Huron Investment Fund Inc – ‘N-30D’ for 6/30/96 – ARS

As of:  Thursday, 8/29/96   ·   For:  6/30/96   ·   Accession #:  1009068-96-3   ·   File #s:  811-07555 (ARS), 811-07555

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Annual or Semi-Annual Report Mailed to Shareholders   —   Rule 30d-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: ARS         Annual Report to Security Holders                     54±   220K 


HURON INVESTMENT FUND, INC.                                                     

Statement of Assets and Liabilities                                             

June 30, 1996                                                                   

(Unaudited)                                                                     

Assets                          
Investments, at value (@ cost $1,016,229,507.07)          $1,056,540,723        
Cash                                                              56,148        
Dividends receivable                                           1,336,793        
Interest receivable                                                9,130        
Prepaid expenses                                                 100,856        
Deferred organization cost, net                                    7,372        
Receivable for securities sold - unsettled trades                387,444        
           Total Assets                            1,058,438,466

Liabilities                           
AMPS dividends payable (note 4)                                1,492,333        
Payable for securities purchased - unsettled trades              205,013        
Accrued expenses                                                 239,311        
Notes payable  (note 5)                                          213,500        
Accrued interest expense                                           5,898        
           Total Liabilities                           2,156,055
           Net Assets                             $1,056,282,411
Net assets are represented by:                                                  
Series A Auction Market Preferred Stock, $.01 par value at liquidation          
preference $100,000 per share, 1,000 shares authorized, issued and    
outstanding                                             100,000,000   
Series B Auction Market Preferred Stock, $.01 par value at liquidation          
preference $100,000 per share, 1,000 shares authorized, issued and    
outstanding                                             100,000,000   
Series C Auction Market Preferred Stock, $.01 par value at liquidation          
preference $100,000 per share, 1,000 shares authorized, issued and    
outstanding                                             100,000,000   
Series D Auction Market Preferred Stock, $.01 par value at liquidation          
preference $100,000 per share, 1,000 shares authorized, issued and    
outstanding                                             100,000,000   
Series E Auction Market Preferred Stock, $.01 par value at liquidation          
preference $100,000 per share, 500 shares authorized, issued and      
outstanding                                              50,000,000   
Common stock at par value, $.01 per share, 199,995,500 shares authorized,       
  61,376,240.20 shares issued and outstanding            613,762
Additional paid-in capital                                   565,357,433        
Net unrealized appreciation of investments                    40,311,216        
           Net Assets                             $1,056,282,411

           Net asset value per common shares outs          $9.88
See accompanying notes to the financial statements.                             

HURON INVESTMENT FUND, INC.                                                     

Statement of Operations                                                         

For the period from March 4, 1996 (commencement of operations) to June 30, 1996 

(Unaudited)                                                                     

Investment income:                                                              
Dividend income                                            $6,413,977     
Interest income                                                30,678     
           Total investment income                     6,444,655

Expenses:                                                                       
Broker dealer fee                                             329,465     
Legal fees                                                     20,422     
Rating agencies fees                                           32,606     
Independent accountants                                        12,568     
Auction agent fee                                               9,074     
Custody / administration fees (note 2)                         49,331     
Directors fees and expenses                                     4,129     
Interest expense                                                5,898     
Insurance                                                       6,010     
Investment management fee  (note 2)                            41,138     
Amortization of organizational costs                              628     
           Total expenses                                511,269

           Net investment income                       5,933,386

Net realized and unrealized gains on investments:                               
Net realized gain on investments:                                         
Proceeds from sales    $18,399,199      
Cost of securities     (17,350,613)     
                                                       1,048,586
Unrealized appreciation of investments:                                   
Beginning of period              0      
End of period           40,311,216      
Increase in net unrealized appreciation of investments     40,311,216     

Net increase in net assets                
              resulting from operations              $47,293,188

See accompanying notes to the financial statements.                             

HURON INVESTMENT FUND, INC.                                                     

Statement of Changes in Net Assets                                              

For the period from March 4, 1996 (commencement of operations) to June 30, 1996 

(Unaudited)                                                                     

From operations:                                                                
Net investment income                                      $5,933,386     
Net realized gain on investments                            1,048,586     
Net change in unrealized appreciation on investments       40,311,216     

Increase in net assets resulting                    
         from operations                              47,293,188

Dividends to stockholders from net investment income:                           
Auction market preferred stock                             (5,508,313)    
Common stock                                                 (425,073)    
                                                       (5,933,386)
Dividends to stockholders from net realized gains                               
Auction market preferred stock                                      0     
Common stock                                               (1,048,586)    

Decrease in net assets resulting                      
         from dividends to stockholders                (6,981,972)

Increase (decrease) from capital share transactions:                            
Issuance of auction market preferred stock                450,000,000     
Issuance of common stock                                  614,497,536     
Return of capital                                         (48,526,341)    
                                                   1,015,971,195

     Total increase in net assets                  1,056,282,411

Net assets:                                                                     
Beginning of period                                                 0     

End of period                                          $1,056,282,411     

See accompanying notes to the financial statements.                             

HURON INVESTMENT FUND, INC.         

Financial Highlights              

For the period from March 4, 1996 (commencement of operations) to June 30, 1996 

(Unaudited)                                                                     

For a share of common stock outstanding throughout the period:                  

Net asset value, beginning of period                           $10.00     

Net investment income                                            0.10     
Net gains on investments                                                  
       realized and unrealized                              0.68
           Total from investment operations                 0.78

Less distributions from net investment income and net realized gains:     
Common share equivalent of dividends paid                                 
        to AMPS holders                                     (0.09)
Dividends paid to common shareholders                           (0.02)    

            Total distributions                             (0.11)

Increase (decrease) from capital share transactions:                            
Return of capital                                               (0.79)    

Net asset value, end of period                                     $9.88        

Total investment return                                             7.81%       

Net assets at end of period (000s)                              $606,282        

Ratio of expenses to average net assets applicable to common                    
shares                                                       0.05%

Ratio of net investment income to average net assets applicable                 
to common shares +                                           0.04%

Portfolio turnover                                                  0.99%       

+Net investment income is adjusted for distributions paid to AMPS holders.      
*Total investment return for the period; not annualized.                        
See accompanying notes to financial statements.                                 

HURON INVESTMENT FUND, INC.                                                     

Notes to the Financial Statements                                               

June 30, 1996                                                                   

(1)     Organization and Significant Accounting Policies                        

The Huron Investment Fund, Inc. (the "Fund") is registered as a       
diversified, closed-end management investment company under the       
Investment Company Act of 1940, as amended.  The Fund commenced       
investment operations on March 4, 1996.                               

The Fund's objective is long-term capital appreciation with income as 
a secondary objective.  The Fund's investments consist primarily of   
common stocks of large, medium and small capitalization U.S.          
companies, non-U.S. companies whose shares are listed on a U.S.       
exchange and American depository receipts of non-U.S. companies that  
are traded in the U.S.                                                

In March 1996, the Fund issued $400 million of Auction Market         
Preferred Stock ("AMPS") and purchased securities with an aggregate   
fair value of $1,013,761,402 from a collective trust fund for         
employee benefit plans in exchange for 61,376,140.20 shares of common 
stock and $400 million in cash.  In June 1996, the Fund issued an     
additional $50 million of AMPS and paid a common stock dividend with  
the proceeds.                                                         

The following is a summary of significant accounting policies         
consistently followed by the Fund in preparation of its financial     
statements.                                                           

(a)  Security Valuation                                               

Investments in securities traded on a national securities   
   exchange (or reported on the Nasdaq national market) are valued
at the last reported sales price on the primary exchange.   
Temporary investments are valued at amortized cost which    
approximates fair value.                                    

(b)  Security Transactions                                            

  Security transactions are accounted for on a trade date basis.
  The cost of securities sold is determined using the identified
  cost method.  Dividend income is recorded on ex-dividend date.

(c)  Federal Income Taxes                                             

  It is the Fund's policy to comply with the requirements of the
Internal Revenue Code applicable to regulated investment    
 companies and distribute its taxable income to  shareholders.
Therefore, no provision for Federal income tax is required. 

(d)  Distribution of Income and Gains                                 

   The Fund distributes substantially all of its taxable income in
     excess of the dividends paid to the preferred stockholders to the
common stockholder.  Dividends to the common stockholder are
     declared and paid at least annually.   Net capital gains, if any,
are distributed annually.                                   

(e)  Reclassification Policy                                          

It is the Funds' policy to reclassify certain amounts to    
conform to the current year's presentation when necessary.  

(f)  Use of Estimates                                                 

Estimates and assumptions are required to be made regarding 
assets, liabilities and changes in net assets resulting from
  operations when financial statements are prepared.  Changes in
the economic environment, financial markets and any other   
parameters used in determining these estimates could cause  
actual results to differ from these amounts.                

(2)     Related Party Transactions                                              

A collective trust fund for employee benefit plans is the sole common 
stockholder of the Fund.  Certain officers and directors of the Fund  
are affiliated with the common stockholder.  No fees or expenses were 
paid to the affiliated officers and directors.                        

For the period March 4, 1996 (commencement of operations) to June 30, 
1996, dividends paid to the common stockholder were $1,465,659.       

For the period March 4, 1996 (commencement of operations) to June 30, 
1996, the Fund made a return of capital distribution to the common    
stockholders in the amount of $48,534,341.                            

Comerica Bank serves as both custodian and administrator for the      
Fund.  An affiliate of Comerica Bank serves as investment advisor to  
the Fund.  The annual investment management fee is 0.01% of           
average equity investments.  The management fee is calculated and     
accrued on a monthly basis.                                           

(3)     Investment Transactions                                                 

The aggregate cost of securities purchased and the aggregate proceeds 
of securities sold, for the period March 4, 1996 (commencement of     
operations) to June 30, 1996 were $10,336,129 and $18,399,199,        
respectively.                                                         

As of June 30, 1996 based on cost for Federal income tax purposes,    
the aggregate gross unrealized appreciation and depreciation for all  
securities were $82,031,585  and $41,720,369, respectively.           

(4)  Auction Market Preferred Stock                                             

The Fund has outstanding at June 30, 1996, 1000 shares each of Series 
A, Series B, Series C, and Series D AMPS, and 500 shares of Series E  
AMPS at a liquidation value of $100,000 per share.  Dividends are     
cumulative from the date of original issue and are paid every 49 days 
at a rate set through a Dutch Auction.   The AMPS rates in effect on  
June 30, 1996 were 4.1%, 4.09%, 4.08% and 4.1% for Series A, Series   
B, Series C, Series D and Series E, respectively.                     

Each series of AMPS is redeemable at the option of the Fund in whole, 
but not in part, at a  price of $100,000 per share plus accumulated   
and unpaid dividends.  The Fund is subject to certain asset coverage  
tests, and the AMPS are subject to mandatory redemption if the tests  
are not met.                                                          

In addition, the AMPS are subject to mandatory redemption if the Fund 
   ceases to qualify as   a regulated investment company or if Merrill Lynch
Pierce, Fenner & Smith Incorporated ceases to Be the broker dealer.   
  The liquidation value under mandatory redemption of the AMPS is $100,000
per share plus accumulated and unpaid dividends.                      

(5)     Notes Payable                                                           

As of June 30, 1996, the Fund had $213,500 of principal notes         
outstanding to investors.  The notes due on March 15, 2021, bear      
interest at a floating rate.  The interest rate, which resets         
annually, is set at the one-year U.S. Treasury bill rate plus 3.50%.  
As of June 30, 1996, the Fund was paying interest at 8.5% per annum.  

