALLINCKRODT INC NEW           COM              561232109     6973   183500 SH       SOLE                 183500        0        0
MANPOWER INC                   COM              56418H100     6074   172300 SH       SOLE                 172300        0        0
MAY DEPT STORES CO             COM              577778103     6064   115100 SH       SOLE                 115100        0        0
MORGAN J P & CO INC            COM              616880100     3341    29600 SH       SOLE                  29600        0        0
MOTOROLA INC                   COM              620076109     7657   133900 SH       SOLE                 133900        0        0
NORTHN STS PWR CO MINN         COM              665772109     3850    66100 SH       SOLE                  66100        0        0
PNC BK CORP                    COM              693475105     9805   172200 SH       SOLE                 172200        0        0
PACIFICORP                     COM              695114108     5274   193100 SH       SOLE                 193100        0        0
PENNEY J C INC                 COM              708160106     7099   117700 SH       SOLE                 117700        0        0
PHILLIPS PETE CO               COM              718507106     8271   170100 SH       SOLE                 170100        0        0
PROVIDIAN FINL CORP            COM              74406A102     2933    64900 SH       SOLE                  64900        0        0
PUBLIC SVC ENTERPRISE GROUP    COM              744573106     5446   171200 SH       SOLE                 171200        0        0
SAFECO CORP                    COM              786429100     6221   127600 SH       SOLE                 127600        0        0
SILICON GRAPHICS INC           COM              827056102     5197   422100 SH       SOLE                 422100        0        0
SNAP ON INC                    COM              833034101     4293    98400 SH       SOLE                  98400        0        0
SOUTHERN CO                    COM              842587107     7757   299800 SH       SOLE                 299800        0        0
SUPERVALU INC                  COM              868536103     7772   185600 SH       SOLE                 185600        0        0
THOMAS & BETTS CORP            COM              884315102     4777   101100 SH       SOLE                 101100        0        0
WHIRLPOOL CORP                 COM              963320106     5781   105100 SH       SOLE                 105100        0        0
WORTHINGTON INDS INC           COM              981811102     3059   185400 SH       SOLE                 185400        0        0
REPORT SUMMARY                 49 DATA RECORDS              289943            0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED    
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