UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: June 30, 1999
Check here if Amendment [ ]; Amendment Number:
This Amendment (Check only one.): [ ] is a restatement
[ ] adds new holdings entries
Institutional Investment Manager Filing this Report:
Name: CalPERS
Address: 400 P Street
Sacramento, CA 95814
13F File Number:
The institutional investment manager filing this report and the
person by whom it is signed hereby represent that the person
signing the report is authorized to submit it, that all
information contained herein is true, correct and complete, and
that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of
this form.
Person Signing this Report on Behald of Reporting Manager:
Name: Denise M. Arend
Title: Div Chief Investment Ops
Phone: 916-341-2374
Signature, Place, and Date of Signing:
Denise M. Arend Sacramento, CA 8/4/99
Report Type (Check only one.):
[ ] 13F HOLDINGS REPORT.
[X] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager:
<PAGE>
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 3122
Form 13F Information Table Value Total: 62210411
List of Other Included Managers:
No. 13F File Number Name
<PAGE>
<TABLE> <C> <C>
BEN FRANKLIN RETAIL ST 081499105 0 21816.00 SH SOLE 21816.00
CALIFORNIA COASTAL CMNTYS INC COM 129915104 0 62.00 SH SOLE 62.00
50 OFF STORES INC 316811108 3698 421200.00 SH SOLE 421200.00
HAPPINESSEXPRESS INC COM 411381106 0 27500.00 SH SOLE 27500.00
IMPERIAL CORP AMER COM 452722101 248 40700.00 SH SOLE 40700.00
KLEVER MARKETING INC COM 498589100 1 262.00 SH SOLE 262.00
MERRY GO ROUND ENTERPRISES INC COM RTS CALLABLE THRU 30SEP01 590436101 0 425250.00 SH SOLE 425250.00
MONARCH CAP CORP COM 609023106 4767 112700.00 SH SOLE 112700.00
PNP PRIMECORP PFD EXCH 17. 69347R206 215 18634.00 SH SOLE 18634.00
SOUTHEASTBKG CORP COM 841338106 9123 396068.00 SH SOLE 396068.00
TREGA BIOSCIENCES INC COM 894699107 1288 777900.00 SH SOLE 777900.00
INTERPUBLIC GROUP COS INC 1.87% 01 Jun 2006 460690AG5 915 1000000.00 SH SOLE 1000000.00
ALPHARMA INC 3% 01 Jun 2006 020813AC5 3705 3000000.00 SH SOLE 3000000.00
EVI INC SUB DEB CONV 5 PCT 268939402 1969 50000.00 SH SOLE 50000.00
INTEGRATED PROCESS EQUIP CORP 6.25% 15 Sep 2004 45812KAD0 1460 2000000.00 SH SOLE 2000000.00
NEXTEL COMMUNICATIONS INC 4.75% 01 Jul 2007 65332VAR4 6019 5000000.00 SH SOLE 5000000.00
ANNTAYLORSTORES CORP 0.55% 18 Jun 2019 036115AA1 2159 3440000.00 SH SOLE 3440000.00
WINSTAR COMMUNICATIONS INC SR PFD CONV SER F 144A 975515867 2918 3000.00 SH SOLE 3000.00
QWEST TRENDS TR TR ENHANCED DISTR SECS TRENDS 74912L105 3762 66000.00 SH SOLE 66000.00
TXI CAP TR I TR PFD SEC 873119200 2140 54000.00 SH SOLE 54000.00
UNITEDGLOBALCOM SER 144A C SR PFD CONV STK 913247102 4010 80000.00 SH SOLE 80000.00
LORAL SPACE + COMMUNICATIONS PFD CONV SER C 6PCT G56462149 5038 100000.00 SH SOLE 100000.00
AES TR II GTD TERM CONV SECS SER B 001034305 5175 90000.00 SH SOLE 90000.00
ADVANCED MICRO DEVICES INC 6% 15 May 2005 007903AC1 3825 5000000.00 SH SOLE 5000000.00
ARCHSTONECMNTYS TR PFD SER A CONV 039581202 7809 262500.00 SH SOLE 262500.00
BELL ATLANT FINL 5.75% 01 Apr 2003 07785GAB6 2513 2500000.00 SH SOLE 2500000.00
CSC HLDGSINC DEP SH REPSTG 1/10 PFD SER1PC 126304203 7430 68800.00 SH SOLE 68800.00
CALENERGYCAP TR III PFD CONV 12946N309 4763 100000.00 SH SOLE 100000.00
CENTRAL PKG FIN TR TR PFD CONV SECS 154787303 2818 140000.00 SH SOLE 140000.00
AMFM INC PFD CONV 7PCT 001693209 6145 40000.00 SH SOLE 40000.00
CLEAR CHANNEL COMMUNICATIONS 2.625% 01 Apr 2003 184502AB8 13750 11000000.00 SH SOLE 11000000.00
CONSECO INC INCOME PRIDES 208464602 4019 100000.00 SH SOLE 100000.00
DOLE FOODAUTOMATIC COM AUTOMATIC COM EXCH SECS 256601204 5250 175000.00 SH SOLE 175000.00
DOLLAR GEN STRYPES TR STRUCTURED YIELD PROD 256678103 4352 101500.00 SH SOLE 101500.00
ECHOSTAR COMMUNICATIONS CORP PFD CONV SER C 278762307 4185 13500.00 SH SOLE 13500.00
EL PASO ENERGY CAP TR 1 PFD CONV TR SECS 283678209 4950 100000.00 SH SOLE 100000.00
FINANCIALFED CORP 4.5% 01 May 2005 317492AA4 2319 2500000.00 SH SOLE 2500000.00
FINANCIALFED CORP 4.5% 01 May 2005 317492AC0 2300 2500000.00 SH SOLE 2500000.00
GENERAL GROWTH PPTYS INC DEPOSITORY SH REPSTG PFD INCOM 370021206 3600 150000.00 SH SOLE 150000.00
GLENBOROUGH RLTY TR INC PRD CONV SER A PCT 37803P204 4940 260000.00 SH SOLE 260000.00
HILTON HOTELS CORP 5% 15 May 2006 432848AL3 6193 6750000.00 SH SOLE 6750000.00
HOME DEPOT INC 3.25% 01 Oct 2001 437076AE2 13988 5000000.00 SH SOLE 5000000.00
HOUSTON INDS INC AUTOMATIC COM EXCHANGE SEC 442161204 9349 78400.00 SH SOLE 78400.00
INTERMEDIA COMMUNICATIONS INC DEP SH REP 1/100 JR PFD 144A 458801826 7700 336600.00 SH SOLE 336600.00
INTERMEDIA COMMUNICATIONS INC DEP SH 1/100 JR PFD CNV E 144A 458801867 4096 145000.00 SH SOLE 145000.00
MEDIAONE GROUP INC PRD SER D 58440J203 12734 85000.00 SH SOLE 85000.00
MEDIAONE GROUP INC PREM INCOME EXCHANGEABLE SECS 58440J401 15566 172000.00 SH SOLE 172000.00
NEXTEL STRYPES TR SRTRUCTURED YIELD PROD EXCH 65332Y107 3591 85500.00 SH SOLE 85500.00
OWENS ILLINC PFD CONV 690768502 4400 100000.00 SH SOLE 100000.00
PHILADELPHIA CONS HLDGS PFD INCOME PRIDES 717528301 3131 300000.00 SH SOLE 300000.00
PREMIER PKS INC PREM INC EQ SECS PINESPFD 740540307 4420 65000.00 SH SOLE 65000.00
RALSTON PURINA CO STK APPREC INCOME LKD SECS 751277401 3488 75000.00 SH SOLE 75000.00
READERS DIGEST TR AUTOMATIC COM EXCHG SECS 755271202 4351 117600.00 SH SOLE 117600.00
ROUSE CO PFD CONV SER B PCT 779273309 6019 150000.00 SH SOLE 150000.00
SEALED AIR CORP NEW PFD CONV SER A 2.00 81211K209 4983 79721.00 SH SOLE 79721.00
SUIZA CAPTR II TR CONV PFD SECS 144A 86507G200 3713 100000.00 SH SOLE 100000.00
TEXAS UTILS CO INCOME PRIDES 882848203 2508 45600.00 SH SOLE 45600.00
UNION PACCAP TR TERM INCOME DEFERRABLE EQUITY 907824403 4600 87000.00 SH SOLE 87000.00
XEROX CORP 0.57% 21 Apr 2018 984121AY9 5270 8500000.00 SH SOLE 8500000.00
ACTIVISION INC NEW 6.75% 01 Jan 2005 004930AA1 4808 5000000.00 SH SOLE 5000000.00
AMAZON COM INC 4.75% 01 Feb 2009 023135AD8 3885 4000000.00 SH SOLE 4000000.00
AT HOME CORP 0.524% 28 Dec 2018 045919AA5 2378 3000000.00 SH SOLE 3000000.00
BEA SYS INC 4% 15 Jun 2005 073325AB8 9180 8500000.00 SH SOLE 8500000.00
BELL ATLANTIC FINL SVCS INC 4.25% 15 Sep 2005 07785GAC4 15338 15000000.00 SH SOLE 15000000.00
CENTOCOR INC 4.75% 15 Feb 2005 152342AE1 1668 1500000.00 SH SOLE 1500000.00
CITRIX SYS INC 0.01% 01 Jul 2029 177376AA8 4563 10000000.00 SH SOLE 10000000.00
COMVERSE TECHNOLOGY INC 4.5% 01 Jul 2005 205862AF2 10553 5500000.00 SH SOLE 5500000.00
CONCENTRAMANAGED CARE INC 6% 15 Dec 2001 20589TAA1 3803 4500000.00 SH SOLE 4500000.00
CONCENTRAMANAGED CARE INC 4.5% 15 Mar 2003 20589TAB9 1890 2000000.00 SH SOLE 2000000.00
CONEXANT SYS INC 4.25% 01 May 2006 207142AA8 4249 3000000.00 SH SOLE 3000000.00
COSTCO COS INC 0.01% 19 Aug 2017 22160QAA0 10665 12000000.00 SH SOLE 12000000.00
CYMER INC 1% 06 Aug 2004 232572AC1 2580 3000000.00 SH SOLE 3000000.00
DIAMOND OFFSHORE DRILLING INC 3.75% 15 Feb 2007 25271CAA0 1990 2000000.00 SH SOLE 2000000.00
DOUBLECLICK INC 4.75% 15 Mar 2006 258609AA4 1224 1000000.00 SH SOLE 1000000.00
EMC CORP 3.25% 15 Mar 2002 26865YAA2 4944 1000000.00 SH SOLE 1000000.00
ELAN FIN CORP LTD 0.01% 14 Dec 2018 284129AA1 7158 14000000.00 SH SOLE 14000000.00
HALTER MARINE GROUP INC 4.5% 15 Sep 2004 40642YAC9 3386 5250000.00 SH SOLE 5250000.00
ITC TELECOM INC 4.5% 15 May 2006 45031TAJ3 2430 2000000.00 SH SOLE 2000000.00
INTERIM SVCS INC 4.5% 01 Jun 2005 45868PAA8 4868 6000000.00 SH SOLE 6000000.00
LEVEL ONECOMMUNICATIONS INC 4% 01 Sep 2004 527295AC3 3915 2000000.00 SH SOLE 2000000.00
LOMAK PETE INC 6% 01 Feb 2007 541509AF2 4575 7500000.00 SH SOLE 7500000.00
MAGNA INTL INC 4.875% 15 Feb 2005 559222AG9 2951 3000000.00 SH SOLE 3000000.00
METAMOR WORLDWIDE INC 2.94% 15 Aug 2004 59133PAA8 7200 9000000.00 SH SOLE 9000000.00
MICRON TECHNOLOGY INC 7% 01 Jul 2004 595112AB9 4040 4000000.00 SH SOLE 4000000.00
NCS HEALTHCARE INC 5.75% 15 Aug 2004 628874AC3 872 1850000.00 SH SOLE 1850000.00
NETWORKS ASSOCS INC 0.01% 13 Feb 2018 640938AB2 4369 14500000.00 SH SOLE 14500000.00
OMNICARE INC 5% 01 Dec 2007 681904AD0 5880 8000000.00 SH SOLE 8000000.00
PHOTRONICS INC 6% 01 Jun 2004 719405AA0 6133 5500000.00 SH SOLE 5500000.00
RITE AID CORP 5.25% 15 Sep 2002 767754AL8 7088 7000000.00 SH SOLE 7000000.00
SANMINA CORP 4.25% 01 May 2004 800907AA5 5494 5000000.00 SH SOLE 5000000.00
SECURITY CAP U S RLTY 2% 22 May 2003 814136AA5 1898 2500000.00 SH SOLE 2500000.00
SEPRACOR INC 7% 15 Dec 2005 817315AF1 8708 9000000.00 SH SOLE 9000000.00
SOLECTRONCORP 0.01% 27 Jan 2019 834182AG2 11675 20000000.00 SH SOLE 20000000.00
TOWER AUTOMOTIVE INC 5% 01 Aug 2004 891707AA9 1581 1500000.00 SH SOLE 1500000.00