HURON INVESTMENT FUND, INC.                                                     

Portfolio of Investments                                                        

June 30, 1996                                                                   

Shares                                                Market                    
Outstanding                                           Value                     

COMMON STOCK                                                                    

BUILDING AND CONSTRUCTION        1.97%                  

BUILDING EQUIPMENT                                    
2,400    ACME CLEVELAND CORP                           72,000               
31,000    CLAYTON HOMES INC                            620,000                
7,500    SIMPSON MFG INC                              150,000               

BUILDING MATERIALS                                    
3,600    ABT BLDG PRODS CORP                           81,000               
22,100    ALLEGHENY LUDLUM CORP                        417,138                
500    AMERICAN BILTRITE INC                         10,188             
2,300    AMERICAN BUILDING CO                          67,275               
1,900    AMERON INTERNATIONAL CORP                     75,050               
13,300    CALGON CARBON CORPPTURE                      179,550                
3,900    CENTEX CONSTRUCTION PRODU                     55,088               
10,000    CHAMPION INTL CORP                           417,500                
3,700    COMMONWEALTH ALUMINUM                         57,813               
9,612    D R HORTON INC                               100,926               
8,000    DURIRON INC                                  192,000               
3,200    ELCOR CORP                                    58,400               
7,100    EXABYTE                                       92,744               
4,400    FLORIDA ROCK IND                             113,850               
9,500    GEORGIA PACIFIC CORP                         674,500               
3,600    GIANT CEMENT HOLDING INC                      45,450               
49,300    HOME DEPOT                                 2,662,200                
200    ICC TECHNOLOGIES INC                           1,175             
1,600    INTERNATIONAL ALUM CORP                       40,400               
4,000    LONE STAR INDUSTRIES INC                     134,500               
17,100    LONGVIEW FIBRE CO                            290,700                
10,900    LOUISIANA PAC CORP                           241,163                
3,200    MARTIN MARIETTA MATERIALS                     77,600               
16,600    MASCO CORP                                   502,150                
2,800    MAXXAM INC                                   109,900               
1,900    NCI BUILDING SYSTEMS INC                      64,125               
4,200    NVR INC                                       46,725               
4,900    NATIONAL SVC INDS                            191,713               
4,200    NORTEK INC                                    48,825               
24,000    RPM INC.                                     375,000                
3,400    SCOTSMAN INDS INC                             68,425               
5,300    TRIANGLE PACIFIC CORP                        104,675               
16,900    USG CORP NEW                                 471,088                
11,900    VULCAN MATLS CO                              706,562                

CEMENT                                                
7,600    CALMAT CO                                    137,750               
37,400    LAFARGE CORP                                 757,350                
2,000    PUERTO RICAN CEMENT CO                        62,250               
5,700    SOUTHDOWN INC                                133,950               

CONSTRUCTION EQUIPMENT                                
6,200    CMI CORP CL A                                 33,325               
3,500    GIDDINGS & LEWIS                              56,875               

PAINT AND FLAT GLASS                                  
8,800    SHERWIN WILLIAMS CO                          409,200               
11,700    VALSPAR CORP                                 538,200                

INDUSTRIAL CHEMICALS                                  
18,300    ALBEMARLE CORP                               333,975                
9,200    BETZ LABS INC                                403,650               
8,000    DEXTER CORP                                  238,000               
39,100    ETHYL CORP                                   376,337                
4,600    FULLER H B CO                                166,750               
7,100    GREAT LAKES CHEM CRP                         441,975               
20,700    LUBRIZOL CORP                                628,762                
23,700    PPG INDUS INC                              1,155,375                
6,900    ROHM & HAAS CO                               432,975               
11,000    WELLMAN INC                                  257,125                
18,500    WITCO CORP                                   635,937                

MISCELLANEOUS                                         
50,900    ADT LTD                                      960,737                
28,100    AMERICAN STANDARD COS INC                    927,300                
1,900    CHRISTIANA COS INC.                           40,375               
10,000    COMMERCIAL INTERTECH                         257,500                
1,400    CORRPRO COS INC                               12,425               
12,500    FASTENAL CO.                                 543,750                
8,500    FLUOR CORP                                   555,687               
9,700    FOAMEX INTL INC                              118,825               
5,850    GRANITE CONSTR INC                           134,550               
8,300    JACOBS ENGR GROUP                            218,912               
12,500    MORRISON KNUDSEN CORP                         14,062                
4,000    REDMAN INDUSTRIES INC                         83,000               
2,800    SCHULER HOMES INC                             19,950               
4,600    ZURN INDUSTRIES INC                           95,450               

TOTAL BUILDING & CONSTRUCTION         $20,799,682   

CHEMICALS AND DRUGS              9.63%                  

CHEMICALS                                             
9,600    ARCO CHEMICAL CO                             499,200               
23,000    AIRGAS INC.                                  437,000                
11,600    ARCADIAN CORP                                229,100                
3,700    BLESSINGS CORP                                37,925               
2,200    BUSH BOAKE ALLEN INC                          47,850               
25,200    CABOT CORP                                   617,400                
2,100    CAMBREX CORP                                 107,363               
16,100    CROMPTON & KNOWLES                           269,675                
27,400    DOW CHEMICAL CO                            2,082,400                
57,400    DUPONT DENEMOURS & CO                      4,541,775                
9,700    EASTMAN CHEMICAL                             590,488               
3,700    FMC CORP-NEW                                 241,425               
9,100    FERRO CORP                                   241,150               
9,800    GEON CO                                      220,500               
12,700    GEORGIA GULF CORP                            371,475                
10,100    GRACE WR & CO                                715,838                
17,700    HANNA M A CO                                 369,488                
13,500    HERCULES INC                                 745,875                
32,620    IMC GLOBAL, INC.                           1,227,328                
1,100    LANDEC CORP                                   20,900               
14,900    LAWTER INTL                                  186,250                
4,300    LEARONAL INC.                                107,500               
3,000    LESCO INC OHIO                                54,000               
11,700    LOCTITE CORP                                 544,050                
26,200    LYONDELL PETROCHEMICAL                       632,075                
8,500    MISSISSIPPI CHEMICAL CORP                    170,000               
59,500    MONSANTO CO                                1,933,750                
15,300    MORTON INTERNATIONAL                         569,925                
2,700    NCH CORP                                     173,475               
7,200    NALCO CHEM CO                                226,800               
4,700    OM GROUP                                     184,475               
3,500    OIL DRI CORP AMER                             52,063               
8,000    OLIN CORP                                    714,000               
3,900    PETROLITE CORP                               122,606               
14,500    PRAXAIR INC                                  612,625                
5,700    REXENE CORP NEW                               56,288               
12,400    SCHULMAN A INC                               303,800                
5,000    SIGMA-ALDRICH CORP                           267,500               
8,300    SOMATOGEN INC                                117,238               
3,600    STEPAN CO.                                    65,250               
18,300    STERLING CHEMICALS                           212,738                
2,000    SYBRON CHEM INDS INC                          29,000               
6,200    SYNETIC INC                                  229,400               
19,100    UNR INDS INC                                 183,838                
13,900    UNION CARBIDE CORP                           552,525                
9,000    UNIROYAL CHEMICAL CORP                       133,875               
5,900    WEBB DEL CORP                                118,000               

DRUGS                                                 
84,300    ABBOT LABS                                 3,667,050                
3,900    AGOURON PHARMACEUTICALS                      152,100               
4,900    ALPHA BETA TECHNOLOGY INC                     43,488               
10,000    ALZA CORP CL A                               273,750                
64,800    AMERICAN HOME PRODUCTS                     3,896,100                
27,500    AMGEN INC                                  1,485,000                
10,500    AMYLIN PHARMACEUTICALS                       112,875                
9,300    APPLIED BIOSCIENCES INTL                      97,650               
12,000    ATHENA NEUROSCIENCES INC.                    205,500                
4,650    BARR LABS INC                                119,738               
13,100    BERGEN BRUNSWIG                              363,525                
4,000    BINDLEY WESTN INDS INC.                       67,000               
1,500    BONE CARE INTERNATIONAL                        9,750               
52,400    BRISTOL MYERS SQUIBB CO                    4,716,000                
21,569    CARDINAL HEALTH INC                        1,555,664                
2,800    CARRINGTON LABS INC                           72,800               
15,200    CARTER WALLACE INC                           222,300                
800    CONNECTIVE THERAPEUTICS                        8,000             
6,000    COPLEY PHARMACEUTICAL                         79,500               
4,500    DURA PHARMACEUTICALS INC                     252,000               
14,800    ENGLEHARD CORP                               340,400                
4,600    FAULDIG INC                                   20,125               
8,400    FOXMEYER HEALTH CORP                         124,950               
2,250    FUISZ TECHNOLOGIES LTD                        42,750               
47,800    GENENTECH INC SPECIAL COM                  2,503,525                
13,800    GENSIA PHARMACEUTICALS                        69,863                
10,200    GILEAD SCIENCES INC                          257,550                
19,200    ICN PHARMACEUTICALS INC                      446,400                
12,000    ICOS CORP                                    105,000                
1,100    IGI INC                                        8,662               
2,400    INCYTE PHARMACEUTICALS                        92,550               
12,000    INTERNUERON PHARM INC.                       360,000                
8,500    ISIS PHARMACEUTICALS                         159,375               
9,900    LIDAK PHARMACEUTICAL CL A                     24,441               
10,000    LIGAND PHARMACEUTCAL CL B                    166,250                
57,900    LILLY ELI & CO                             3,763,500                
5,900    MATRIX PHARMACEUTICAL INC                    106,200               
14,500    MCKESSON CORP NEW                            690,562                
127,600    MERCK & CO., INC                           8,246,150                 
39,300    MYLAN LABS INC                               677,925                
800    NEOSE TECHNOLOGIES INC                        16,400             
3,700    NEUROGEN CORP                                 95,275               
25,100    PERRIGO CO.                                  282,375                
52,000    PHARMACIA & UPJOHN INC                     2,307,500                
68,400    PFIZER INC                                 4,882,050                
9,600    RIBI IMMUNOCHEM RESH INC                      45,000               
7,800    SCHERER R P CORP DEL                         353,925               
39,800    SCHERING PLOUGH                            2,497,450                
6,800    SEPRACOR INC                                 102,000               
7,900    SYSTEMED INC DEL                              22,959               
5,700    VICAL INC                                     91,200               
28,000    WARNER-LAMBERT                             1,540,000                
11,400    WATSON PHARMACEUTICALS                       431,775                
17,700    XOMA CORP                                    119,475                

COSMETICS                                             
2,800    ALBERTO CULVER CO CL B                       129,850               
14,400    AVON PRODUCTS INC                            649,800                
3,000    FOSSIL INC                                    43,500               
10,900    HERBALIFE INTL INC                           160,775                
1,100    INBRAND CORP                                  30,800               
11,600    INTL FLAVORS & FRAGRANCES                    552,450                
3,800    JEAN PHILIPPE FRAGRANCES                      32,775               
18,400    LAUDER ESTEE COS INC                         777,400                
11,300    PLAYTEX PRODUCTS INC                         105,938                
8,000    THERMOLASE CORP                              218,000               

HEALTH PRODUCTS/CARE                                  
3,200    AHI HEALTHCARE SYSTEMS                        22,400               
9,100    ACUSON COM                                   145,600               
2,000    ADVANCED MAGNETICS INC                        36,500               
6,700    ALLERGAN INC                                 262,975               
2,800    AMERICAN HOMEPATIENT INC                     123,900               
8,000    AMERISOURCE HEALTH CL A                      266,000               
3,800    APHTON CORP                                   70,775               
16,100    APRIA HEALTHCARE GRP INC                     505,138                
8,700    ARROW INTL INC                               234,900               
5,900    BARD CR INC                                  200,600               
6,300    BAUSCH & LOMB                                267,750               
29,400    BAXTER INTL INC.                           1,389,150                
7,300    BECTON DICKINSON & CO                        585,825               
10,100    BEVERLY ENTERPRISES INC                      121,200                
11,600    BIOGEN INC                                   636,550                
7,100    BLOCK DRUG CL A                              298,200               
5,000    CAPSTONE PHARMACY SVCS                        64,375               
32,100    CAREMARK INTERNATIONAL                       810,525                
19,000    CENTOCOR                                     567,625                
1,700    CHAMPION HEALTHCARE CORP                      19,338               
3,600    CHRONIMED INC                                 66,150               
2,000    CLINTRIALS RESEARCH INC                       83,000               
8,600    COASTAL PHYSICIAN GROUP                       59,125               
45,900    COLUMBIA/HCA HEALTHCARE                    2,461,388                
8,100    COLOMBIA LABS INC COM                        120,487               
4,600    COMMUNITY PSYCH CENTERS                       43,700               
10,200    CORAM HEALTHCARE CORP                         42,075                
9,600    CRAIG JENNY INC                              171,600               
4,300    DIAGNOSTIC PRODUCTS CORP                     165,550               
800    EMERITUS CORP                                 14,100             
14,900    FOREST LABS                                  575,512                
6,800    FRESENIUS USA INC                            146,200               
33,300    GENERAL NUTRITION CO                         582,750                
45,900    GILLETTE CO                                2,863,012                
25,000    GUIDANT CORP                               1,231,250                
5,100    GULF SOUTH MEDICAL SUPPLY                    198,900               
1,100    HCIA INC                                      69,300               
38,850    HEALTH MGMT IN CL A NEW                      786,712                
8,400    HEALTH SYS INTL INC COM                      227,850               
8,900    HEALTHDYNE TECHNOLOGIES                      115,700               
21,100    HEALTHSOURCE INC                             369,250                
16,700    HORIZON/CMS HEALTHCARE                       215,012                
5,700    HYDRON TECHNOLOGIES INC                       14,606               
2,600    ICU MED INC                                   35,750               
5,700    I-STAT CORP                                  107,587               
8,300    IMMUNEX CORP NEW                             113,087               
1,100    INCONTROL INC                                 12,925               
3,800    INTEGRA LIFESCIENCES                          37,050               
4,600    KERAVISION INC                                71,875               
3,000    MARTEK BIOSCIENCES CORP                       87,750               
5,200    MEDPARTNERS/MULLIKIN INC                     108,550               
17,400    MID ATLANTIC MED SVCS                        247,950                
3,500    MINIMED INC                                  104,125               
8,100    MULTICARE COS INC                            153,900               
800    NEOPATH INC                                   20,200             
8,900    NEXSTAR PHARMACEUTICALS                      198,025               
3,700    NORTHFIELD LABORATORIES                       54,575               
8,200    OEC MEDICAL SYSTEMS INC                      111,725               
9,000    ONCOR INC                                     49,500               
3,000    ORTHODONTIC CTRS OF AMER                      79,500               
25,800    OXFORD HEALTH PLANS INC                    1,061,025                
15,200    PHYSICIAN RELIANCE NETWK                     338,200                
13,000    PHYSICIAN SALES & SVC                        315,250                
17,700    PHYSICIAN CORP OF AMERICA                    234,525                
2,800    PHYSICIANS RESOURCE GROUP                     93,450               
700    PROJECT SOFTWARE & DEV                        32,812             
2,300    PRONET INC                                    28,175               
5,600    QUINTILES TRANSNATIONAL                      368,200               
4,050    RTW INC                                      127,575               
7,600    RENAL TREATMENT CTRS INC                     218,500               
1,200    RES-CARE INC                                  28,800               
7,500    REXALL SUNDOWN INC                           202,500               
22,300    RHONE POULENC RORER INC                    1,496,887                
8,800    ROTECH MED CORP                              171,600               
5,900    SERAGEN INC                                   25,812               
1,500    SHERIDAN HEALTHCARE INC                       14,250               
3,900    STAAR SURGICAL CO                             60,937               
2,600    STERLING HEALTHCARE GRP                       52,000               
2,500    SUMMIT CARE CORP                              55,000               
12,100    TAMBRANDS INC                                494,587                
24,200    TENET HEALTHCARE CORP                        517,275                
2,074    TEVA PHARM INDS LTD ADR                       78,553               
7,500    THERATX INC                                  142,500               
350    TREX MEDICAL CORP                              6,606             
12,900    UNILAB CORP                                   20,156                
2,400    UNITED AMERN HEALTHCARE                       25,200               
19,165    UTD HEALTHCARE CORP                          967,832                
17,600    U S HEALTH CARE INC                          968,000                
6,000    U S SURGICAL                                 186,000               
7,600    UROMED CORP                                  104,500               
4,100    VETERINARY CNTRS OF AMER                      91,737               
5,100    VIVUS INC                                    167,025               

MISCELLANEOUS                                         
8,300    MOLTEN METAL TECHNOLOGY                      244,850               
15,800    TYCO LABS INC                                643,850                

TOTAL CHEMICALS AND DRUGS            $101,692,639   

CONSUMER PRODUCTS               13.20%                  

CONFECTIONS AND BEVERAGES                             
26,900    ANHEUSER-BUSCH COS                         2,017,500                
5,900    BOSTON BEER INC                              141,600               
7,000    BROWN FORMAN INC CL B                        280,000               
7,400    CANADAIGUA WINE INC CLB                      215,063               
268,800    COCA COLA CO                              13,137,600                 
42,700    COCA COLA ENTERPRISES                      1,478,488                
2,500    HART BREWING INC                              25,625               
162,800    PEPSICO INC                                5,779,400                 
3,100    PETES BREWING CO                              46,500               
2,600    REDHOOK ALE BREWERY INC                       60,450               
2,285    SOFTKEY INTL INC-NON VTG                      43,272               
13,802    TOOTSIE ROLL INDS                            491,696                

CONTAINERS                                            
6,400    AVERY DENNISON CORP                          351,200               
3,100    BALL CORP                                     89,125               
5,500    BEMIS CO                                     192,500               
9,400    CROWN CORK & SEAL INC                        423,000               
2,400    LIQUI BOX                                     72,000               
4,400    SEALRIGHT CO. INC.                            47,850               
5,700    TEMPLE INLAND INC                            266,475               

DAIRY PRODUCTS                                        
13,200    DEAN FOODS INC                               326,700                
4,100    DREYERS GRD ICE CREAM                        129,150               
31,300    IOWA BEEF PROCESSOR                          864,663                

PACKAGED FOOD                                         
2,600    ALICO INC.                                    50,700               
60,500    ARCHER DANIELS MIDLAND CO                  1,157,063                
2,600    BEN & JERRYS HOMEMADE CLA                     44,200               
3,500    BRIDGFORD FOODS CORP                          25,375               
4,100    BROTHERS GOURMET COFFEE                       14,350               
900    CAGLES INC                                    14,513             
25,800    CAMPBELL SOUP CO                           1,818,900                
6,400    CHURCH & DWIGHT INCTURE                      133,600               
28,200    CONAGRA                                    1,279,575                
600    FARMER BROS CO                                82,800             
4,840    FINANCIAL TR CORP                            140,360               
18,900    FLOWERS INDUS INC                            304,763                
1,600    FOODBRANDS AMERICA INC                        20,600               
38,200    HEINZ H J CO                               1,160,325                
8,300    HERSHEY FOODS CORP                           609,013               
28,400    HORMEL FOODS CORP                            759,700                
7,200    HUDSON FOODS INC CL A                        100,800               
5,600    JP FOODSERVICE INC                           140,000               
23,400    KELLOGG CO                                 1,714,050                
10,100    LANCE INC                                    166,650                
3,500    MIDWEST GRAIN PRODUCTS                        45,500               
6,700    MORNINGSTAR GROUP INC                         74,538               
18,300    NABISCO HOLDINGS CORP CL                     647,363                
1,700    PERFORMANCE FOOD GROUP CO                     44,200               
87,700    PHILLIP MORRIS CO INC                      9,120,800                
7,500    PILGRIMS PRIDE CORP                           67,500               
7,600    PIONEER HI BRED INTL INC                     401,850               
13,800    QUAKER OATS CO                               470,925                
12,200    RALCORP HOLDINGS INC                         251,625                
10,900    RALSTON-RALSTON PURINA GR                    698,963                
2,000    RIVIANA FOODS INC                             30,250               
3,800    SANDERSON FARMS INC                           47,500               
50,000    SARA LEE CORP                              1,625,000                
400    SEABOARD CORP DEL                             79,400             
9,600    SMUCKER J M CO.                              188,400               
18,800    SYSCO CORP                                   643,900                
2,600    TREMONT CORP DEL NEW                          93,925               
8,500    UNIVERSAL FOODS CORP                         313,438               
2,500    WHOLESOME & HEARTY FOODS                      19,375               
3,200    WOLOHAN LUMBER CO                             32,800               
11,800    WRIGLEY WM JR CO                             595,900                

PAPER                                                 
9,900    ALBANY INTER CORP CL A                       223,988               
1,400    AMERICAN FILTRONA CORP                        44,800               
5,000    BOISE CASCADE CORP                           183,125               
12,600    BOWATER CORP                                 474,075                
7,800    CHESAPEAKE CORP                              204,750               
14,600    CONSOLIDATED PAPERS                          759,200                
3,400    CROWN VANTAGE INC                             49,300               
23,800    FORT HOWARD CORP NEW                         473,025                
17,700    GAYLORD CONTAINER CL A                       138,281                
5,300    GIBSON GREETINGS INC                          72,875               
14,600    GLATFELTER PH CO                             268,275                
31,263    INTERNATIONAL PAPER CO                     1,152,823                
6,300    INTERPOOL INC                                114,975               
8,500    JAMES RIVER CORP                             224,188               
28,700    KIMBERLY CLARK CORP                        2,217,075                
16,600    LOWES COS INC                                599,675                
6,500    MEAD CORP                                    337,188               
43,500    OWENS ILL INC                                696,000                
12,100    PENTAIR INC                                  363,000                
3,000    POTLATCH CORP                                117,375               
9,800    RAYONIER INC                                 372,400               
10,800    ROCK-TENN COMPANY CLA                        213,300                
22,600    ST JOE CORPORATION                         1,457,700                
30,300    SONOCO PRODS CO                              859,763                
50,700    STAPLES INC                                  988,650                
4,000    U S CAN CORPORATION                           65,000               
7,300    UNION CAMP CORP                              355,875               
12,100    WAUSAU PAPER MILLS                           238,975                
10,500    WESTVACO CORP                                313,688                
22,000    WEYERHAEUSER CO                              935,000                
5,700    WILLIAMETTE INDUSTRIAL                       339,150               

PRINTING AND PUBLISHING                               
7,700    AMERICAN GREETINGS CL A                      210,788               
7,700    AMERICAN MEDIA INC CL A                       40,425               
9,900    BANTA CORP                                   249,975               
12,300    BARNES & NOBLE INC                           441,263                
12,600    BELO AH CORP COM SER A                       469,350                
6,000    BIG FLOWER PRESS HLDGS                        84,750               
2,300    CADMUS COMMUNICATIONS                         35,363               
8,600    CENTRAL NEWSPAPERS CL A                      322,500               
8,500    DE LUXE CORP.                                301,750               
2,800    DEVON GROUP                                   91,000               
15,900    DONNELLEY RR & SONS                          554,513                
2,600    DONNELLY CORP                                 41,600               
10,100    DOW JONES & CO                               421,675                
2,100    EDMARK CORP                                   42,000               
14,500    GANNETT CO., INC                           1,025,875                
30,400    GARTNER GROUP INC CL A                     1,113,400                
6,900    GOLDEN BOOKS FAMILY ENTMT                     82,800               
4,100    GRAPHIC INDUSTRIES                            38,950               
3,100    HARLAND JOHN H CO                             76,338               
5,100    HOLLINGER INTERNATIONAL                       58,013               
4,800    HOUGHTON MIFFLIN CO                          238,800               
5,400    KNIGHT-RIDDER INC                            391,500               
15,500    LEE ENTERPRISES INC                          368,125                
37,500    MARVEL ENTMT GROUP INC                       351,563                
9,400    MCCLATCHY NEWSPAPER CL A                     259,675               
10,000    MCGRAW-HILL COMPANIES INC                    457,500                
8,700    MEDIA GENERAL INC                            324,075               
2,700    MEREDITH CORP                                112,725               
10,100    NEW YORK TIMES CO CL A                       329,513                
79,100    READERS DIGEST CLASS B                     3,114,563                
5,000    SCHOLASTIC CORP                              310,000               
4,700    SCIENTIFIC GAMES HLDGS                       136,300               
3,600    STECK-VAUGHN PUBG CORP                        45,000               
42,200    TIME WARNER INC                            1,656,350                
8,800    TIMES MIRROR CO CL A NEW                     382,800               
7,700    TRIBUNE CO                                   559,213               
3,600    VALUE LINE INC                               122,400               
3,600    WASHINGTON POST CO CL B                    1,166,400               
18,300    WISCONSIN CENT TRANS CORP                    594,750                
3,300    WORLD COLOR PRESS INC                         83,738               