WASTE MGMT INC DEL 4% 01 Feb 2002 94106LAA7 6600 5000000.00 SH SOLE 5000000.00
AT+T CORP COM LIBERTY MEDIA GRP CL A 001957208 7808 212449.54 SH SOLE 212449.54
APACHE CORP 037411600 2775 75000.00 SH SOLE 75000.00
CNF TR I GTD TERM CONV SECS SER A CONV 12612V205 3924 68700.00 SH SOLE 68700.00
GLOBAL TELESYSTEMS GROUP INC DEPOSITARY SH REPSTG 1/100TH 37936U401 6575 100000.00 SH SOLE 100000.00
ICG FDG LLC PFD EXCHANGEABLE 44924Q400 7490 143000.00 SH SOLE 143000.00
INTERMEDIA COMMUNICATIONS INC COM 458801107 843 28116.20 SH SOLE 28116.20
INTERMEDIA COMMUNICATIONS INC RESTRICTED DIVD SHS 458801966 0 9730.43 SH SOLE 9730.43
INTERNATIONAL PAPER CAP TR PFD CONV 5.25 CONV INTO COM 460137300 1579 30000.00 SH SOLE 30000.00
MCKESSON FING TR TR CONV PFD SECS 5PCT 58155P501 2090 40000.00 SH SOLE 40000.00
MONSANTO CO ADJ CONVERSION RATE EQUITY 611662305 1605 40000.00 SH SOLE 40000.00
NISOURCE INC PREMIUM INCOME EQUITY SECS 65473P303 3950 80000.00 SH SOLE 80000.00
SENSORMATIC ELECTRS CORP DEPOSITARY SH PFD 144A 817265200 3640 160000.00 SH SOLE 160000.00
SENSORMATIC ELECTRS CORP COM 144A 817265606 669 34326.20 SH SOLE 34326.20
TOSCO FING TR TR PFD CONV 5.75PCT 891491409 4875 100000.00 SH SOLE 100000.00
TOWER AUTOMOTIVE CAP TR TR PFD CONV SECS 891706301 3348 65000.00 SH SOLE 65000.00
UNOCAL CAP TR TR CONV PFD SECS 91528T207 8096 145220.00 SH SOLE 145220.00
INFOSPACECOM INC COM 45678T102 230 4900.00 SH SOLE 4900.00
LABOR READY INC COM NEW 505401208 49 1500.00 SH SOLE 1500.00
SCIENT CORP COM 80864H109 143 3000.00 SH SOLE 3000.00
ALLOY ONLINE INC COM 019855105 69 6000.00 SH SOLE 6000.00
ETOYS INC COM 297862104 82 2000.00 SH SOLE 2000.00
WHITMAN CORP NEW COM 96647R107 14760 820000.00 SH SOLE 820000.00
CAIS INTERNET INC COM 12476Q102 276 15000.00 SH SOLE 15000.00
ATPLAN INC COM 04962Q100 15 1000.00 SH SOLE 1000.00
BARNESANDNOBLE COM INC CL A 067846105 450 25000.00 SH SOLE 25000.00
STARMEDIANETWORK INC 855546107 192 3000.00 SH SOLE 3000.00
TRANSOCEAN OFFSHORE INC SHS G90076103 3350 127600.00 SH SOLE 127600.00
WIT CAP GROUP INC COM 97737K309 1700 50000.00 SH SOLE 50000.00
DRKOOP COM INC COM 262098106 829 52000.00 SH SOLE 52000.00
BACKWEB TECHNOLOGIES LTD SHS M15633106 27 1000.00 SH SOLE 1000.00
REYNOLDS R J TOB HLDGS INC COM 76182K105 9646 306226.67 SH SOLE 306226.67
PHONE COMINC COM 71920Q100 112 2000.00 SH SOLE 2000.00
YOUBET COM INC COM 987413101 2288 200000.00 SH SOLE 200000.00
US ONCOLOGY INC COM 90338W103 5634 469500.00 SH SOLE 469500.00
COVAD COMMUNICATIONS GROUP INC COM 222814204 3998 75000.00 SH SOLE 75000.00
GOTO COM INC COM 38348T107 280 10000.00 SH SOLE 10000.00
MANDALAY RESORT GROUP COM 562567107 17688 837300.00 SH SOLE 837300.00
MSC INDL DIRECT INC CL A 553530106 4392 428500.00 SH SOLE 428500.00
RAMP NETWORKS INC COM 751567108 716 50000.00 SH SOLE 50000.00
TD WATERHOUSE GROUP INC COM 872362108 50 2000.00 SH SOLE 2000.00
GLOBESPANSEMICONDUCTOR INC COM 379571102 239 6000.00 SH SOLE 6000.00
SOFTWARE COM INC OC COM 83402P104 116 5000.00 SH SOLE 5000.00
ARCH COMMUNICATIONS GROUP INC COM NEW 039381504 86 10067.00 SH SOLE 10067.00
JUNIPER NETWORKS INC COM 48203R104 149 1000.00 SH SOLE 1000.00
TOWNE SVCS INC CDT COM 892148107 984 125000.00 SH SOLE 125000.00
PERSISTENCE SOFTWARE INC COM 715329108 341 25000.00 SH SOLE 25000.00
STAMPS COM INC COM 852857101 875 50000.00 SH SOLE 50000.00
GENZYME CORP COM SURGICAL PRODS DIVISION 372917609 318 72194.73 SH SOLE 72194.73
DIGITAL IS INC DEL COM 25385N101 2691 150000.00 SH SOLE 150000.00
UNUMPROVIDENT CORP COM 91529Y106 34169 624100.00 SH SOLE 624100.00
BANK AMERCORP COM 060505104 528294 7206053.00 SH SOLE 7206053.00
NORTHEASTUTILS COM 664397106 4103 231950.00 SH SOLE 231950.00
PE CORP COM PE BIOSYSTEMS GROUP 69332S102 24330 212030.00 SH SOLE 212030.00
ASSOCIATES FIRST CAP CORP CL A 046008108 139052 3137988.00 SH SOLE 3137988.00
BANK NEW YORK INC COM 064057102 116122 3165160.00 SH SOLE 3165160.00
CITIGROUPINC COM 172967101 704009 14821242.00 SH SOLE 14821242.00
GILLETTE CO COM 375766102 189948 4632890.00 SH SOLE 4632890.00
LUCENT TECHNOLOGIES INC COM 549463107 832677 12347384.75 SH SOLE 12347384.75
SCHWAB CHARLES CORP NEW COM STK 808513105 186417 1696625.00 SH SOLE 1696625.00
CONSTELLATION ENERGY GROUP INC COM 210371100 21540 727100.00 SH SOLE 727100.00
ALCOA INC COM 013817101 74405 1202498.00 SH SOLE 1202498.00
AUTODESK INCORPORATED COM STK NPV 052769106 10893 368482.00 SH SOLE 368482.00
BAKER HUGHES INC COM 057224107 34074 1017134.00 SH SOLE 1017134.00
BEAR STEARNS COS INC COM 073902108 33770 722344.00 SH SOLE 722344.00
CHASE MANHATTAN CORP NEW COM 16161A108 324763 3749072.00 SH SOLE 3749072.00
CINERGY CORP COM 172474108 25245 788909.00 SH SOLE 788909.00
COLUMBIA / HCA HEALTHCARE CORP COM 197677107 60726 2661955.00 SH SOLE 2661955.00
COMPASS BANCSHARES INC COM 20449H109 13103 480850.00 SH SOLE 480850.00
CONSECO INC COM STK 208464107 48152 1582012.00 SH SOLE 1582012.00
COOPER INDS INC COM 216669101 27976 538000.00 SH SOLE 538000.00
COOPER TIRE + RUBR CO COM 216831107 17433 737900.00 SH SOLE 737900.00
EG + G INC COM 268457108 13082 367200.00 SH SOLE 367200.00
ELECTRONIC DATA SYS CORP NEW COM 285661104 116238 2055040.00 SH SOLE 2055040.00
ETHYL CORP COM 297659104 4532 755400.00 SH SOLE 755400.00
FEDERAL NATL MTG ASSN COM 313586109 305219 4463900.00 SH SOLE 4463900.00
FIRSTENERGY CORP COM 337932107 25162 811682.00 SH SOLE 811682.00
GTE CORP COM 362320103 336105 4437029.00 SH SOLE 4437029.00
GOODYEAR TIRE AND RUBBER COM 382550101 38967 662568.00 SH SOLE 662568.00
GREAT LAKES CHEMICAL CORP COM 390568103 17287 375300.00 SH SOLE 375300.00
HEWLETT PACKARD CO COM 428236103 432793 4306400.00 SH SOLE 4306400.00
INTEL CORP COM 458140100 822950 13831100.00 SH SOLE 13831100.00
INTERNATIONAL BUSINESS MACHS COM 459200101 1014561 7849600.00 SH SOLE 7849600.00
LIZ CLAIBORNE INC COM 539320101 12282 336500.00 SH SOLE 336500.00
MATTEL INC COM 577081102 61500 2326242.00 SH SOLE 2326242.00
MELLON BKCORP COM 585509102 80170 2203996.00 SH SOLE 2203996.00
MERRILL LYNCH + CO INC COM 590188108 118228 1479000.00 SH SOLE 1479000.00
NEVADA PWR CO COM 641423108 10715 428600.00 SH SOLE 428600.00
PHILIP MORRIS COS INC COM 718154107 408759 10171300.00 SH SOLE 10171300.00
RAYTHEON CO CL B 755111408 71283 1012900.00 SH SOLE 1012900.00
SBC COMMUNICATIONS INC COM 78387G103 506992 8741237.00 SH SOLE 8741237.00
SAFECO CORP COM 786429100 30777 697500.00 SH SOLE 697500.00
ST PAUL COS INC COM 792860108 34832 1094926.00 SH SOLE 1094926.00
SEARS ROEBUCK + CO COM 812387108 75498 1694200.00 SH SOLE 1694200.00
TEXAS UTILS CO COM 882848104 46705 1132252.00 SH SOLE 1132252.00
UNION PACIFIC RES GROUP INC COM 907834105 16379 1004095.00 SH SOLE 1004095.00
WASHINGTON MUT INC COM 939322103 69364 1960831.00 SH SOLE 1960831.00
SCHLUMBERGER LTD COM 806857108 158174 2483600.00 SH SOLE 2483600.00
XL CAPITAL LTD SHS A G98255105 12413 219691.50 SH SOLE 219691.50
AON CORP COM 037389103 60108 1457175.00 SH SOLE 1457175.00
BERGEN BRUNSWIG CORP CLASS A 083739102 13709 794751.00 SH SOLE 794751.00
CVS CORP COM 126650100 59591 1174200.00 SH SOLE 1174200.00
CARDINAL HEALTH INC COM 14149Y108 54622 851812.00 SH SOLE 851812.00
CAROLINA PWR + LT CO COM 144141108 32212 752400.00 SH SOLE 752400.00
CHARTER ONE FINL INC COM 160903100 27036 972094.00 SH SOLE 972094.00
HOUGHTON MIFFLIN CO COM 441560109 3991 84800.00 SH SOLE 84800.00
NORTHERN TRUST CORP COM 665859104 26287 271000.00 SH SOLE 271000.00
OWENS + MINOR INC NEW COM 690732102 3525 320468.00 SH SOLE 320468.00
RITE AID CORP COM 767754104 32431 1317000.00 SH SOLE 1317000.00
SCANA CORP COM 805898103 11426 488800.00 SH SOLE 488800.00
TJX COS INC NEW COM 872540109 52387 1572600.00 SH SOLE 1572600.00
TOSCO CORP COM NEW 891490302 16369 631100.00 SH SOLE 631100.00
WEYERHAEUSER CO COM 962166104 54677 795300.00 SH SOLE 795300.00
LILLY ELI + CO COM 532457108 328239 4582748.00 SH SOLE 4582748.00
LINEAR TECHNOLOGY CORP COM 535678106 46255 687800.00 SH SOLE 687800.00
MBNA CORP COM 55262L100 118943 3883845.00 SH SOLE 3883845.00
MEDTRONIC INC COM 585055106 186126 2390062.00 SH SOLE 2390062.00
MERCK + CO INC COM 589331107 735308 9936600.00 SH SOLE 9936600.00
MORGAN STANLEY DEAN WITTER COM NEW 617446448 248807 2427381.00 SH SOLE 2427381.00
PFIZER INC COM 717081103 593396 5406800.00 SH SOLE 5406800.00
COMPAQ COMPUTER CORP COM 204493100 170177 7184235.00 SH SOLE 7184235.00
DANAHER CORP COM 235851102 33833 582075.00 SH SOLE 582075.00
DOLLAR GEN CORP 256669102 30286 1044360.00 SH SOLE 1044360.00
FRANKLIN RES INC COM 354613101 46951 1155708.00 SH SOLE 1155708.00
GENERAL ELEC CO COM 369604103 1543207 13656700.00 SH SOLE 13656700.00
ILLINOIS TOOL WKS INC COM 452308109 85567 1043500.00 SH SOLE 1043500.00
STATE STREET CORPORATION COM 857477103 75053 879100.00 SH SOLE 879100.00
JOHNSON + JOHNSON COM 478160104 550055 5612810.00 SH SOLE 5612810.00
NORTEL NETWORKS CORP COM 656569100 3812 43908.00 SH SOLE 43908.00
PRICE T ROWE + ASSOC INC COM 741477103 19099 497700.00 SH SOLE 497700.00
AMERICAN HOME PRODUCTS CORP COM 026609107 316014 5495900.00 SH SOLE 5495900.00
AVON PRODS INC COM 054303102 73666 1327320.00 SH SOLE 1327320.00
BANKBOSTON CORP COM 06605R106 82868 1620898.00 SH SOLE 1620898.00
BECTON DICKINSON + CO COM 075887109 35943 1198100.00 SH SOLE 1198100.00
BOEING CO COM 097023105 197038 4459130.00 SH SOLE 4459130.00
CATERPILLAR INC COM 149123101 99948 1665800.00 SH SOLE 1665800.00
DONNELLEYR R + SONS CO COM 257867101 33564 905600.00 SH SOLE 905600.00
DOW CHEM CO COM 260543103 117017 922300.00 SH SOLE 922300.00
DU PONT EI DE NEMOURS + CO COM 263534109 320222 4687600.00 SH SOLE 4687600.00
EL PASO ENERGY CORP DEL COM 283905107 25613 727890.00 SH SOLE 727890.00
EMERSON ELEC CO COM 291011104 115288 1833600.00 SH SOLE 1833600.00
FEDERAL HOME LN MTG CORP COM FORMERLY SR PART PFD 313400301 174307 3005300.00 SH SOLE 3005300.00
FIRST DATA CORP COM 319963104 112190 2292522.00 SH SOLE 2292522.00
HOUSEHOLD INTL INC COM 441815107 106636 2250895.00 SH SOLE 2250895.00
KIMBERLY CLARK CORP COM 494368103 128809 2259808.00 SH SOLE 2259808.00
LOCKHEED MARTIN CORP COM 539830109 54800 1471136.00 SH SOLE 1471136.00
MCDONALDSCORP COM 580135101 233300 5647200.00 SH SOLE 5647200.00
MONSANTO CO COM 611662107 98819 2505700.00 SH SOLE 2505700.00
MOTOROLA INC COM 620076109 233597 2465400.00 SH SOLE 2465400.00
ROCKWELL INTL CORP NEW COM 773903109 58205 958100.00 SH SOLE 958100.00
TEXTRON INC COM 883203101 57602 699800.00 SH SOLE 699800.00
U S WEST INC NEW COM 91273H101 133571 2273552.00 SH SOLE 2273552.00
WELLS FARGO + CO NEW COM 949746101 315342 7376420.00 SH SOLE 7376420.00
ALBERTSONS INC COM 013104104 95523 1852560.00 SH SOLE 1852560.00
AT + T CORP COM 001957109 754777 13523435.00 SH SOLE 13523435.00
AMBAC FINL GROUP INC COM 023139108 21336 373500.00 SH SOLE 373500.00
AMERICAN GEN CORP COM 026351106 79144 1050000.00 SH SOLE 1050000.00
BELL ATLANTIC CORP COM 077853109 434768 6650378.00 SH SOLE 6650378.00
CIGNA CORP COM 125509109 82743 929700.00 SH SOLE 929700.00
CITY NATLCORP COM 178566105 24406 651912.00 SH SOLE 651912.00
DILLARDS INC CL A 254067101 15227 433500.00 SH SOLE 433500.00
EATON CORP COM 278058102 34960 380000.00 SH SOLE 380000.00
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MOBIL CORP COM 607059102 322126 3253800.00 SH SOLE 3253800.00
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OGDEN CORP COM 676346109 7386 274200.00 SH SOLE 274200.00
SOUTHDOWNINC COM 841297104 24685 384200.00 SH SOLE 384200.00
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CAPITAL ONE FINL CORP COM 14040H105 47822 858756.00 SH SOLE 858756.00
CARLISLE COS INC COM 142339100 8744 181692.00 SH SOLE 181692.00
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CLOROX CO COM 189054109 52659 493000.00 SH SOLE 493000.00
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GANNETT INC COM 364730101 86542 1212500.00 SH SOLE 1212500.00
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ONEOK INCNEW COM 682680103 4420 139200.00 SH SOLE 139200.00
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AMGEN INC COM 031162100 142813 2346000.00 SH SOLE 2346000.00
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CANANDAIGUA WINE INC CL A 137219200 10587 201900.00 SH SOLE 201900.00
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SPRINT CORP COM 852061100 174484 3303832.00 SH SOLE 3303832.00
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BRINKER INTL INC COM 109641100 10371 381450.00 SH SOLE 381450.00
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EQUITABLECOMPANIES INC COM 29444G107 45078 672800.00 SH SOLE 672800.00
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LEXMARK INTL GROUP INC CL A 529771107 49705 752400.00 SH SOLE 752400.00
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NCR CORP NEW COM 62886E108 23663 484773.00 SH SOLE 484773.00
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SOLUTIA INC COM 834376105 11134 522400.00 SH SOLE 522400.00
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STERLING SOFTWARE INC. COM 859547101 8867 332240.00 SH SOLE 332240.00
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TRICON GLOBAL RESTAURANTS INC COM 895953107 40305 744660.00 SH SOLE 744660.00
TYSON FOODS INC (DEL) CLS A COM 902494103 24926 1107820.00 SH SOLE 1107820.00
U S FOODSERVICE COM 90331R101 3182 74646.00 SH SOLE 74646.00
WALGREEN CO COM 931422109 122705 4177200.00 SH SOLE 4177200.00
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INTERMEDIA COMMUNICATIONS INC COM 458801107 6000 200000.00 SH SOLE 200000.00
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AIR PRODS+ CHEMS INC COM 009158106 40262 1000300.00 SH SOLE 1000300.00
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AMERICAN ELEC PWR INC COM 025537101 28416 756500.00 SH SOLE 756500.00
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CASE CORP COM 14743R103 14827 308100.00 SH SOLE 308100.00
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RAYCHEM CORP COM 754603108 16410 443500.00 SH SOLE 443500.00
REYNOLDS METALS CO COM 761763101 20892 354100.00 SH SOLE 354100.00
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SYSCO CORP COM 871829107 50663 1699400.00 SH SOLE 1699400.00
TANDY CORP COM 875382103 57399 1174400.00 SH SOLE 1174400.00
TEKTRONIX INC COM 879131100 8305 275100.00 SH SOLE 275100.00
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TORCHMARK INC COM 891027104 9043 265000.00 SH SOLE 265000.00
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WADDELL + REED FINL INC CL A 930059100 441 16079.00 SH SOLE 16079.00
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WESTVACO CORP COM 961548104 10827 373350.00 SH SOLE 373350.00
WINN DIXIE STORES INC COM 974280109 13933 377200.00 SH SOLE 377200.00
WRIGLEY WM JR CO COM 982526105 49698 552200.00 SH SOLE 552200.00
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COMCAST CORP CL A SPL 200300200 86806 2258356.00 SH SOLE 2258356.00
ACKERLEY COMMUNICATIONS INC COM 004527107 1217 66900.00 SH SOLE 66900.00
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ALLEGHENYENERGY INC COM 017361106 19055 594300.00 SH SOLE 594300.00
AMERICAN FINL GROUP INC OHIO COM 025932104 6707 196900.00 SH SOLE 196900.00
AMETEK AEROSPACE PRODS INC COM 031100100 7878 342500.00 SH SOLE 342500.00
ANALOGIC CORP COM PAR 0.05 032657207 3109 100000.00 SH SOLE 100000.00
ANGELICA CORP COM 034663104 1978 112200.00 SH SOLE 112200.00
APCO ARGENTINA INC CAYMAN IS ORD 037489101 688 38500.00 SH SOLE 38500.00
APTARGROUP INC COM 038336103 6000 200000.00 SH SOLE 200000.00
ARGONAUT GROUP INC COM 040157109 6470 269600.00 SH SOLE 269600.00
AVNET INC COM 053807103 14745 317100.00 SH SOLE 317100.00
BEC ENERGY COM 05538M101 10156 246200.00 SH SOLE 246200.00
BMC INDS INC MINN COM 055607105 41 4000.00 SH SOLE 4000.00
BALDOR ELEC CO COM 057741100 4881 245606.00 SH SOLE 245606.00
BANCO SANTANDER PR SAN JUAN CDT COM 059646109 3432 190000.00 SH SOLE 190000.00
BECKMAN COULTER INC COM 075811109 8850 182000.00 SH SOLE 182000.00
BLANCH E W HLDGS INC 093210102 14599 214100.00 SH SOLE 214100.00
BLOCK DRUG INC CL A 093644102 8104 194388.00 SH SOLE 194388.00
BOB EVANSFARMS INC COM 096761101 4890 246022.00 SH SOLE 246022.00
BOWNE + CO INC COM 103043105 3832 294800.00 SH SOLE 294800.00
BROWN SHOE INC NEW COM 115736100 2247 103300.00 SH SOLE 103300.00
BRUSH WELLMAN INC COM 117421107 4935 272300.00 SH SOLE 272300.00
BUTLER MFG CO DEL COM 123655102 8635 309100.00 SH SOLE 309100.00
CIT GROUPINC CL A 125577106 16493 571200.00 SH SOLE 571200.00
CPI CORP COM 125902106 7610 230600.00 SH SOLE 230600.00
CNA SURETY CORP COM 12612L108 2144 140000.00 SH SOLE 140000.00
CNF TRANSN INC COM 12612W104 12199 317900.00 SH SOLE 317900.00
CALLAWAY GOLF CO COM 131193104 9476 647900.00 SH SOLE 647900.00
CARAUSTARINDS INC COM 140909102 9450 382800.00 SH SOLE 382800.00
CARTER WALLACE INC. COM 146285101 9248 508500.00 SH SOLE 508500.00
CASH AMERINTL INC COM 14754D100 5202 404000.00 SH SOLE 404000.00
CENTRAL NEWSPAPERS INC CL A 154647101 10084 268000.00 SH SOLE 268000.00
CHURCH + DWIGHT INC COM 171340102 8800 202300.00 SH SOLE 202300.00
CINCINNATI BELL INC COM 171870108 17070 684500.00 SH SOLE 684500.00
CLAIRE S STORES INC COM 179584107 12029 469425.00 SH SOLE 469425.00
CLARCOR INC 179895107 3652 190350.00 SH SOLE 190350.00
CLAYTON HOMES INC COM 184190106 7815 683275.00 SH SOLE 683275.00
COMAIR HLDGS INC COM 199789108 20584 989043.00 SH SOLE 989043.00
COMDISCO INC COM 200336105 20477 799100.00 SH SOLE 799100.00
COMPUTER TASK GROUP INC COM 205477102 5190 305300.00 SH SOLE 305300.00