RECREATIONAL EQUIPMENT                                
1,700    AMERISTAR CASINOS INC                         22,100               
4,700    BALLY ENTERTAINMENT CORP                     129,250               
3,100    BALLY'S TOTAL FITNESS                         13,563               
21,400    BOYD GAMING CORP                             321,000                
10,000    BRUNSWICK CORP                               200,000                
22,200    CALLAWAY GOLF CO                             738,150                
2,200    CANNONDALE CORP                               44,550               
9,991    CHRIS CRAFT INDUS INC                        439,604               
9,700    COLEMAN INC NEW                              411,038               
2,700    FAMILY GOLF CENTERS INC                       67,838               
2,000    FIRST TEAM SPORTS                             21,500               
1,000    GRIFFIN GAMING & ENTRTMNT                     15,500               
25,100    HARLEY DAVIDSON INC                        1,032,238                
10,600    HARRAH'S ENTERTAINMENT                       299,450                
42,500    INTRNTL GAME TECH                            717,188                
600    LESLIES POOLMART                              10,350             
16,800    MGM GRAND INC                                669,900                
10,300    POLARIS INDUSTRIES INC                       351,488                
2,700    SHUFFLE MASTER INC                            40,500               
8,900    SPECTRUM HOLOBYTE INC                         51,175               
19,600    SUNGLASS HUT INTL INC                        477,750                
2,100    WEST MARINE INC                              150,150               

OTHER CONSUMER PRODUCTS                               
11,700    ALLIANCE ENTERTAINMENT                        80,437                
22,000    AMERICAN BRANDS INC                          998,250                
3,900    AMERICAN SAFETY RAZOR CO                      39,487               
3,300    ARMOR ALL PRODUCTS                            49,087               
8,500    BLYTH INDS INC                               385,687               
14,700    BORDERS GROUP INC                            474,075                
15,400    CINTAS CORP                                  823,900                
5,700    CLOROX CO                                    505,162               
15,000    COLGATE PALMOLIVE CO                       1,271,250                
5,500    CROSS AT CLASS A                              97,625               
2,600    CROWN CRAFTS INC                              26,650               
1,400    CULBRO CORP                                   83,476               
9,800    DIAL CORP ARIZ                               280,525               
11,400    ECKO GROUP INC                                59,850                
2,900    FAB INDS INC.                                 79,025               
13,700    FIRST BRANDS CORP                            369,900                
7,700    GRACO INC.                                   155,925               
7,500    HARCOURT GENERAL INC                         375,000               
2,400    MAFCO CONS GROUP INC                          59,700               
43,400    MINNESOTA MNG & MFR                        2,994,600                
16,400    NEWELL CO.                                   502,250                
12,300    OAKLEY INC                                   559,650                
3,900    ONEIDA LTD.                                   73,125               
4,400    PRESSTEK INC                                 283,800               
70,900    PROCTER & GAMBLE CO                        6,425,312                
17,900    RUBBERMAID INC                               487,775                
3,900    RUSSELL CORP                                 107,737               
6,100    SCHWEITZER-MAUDUIT INTL                      171,562               
44,500    SHAW INDUSTRIES INC                          584,062                
2,000    SPRINGS INDUS INC                            101,000               
2,525    STANDARD COMMERCIAL CORP                      29,669               
6,300    STAN HOME INC                                166,950               
3,000    SUPERIOR SURGICAL                             35,625               
7,400    TUPPERWARE CORPORATION                       312,650               
20,900    UST INC                                      715,825                
8,900    UNITED INS COS                               202,475               
11,500    UNIVERSAL CORP                               304,750                
6,600    V F CORP                                     393,525               
17,900    WARNACO GROUP INC CL A                       460,925                
10,900    WHITMAN CORP                                 262,962                

PHOTOGRAPHY                                           
1,200    AEP INDUSTRIES INC                            51,300               
4,600    CPI CORP.                                     75,900               
35,400    EASTMAN KODAK CO.                          2,752,350                
4,500    POLAROID CORP                                205,312               

HOUSEHOLD FURN/APPLIANCES                             
4,000    ARMSTRONG WORLD IND                          230,500               
2,100    CHROMCRAFT REVINGTON INC                      49,087               
4,200    COORS ADOLPH CO CL B                          75,075               
3,000    CORT BUSINESS SVCS CORP                       58,500               
4,100    CULP INC                                      55,350               
9,000    DEPARTMENT 56 INC                            203,625               
1,000    FALCON PRODS INC                              14,375               
22,300    FURNITURE BRANDS INTL INC                    245,300                
31,900    HANOVER DIRECT INC                            43,862                
700    HAPPINESS EXPRESS INC                          1,837             
3,100    HAVERTY FURNITURE COS INC                     31,775               
16,000    HELIG MEYERS CO                              384,000                
5,000    KIMBALL INT INC CL B                         138,125               
9,200    LIBBEY INC                                   255,300               
4,300    LIFETIME HOAN CORP                            46,225               
11,100    MAYTAG CO                                    231,712                
8,300    MIKASA INC                                    91,300               
8,100    MILLER HERMAN INC                            248,062               
3,300    REX STORES CORP                               50,737               
30,800    SUNBEAM CORPORATION                          454,300                
4,400    SYRATECH CORP          \N                     99,000               

RETAIL                                                
60,300    AUTOZONE INC                               2,095,425                
22,200    BED BATH & BEYOND INC                        593,850                
6,100    BRADLEES INC                                   8,387               
5,600    CARSON PIRIE SCOTT & CO                      149,800               
3,000    COLE NATL CORP NEW                            60,000               
9,000    DUTY FREE INTL                               137,250               
2,700    FINLAY ENTERPRISES INC                        37,125               
15,000    INTIMATE BRANDS INC                          343,125                
21,900    REVCO D S INC NEW                            522,862                
5,400    SPIEGAL INC CL A                              64,125               
1,200    SWING-N-SLIDE CORP                             4,050               
7,400    TJX COS INC (NEW)                            249,750               
11,800    VALUE CITY DEPT STORES                       129,800                
7,100    WINDMERE-DURABLE HOLDINGS                     93,187               

APPAREL                                               
2,700    AMERICAN EAGLE OUTFITTERS                     48,262               
3,000    ANGELICA CORP                                 70,875               
7,500    ANN TAYLOR STORES INC                        151,875               
1,700    BROWN GROUP INC                               29,537               
2,600    CHIC BY H I S INC                             13,650               
3,100    DECKERS OUTDOOR CORP                          26,737               
5,000    DONNKENNY INC DEL                             97,500               
5,700    FRUIT OF THE LOOM CL A                       145,350               
9,300    GYMBOREE CORP                                283,650               
8,500    JONES APPAREL GROUP                          417,562               
11,100    LANDS END INC.                               274,725                
20,070    LIMITED INC                                  431,505                
7,400    LIZ CLAIBORNE INC                            256,225               
6,800    MEN'S WEARHOUSE INC                          219,300               
15,300    NIKE INC CL B                              1,572,075                
11,400    NINE WEST GROUP                              582,825                
2,900    NORTON MCNAUGHTON INC                         21,025               
2,500    QUIKSILVER INC                                75,000               
9,600    STARTER CORP                                  82,800               
5,200    STRIDE RITE CORP                              42,900               
12,000    TALBOTS INC                                  388,500                
900    TODAYS MAN                                     1,069             
4,400    UNITED RETAIL GROUP INC                       20,075               
12,300    WESTPOINT STEVENS INC                        293,662                

AUDIO/VISUAL                                          
4,400    ACKERLEY COMMUNICATIONS                      119,900               
3,800    CKS GROUP INC                                122,550               
1,000    CINERGI PICTURES ENTMT IN                      2,250               
400    GREY ADVERTISING INC.                         88,400             
4,400    MOVIE GALLERY INC                             92,400               
5,300    NATIONAL MEDIA CORP                           93,412               
23,900    OMNICOM GROUP INC                          1,111,350                
9,600    SAVOY PICTURES ENTMT INC                      51,600               

BROADCASTING                                          
5,000    ADELPHIA COMM CORP CL A                       37,500               
5,600    AMERICAN TELECASTING INC                      74,200               
12,300    CABLEVISION SYS CORP                         568,875                
90,700    COX COMM INC CL A NEW                      1,961,387                
2,300    EZ COMMUNICATIONS INC                         54,625               
2,900    EMMIS BROADCASTING CORP                      145,000               
4,100    HEARTLAND WIRELESS COMM                       97,375               
6,500    HERITAGE MEDIA CORP                          259,187               
7,100    JACOR COMMUNICATIONS INC                     219,212               
3,700    KING WORLD INC                               134,587               
10,900    LIN TELEVISION CORP                          392,400                
8,900    NEW WORLD COMMUNICATIONS                     130,162               
10,800    RENAISSANCE COMM. CORP                       348,300                
20,400    SCRIPPS EW CO CLASS A                        951,150                
7,200    STARSIGHT TELECAST INC                        65,700               
8,000    TCA CABLE TV INC                             242,000               
3,900    TRANSACTION NETWORK SVCS                      83,850               
81,700    TURNER BROAD. SYS CL B                     2,246,750                
4,000    UNITED VIDEO SATELLITE                        84,000               
9,400    UNITED WASTE SYS INC                         303,150               
7,900    VALUEVISION INTL INC CL A                     54,806               
3,000    WAVEPHORE INC                                 24,375               
11,800    WESTWOOD ONE INC                             179,950                

MISCELLANEOUS                                         
400    FEDDERS CORP CL A                              2,350             
4,600    JOSTENS INC                                   90,850               
13,900    PALL CORP                                    335,337                
2,900    PEAK TECHNOLOGIES GROUP I                     67,787               
11,700    SERVICE CORP INTL                            672,750                
26,500    STARBUCKS CORP                               748,625                
13,200    ZALE CORP NEW                                222,750                

TOTAL CONSUMER PRODUCTS              $139,495,861   

DURABLE GOODS                   22.73%                  

AEROSPACE-AIRCRAFT                                    
35,500    BOEING CO                                  3,092,938                
25,900    COLTEC INDS INC                              369,075                
1,100    CURTISS WRIGHT CORP                           59,400               
6,400    GENERAL DYNAMICS CORP                        396,800               
35,000    GENERAL MOTORS CL H                        2,104,375                
15,200    LITTON INDUS INC                             661,200                
20,700    LOCKHEED MARTIN CORP                       1,738,800                
25,200    MCDONNELL DOUGLAS CORP                     1,222,200                
5,000    NORTHROP GRUMMAN CORP                        340,625               
6,700    OEA INC                                      251,250               
6,900    POWER CONTROL TECH                            62,963               
26,700    RAYTHEON CO                                1,378,388                
22,400    ROCKWELL INTL                              1,285,200                
6,000    ROHR INDUSTRIES INC                          125,250               
2,600    SIMULA INC                                    45,825               
2,300    SPECIAL DEVICES INC                           36,800               
20,200    SUNDSTRAND CORP                              739,825                
8,900    TEXTRON INC                                  710,888               
6,100    THIOKOL CORP                                 240,950               
13,200    UNITED TECHNOLOGIES CORP                   1,518,000                

AGRICULTURAL MACHINERY                                
22,100    CATERPILLAR INC                            1,497,275                
3,800    CENTRAL TRACTOR FARM & CO                     46,550               
27,100    DEERE & CO                                 1,084,000                
3,200    TRACTOR SUPPLY CO                             72,800               