CONECTIV INC COM 206829103 12017 491750.00 SH SOLE 491750.00
CONSOLIDATED PAPERS INC COM 209759109 12530 468400.00 SH SOLE 468400.00
CORN PRODUCTS INTL INC COM 219023108 5424 178200.00 SH SOLE 178200.00
CROMPTON + KNOWLES CORP COM 227111101 12448 636300.00 SH SOLE 636300.00
DQE COM STK 23329J104 15019 374300.00 SH SOLE 374300.00
DPL INC COM 233293109 13805 751312.00 SH SOLE 751312.00
D.R.HORTON INC COM 23331A109 7264 436916.00 SH SOLE 436916.00
DALLAS SEMICONDUCTOR CORP COM 235204104 9595 190000.00 SH SOLE 190000.00
DEVON ENERGY CORP 251799102 3210 89800.00 SH SOLE 89800.00
DEXTER CORP COM 252165105 13123 321540.00 SH SOLE 321540.00
DIAMOND OFFSHORE DRILLING INC COM 25271C102 5567 196200.00 SH SOLE 196200.00
DIEBOLD INC COM 253651103 10734 373357.00 SH SOLE 373357.00
DOW JONES+ CO INC CL B CONV 260561204 4841 103000.00 SH SOLE 103000.00
DREYERS GRAND ICE CREAM INC COM NPV 261878102 11363 751300.00 SH SOLE 751300.00
EARTHGRAINS CO COM 270319106 5406 209440.00 SH SOLE 209440.00
EATON VANCE CORP COM NON VTG 278265103 18445 535600.00 SH SOLE 535600.00
EDWARDS AG INC COM 281760108 7527 233400.00 SH SOLE 233400.00
ELCOR CHEM CORP COM 284443108 11003 251850.00 SH SOLE 251850.00
ENNIS BUSINESS FORMS INC COM 293389102 2567 299837.00 SH SOLE 299837.00
ENRON OIL+ GAS CO COM 293562104 17555 866900.00 SH SOLE 866900.00
FAB INDS COM 302747100 1629 105100.00 SH SOLE 105100.00
FAMILY DLR STORES INC COM 307000109 20486 853600.00 SH SOLE 853600.00
FIDELITY NATL FINL INC COM 316326107 4083 194431.00 SH SOLE 194431.00
FIRST MIDWEST BANCORP INC DEL COM 320867104 7800 196222.00 SH SOLE 196222.00
FIRST VA BKS INC COM RTS CALLABLE THRU 8/8/98 337477103 13395 272675.00 SH SOLE 272675.00
FLOWSERVECORP COM 34354P105 2230 117759.00 SH SOLE 117759.00
FOOD LIONINC CL B 344775101 14119 1221100.00 SH SOLE 1221100.00
FOREMOST CORP AMER COM 345469100 16922 769200.00 SH SOLE 769200.00
FREEDOM SECS CORP COM 35644K103 2904 169600.00 SH SOLE 169600.00
FRISCHS RESTAURANTS INC COM 358748101 519 50000.00 SH SOLE 50000.00
FRONTIER INS GROUP INC NEW COM 359081106 2423 157601.00 SH SOLE 157601.00
FULLER H B CO COM 359694106 17408 254600.00 SH SOLE 254600.00
G + K SERVICES CL A 361268105 11866 226550.00 SH SOLE 226550.00
GATX COM 361448103 15050 395400.00 SH SOLE 395400.00
GAINSCO INC COM 363127101 950 161780.00 SH SOLE 161780.00
GALILEO INTL INC COM 363547100 10805 202200.00 SH SOLE 202200.00
GALLAGHERARTHUR J + CO COM 363576109 9143 184700.00 SH SOLE 184700.00
GENCORP INC COM 368682100 14943 591800.00 SH SOLE 591800.00
GEORGIA GULF CORP COM 373200203 7514 445300.00 SH SOLE 445300.00
GEORGIA PAC CORP COM TIMBER GROUP 373298702 7434 294400.00 SH SOLE 294400.00
GERBER SCIENTIFIC INC COM 373730100 8818 399675.00 SH SOLE 399675.00
GLATFELTER P H CO COM 377316104 3820 261200.00 SH SOLE 261200.00
GOLDEN ENTERPRISES INC 381010107 230 61400.00 SH SOLE 61400.00
GRANITE CONSTR INC 387328107 976 33300.00 SH SOLE 33300.00
GUILFORD MLS INC COM 401794102 3148 303468.00 SH SOLE 303468.00
HSB GROUP INC COM 40428N109 14642 355500.00 SH SOLE 355500.00
HANCOCK FABRICS INC COM 409900107 1099 251148.00 SH SOLE 251148.00
HAWAIIAN ELEC INDS INC COM 419870100 6095 171700.00 SH SOLE 171700.00
HEILIG MEYERS CO COM 422893107 1799 264000.00 SH SOLE 264000.00
HELIX TECHNOLOGY CORP COM 423319102 12687 530000.00 SH SOLE 530000.00
HERBALIFEINTL INC CL A 426908208 1875 171400.00 SH SOLE 171400.00
HERBALIFEINTL INC CL B 426908307 2957 342800.00 SH SOLE 342800.00
HILLENBRAND INDS INC COM 431573104 19129 442300.00 SH SOLE 442300.00
HORMEL FOODS CORP COM 440452100 17006 422500.00 SH SOLE 422500.00
HUNT J B TRANS SVCS INC COM 445658107 3890 239400.00 SH SOLE 239400.00
HUSSMANN INTL INC COM 448110106 6791 410000.00 SH SOLE 410000.00
ICN PHARMACEUTICALS INC COM 448924100 18547 576205.00 SH SOLE 576205.00
IBP INC COM STK 449223106 5653 238000.00 SH SOLE 238000.00
IDACORP INC COM 451107106 2800 88900.00 SH SOLE 88900.00
IDEX CORP COM 45167R104 4902 149100.00 SH SOLE 149100.00
ILLINOVA CORP COM 452317100 12630 463500.00 SH SOLE 463500.00
INNOVEX INC COM 457647105 5928 423400.00 SH SOLE 423400.00
INTER TELINC COM 458372109 2590 141900.00 SH SOLE 141900.00
INTERFACEINC CL A 458665106 3019 350000.00 SH SOLE 350000.00
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INTERPOOLINC COM 46062R108 2759 212250.00 SH SOLE 212250.00
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IPALCO ENTERPRISES COM RTS CALLABLE THRU 11JUL00 462613100 14132 667000.00 SH SOLE 667000.00
JLG INDS INC COM 466210101 3376 165700.00 SH SOLE 165700.00
JONES PHARMA INC COM 480236108 6217 157900.00 SH SOLE 157900.00
JUSTIN INDS INC COM 482171105 2113 151600.00 SH SOLE 151600.00
K2 INC COM 482732104 1752 195982.00 SH SOLE 195982.00
KAMAN CORP CL A 483548103 2138 136300.00 SH SOLE 136300.00
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KIMBALL INTL INC CL B 494274103 4021 238292.00 SH SOLE 238292.00
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LTV CORP NEW COM 501921100 1352 202100.00 SH SOLE 202100.00
LACLEDE GAS CO COM RTS CALLABLE THRU 01MAY96 505588103 5217 224400.00 SH SOLE 224400.00
LANCE INC COM 514606102 4269 273200.00 SH SOLE 273200.00
LAWSON PRODS INC COM 520776105 4729 187750.00 SH SOLE 187750.00
LEE ENTERPRISES INC COM 523768109 8760 287200.00 SH SOLE 287200.00
LENNAR CORP COM 526057104 9961 415050.00 SH SOLE 415050.00
LIBBEY INC COM 529898108 7456 257100.00 SH SOLE 257100.00
LILLY INDL INC CL A 532491107 978 52700.00 SH SOLE 52700.00
LONGVIEW FIBRE CO WASHINGTON COM 543213102 6416 410600.00 SH SOLE 410600.00
M + T BK CORP COM 55261F104 31625 57500.00 SH SOLE 57500.00
MARCUS CORP COM 566330106 7188 583762.00 SH SOLE 583762.00
MARK IV INDS INC COM 570387100 7336 347287.00 SH SOLE 347287.00
MASCOTECHINC COM 574670105 5793 342000.00 SH SOLE 342000.00
MCCLATCHYCO CL A 579489105 6091 183875.00 SH SOLE 183875.00
MCCORMICK+ CO INC COM NON VTG 579780206 17435 552400.00 SH SOLE 552400.00
MENTOR CORP MINN COM 587188103 8798 472400.00 SH SOLE 472400.00
MERCANTILE BANKSHARES CORP COM 587405101 17182 485700.00 SH SOLE 485700.00
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MERRILL CORP COM 590175105 3431 236600.00 SH SOLE 236600.00
MICHAEL FOODS INC NEW COM 594079105 3819 162500.00 SH SOLE 162500.00
MIDAS INC COM 595626102 3878 136666.00 SH SOLE 136666.00
MISSISSIPPI CHEM CORP COM NEW 605288208 2426 247262.00 SH SOLE 247262.00
MITCHELL ENERGY + DEV CORP CL A 606592202 4381 226850.00 SH SOLE 226850.00
MOLEX INC COM 608554101 5053 136575.00 SH SOLE 136575.00
MONTANA PWR CO COM 612085100 19056 270300.00 SH SOLE 270300.00
MORRISON MGMT SPECIALISTS INC COM 618459101 1153 46100.00 SH SOLE 46100.00
MURPHY OIL CORP COM 626717102 16445 336895.00 SH SOLE 336895.00
MYLAN LABS INC COM 628530107 26091 984550.00 SH SOLE 984550.00
NL INDS INC COM NEW 629156407 6053 544104.00 SH SOLE 544104.00
NATIONAL DATA CORP COM 635621105 23833 557500.00 SH SOLE 557500.00
NATIONAL FUEL GAS CO N J COM 636180101 10849 223700.00 SH SOLE 223700.00
NEW ENGLAND BUSINESS SVC INC COM 643872104 9577 310200.00 SH SOLE 310200.00
NEW ENGLAND ELEC SYS COM 644001109 11719 233800.00 SH SOLE 233800.00
NISOURCE INC COM 65473P105 13854 536700.00 SH SOLE 536700.00
NOBLE AFFILIATES INC COM 654894104 11546 409600.00 SH SOLE 409600.00
NORRELL CORP GA COM 656301108 3161 168000.00 SH SOLE 168000.00
NORTH FORK BANCORPORATION INC COM 659424105 2240 105100.00 SH SOLE 105100.00
OAKWOOD HOMES CORP COM 674098108 4498 342700.00 SH SOLE 342700.00
OLD KENT FINL CORP COM 679833103 33092 790251.00 SH SOLE 790251.00
PMI GROUPINC COM 69344M101 4893 77900.00 SH SOLE 77900.00
PXRE CORPORATION COM 693674103 3864 213200.00 SH SOLE 213200.00
PAINE WEBBER GROUP INC COM 695629105 23118 494512.00 SH SOLE 494512.00
PIER 1 IMPORTS INC COM 720279108 8197 728617.00 SH SOLE 728617.00
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POGO PRODUCING CO COM 730448107 8586 461000.00 SH SOLE 461000.00
POPULAR INC COM 733174106 20917 690052.00 SH SOLE 690052.00
POTOMAC ELEC PWR CO COM 737679100 17401 591100.00 SH SOLE 591100.00
PRECISION CASTPARTS CORP COM RTS CALLABLE THRU 16DEC98 740189105 16220 381650.00 SH SOLE 381650.00
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PUGET SOUND ENERGY INC COM RTS CALLABLE THRU 25JAN01 745332106 11412 475508.00 SH SOLE 475508.00
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QUANEX CORP COM 747620102 14 500.00 SH SOLE 500.00
RLI CORP COM 749607107 2182 56312.00 SH SOLE 56312.00
R.P.M. INC OHIO COM 749685103 12151 856463.00 SH SOLE 856463.00
RAYMOND JAMES FINANCIAL INC COM 754730109 5984 249975.00 SH SOLE 249975.00
RAYONIER INC COM 754907103 14369 288462.00 SH SOLE 288462.00
REGAL BELOIT CORP COM 758750103 5866 248300.00 SH SOLE 248300.00