AUTOMOBILE AND PARTS                                  
4,700    APS HOLDING CORP CL A                        103,400               
7,300    ARVIN INDUST INC                             162,425               
7,900    BORG WARNER SEC CORP                          77,025               
39,500    CHRYSLER CORP                              2,449,000                
4,000    COACHMEN INDS INC                            140,000               
24,200    COLLINS & AIKMAN CORP NEW                    145,200                
8,400    COOPER TIRE & RUBBER                         186,900               
3,700    COPART INC                                    61,050               
4,500    CUMMINS ENGINE INC                           181,688               
10,500    DANA CORP                                    325,500                
6,400    DETROIT DIESEL CORP                          124,000               
8,600    DONALDSON INC                                221,450               
1,400    DURAKON INDS                                  20,475               
5,900    ECHLIN INC                                   223,463               
12,200    ENVIROSOURCE INC                              42,700                
3,900    EXCEL INDS INC                                48,750               
7,500    EXIDE CORP                                   181,875               
11,700    FEDERAL-MOGUL CORP                           214,988                
110,900    FORD MTR CO                                3,590,388                 
77,200    GENERAL MTRS CORP                          4,043,350                
12,700    GENUINE PARTS CO                             581,025                
20,600    LEAR CORPORATION                             726,150                
12,200    MASCOTECH INC                                179,950                
9,800    MODINE MFG CO                                259,700               
2,205    MONRO MUFFLER BRAKE INC                       40,517               
7,900    NAVISTAR INTL CORP NEW                        78,013               
2,000    OSHKOSH TRUCK CORP.                           28,250               
3,900    PACCAR INC                                   191,100               
4,000    SNAP ON TOOLS CORP                           189,500               
14,200    SPEEDWAY MOTORSPORTS INC                     363,875                
5,000    STANT CORP                                    57,500               
4,600    STRATTEC SECURITY CORP                        81,650               
9,800    SUPERIOR INDUSTRIES INTL                     259,700               
6,800    TRW INC                                      611,150               
1,900    THOMPSON PBE INC                              22,800               
8,100    TITAN WHEEL INTL INC                         129,600               
10,300    TOP SOURCE TECH INC                           71,456                
900    TOWER AUTOMOTIVE INC                          22,050             
2,500    TRANSPRO INC                                  17,188               
5,900    VICORP RESTAURANTS                            72,275               
24,800    VIKING OFFICE PRODS INC                      778,100                
7,700    WESTINGHOUSE AIR BRAKE CO                    101,063               

ELECTRICAL                                            
2,600    AFC CABLE SYSTEMS INC                         42,900               
2,400    ADFLEX SOLUTIONS INC                          26,400               
10,900    AMETEK INC                                   237,075                
22,400    AMP INC                                      898,800                
20,800    ANIXTER INTERNATIONAL INC                    309,400                
9,800    BELDEN INC                                   294,000               
10,400    C-CUBE MICROSYSTEMS INC                      343,200                
2,400    CHARTER POWER SYS INC                         83,400               
2,800    CHERRY CORP CL A                              30,100               
5,200    CIDCO INC                                    183,300               
5,300    DATASCOPE CORP                                94,075               
27,200    EMERSON ELEC CO                            2,458,200                
2,100    ENCORE WIRE CORP                              22,050               
17,600    EXECUTONE INFORMATION SYS                     46,200                
2,300    EXIDE ELECTRS GROUP INC                       21,850               
2,300    FRANKLIN ELEC. INC.                           80,500               
5,000    GASONICS INTL CORP                            52,500               
8,000    GENERAL INSTR CORP NEW                       231,000               
5,100    GRAINGER W W INC                             395,250               
13,000    HONEYWELL INC                                708,500                
10,900    HUBBELL INC CL B                             722,125                
47,400    INFINITY BROADCASTING CLA                  1,422,000                
3,500    INSILCO CORP NEW                             117,250               
25,300    INTEGRATED DEVICE TECH                       268,813                
3,200    LEVEL ONE COMMUNICATIONS                      63,200               
3,700    LITTLEFUSE INC                               138,750               
8,100    MAGNETEK INC                                  77,963               
5,800    MARQUETTE ELECTRONICS INC                    100,050               
2,100    MERIX CORP                                    42,000               
3,700    PARK ELECTROCHEM CORP                         74,000               
4,400    RAYCHEM CORP                                 316,250               
1,300    ROBBINS & MYERS INC                           57,850               
12,100    TENCOR INSTRUMENTS                           228,388                
2,000    THERMO ECOTEK CORP                            48,500               
3,600    THOMAS & BETTS CORP                          135,000               
700    ULTRALIFE BATTERIES INC                        9,975             
39,000    WESTINGHOUSE ELEC CORP                       731,250                
3,900    WOODHEAD INDS INC                             45,825               

ELECTRONICS                                           
31,200    AVX CORP                                     577,200                
6,500    ACTEL CORPK                                  120,250               
13,000    ADVANCED MICRO-DEVICES                       177,125                
14,100    ALLIANCE SEMICONDUCTOR                       118,088                
5,700    ALTRON INC                                   115,425               
30,300    AMERICAN POWER CONVERSION                    310,575                
3,500    AMERICAN SUPERCONDUCTOR                       49,875               
17,700    AMPHENOL CORP CL A                           407,100                
37,300    ANALOG DEVICES INC                           951,150                
4,500    ANALOGIC CORP                                120,375               
18,400    APPLIED MATLS INC                            561,200                
16,200    ARROW ELECTRONICS INC                        698,625                
2,900    ASPEN TECHNOLOGY INC                         159,500               
32,200    ATMEL CORP.                                  970,025                
5,100    ATRIA SOFTWARE INC                           255,000               
20,200    AURA SYS INC.                                 71,963                
14,000    AVNET INC                                    589,750                
8,300    BROOKTREE CORP                                87,150               
6,100    BURR BROWN CORP                              108,275               
1,200    CTS CORP                                      56,400               
6,800    CABLE DESIGN TECHNOLOGIES                    222,700               
10,400    CHECKPOINTE SYSTEM                           357,500                
2,300    CINCINNATI MICROWAVE INC                       8,338               
53,500    CISCO SYS INC                              3,029,438                
4,600    COHERENT COMMUNICATIONS S                     97,750               
3,500    COHU INC                                      70,875               
8,100    COMPUTER NETWORK TECH                         57,713               
2,500    CORNERSTONE IMAGING INC                       18,750               
9,700    CREDENCE SYSTEMS CORP                        130,344               
2,200    CUBIC CORP.                                   71,775               
27,100    CYPRESS SEMINCONDUCTOR                       325,200                
2,300    DSP GROUP INC                                 21,275               
15,100    DIEBOLD INC                                  728,575                
75,400    DURACELL INTL INC                          3,251,625                
2,400    E G & G INC                                   51,300               
3,200    EIS INTERNATIONAL INC                         81,600               
8,200    EATON CORP                                   480,725               
2,500    ELECTRO SCIENTIFIC INDS                       52,500               
9,200    ELECTRONICS FOR IMAGING                      638,250               
500    ELTRON INTL INC                               13,625             
3,400    EMERSON RADIO CORP                            10,200               
2,500    ESTERLINE TECHNOLOGIES CO                     62,500               
4,300    EXAR CORP.                                    55,900               
8,200    FIRST ALERT INC                               32,800               
23,800    FORE SYSTEMS INC                             859,775                
2,600    FRANKLIN ELECTRONIC PUBLI                     52,000               
2,700    GTI CORP                                      19,575               
175,100    GENERAL ELECTRIC CO                       15,189,925                 
8,400    GENERAL MAGIC INC                             55,650               
16,400    GENERAL MILLS INC                            895,850                
6,800    GENRAD INC                                   112,200               
5,500    GENUS INC                                     52,938               
3,500    HADCO CORP                                    75,250               
5,900    HOLOPHANE CORP                                92,925               
1,900    ITI TECHNOLOGIES INC                          62,700               
8,000    IDENTIX INC                                  117,000               
700    INFORMATON STORAGE DEVICE                      6,650             
5,900    INTEGRATED SILICON SOL                        67,850               
86,800    INTEL CORP                                 6,374,375                
3,300    INTL IMAGING MATLS INC                        78,375               
4,100    JOHNSON CTLS INC                             284,950               
20,500    KLA INSTRUMENTS CORP                         476,625                
13,100    KENETECH CORP                                  6,959                
3400    KOPIN CORP                                    29,750              
13,100    LSI LOGIC CORP                               340,600                
11,800    LTX CORP                                      73,750                
14,700    LAM RESH CORP.                               382,200                
3,800    LEXMARK INTL GROUP INC                        76,475               
24,200    LINEAR TECHNOLOGY CORP                       726,000                
8,500    LOGICON INC.                                 253,938               
5,000    MTS SYS CORP.                                105,000               
13,100    MACROMEDIA INC                               286,563                
5,100    MATTSON TECHNOLOGY INC                        54,188               
19,200    MAXIM INTEGRATED PRODS                       524,400                
19,300    MENTOR GRAPHICS                              313,625                
12,300    METHODE ELECTRONICS CL A                     209,100                
2600    MICREL INC                                    43,550              
4,400    MICRO LINEAR CORP                             33,000               
3,000    MICROTEST INC                                 23,625               
21,300    MICRON TECH                                  551,138                
33,300    MOLEX INC                                  1,057,275                
60,900    MOTOROLA INC                               3,829,088                
2,400    NATL PRESTO INDS INC                          91,200               
13,300    NATIONAL SEMICONDUCTOR                       206,150                
9,300    NELLCOR INC                                  451,050               
68,900    NEXTEL COMM INC CL A                       1,313,406                
8,000    NIMBUS CD INTERNATIONAL                      105,000               
56,000    NOISE CANCELLATION TECH                       40,250                
16,200    OIS OPTICAL IMAGING SYS                       49,613                
14,600    OAK TECHNOLOGY INC                           136,875                
3,000    ONTRAK SYSTEMS INC                            48,750               
900    OPTI INC                                       4,613             
2,100    PRI AUTOMATION INC                            64,050               
3,500    PSC INC                                       35,000               
4,400    PERKIN ELMER CORP                            212,300               
3,400    PHOTRONICS INC                                89,250               
17471    PREMIER FARNELL PLC-ADR                      364,707               
14,076    PREMIER FARNELL PLC-ADR                      358,938                
17,300    QUANTUM CORP                                 253,013                
4,200    RECOTON CORP                                  73,500               
5,400    ROBOTIC VISION SYSTEMS                        96,525               
2,200    ROGERS CORP                                   54,725               
5000    SAFEGUARD SCIENTIFICS INC                    390,000              
4900    SEMITOOL INC                                  63,700              
24100    SENSORMATIC ELEC CORP                        394,638               
8100    SIERRA SEMICONDUCTOR                          94,163              
10,700    SILICON VALLEY GROUP INC                     200,625                
1,100    SILICONIX INC                                 23,650               
15,800    SOLECTRON CORP                               598,425                
28,500    STRATACOM INC                              1,603,125                
4,500    SUPERTEX INC                                  72,563               
8400    SYMBOL TECHNOLOGIES                          373,800              
30,100    TIG HOLDINGS INC                             872,900                
2,100    TECH SYM CORP                                 62,475               
3,800    TEKTRONIX INC                                170,050               
5,800    TELEDYNE INC                                 210,250               
27,100    TERADYNE INC                                 467,475                
19,500    TEXAS INSTRUMENTS                            972,563                
5400    THERMO CARDIOSYSTEMS                         241,650              
2,100    THORN APPLE VALLEY                            23,100               
5,100    TRACOR INC NEW                                87,975               
13,200    TRUSTMARK CORP                               277,200                
7,300    ULTRATECH STEPPER INC                        136,875               
6,500    UNIVAR CORP                                  125,938               
10,100    VARIAN ASSOCIATES                            522,675                
20,055    VISHAY INTERTECHNOLOGY                       473,799                
4,600    VITESSE SEMICONDUCTOR CRP                    110,400               
8,600    WATERS CORP                                  283,800               
3,000    XICOR INC                                     35,250               
19,800    ZENITH ELECTRONICS CRP                       240,075                