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RELIANCE GROUP HLDGS INC COM 759464100 7189 966600.00 SH SOLE 966600.00
RELIANCE STL + ALUM CO COM 759509102 4271 109500.00 SH SOLE 109500.00
RELIASTARFINL CORP COM 75952U103 11745 268462.00 SH SOLE 268462.00
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ROADWAY EXPRESS INC DEL COM 769742107 3185 164400.00 SH SOLE 164400.00
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ROLLINS INC COM 775711104 8649 542700.00 SH SOLE 542700.00
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ROPER INDS COM 776696106 19181 599400.00 SH SOLE 599400.00
ROUSE CO COM 779273101 46 1800.00 SH SOLE 1800.00
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ST JOE CO COM 790148100 12979 480700.00 SH SOLE 480700.00
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SEITEL INC COM NEW 816074306 3781 233600.00 SH SOLE 233600.00
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SERVICE MASTER COMPANY COM 81760N109 9959 531134.00 SH SOLE 531134.00
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STANDARD PRODS CO COM 853836104 8748 341393.00 SH SOLE 341393.00
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STEEL TECHNOLOGIES INC COM 858147101 1912 202600.00 SH SOLE 202600.00
STEWART +STEVENSON SVCS INC COM 860342104 5331 349596.00 SH SOLE 349596.00
STEWART ENTERPRISES INC CL A 860370105 12860 883100.00 SH SOLE 883100.00
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THOMAS INDS INC COM 884425109 2950 143907.00 SH SOLE 143907.00
TORO CO COM 891092108 4288 108900.00 SH SOLE 108900.00
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UNITRIN INC COM 913275103 18282 445900.00 SH SOLE 445900.00
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VALHI INCNEW 918905100 4205 378000.00 SH SOLE 378000.00
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U S OFFICE PRODS CO COM NEW 912325305 850 158088.00 SH SOLE 158088.00
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UNOVA INC COM 91529B106 2896 182400.00 SH SOLE 182400.00
USWEB CORP COM 917327108 10683 481500.00 SH SOLE 481500.00
UTILICORPUTD INC COM 918005109 14603 600650.00 SH SOLE 600650.00
VALUE AMER INC COM 92038N102 285 15000.00 SH SOLE 15000.00
VARCO INTL INC COM 922126107 9192 840400.00 SH SOLE 840400.00
VARIAN INC COM 922206107 2897 214600.00 SH SOLE 214600.00
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VENATOR GROUP INC COM 922944103 8124 778300.00 SH SOLE 778300.00
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VERIO INC COM 923433106 2398 34500.00 SH SOLE 34500.00
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VIDEOSERVER INC COM 926918103 1097 115500.00 SH SOLE 115500.00
VISIO CORP COM 927914101 6090 160000.00 SH SOLE 160000.00
VISHAY INTERTECHNOLOGY INC COM 928298108 11650 554770.00 SH SOLE 554770.00
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VIVUS COM 928551100 656 250000.00 SH SOLE 250000.00
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WMS INDUSTRIES INC COM 929297109 5131 301800.00 SH SOLE 301800.00
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WATKINS JOHNSON CO. COM 942486101 2944 99800.00 SH SOLE 99800.00
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XILINX INC COM 983919101 29850 521400.00 SH SOLE 521400.00
XTRA CORP COM 984138107 7084 154200.00 SH SOLE 154200.00
YANKEE ENERGY SYS INC COM 984779108 2105 53032.00 SH SOLE 53032.00
YELLOW CORP COM 985509108 2980 167900.00 SH SOLE 167900.00
YOUNG + RUBICAM INC COM 987425105 7802 171700.00 SH SOLE 171700.00
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PE CORP COM PE BIOSYSTEMS GROUP 69332S102 368 3205.00 SH SOLE 3205.00
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ALCOA INC COM 013817101 1506 24335.00 SH SOLE 24335.00
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RAYTHEON CO CL B 755111408 1551 22042.00 SH SOLE 22042.00
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ST PAUL COS INC COM 792860108 487 15317.00 SH SOLE 15317.00
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AON CORP COM 037389103 686 16628.00 SH SOLE 16628.00
CVS CORP COM 126650100 1284 25301.00 SH SOLE 25301.00
CARDINAL HEALTH INC COM 14149Y108 1155 18010.00 SH SOLE 18010.00
CAROLINA PWR + LT CO COM 144141108 421 9834.00 SH SOLE 9834.00
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MBNA CORP COM 55262L100 1582 51641.00 SH SOLE 51641.00
MEDTRONIC INC COM 585055106 2946 37826.00 SH SOLE 37826.00
MERCK + CO INC COM 589331107 11424 154380.00 SH SOLE 154380.00
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PFIZER INC COM 717081103 9308 84815.00 SH SOLE 84815.00
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ILLINOIS TOOL WKS INC COM 452308109 1347 16425.00 SH SOLE 16425.00
STATE STREET CORPORATION COM 857477103 908 10639.00 SH SOLE 10639.00
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AVON PRODS INC COM 054303102 960 17303.00 SH SOLE 17303.00
BANKBOSTON CORP COM 06605R106 986 19280.00 SH SOLE 19280.00
BECTON DICKINSON + CO COM 075887109 485 16176.00 SH SOLE 16176.00
BOEING CO COM 097023105 2786 63045.00 SH SOLE 63045.00
CATERPILLAR INC COM 149123101 1427 23780.00 SH SOLE 23780.00
DONNELLEYR R + SONS CO COM 257867101 341 9196.00 SH SOLE 9196.00
DOW CHEM CO COM 260543103 1864 14693.00 SH SOLE 14693.00
DU PONT E I DE NEMOURS + CO COM 263534109 5039 73763.00 SH SOLE 73763.00
EMERSON ELEC CO COM 291011104 1818 28908.00 SH SOLE 28908.00
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MONSANTO CO COM 611662107 1590 40317.00 SH SOLE 40317.00
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TEXTRON INC COM 883203101 844 10253.00 SH SOLE 10253.00
U S WEST INC NEW COM 91273H101 1931 32872.00 SH SOLE 32872.00
WELLS FARGO + CO NEW COM 949746101 4592 107411.00 SH SOLE 107411.00
ALBERTSONS INC COM 013104104 1409 27324.14 SH SOLE 27324.14
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AMERICAN GEN CORP COM 026351106 1247 16544.00 SH SOLE 16544.00
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CIGNA CORP COM 125509109 1237 13895.00 SH SOLE 13895.00
DILLARDS INC CL A 254067101 246 7008.00 SH SOLE 7008.00
EATON CORP COM 278058102 428 4647.00 SH SOLE 4647.00
FLEET FINL GROUP INC COM 338915101 1646 37087.00 SH SOLE 37087.00
FORD MTR CO DEL COM 345370100 4476 79315.00 SH SOLE 79315.00
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HASBRO INC COM 418056107 361 12939.00 SH SOLE 12939.00
INGERSOLLRAND CO COM 456866102 703 10871.00 SH SOLE 10871.00
JOHNSON CTLS INC COM 478366107 386 5566.00 SH SOLE 5566.00
LEHMAN BROTHERS HLDGS INC COM 524908100 488 7839.00 SH SOLE 7839.00
MOBIL CORP COM 607059102 5048 50993.00 SH SOLE 50993.00
NIKE INC CL B 654106103 1185 18713.00 SH SOLE 18713.00
PHARMACIA + UPJOHN INC COM 716941109 1887 33221.00 SH SOLE 33221.00
UNITED TECHNOLOGIES CORP COM 913017109 2268 31639.00 SH SOLE 31639.00
WAL MART STORES INC COM 931142103 14046 291108.00 SH SOLE 291108.00
ABBOTT LABS COM NPV 002824100 4516 99257.00 SH SOLE 99257.00
ALLTEL CORP COM 020039103 1280 17898.00 SH SOLE 17898.00
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ANHEUSER BUSCH COS INC COM 035229103 2247 31672.00 SH SOLE 31672.00
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CAPITAL ONE FINL CORP COM 14040H105 713 12803.00 SH SOLE 12803.00
CENTURYTEL INC COM 156700106 330 8306.00 SH SOLE 8306.00
CLOROX CO COM 189054109 838 7843.00 SH SOLE 7843.00
COCA COLA CO COM 191216100 10098 161565.00 SH SOLE 161565.00
COMERICA INC COM 200340107 600 10099.00 SH SOLE 10099.00
ECOLAB INC COM 278865100 367 8410.00 SH SOLE 8410.00
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FIRSTAR CORP WIS COM 33763V109 1271 45384.00 SH SOLE 45384.00
GANNETT INC COM 364730101 1315 18428.00 SH SOLE 18428.00
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OMNICOM GROUP COM 681919106 895 11183.00 SH SOLE 11183.00
PAYCHEX INC COM 704326107 512 16067.00 SH SOLE 16067.00
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QUAKER OATS CO COM 747402105 605 9119.00 SH SOLE 9119.00
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XEROX CORP COM 984121103 2536 42931.00 SH SOLE 42931.00
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IMS HEALTH INC COM 449934108 664 21244.00 SH SOLE 21244.00
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PECO ENERGY CO COM 693304107 526 12569.00 SH SOLE 12569.00
TYCO INTL LTD NEW COM 902124106 5062 53425.00 SH SOLE 53425.00
WARNER LAMBERT CO COM 934488107 3853 55533.00 SH SOLE 55533.00
AETNA INC COM 008117103 857 9578.00 SH SOLE 9578.00
ARMSTRONGWORLD INDS INC COM 042476101 148 2553.00 SH SOLE 2553.00
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BAXTER INTL INC COM 071813109 1121 18493.00 SH SOLE 18493.00
BURLINGTON NORTHN SANTA FE COM 12189T104 951 30684.00 SH SOLE 30684.00