INDUSTRIAL MACHINERY                                  
13,100    AIR PRODS & CHEMS INC                        756,525                
5,000    ALLIED PRODUCTS CORP COM                     141,875               
5,000    APPLIED POWER INC CL A                       140,000               
3,500    BRIGGS & STRATTON CORP                       143,938               
5,400    CASE CORP                                    259,200               
3,600    CINCINNATI MILACRON INC                       86,400               
11,400    COOPER INDUS INC                             473,100                
2,900    DII GROUP INC                                 73,950               
1,900    DT INDUSTRIES INC                             34,675               
11,700    DOVER CORP                                   539,663                
4,000    FOSTER WHEELER CORP                          179,000               
2,000    GLEASON CORP                                  78,000               
6,900    GOULDS PUMPS INC                             176,813               
7,000    HARNISCHFEGER INDUS INC                      232,750               
11,200    INGERSOLL RAND CO                            490,000                
4,900    INTEGRATED PROCESS EQUIP                     101,675               
11,700    KEYSTONE INTERNATL INC                       242,775                
7,100    KULICKE & SOFFA INDS INC                     103,838               
5,000    MEASUREX CORP                                146,250               
3,450    MILLER INDUSTRIES INC                         98,756               
6,100    NORDSON CORP.                                344,650               
4,700    OSMONICS INC                                 105,750               
4,100    PARK-OHIO INDUSTRIES                          79,438               
2,730    RAYMOND CORP                                  47,775               
3,200    SEQUA CORP CL A                              138,000               
10,900    STEWART & STEVENSON SVSC                     247,975                
5,800    TELEFLEX INC.                                276,950               
1,600    THERMO POWER CORPORATION                      20,000               
13,500    YORK INTL CORP NEW                           698,625                

OFFICE EQUIPMENT AND SUPPLIE                          
11,600    ALCO STANDARD CORP                           524,900                
26,900    AMERICA ONLINE INC                         1,176,875                
5,800    AMERICAN BUS PROD INC.                       126,875               
1,400    AMERICAN LIST CORP                            37,100               
7,400    AMERIDATA TECH INC                           117,475               
5,900    APPLIED INNOVATION INC                        64,163               
10,200    BT OFFICE PRODUCTS INTL                      182,325                
11,400    BLACK BOX CORP                               270,750                
3,400    BOISE CASCADE OFFICE PROD                    117,725               
6,300    BOOLE & BABBAGE INC                          151,200               
4,100    CSS INDUSTRIES                                96,350               
6,100    CERIDIAN CORP                                308,050               
2,300    CHAMPION INDUSTRIES INC/W                     40,825               
5,200    COLONIAL DATA TECH CORP                       77,350               
22,600    COMPUTERVISION CORP                          226,000                
3,000    CROSSCOMM CORP                                30,750               
1,500    DAISYTEK INTERNATIONAL CO                     63,000               
800    DIGITAL LINK CORP                             13,600             
5,400    ENNIS BUSINESS FORMS                          61,425               
3,600    EXCALIBUR TECHNOLOGIES                        81,000               
27,300    GATEWAY 2000 INC                             928,200                
5,900    GENERAL BINDING                              119,475               
4,900    GENERAL SIGNAL CORP                          185,588               
5,100    GEOWORKS                                     181,050               
4,400    GUPTA CORP                                    20,625               
4,000    HARRIS CORP-DEL                              244,000               
9,900    HON INDS INC                                 282,150               
5,800    HUNT MFG. CO.                                 86,275               
2,100    INNOVEX INC                                   37,013               
4,700    INTERGRAPH CORP                               56,988               
59,700    IBM COMMON                                 5,910,300                
15,400    INTUIT INC                                   727,650                
800    MANUGISTICS GROUP INC                         13,600             
1,700    MAPINFO CORP                                  17,850               
2,900    MICROS SYS INC                                80,838               
10,600    MICRO WAREHOUSE INC                          212,000                
2,900    MICROTOUCH SYS INC                            52,200               
5,300    NEOSTAR RETAIL GROUP INC                      27,163               
5,900    NETFRAME SYS INC                              26,550               
7,600    NU-KOTE HLDG INC CL A                        126,350               
6,000    OBJECTIVE SYS INTEGRATORS                    219,000               
21,200    OFFICEMAX INC                                506,150                
50,000    OFFICE DEPOT INC                           1,018,750                
1,600    OPEN ENVIRONMENT CORP                          8,400               
6,100    OPTICAL DATA SYS INC                         134,200               
2,400    PERCEPTRON INC                                87,600               
15,700    PITNEY BOWES INC                             749,675                
2,300    PROXIMA CORP                                  27,888               
8,500    RACOTEK INC                                   39,844               
13,600    REYNLDS&REYNLDS CO CL A                      724,200                
4,700    SECURITY DYNAMICS TECH                       386,575               
3,600    7TH LEVEL INC                                 46,350               
2,100    SOFTDESK INC                                  19,950               
9,500    STANDARD REGISTER                            233,938               
5,700    SUBMICRON SYS CORP                            49,875               
3,500    SYSTEMSOFT CORP                              164,500               
9,600    3DO CO                                       102,000               
2,300    U S OFFICE PRODUCTS CO                        96,600               
3,600    UNITED TELEVISION INC.                       352,800               
6,200    VWR SCIENTIFIC PROD CORP                      99,200               
3,500    VIDEOSERVER INC                              136,500               
7,400    WALLACE COMPUTER SVCS                        442,150               
4,950    WIND RIVER SYSTEMS INC                       170,775               
2,400    WINTHROP RES CORP                             48,600               
4,700    WONDERWARE CORP                               88,712               
33,600    XEROX CORP.                                1,797,600                

RUBBER                                                
11,700    BANDAG INC                                   561,600                
5,100    CARLISLE COS INC                             270,937               
5,000    GOODRICH B F CO                              186,875               
15,700    GOODYEAR TIRE & RUBBER                       757,525                
7,400    PREMARK INTERNATL INC                        136,900               
13,700    SEALED AIR CORP                              460,662                
9,900    STONE CONTAINER                              136,125               

OTHER DURABLE GOODS                                   
30,400    ALLIED-SIGNAL INC                          1,736,600                
4,400    BLOUNT INTERNATIONAL                         138,600               
7,600    BORG-WARNER AUTOMOTIVE                       300,200               
14,600    CHEYENNE SOFTWARE INC                        281,050                
2,200    COLUMBUS MCKINNON CORP                        34,375               
27,800    CORNING INCORPORATED                       1,066,825                
3,000    CRANE CO                                     123,000               
2,900    FUSION SYSTEMS CORP                           71,775               
5,900    HARMAN INTL INDS INC NEW                     290,575               
12,900    ILLINOIS TOOL WORKS                          872,362                
5,500    KAYDON CORP.                                 236,500               
4,800    MILLIPORE CORP                               201,000               
5,500    OWENS CORNING                                236,500               
500    PENN ENGINEERING & MFG CO                     11,812             
1,500    PENN ENGINEERING & MFG                        28,312               
6,600    PRECISION CASTPARTS                          283,800               
2,600    STARRETT LS CO CL A                           67,600               
1,500    STIMSONITE CORP                               12,562               
7,100    TECUMSEH PROD CO CL A                        381,625               
6,400    THERMEDICS INC.                              160,000               
3,100    TIMKEN CO                                    120,125               
13,600    TRINITY INDS INC.                            462,400                
2,800    TRINOVA CORP                                  93,450               
22,500    UNIFI INC                                    632,812                

COMPUTERS AND SOFTWARE                                
14,900    AST RESEARCH INC                             100,575                
19,100    ACCLAIM ENTERTAINMENT                        183,837                
1,700    ACTIVE VOICE CORP                             20,400               
23,100    ADOBE SYSTEMS INC                            828,712                
12,200    AMDAHL CORP                                  131,150                
7,800    AMERICAN BUS INFO INC                        142,350               
2,600    ANALYSTS INTL CORP                           109,200               
4,900    APERTUS TECHNOLOGIES INC                      17,762               
12,600    APPLE COMPUTER INC                           264,600                
9,500    APPLIED MAGNETICS                             99,750               
5,200    ARTISOFT INC.                                 45,500               
13,500    ATARI CORP                                    77,625                
4,800    AUTODESK INC                                 143,400               
29,800    AUTOMATIC DATA PROC                        1,151,025                
7,200    AVID TECHNOLOGY INC                          133,200               
4,700    BDM INTERNATIONAL INC                        218,550               
16,600    BMC SOFTWARE INC                             991,850                
6,900    BELL & HOWELL COMPANY                        225,112               
3,400    BOCA RESEARCH INC                             62,050               
9,300    BORLAND INTL INC                              84,862               
3,000    BROADWAY & SEYMOUR INC                        36,000               
5,000    CDW COMPUTER CENTERS INC                     347,500               
1,800    CABLETRON SYS INC                            123,525               
3,700    CACI INTERNTL INC CL A                        58,275               
26,250    CADENCE DESIGN SYS INC                       885,937                
4,700    CAERE CORP                                    54,637               
7,800    CELLULAR TECHNICAL SVCS I                    137,475               
20,000    CIRRUS LOGIC INC                             350,000                
27,500    COMPAQ COMPUTER CORP                       1,350,937                
15,800    COMPUCOM SYS INC                             171,825                
25,000    COMPUTER ASSOC INTL INC                    1,781,250                
2,900    COMPUTER LANGUAGE RES INC                     36,250               
5,800    COMPUTER SCIENCES CORP                       433,550               
3,500    COMPUTER TASK GROUP INC                       98,875               
13,900    COMPUWARE CORP COM                           549,050                
5,200    COMPUTER HORIZONS CORP                       205,400               
3,500    COMSHARE INC                                 108,500               
1,291    CONTINUUM INC                                 74,878               
23,600    COPYTELE INC                                 206,500                
2,600    CRAY RESEARCH INC                             62,725               
2,100    CYBERGUARD CORP                               36,225               
2,400    DH TECHNOLOGY INC                             57,600               
9,600    DST SYSTEMS INC                              307,200               
4,500    DATA GENL CORP                                58,500               
12,800    DAVIDSON & ASSOCIATES INC                    384,000                
29,500    DELL COMPUTER CORP                         1,500,812                
3,900    DENDRITE INTERNATIONAL                       134,550               
5,600    DIALOGIC CORP                                333,900               
12,900    DIAMOND MULTIMEDIA SYS                       122,550                
15,500    DIGITAL EQUIP CORP                           697,500                
22,700    EMC CORP.                                    422,787                
17,200    ELECTRONIC ARTS INC                          460,100                
190,100    ELECTRONIC DATA SYSTEMS                   10,217,875                 
1400    EMULEX CORP                                   20,475              
4,600    EPIC DESIGN TECHNOLOGY                       116,150               
5,200    EVANS & SUTHERLAND                           110,500               
600    EXPERT SOFTWARE INC                            4,650             
9,300    FTP SOFTWARE INC                              76,725               
23,100    FIRST DATA CORP                            1,842,225                
2,900    GLOBAL VILLAGE COMM                           23,925               
29,600    HBO & CO                                   2,005,400                
3,500    HENRY JACK & ASSOC INC                       119,000               
52,900    HEWLETT PACKARD CO                         5,270,162                
2,500    HUTCHINSON TECH                               88,750               
45,500    INFORMIX CORP                              1,023,750                
8,800    INFOR RESOURSE INC                           107,800               
7100    INTERSOLV INC.                                65,675              
43,200    IOMEGA CORP                                1,252,800                
3,000    KEY TRONIC CORP                               19,500               
4,900    MAC NEAL SCHWENDLER CORP                      36,750               
4,000    MARCAM CORP.                                  48,000               
4,100    MEDIC COMPUTER SYSTEMS                       332,612               
5,400    MERCURY INTERACTIVE CORP                      74,250               
61,200    MICROSOFT CORP                             7,351,650                
5,300    MICROCOM INC.                                 66,912               
29,900    MICRON ELECTRONICS INC                       366,275                
5,600    MYLEX CORP                                    99,400               
5,700    NATL COMP SYS INC                            121,837               
14,400    NETMANAGE INC                                158,400                
23,700    NETSCAPE COMMUNICATIONS                    1,475,325                
5,900    NETWORK COMPUTING DEVICES                     30,237               
4,100    NETWORK PERIPHERALS INC                       70,212               
38,200    NOVELL INC                                   530,025                
67,350    ORACLE CORPORATION                         2,656,149                
4,700    PC DOCS GROUP INTL INC                        93,412               
39,800    PARAMETRIC TECNOLOGY                       1,726,325                
16600    PEOPLESOFT INC                             1,182,750               
4,900    PHOENIX TECHNOLOGIES LTD                      82,075               
9,000    PITTWAY CORP                                 396,000               
4,700    PLANAR SYS INC                                66,975               
6,400    POLICY MGMNT SYS CORP                        320,000               
3,000    PRINTRONIX INC                                46,875               
4700    QUICKRESPONSE SVCS INC                       135,125              
4100    QUICKTURN DESIGN SYSTEMS                      59,450              
6200    RADIUS INC NEW                                17,050              
2200    RAINBOW TECHNOLOGIES INC                      44,000              
4,700    RATIONAL SOFTWARE CORP                       252,625               
11,700    SANTA CRUZ OPERATION INC                      84,825                
33,100    SEAGATE TECHNOLOGY INC                     1,489,500                
10,400    SEQUENT COMP SYS INC                         140,400                
2,200    SHARED MEDICAL SYS CORP                      141,350               
10000    SHIVA CORP                                   800,000               
7,000    SIERRA ON-LINE INC                           307,125               
16,700    SILICON GRAPHICS                             400,800                
8,500    STAC INC                                      95,625               
3,200    STATE OF THE ART INC                          59,200               
17,300    STORAGE TECH CRP PAR $.01                    661,725                
7,500    STRATUS COMPUTER INC                         217,500               
9900    STREAMLOGIC CORP                              35,887              
9,900    STRUCTURAL DYNAMICS                          217,800               
27,800    SYBASE INC                                   656,775                
17,000    SYMANTEC CORP                                212,500                
14,700    SYNOPSYS INC                                 584,325                
4,000    SYQUEST TECHNOLOGY INC                        31,500               
5,100    SYSTEMS & COMPUTER TECH                       73,950               
12,100    TANDEM COMPUTERS INC                         149,737                
17,400    THREE COM CORP                               796,050                
16,600    TOTAL SYSTEMS SERVICE                        379,725                
4,700    TRIAD SYSTEMS CORP                            29,962               
4,000    TRIDENT MICROSYSTEMS INC                      50,500               
17,800    UNISYS CORP                                  126,825                
1,000    USDATA CORPORATION                            18,500               
7,600    UUNET TECHNOLOGIES INC                       503,500               
7,400    VERIFONE INC                                 312,650               
2,000    VERITAS SOFTWARE CO                           86,000               
3,100    VMARK SOFTWARE INC                            28,287               
11,900    WANG LABS INC NEW                            224,612                
1,900    WANDEL & GOLTERMANN TECH                      31,350               
17,700    WESTERN DIGITAL CORP                         462,412                
2,300    XCELLENET INC                                 24,725               
23,000    XILINX INC                                   730,250                