CMS ENERGY CORP COM 125896100 282 6743.00 SH SOLE 6743.00
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CIRCUIT CITY STORES INC COM 172737108 601 6467.00 SH SOLE 6467.00
CORNING INC COM 219350105 1072 15293.00 SH SOLE 15293.00
CROWN CORK + SEAL INC COM 228255105 230 8073.00 SH SOLE 8073.00
ALCAN ALUM LTD COM 013716105 480 15037.00 SH SOLE 15037.00
EASTMAN CHEM CO COM 277432100 276 5336.00 SH SOLE 5336.00
ENTERGY CORP COM 29364G103 505 16153.00 SH SOLE 16153.00
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GRAINGER W W INC COM 384802104 346 6437.00 SH SOLE 6437.00
MASCO CORP COM 574599106 638 22101.00 SH SOLE 22101.00
NATIONAL SVC INDS INC 637657107 96 2654.00 SH SOLE 2654.00
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PNC BK CORP COM 693475105 1133 19657.00 SH SOLE 19657.00
REGIONS FINL CORP COM 758940100 530 13787.00 SH SOLE 13787.00
TRW INC COM 872649108 439 7998.00 SH SOLE 7998.00
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BLOCK H + R INC COM 093671105 336 6718.00 SH SOLE 6718.00
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DTE ENERGY CO COM 233331107 383 9568.00 SH SOLE 9568.00
DEERE + CO COM 244199105 632 15948.00 SH SOLE 15948.00
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EASTMAN KODAK CO COM 277461109 1432 21143.00 SH SOLE 21143.00
FORTUNE BRANDS INC COM 349631101 469 11324.00 SH SOLE 11324.00
GPU INC COM 36225X100 356 8433.00 SH SOLE 8433.00
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MGIC INVTCORP WIS COM 552848103 362 7453.00 SH SOLE 7453.00
MARSH + MCLENNAN COS INC COM 571748102 1269 16807.00 SH SOLE 16807.00
MORGAN J P + CO INC COM 616880100 1620 11530.00 SH SOLE 11530.00
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NICOR INC COM 654086107 119 3128.00 SH SOLE 3128.00
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ONEOK INCNEW COM 682680103 69 2187.00 SH SOLE 2187.00
PG+E CORP COM 69331C108 812 24983.00 SH SOLE 24983.00
P P + L RES INC COM 693499105 326 10601.00 SH SOLE 10601.00
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PACCAR INC COM 693718108 277 5197.00 SH SOLE 5197.00
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PEPSICO INC COM 713448108 3741 96698.00 SH SOLE 96698.00
PHILLIPS PETE CO COM 718507106 849 16880.00 SH SOLE 16880.00
POTLATCH CORP COM 737628107 84 1907.00 SH SOLE 1907.00
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PUBLIC SVC ENTERPRISE GROUP COM 744573106 617 15085.00 SH SOLE 15085.00
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SEMPRA ENERGY COM 816851109 352 15538.00 SH SOLE 15538.00
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INTERPUBLIC GROUP COS INC COM 460690100 780 9008.00 SH SOLE 9008.00
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BMC SOFTWARE INC COM 055921100 796 14743.00 SH SOLE 14743.00
CARNIVAL CORP COM 143658102 1928 39761.00 SH SOLE 39761.00
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HOME DEPOT INC COM 437076102 6208 96343.00 SH SOLE 96343.00
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US BANCORP DEL COM 902973106 1640 48242.00 SH SOLE 48242.00
AMGEN INC COM 031162100 2032 33372.00 SH SOLE 33372.00
ANDREW CORP COM 034425108 108 5684.00 SH SOLE 5684.00
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ILLINOIS TOOL WKS INC COM 452308109 494 6021.00 SH SOLE 6021.00
STATE STREET CORPORATION COM 857477103 327 3828.00 SH SOLE 3828.00
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CATERPILLAR INC COM 149123101 525 8752.00 SH SOLE 8752.00
DONNELLEYR R + SONS CO COM 257867101 126 3408.00 SH SOLE 3408.00
DOW CHEM CO COM 260543103 681 5370.00 SH SOLE 5370.00
DU PONT EI DE NEMOURS + CO COM 263534109 1854 27140.00 SH SOLE 27140.00
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MONSANTO CO COM 611662107 584 14804.00 SH SOLE 14804.00
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INGERSOLLRAND CO COM 456866102 254 3938.00 SH SOLE 3938.00
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TIME WARNER INC COM 887315109 2108 28679.00 SH SOLE 28679.00
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AMERICAN GREETINGS CORP CL A 026375105 53 1746.00 SH SOLE 1746.00
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SPRINT CORP PCS COM SER 1 852061506 603 10563.00 SH SOLE 10563.00
SUN MICROSYSTEMS INC COM 866810104 1278 18560.00 SH SOLE 18560.00
UNISYS CORP COM 909214108 236 6070.00 SH SOLE 6070.00
WELLPOINTHEALTH NETWORKS INC CL A 94973H108 119 1400.00 SH SOLE 1400.00
BIOMET INC COM 090613100 106 2668.00 SH SOLE 2668.00
COMPUTER SCIENCES CORP COM 205363104 263 3800.00 SH SOLE 3800.00
COSTCO COS INC COM 22160Q102 414 5175.00 SH SOLE 5175.00
DISNEY WALT CO COM 254687106 1515 49173.00 SH SOLE 49173.00
GAP INC COM 364760108 1041 20667.00 SH SOLE 20667.00
KNIGHT RIDDER INC COM 499040103 103 1881.00 SH SOLE 1881.00
KOHLS CORP COM 500255104 308 3995.00 SH SOLE 3995.00
KROGER CO COM 501044101 551 19734.00 SH SOLE 19734.00
NETWORK APPLIANCE INC COM 64120L104 89 1600.00 SH SOLE 1600.00
ORACLE CORP COM 68389X105 1303 35088.00 SH SOLE 35088.00
PITNEY BOWES INC COM 724479100 421 6548.00 SH SOLE 6548.00
PROVIDIANFINL CORP COM 74406A102 316 3385.00 SH SOLE 3385.00
SAFEWAY INC COM NEW 786514208 575 11622.00 SH SOLE 11622.00
TIMES MIRROR CO NEW COM SER A 887364107 123 2068.00 SH SOLE 2068.00
TRIBUNE CO NEW COM 896047107 257 2950.00 SH SOLE 2950.00
WATSON PHARMACEUTICALS INC COM 942683103 84 2400.00 SH SOLE 2400.00
BEST BUY CO INC COM STK USD0.10 086516101 304 4500.00 SH SOLE 4500.00
ENRON CORP COM 293561106 691 8454.00 SH SOLE 8454.00
HONEYWELLINC COM 438506107 357 3077.00 SH SOLE 3077.00
MEDIAONE GROUP INC COM 58440J104 1088 14628.00 SH SOLE 14628.00
MICRON TECHNOLOGY INC COM 595112103 240 5958.00 SH SOLE 5958.00
SEALED AIR CORP NEW COM 81211K100 132 2038.00 SH SOLE 2038.00
VIACOM INC CL B 925524308 749 17030.00 SH SOLE 17030.00
CSX CORP COM 126408103 236 5214.00 SH SOLE 5214.00
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CONSOLIDATED EDISON INC COM 209115104 254 5618.00 SH SOLE 5618.00
DAYTON HUDSON CORP COM 239753106 681 10471.00 SH SOLE 10471.00
DOMINION RES INC VA COM 257470104 205 4724.00 SH SOLE 4724.00
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GRACE W R+ CO DEL NEW COM 38388F108 33 1819.00 SH SOLE 1819.00
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IKON OFFICE SOLUTIONS INC COM 451713101 49 3247.00 SH SOLE 3247.00
K MART CORP COM 482584109 193 11768.00 SH SOLE 11768.00
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NOVELL INC COM 670006105 222 8394.00 SH SOLE 8394.00
PHELPS DODGE CORP COM 717265102 88 1414.00 SH SOLE 1414.00
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UST INC COM USD0.50 902911106 130 4428.00 SH SOLE 4428.00
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ALLEGHENYTELDYNE INC COM 017415100 108 4768.00 SH SOLE 4768.00
ASHLAND INC COM 044204105 73 1824.00 SH SOLE 1824.00
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COORS ADOLPH CO CLASS B COM 217016104 43 865.00 SH SOLE 865.00
CRANE CO COM 224399105 52 1647.00 SH SOLE 1647.00
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INCO LTD COM 453258402 73 4067.00 SH SOLE 4067.00
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KANSAS CITY SOUTHN INDS INC COM 485170104 161 2530.00 SH SOLE 2530.00
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KEYCORP NEW COM 493267108 340 10569.00 SH SOLE 10569.00
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OWENS ILLINC COM NEW 690768403 121 3705.00 SH SOLE 3705.00
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RALSTON PURINA CO COM RALSTON PURINA GROUP 751277302 231 7585.00 SH SOLE 7585.00
REEBOK INTL LTD COM 758110100 25 1359.00 SH SOLE 1359.00
RYDER SYSINC COM 783549108 45 1730.00 SH SOLE 1730.00
SCIENTIFIC ATLANTA INC COM 808655104 70 1933.00 SH SOLE 1933.00
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SIGMA ALDRICH COM 826552101 82 2378.00 SH SOLE 2378.00
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SNAP ON INC COM 833034101 51 1422.00 SH SOLE 1422.00
SONAT INC COM 835415100 88 2650.00 SH SOLE 2650.00
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WORTHINGTON INDS IN COM 981811102 38 2310.00 SH SOLE 2310.00
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CONSTELLATION ENERGY GROUP INC COM 210371100 8082 272800.00 SH SOLE 272800.00
ALCOA INC COM 013817101 5829 94200.00 SH SOLE 94200.00
CHASE MANHATTAN CORP NEW COM 16161A108 33977 392800.00 SH SOLE 392800.00
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HEWLETT PACKARD CO COM 428236103 48109 478700.00 SH SOLE 478700.00
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RAYTHEON CO CL B 755111408 28200 400000.00 SH SOLE 400000.00
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CVS CORP COM 126650100 1157 22800.00 SH SOLE 22800.00
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MEDTRONIC INC COM 585055106 21975 282186.00 SH SOLE 282186.00
MERCK + CO INC COM 589331107 17881 242868.00 SH SOLE 242868.00
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PFIZER INC COM 717081103 46482 426437.00 SH SOLE 426437.00
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AVON PRODS INC COM 054303102 9380 169000.00 SH SOLE 169000.00
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BOEING CO COM 097023105 8800 200000.00 SH SOLE 200000.00
CATERPILLAR INC COM 149123101 17244 287400.00 SH SOLE 287400.00
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DOW CHEM CO COM 260543103 66625 525122.00 SH SOLE 525122.00
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ALBERTSONS INC COM 013104104 10142 196700.00 SH SOLE 196700.00
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CIGNA CORP COM 125509109 45390 510000.00 SH SOLE 510000.00
DILLARDS INC CL A 254067101 11096 315900.00 SH SOLE 315900.00
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FLEET FINL GROUP INC COM 338915101 10890 245400.00 SH SOLE 245400.00
FORD MTR CO DEL COM 345370100 67082 1188600.00 SH SOLE 1188600.00
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JOHNSON CTLS INC COM 478366107 14673 211700.00 SH SOLE 211700.00
LEHMAN BROTHERS HLDGS INC COM 524908100 6560 105600.00 SH SOLE 105600.00
MARTIN MARIETTA MATLS INC COM 573284106 1882 31900.00 SH SOLE 31900.00
MOBIL CORP COM 607059102 120524 1220492.00 SH SOLE 1220492.00
NIKE INC CL B 654106103 12314 194300.00 SH SOLE 194300.00
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WAL MART STORES INC COM 931142103 27310 566000.00 SH SOLE 566000.00
ABBOTT LABS COM NPV 002824100 9606 211700.00 SH SOLE 211700.00
ALLTEL CORP COM 020039103 2413 33742.00 SH SOLE 33742.00
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AMSOUTH BANCORPORATION COM 032165102 7584 327075.00 SH SOLE 327075.00
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COCA COLA CO COM 191216100 43171 696300.00 SH SOLE 696300.00
COMERICA INC COM 200340107 6155 103550.00 SH SOLE 103550.00
GANNETT INC COM 364730101 5339 74800.00 SH SOLE 74800.00
QUAKER OATS CO COM 747402105 9671 145700.00 SH SOLE 145700.00
AMERICAN EXPRESS CO COM 025816109 24382 187372.00 SH SOLE 187372.00
EXXON CORP COM 302290101 115047 1491700.00 SH SOLE 1491700.00
MCKESSON HBOC INC COM 58155Q103 2980 92584.00 SH SOLE 92584.00
PECO ENERGY CO COM 693304107 1131 27000.00 SH SOLE 27000.00
TYCO INTL LTD NEW COM 902124106 20754 219037.00 SH SOLE 219037.00
ARMSTRONGWORLD INDS INC COM 042476101 7475 129300.00 SH SOLE 129300.00
CMS ENERGY CORP COM 125896100 6738 160900.00 SH SOLE 160900.00
EASTMAN CHEM CO COM 277432100 10464 202200.00 SH SOLE 202200.00
GRAINGER W W INC COM 384802104 2981 55400.00 SH SOLE 55400.00
NATIONAL SVC INDS INC 637657107 4698 130500.00 SH SOLE 130500.00
PNC BK CORP COM 693475105 10874 188700.00 SH SOLE 188700.00
RAYTHEON CO CL A 755111309 2390 34700.00 SH SOLE 34700.00
TRW INC COM 872649108 2777 50600.00 SH SOLE 50600.00
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ALLSTATE CORP COM 020002101 33988 947400.00 SH SOLE 947400.00
AMEREN CORP COM 023608102 7364 191900.00 SH SOLE 191900.00
ANALYSTS INTL CORP COM 032681108 1078 75000.00 SH SOLE 75000.00
ARCH CHEMICALS INC COM 03937R102 1157 47600.00 SH SOLE 47600.00
ATLANTIC RICHFIELD CO COM 048825103 53873 644703.00 SH SOLE 644703.00
AUTOLIV COM 052800109 3249 107400.00 SH SOLE 107400.00
BANDAG INC COM 059815100 3254 93800.00 SH SOLE 93800.00
BANK ONE CORP COM 06423A103 12618 211851.00 SH SOLE 211851.00
BANTA CORP COM STK 066821109 4154 197800.00 SH SOLE 197800.00
BELO A H CORP COM SER A 080555105 3359 170600.00 SH SOLE 170600.00
BLOCK H +R INC COM 093671105 13835 276700.00 SH SOLE 276700.00
BOWATER INC COM 102183100 2340 49400.00 SH SOLE 49400.00
BROWNING FERRIS INDS INC COM 115885105 3836 89200.00 SH SOLE 89200.00
C+D TECHNOLOGIES COM 124661109 2297 75000.00 SH SOLE 75000.00
CLECO CORP COM 12561M107 2299 75700.00 SH SOLE 75700.00
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CAMPBELL SOUP CO COM 134429109 1452 31300.00 SH SOLE 31300.00
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COMMERCIAL FED CORP COM 201647104 8503 366700.00 SH SOLE 366700.00
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CONAGRA INC COM 205887102 1169 43900.00 SH SOLE 43900.00
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COUNTRYWIDE CR INDS INC COM 222372104 4865 113800.00 SH SOLE 113800.00
DTE ENERGY CO COM 233331107 2967 72800.00 SH SOLE 72800.00
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DEERE + CO COM 244199105 23285 594200.00 SH SOLE 594200.00
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DONALDSONLUFKIN+JENRETTE INC COM 257661108 8225 136520.00 SH SOLE 136520.00
DUKE ENERGY CO COM STK NPV 264399106 7975 146500.00 SH SOLE 146500.00
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ENERGY EAST CORP COM 29266M109 5970 229600.00 SH SOLE 229600.00
ENESCO GROUP INC COM 292973104 1996 86300.00 SH SOLE 86300.00
EQUITABLERES INC COM 294549100 3522 93300.00 SH SOLE 93300.00
ETHAN ALLEN INTERIORS INC COM 297602104 181 4800.00 SH SOLE 4800.00
FEDERAL SIGNAL CORP COM STK 313855108 7187 339200.00 SH SOLE 339200.00
FORTUNE BRANDS INC COM 349631101 11651 281600.00 SH SOLE 281600.00
GPU INC COM 36225X100 13350 316445.00 SH SOLE 316445.00
GENERALE CABLE CORP DEL NEW COM 369300108 1200 75000.00 SH SOLE 75000.00
GENERAL MLS INC COM 370334104 10015 124600.00 SH SOLE 124600.00
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GENUINE PARTS CO COM 372460105 5425 155000.00 SH SOLE 155000.00
GOODRICH B F CO COM 382388106 14626 344149.00 SH SOLE 344149.00
HARMAN INTL INDS INC NEW COM 413086109 4633 105300.00 SH SOLE 105300.00
HEINZ H JCO COM 423074103 19819 395400.00 SH SOLE 395400.00
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HOMESTAKEMNG CO COM 437614100 971 118600.00 SH SOLE 118600.00
HOST MARRIOTT CORP NEW COM 44107P104 7009 590241.00 SH SOLE 590241.00
HUBBELL INC CLB 443510201 5 100.00 SH SOLE 100.00
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INDY MAC MTG HLDGS INC COM 456607100 605 37800.00 SH SOLE 37800.00
INTERNATIONAL FLAVOURS COM 459506101 14898 338600.00 SH SOLE 338600.00
INTERSTATE BAKERIES CORP DEL NEW COM 46072H108 8109 361400.00 SH SOLE 361400.00
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KEYSPAN CORP COM 49337W100 2655 100672.00 SH SOLE 100672.00
LNR PPTY CORP COM 501940100 3344 156450.00 SH SOLE 156450.00
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MDU RES GROUP INC COM 552690109 2537 111200.00 SH SOLE 111200.00
MGIC INVTCORP WIS COM 552848103 4863 100000.00 SH SOLE 100000.00
MARSH + MCLENNAN COS INC COM 571748102 8780 116000.00 SH SOLE 116000.00
MERCURY GEN CORP NEW COM 589400100 214 6300.00 SH SOLE 6300.00
MORGAN J P + CO INC COM 616880100 101048 719200.00 SH SOLE 719200.00
NEW CENTYENERGIES INC COM 64352U103 4700 121100.00 SH SOLE 121100.00
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NICOR INC COM 654086107 7536 198000.00 SH SOLE 198000.00
NORTHERN STS PWR CO MN COM 665772109 6603 273000.00 SH SOLE 273000.00
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OGE ENERGY CORP COM 670837103 6014 253200.00 SH SOLE 253200.00
OLIN CORP COM PAR 1 680665205 1255 95200.00 SH SOLE 95200.00
OMEGA HEALTHCARE INVESTORS REAL ESTATE 681936100 2302 89200.00 SH SOLE 89200.00
ONEOK INCNEW COM 682680103 4020 126600.00 SH SOLE 126600.00
ORANGE + ROCKLAND UTILS INC COM 684065105 3141 53800.00 SH SOLE 53800.00
PG+E CORP COM 69331C108 26748 824600.00 SH SOLE 824600.00
P P + L RES INC COM 693499105 13997 455200.00 SH SOLE 455200.00
PPG INDS INC COM 693506107 17654 298900.00 SH SOLE 298900.00
PACCAR INC COM 693718108 4079 76418.00 SH SOLE 76418.00
PENNEY J C INC COM 708160106 15283 314700.00 SH SOLE 314700.00
PEPSICO INC COM 713448108 27081 700000.00 SH SOLE 700000.00
PHILADELPHIA SUBN CORP COM PAR 0.50 718009608 1370 59400.00 SH SOLE 59400.00
PHILLIPS PETE CO COM 718507106 6043 120100.00 SH SOLE 120100.00
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POTLATCH CORP COM 737628107 4473 101800.00 SH SOLE 101800.00
PREMARK INTL INC COM 740459102 6626 176700.00 SH SOLE 176700.00
PROCTER + GAMBLE CO COM 742718109 23571 264100.00 SH SOLE 264100.00
PUBLIC SVC CO NM COM 744499104 8662 435800.00 SH SOLE 435800.00
PUBLIC SVC CO N C INC COM 744516105 1550 53000.00 SH SOLE 53000.00
PUBLIC SVC ENTERPRISE GROUP COM 744573106 25651 628500.00 SH SOLE 628500.00
READERS DIGEST ASSN INC COM CL A NON VTG 755267101 7429 186900.00 SH SOLE 186900.00
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SEMPRA ENERGY COM 816851109 8315 367504.00 SH SOLE 367504.00