HOUSEHOLD FURN/APPLIANCES                             
9,900    LANCASTER COLONY  CORP                       370,012               
27,600    LEGGETT & PLATT INC                          765,900                
6,200    O'SULLIVAN INDS HLDGS INC                     45,725               
7,700    WHIRLPOOL CORP                               382,112               

TELECOMMUNICATIONS                                    
17,800    LORAL SPACE & COMM LTD                       242,525                
20,500    ADC TELECOMM INC                             922,500                
21,700    ADTRAN INC                                 1,537,987                
51,100    AIRTOUCH COMMUNICATIONS                    1,443,575                
8,600    AMERICAN MOBILE SATELLITE                    133,300               
6,000    ANDREW CORP                                  322,500               
7,800    ANTEC CORP                                   123,825               
3,600    APPLIED DIGITAL ACCESS                        37,800               
5,500    ASSOCIATED GROUP CL A                        166,375               
7,000    ASSOCIATED GROUP CL B                        209,125               
9,600    BOSTON TECH INC                              162,000               
2,500    BRITE VOICE SYS INC                           53,750               
4,000    CELLULAR COMM OF PUERTO R                    130,000               
7,100    CELLSTAR CORP                                 62,125               
17,600    COMDISCO                                     468,600                
3,400    COMMUNICATIONS SYSTEM INC                     46,750               
12,000    DSC COMMUNICATIONS                           361,500                
6,400    DSP COMMUNICATIONS INC                       328,800               
7,300    GENERAL DATACOMM INDS INC                     98,550               
4,300    GILBERT ASSOC INC CL A                        54,825               
22,500    GLENAYRE TECHNOLOGIES INC                  1,125,000                
3,800    IPC INFORMATION SYS INC                       66,500               
3,700    MICRODYNE CORP                                24,512               
13,900    MOBILEMEDIA CORP                             168,537                
3,800    NETCOM ON-LINE COMM SVCS                     102,600               
15,400    OCTEL COMM CORP                              304,150                
17,900    PANAMSAT CORP                                519,100                
6,400    PREMISYS COMMUNICATIONS                      390,400               
32,000    QUALCOMM INC                               1,700,000                
7,900    SCIENTIFIC-ATLANTA                           122,450               
6,150    TCSI CORPORATION                             148,369               
3,600    TELCO SYSTEMS INC                             61,200               
19,000    TELEPHONE & DATA SYS INC                     855,000                
26,000    US ROBOTICS CORP                           2,223,000                
3,400    U.S. CELLULAR CORP                           105,400               
13,800    VANGUARD CELLULAR SY CL A                    300,150                
9,100    WINSTAR COMMUNICATIONS                       226,931               

MISCELLANEOUS                                         
2,800    ABC RAIL PRODUCTS                             60,550               
6,200    ACX TECHNOLOGIES INC                         123,225               
14,200    ALTERA CORP                                  539,600                
14,700    ALUMAX INC                                   446,512                
1,700    ASYST TECHNOLOGIES INC                        31,875               
7,000    AVIALL INC NEW                                64,750               
8,900    BLACK & DECKER CORP                          343,762               
6,100    BRADY WH CO CL A                             135,725               
5,800    CASCADE CORP.                                 77,575               
8,800    DENTSPLY INTL INC                            374,000               
6,600    ELECTROGLAS INC                               94,050               
7,700    FSI INTL INC                                  97,212               
5,700    FURON CO.                                    141,075               
11,000    GENCORP INC                                  166,375                
5,700    GORMAN RUPP CO.                               75,525               
3,500    HELIX TECHNOLOGY CORP                        135,625               
12,100    ITT INDS INC                                 304,012                
31,500    INTL SPECIALTY PRODUCTS                      346,500                
36,900    JEFFERSON SMURFIT CORP                       401,287                
2,000    JOHNSTOWN AMER INDS INC                        6,500               
3,800    LAWSON PRODUCTS INC                           95,950               
8,100    LOJACK CORP                                   91,125               
20,790    MARK IV INDUSTRIES INC                       467,775                
3,300    MATTHEWS INTL CORP                            90,750               
7,700    PARKER HANNIFIN CORP                         326,287               
700    ROTO ROOTER INC                               24,150             
8,800    SOFAMOR/DANEK GROUP                          244,200               
2,900    SPECTRIAN CORP                                41,325               
9,000    STANLEY WORKS                                267,750               
8,700    THERMO FIBERTEK INC                          146,812               
41,100    THERMO ELECTRON CORP                       1,710,787                
3,400    WHITE RIVER CORP                             159,375               

TOTAL DURABLE GOODS                     $240,200,704      

FINANCIAL                       19.54%                  

BANKS                                                 
2,900    ALLIED BANKSHARES INC GA                      29,725               
10,500    AMERICREDIT CORP                             164,063                
31,500    AMSOUTH BANCORP                            1,137,938                
300    ASSOCIATED BANC CORP                          11,625             
2,000    BSB BANCORP INC                               52,000               
47,000    BANC ONE CORP                              1,598,000                
13,700    BANCORP HAWAII INC                           493,200                
7,900    BANCORPSOUTH INC                             169,850               
11,600    BANK OF BOSTON CORP                          574,200                
5,850    BANK GRANITE CORP                            149,175               
19,800    BANK NEW YORK INC                          1,014,750                
39,900    BANKAMERICA CORP                           3,022,425                
8,100    BANKERS TR NY CORP                           598,388               
3,700    BANKNORTH GROUP INC                          126,725               
21,800    BANPONCE CORP - NEW                          981,000                
9,800    BARNETT BANKS INC                            597,800               
7,100    BAYBANKS INC                                 765,025               
16,500    BOATMEN'S BANCSHARES                         662,063                
3,000    CPB INC                                       97,500               
5,400    CNB BANCSHARES INC                           154,575               
3,200    CVB FINL CORP                                 53,600               
4,400    CATHAY BANCORP INC                            71,500               
19,350    CENTRAL FID BKS INC                          440,213                
44,940    CHASE MANHATTAN CORP NEW                   3,173,888                
3,300    CHEMICAL FINL CORP                           126,225               
3,875    CHITTENDEN CORP                               87,188               
32,970    CINCINNATI FINANCIAL CORP                  1,891,654                
31,300    CITICORP                                   2,586,163                
5400    CITIZENS BANCORP MD                          157,950              
7,300    CITIZENS BANKING                             211,700               
14,900    CITY NATL CORP                               234,675                
4,400    COLE TAYLOR FINL GRP                         130,900               
5,600    COLONIAL BANCGROUP                           187,600               
4,300    COMMERCE BANCORP INC N.J.                    101,050               
23,500    COMMERCE BANCSHARES                          801,938                
3,400    COMMUNITY FIRST BANKSHARE                     79,900               
14,300    COMPASS BANCSHARES INC                       468,325                
37,095    CORESTATES FINL CORP                       1,428,158                
5,700    CORUS BANKSHARES INC                         171,000               
13,900    CRESTAR FINCL CORP                           741,913                
10,200    DAUPHIN DEPOSIT CORP                         290,700                
17400    DEAN WITTER DISCOVER                         996,150               
67,000    DIME BANCORP INC NEW                         871,000                
400    F & M BANCORP MD                               9,000             
6,300    F & M NATL CORP                              114,975               
24,900    FIFTH THIRD BANCORP COM                    1,344,600                
11,200    FIRST AMERICAN CORP                          471,800                
20,400    FIRST OF AMERICA BANK                        912,900                
8,700    FIRST BANK SYS INC                           504,600               
33,100    FIRST CHICAGO NBD CORP                     1,295,038                
4,900    FIRST CITIZENS BCSHS                         301,350               
14,400    FIRST COMMERCE CORP                          509,400                
7,600    FIRST COMWLTH FINL CORP                      134,900               
4,000    FIRST EMPIRE ST CORP                         964,000               
4,700    FIRST FINL BANCORP                           151,575               
22,300    FIRST HAWAIIAN INC                           635,550                
3,200    FIRST INDIANA CORP                            76,800               
4,400    FIRST MIDWEST BANCORP DEL                    123,200               
24,000    FRIST SEC CORP DEL                           576,000                
3,800    FIRST SOURCE CORP                             82,650               
22,300    FIRST TENN NATL CORP                         682,938                
29600    FIRST UNION CORP                           1,801,900               
2,415    FIRST UNITED CORP                             31,395               
11,100    FIRST VIRGINIA BANKS                         444,000                
4,100    FIRST WESTERN BANCORP                        101,475               
26,900    FIRSTAR CORP                               1,240,763                
4,600    FIRSTBANK ILL CO                             142,600               
3800    FIRSTFED FINL CORP DEL                        66,025              
27100    FLEET FINANCIAL GROUP INC                  1,178,850               
4200    FORT WAYNE NATL CORP IND                     134,400              
12100    FULTON FINL CORP PA                          228,388               
4,700    GREATER NY SAVINGS BANK                       50,231               
5,000    HUBCO INC                                    105,625               
3,700    HANCOCK HLDG CO                              149,850               
4,200    HARRIS SAVINGS BK PA                          68,250               
3,100    HERITAGE FINL SVCS INC                        67,425               
38100    HIBERNIA CORP CL A                           414,338               
3,900    HOMELAND BANKSHARES CORP                     131,625               
51,400    HUNTINGTON BANCSHARES INC                  1,227,175                
4,800    IMPERIAL BANCORP                             115,200               
5,800    IMPERIAL CR INDS INC                         175,450               
1,800    INVESTORS FINANCIAL SVC                       41,850               
1,300    IRWIN FINANCIAL CORP                          51,025               
9200    JEFFERSON BKNSHRS INC VA                     203,550              
24,400    KEYCORP                                      945,500                
23,000    MBNA CORP                                    655,500                
2,000    MLF BANCORP INC                               48,500               
31,000    MARSHALL & ILSLEY CORP                       860,250                
18,750    MELLON BANK CORP                           1,068,750                
21,000    MERCANTILE BANCORP INC                       934,500                
15,500    MERCANTILE BANKSHARES                        395,250                
4,100    MERCER INTL INC SBI NEW                       55,350               
1,500    MERCHANTS NY BANCORP INC                      40,500               
6,200    MID AM INC                                   113,925               
4,100    MID AMER BANCORP                              66,625               
19,900    MORGAN J P & CO                            1,684,038                
2,500    NBT BANCORP INC                               40,938               
2,600    NATIONAL BANCORP ALASKA                      163,800               
2,090    NATIONAL CITY BANCORP                         40,755               
24,800    NATIONAL CITY CORP                           871,100                
9,200    NATIONAL COMM BANCORP                        289,800               
4,900    NATIONAL PENN BANCSHARES                     128,625               
30,300    NATIONSBANK CORP                           2,503,538                
8,200    NORTH FORK BANCORP INC NY                    214,225               
18,100    NORTHERN TRUST CO                          1,045,275                
40,185    NORWEST CORP                               1,401,452                
25,725    OLD KENT FINL CORP                         1,006,491                
11,600    OLD NATL BANCORP IND                         429,200                
6,200    ONE VALLEY BANCORP INC                       213,900               
3,200    PARK NATL CORP                               158,400               
8,300    PENNCORP FINL GROUP INC                      263,525               
13,800    PEOPLES BANK BRIDGEPORT                      307,050                
2,900    PIKEVILLE NATL CORP                           63,075               
800    PINNACLE BANC GROUP INC                       23,200             
2,940    PROVIDENT BANKSHARES CORP                     97,020               
2,300    QUEENS CNTY BANCORP INC                      112,700               
20,952    REGIONS FINANCIAL CORP                       979,506                
6,100    REPUBLIC BANCORP INC                          67,100               
2,800    REPUBLIC NEW YORK CORP                       174,300               
3,400    S & T BANCORP INC                            104,550               
21,800    SIGNET BANKING CORP                          506,850                
3,000    SILICON VALLEY BNCSHRES                       77,250               
38,700    SOUTHERN NATL CORP NC                      1,228,725                
30,614    SOUTHTRUST CORP                              861,019                
11,900    STANDARD FEDERAL BNCRP                       458,150                
18,200    STAR BANC CORP                             1,226,225                
26,900    STATE STREET BOSTON                        1,371,900                
1,400    SUFFOLK BANCORP                               44,100               
6,200    SUMITOMO BANK CA                             158,100               
18,900    SUMMIT BANCORP                               663,863                
24,000    SUNTRUST BANKS INC                           888,000                
3,800    SUSQUEHANNA BANCSHARES                       101,650               
43,650    SYNOVUS FINANCIAL CP                         943,931                
2,100    TRANS FINANCIAL INC                           36,750               
7,100    TRUST CO OF NEW JERSEY                        92,300               
6,400    TRUSTCO BK CORP NY                           123,200               
9,100    UMB FINANCIAL CORP                           334,425               
6,400    UST CORP                                      95,200               
14,100    UNIONBANCAL CORPORATION                      745,538                
8,200    UNITED CAROLINA BANCSHARE                    182,450               
6,800    UNITED BANKSHARES W VA                       183,600               
16,700    U S BANCORP ORE                              603,288                
2,000    USBANCORP INC PA                              63,750               
13,230    VALLEY NATL BANCORP                          337,365                
17,700    WACHOVIA CORP                                774,375                
26,900    WASHINGTON MUTUAL INC                        803,638                
10,533    WELLS FARGO & CO                           2,516,070                
3,200    WESBANCO INC.                                 87,200               
9,450    WESTCORP INC                                 167,738               
11,700    WILMINGTON TRUST CORP                        379,519                