SOUTHERN CO COM 842587107 15267 576100.00 SH SOLE 576100.00
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TEXAS INSTRS INC COM 882508104 3385 23507.00 SH SOLE 23507.00
TRANSAMERICA CORP COM 893485102 19427 259022.00 SH SOLE 259022.00
TRINITY INDS INC COM 896522109 3193 95300.00 SH SOLE 95300.00
UNICOM CORP COM 904911104 12795 331800.00 SH SOLE 331800.00
UNION PACCORP COM 907818108 21284 365000.00 SH SOLE 365000.00
UNITED ILLUM CO COM 910637107 1876 44200.00 SH SOLE 44200.00
UNITED WTR RES INC COM 913190104 1879 82800.00 SH SOLE 82800.00
WACHOVIA CORP NEW 929771103 8556 100000.00 SH SOLE 100000.00
WASHINGTON FED INC COM 938824109 2769 123420.00 SH SOLE 123420.00
WESTERN RES INC COM 959425109 2665 100100.00 SH SOLE 100100.00
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WITCO CORP COM 977385103 1163 58900.00 SH SOLE 58900.00
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BMC SOFTWARE INC COM 055921100 7777 144017.00 SH SOLE 144017.00
CISCO SYS INC COM 17275R102 7278 112952.00 SH SOLE 112952.00
CLEAR CHANNEL COMMUNICATIONS COM 184502102 19689 285606.00 SH SOLE 285606.00
DELL COMPUTER CORP COM 247025109 46 1231.00 SH SOLE 1231.00
E M C CORP MASS COM 268648102 2968 53972.00 SH SOLE 53972.00
ENSCO INTL INC COM 26874Q100 6775 339798.00 SH SOLE 339798.00
HOME DEPOT INC COM 437076102 18068 280392.00 SH SOLE 280392.00
MICROSOFT CORP COM 594918104 40401 447964.00 SH SOLE 447964.00
NEXTEL COMMUNICATIONS INC CL A 65332V103 1158 23073.00 SH SOLE 23073.00
QUINTILES TRANSNATIONAL CORP COM 748767100 6074 144612.00 SH SOLE 144612.00
SYLVAN LEARNING SYS INC COM 871399101 2385 87741.00 SH SOLE 87741.00
TELLABS INC COM 879664100 22406 331630.00 SH SOLE 331630.00
TOYS R USINC COM 892335100 17464 844190.00 SH SOLE 844190.00
US BANCORP DEL COM 902973106 21394 641027.00 SH SOLE 641027.00
DANA CORP COM 235811106 1939 42100.00 SH SOLE 42100.00
DELPHI AUTOMOTIVE SYS CORP COM 247126105 12952 700100.00 SH SOLE 700100.00
HARRIS CORP DEL COM 413875105 5670 144700.00 SH SOLE 144700.00
LIFEPOINTHOSPS INC COM 53219L109 227 16910.00 SH SOLE 16910.00
QUANTUM CORP COM 747906105 352 14600.00 SH SOLE 14600.00
TRIAD HOSPS INC COM 89579K109 228 16910.00 SH SOLE 16910.00
EQUITABLE COMPANIES INC COM 29444G107 777 11600.00 SH SOLE 11600.00
LEXMARK INTL GROUP INC CL A 529771107 616 9400.00 SH SOLE 9400.00
NEWELL RUBBERMAID INC COM 651229106 890 19200.00 SH SOLE 19200.00
OFFICE DEPOT INC COM 676220106 4511 204450.00 SH SOLE 204450.00
TENET HEALTHCARE CORP COM 88033G100 3436 185100.00 SH SOLE 185100.00
VALASSIS COMMUNICATIONS INC COM 918866104 4049 110550.00 SH SOLE 110550.00
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FIRST UN CORP COM 337358105 48784 1035206.00 SH SOLE 1035206.00
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VENTAS INC COM 92276F100 3233 601400.00 SH SOLE 601400.00
AMERICAN INTL GROUP INC COM 026874107 90500 771859.00 SH SOLE 771859.00
ANALOG DEVICES INC COM 032654105 1504 29958.00 SH SOLE 29958.00
BJ SVCS CO COM 055482103 6029 204799.00 SH SOLE 204799.00
BERKSHIREHATHAWAY INC DEL CL B 084670207 8868 3959.00 SH SOLE 3959.00
HARLEY DAVIDSON INC COM RTS CALLABLE THRU 23MAY98 412822108 9901 182087.00 SH SOLE 182087.00
INTERNATIONAL PAPER CO COM 460146103 18374 365648.00 SH SOLE 365648.00
MCI WORLDCOM INC COM 55268B106 30569 355196.00 SH SOLE 355196.00
AMR CORP DEL COM 001765106 8325 121977.00 SH SOLE 121977.00
CADENCE DESIGN SYS INC COM 127387108 680 53900.00 SH SOLE 53900.00
COMPUTER ASSOC INTL INC COM 204912109 6466 118100.00 SH SOLE 118100.00
DOVER CORP COM 260003108 11190 319700.00 SH SOLE 319700.00
MINNESOTA MNG + MFG CO COM 604059105 52962 609200.00 SH SOLE 609200.00
TIME WARNER INC COM 887315109 1453 20000.00 SH SOLE 20000.00
WASTE MGMT INC DEL COM 94106L109 3543 65925.00 SH SOLE 65925.00
AMERICAN GREETINGS CORP CL A 026375105 1554 51600.00 SH SOLE 51600.00
BLACK + DECKER CORPORATION COM 091797100 2670 42300.00 SH SOLE 42300.00
CBS CORP COM 12490K107 10019 230000.00 SH SOLE 230000.00
DIME BANCORP INC NEW COM USD0.01 25429Q102 7738 384500.00 SH SOLE 384500.00
SKYTEL COMMUNICATIONS INC COM 83087Q104 890 42500.00 SH SOLE 42500.00
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COSTCO COS INC COM 22160Q102 5182 64726.00 SH SOLE 64726.00
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KROGER CO COM 501044101 8901 318600.00 SH SOLE 318600.00
MICROS SYS INC COM 594901100 2550 75000.00 SH SOLE 75000.00
ORACLE CORP COM 68389X105 5747 154800.00 SH SOLE 154800.00
TIMES MIRROR CO NEW COM SER A 887364107 693 11700.00 SH SOLE 11700.00
HONEYWELLINC COM 438506107 7691 66375.00 SH SOLE 66375.00
MICRON TECHNOLOGY INC COM 595112103 1158 28600.00 SH SOLE 28600.00
QUALCOMM INC COM 747525103 1294 9018.00 SH SOLE 9018.00
LORAL SPACE + COMMUNICATIONS COM G56462107 1134 63000.00 SH SOLE 63000.00
AFC CABLESYS INC COM 000950105 2648 75000.00 SH SOLE 75000.00
ACME METALS INC COM 004724100 4 14400.00 SH SOLE 14400.00
AMRESCO INC COM 031909104 1166 181200.00 SH SOLE 181200.00
APEX INC COM 037548104 2306 112500.00 SH SOLE 112500.00
AVISTA CORP COM 05379B107 7577 466300.00 SH SOLE 466300.00
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CNA FINL CORP COM 126117100 10030 248800.00 SH SOLE 248800.00
CSX CORP COM 126408103 40742 897900.00 SH SOLE 897900.00
CALPINE CORP COM 131347106 5319 98500.00 SH SOLE 98500.00
CENDANT CORP COM 151313103 1702 83000.00 SH SOLE 83000.00
CHEMFIRSTINC COM 16361A106 5589 229900.00 SH SOLE 229900.00
CHEVRON CORP COM 166751107 46877 493120.00 SH SOLE 493120.00
COLTEC INDS INC COM 196879100 2062 95100.00 SH SOLE 95100.00
COMMONWEALTH TEL ENTERPRISES COM 203349105 1953 48300.00 SH SOLE 48300.00
CONSOLIDATED EDISON INC COM 209115104 6525 144200.00 SH SOLE 144200.00
CRESTLINE CAP CORP COM 226153104 913 54300.00 SH SOLE 54300.00
DAYTON HUDSON CORP COM 239753106 11488 176741.00 SH SOLE 176741.00
DOMINION RES INC VA COM 257470104 18022 416100.00 SH SOLE 416100.00
DYNEX CAPINC COM 26817Q100 400 193900.00 SH SOLE 193900.00
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FLORIDA PROGRESS CORP COM 341109106 6189 149800.00 SH SOLE 149800.00
FURNITUREBRANDS INTL INC COM 360921100 6938 248900.00 SH SOLE 248900.00
GENERAL MTRS CORP CL H NEW 370442832 28320 502900.00 SH SOLE 502900.00
GLOBAL MARINE INC COM NEW 379352404 2068 133400.00 SH SOLE 133400.00
GRACE W R + CO DEL NEW COM 38388F108 4070 214200.00 SH SOLE 214200.00
HISPANIC BROADCASTING CORP COM 43357B104 4856 64000.00 SH SOLE 64000.00
HILTON HOTELS CORP COM 432848109 587 41400.00 SH SOLE 41400.00
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MENS WEARHOUSE INC 587118100 1913 75000.00 SH SOLE 75000.00
MIRAGE RESORTS INC COM 60462E104 3853 230000.00 SH SOLE 230000.00
MODINE MFG CO 607828100 2201 67600.00 SH SOLE 67600.00
NVR INC COM 62944T105 57 1100.00 SH SOLE 1100.00
NIAGARA MOHAWK HLDGS INC COM 653520106 482 30000.00 SH SOLE 30000.00
NOVELL INC COM 670006105 1063 40100.00 SH SOLE 40100.00
OCULAR SCIENCES INC COM 675744106 1303 75000.00 SH SOLE 75000.00
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PALM HBR HOMES INC COM 696639103 677 27000.00 SH SOLE 27000.00
PARK PL ENTMT CORP COM 700690100 396 41400.00 SH SOLE 41400.00
PHELPS DODGE CORP COM 717265102 7544 121800.00 SH SOLE 121800.00
PIONEER GROUP INC COM 723684106 3585 207800.00 SH SOLE 207800.00
PROJECT SOFTWARE + DEV INC COM 74339P101 2344 75000.00 SH SOLE 75000.00
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QUESTAR CORP COM 748356102 1639 85700.00 SH SOLE 85700.00
RH DONNELLEY CORP COM NEW 74955W307 2743 140220.00 SH SOLE 140220.00
ROWAN COSINC COM 779382100 3079 168700.00 SH SOLE 168700.00
SPS TECHNOLOGIES INC COM 784626103 2813 75000.00 SH SOLE 75000.00
SANCHEZ COMPUTER ASSOC INC COM 799702105 6925 200000.00 SH SOLE 200000.00
SHAW INDSINC COM 820286102 1829 104500.00 SH SOLE 104500.00
SIGCORP INC COM 826912107 1376 48600.00 SH SOLE 48600.00
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STRUCTURAL DYNAMICS RESH CORP COM RTS CALLABLE THRU 10AUG98 863555108 6 300.00 SH SOLE 300.00
TOLL BROSINC COM 889478103 4165 194300.00 SH SOLE 194300.00
TRIUMPH GROUP INC NEW COM 896818101 1913 75000.00 SH SOLE 75000.00
UGI CORP NEW COM 902681105 2907 144000.00 SH SOLE 144000.00
UST INC COM USD0.50 902911106 126 4300.00 SH SOLE 4300.00
USX U S STL GROUP 90337T101 15679 580700.00 SH SOLE 580700.00
UNITED NAT FOODS INC COM 911163103 1856 75000.00 SH SOLE 75000.00
US AIRWAYS GROUP INC COM 911905107 1164 26715.00 SH SOLE 26715.00
V F CORP COM 918204108 7426 173700.00 SH SOLE 173700.00
VLASIC FOODS INTL INC COM 928559103 23 3130.00 SH SOLE 3130.00
VORNADO OPER CO COM 92904N103 226 28260.00 SH SOLE 28260.00
WPS RES CORP COM 92931B106 3336 111200.00 SH SOLE 111200.00
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