FINANCE COMPANIES                                     
7,900    A T & T CAPITAL CORP                         345,625               
6,500    ADVANTA CORP                                 331,500               
4,500    AMCOR FINL INC                                88,875               
55,800    AMERICAN EXPRESS CO                        2,490,075                
1,400    BT FINL CORP                                  47,250               
5,300    BENEFICIAL CORP                              297,463               
54,700    CAPITAL ONE FIN CORP                       1,558,950                
17,100    CREDIT ACCEP CORP MICH                       359,100                
18,700    FED HOME LN MTG CORP                       1,598,850                
112,800    FEDERAL NATL MTGE ASSN                     3,778,800                 
14,300    FINOVA GROUP, INC                            697,125                
2,500    FIRST MERCHANTS ACCEP                         49,375               
16,800    FIRST USA INC                                924,000                
35,300    GREEN TREE FINL CORP                       1,103,125                
10,100    HOUSEHOLD INTL CORP                          767,600                
3,800    INSO CORPORATION                             199,025               
3,700    LEADER FINANCIAL CORP                        165,575               
8,700    LIBERTY FINANCIAL CO INC                     294,713               
64,900    MERCURY FINANCE CO.                          827,475                
19,100    MONEY STORE INC                              422,588                
8,200    OLYMPIC FINANCIAL LTD                        188,600               
3,700    PMC CAP INC                                   47,175               
34,800    PNC FINANCIAL                              1,035,300                
200    PATLEX CORP                                    7,800             
15,700    PHOENIX DUFF & PHELPS                        117,750                
5,000    RESOURCE BANCSHARES MTG                       60,625               
3,500    SEAFIELD CAP CORP                            131,250               
29,500    STUDENT LOAN MKTG NEW                      2,212,500                
2,000    STUDENT LN CORP                               72,000               
17,900    SUNAMERICA                                 1,011,350                
16,500    ULTRAMAR CORP.                               478,500                
10,500    UNITED COS FINCL CORP                        357,000                
1,100    WEBSTER FINL CRP WATRBURY                     30,800               

HOLDING COMPANY                                       
6,300    AMPAL AMER ISRAELI CL A                       31,500               
2,000    EASTERN ENTERPRISES                           66,500               
1,600    GRYPHON HOLDING INC                           24,000               
6,500    PEC ISRAEL ECONOMIC CORP                     117,813               
185,600    RJR NABISCO HLDGS CORP                     5,892,800                 
2,700    REGIONAL ACCEPTANCE CORP                      31,388               
42,400    RELIANCE GROUP HOLDINGS                      318,000                
1,700    ST FRANCIS CAPITAL CORP                       42,500               
18,400    SOTHEBY'S HLDS INC CL A                      266,800                
5,900    TEJON RANCH CO.                               96,613               
20,200    U S INDUSTRIES INC                           487,325                
30,200    VALHI INC                                    215,175                
3,700    VALLICORP HLDGS INC                           62,900               
9,800    ZEIGLER COAL HLDG CO                         156,800               

FIRE AND CASUALTY INSURANCE                           
5,600    ACCEPTANCE INS COS INC                        95,900               
23,200    ALLMERICA PPTY & CAS COS                     626,400                
19,100    AMERICAN FINANCIAL GROUP                     575,388                
2,050    ARBATAX INTERNATIONAL INC                      9,020               
5,000    AVEMCO CORP                                   67,500               
4,600    BALDWIN & LYONS INC CL B                      94,875               
7,000    BERKLEY (WR) CORP                            292,250               
17,600    CHUBB CORP                                   877,800                
6,700    FUND AMER COS INC                            542,700               
10,700    GAINSCO INC                                  105,662                
8,200    GENERAL RE CORP                            1,248,450               
5,100    GUARANTY NATL CORP NEW                        91,800               
2,200    MARKEL CORP.                                 204,600               
2,500    NAVIGATORS GROUP INC                          44,375               
13,000    SAFECO CORP                                  459,875                
3,300    STATE AUTO FINL CORP.                         80,025               
4,200    UNITED FIRE & GAS CO                         128,100               

INSURANCE                                             
47,700    AFLAC INC                                  1,425,037                
5,100    ACORDIA INC                                  172,125               
11,900    AETNA LIFE & CAS CO                          850,850                
4,400    ALEXANDER & ALEXANDER SVC                     86,900               
15,300    ALFA CORP                                    168,300                
2,700    ALLEGHANY CORP. NEW                          518,400               
9,200    ALLMERICA FINANCIAL CORP                     273,700               
46,300    ALLSTATE CORP.                             2,112,437                
20,400    AMBAC INC                                  1,063,350                
16,000    AMERICAN ANNUITY                             208,000                
4,500    AMERICAN HERITAGE LIFE IN                     98,437               
49,000    AMERICAN INTL GROUP                        4,832,625                
17,000    AMERICAN RE CORP                             762,875                
5,700    AMERICAN TRAVELLERS CORP                     131,100               
3,300    AMVESTORS FINL CORP                           51,975               
20,600    AON CORP                                   1,045,450                
9,100    ARGONAUT INC                                 284,375               
800    BERKSHIRE HATHAWAY                        24,560,000             
3,800    BLANCH E W HLDGS INC                          75,525               
7,800    CIGNA CORP                                   919,425               
3,700    CNA FINANCIAL CORP                           381,100               
13,500    CITIZENS CORP                                253,125                
6,100    CITIZENS INC                                  35,075               
14,300    COMMERCE GROUP                               298,512                
21,400    CRAWFORD & CO                                371,825                
700    CROP GROWERS CORP                              6,650             
4,700    DANIELSON HLDG CORP                           31,431               
2,000    EMC INSURANCE GROUP                           25,000               
11,800    EQUITABLE IOWA COS                           418,900                
18,600    EVEREST REINSURANCE HLDGS                    481,275                
2,300    EXECUTIVE RISK INC                            87,975               
13,200    FHP INTERNATIONAL CORP                       361,350                
9,100    FINANCIAL SECURITY ASSUR                     249,112               
30,300    FIRST COLONY CORP                            939,300                
3,900    FOREMOST CORP OF AM                          221,325               
800    GUARANTEE LIFE COS INC                        14,100             
9,250    HCC INS HLDGS INC                            208,125               
5,100    HARLEYSVILLE GROUP INC                       150,450               
6,700    HARTFORD STEAM BOILER INS                    329,137               
4,400    HIGHLANDS INS GROUP INC                       82,500               
10,500    HORACE MANN EDUCATORS                        333,375                
12,100    ITT HARTFORD GROUP INC                       644,325                
9,200    JOHN ALDEN FINL CORP                         203,550               
21,600    LEUCADIA NATIONAL CORP                       529,200                
7,400    LIBERTY CORP                                 234,950               
7,200    LIFE USA HOLDING INC                          63,900               
11,900    LOEWS CORP                                   938,612                
6,000    MAIC HOLDINGS INC                            223,500               
18,300    MBIA INC.                                  1,425,112                
20,800    MGIC INVT CORP WIS                         1,167,400                
3,300    MMI COS INC                                  101,887               
7,000    MARSH & MCLENNAN CO.                         675,500               
2,600    MEADOWBROOK INS GROUP INC                     79,950               
9,900    MERCURY GEN CORP NEW                         433,125               
1,000    MIDLAND CO.                                   42,000               
6,500    NAC RE CORP                                  217,750               
3,800    NYMAGIC INC                                   71,725               
1,200    NATIONAL WESTN LIFE INS                       80,100               
13,500    OHIO CASUALTY CORP                           469,125                
41,550    OLD REPUBLIC INTL CORP                       893,325                
12,700    THE PMI GROUP INC                            539,750                
2,600    PXRE CORP                                     63,050               
3,500    PAUL REVERE CORP                              96,250               
3,000    POE & BROWN INC                               74,250               
23,500    PROGRESSIVE                                1,086,875                
14,900    PROVIDENT COMPANIES INC                      551,300                
8,300    PROVIDIAN CORP                               355,862               
2,800    RLI CORP                                      68,250               
5,900    REINSURANCE GROUP AMER IN                    222,725               
25,600    RELIASTAR FINL CORP                        1,104,000                
5,500    RISK CAPITAL HOLDING INC                     107,937               
8,700    ST PAUL COS INC                              465,450               
3,200    SECURITY CONNECTICUT CORP                     87,200               
2,700    STEWART INFO SVCS CORP                        54,337               
3,675    TITAN HOLDINGS INC                            51,450               
6,100    TORCHMARK CORP                               266,875               
7,500    TRANSAMERICA CORP                            613,125               
7,500    TRANSATLNTC HLDGS INC                        525,937               
2,100    TRANSNATIONAL RE CORP                         51,712               
49,500    TRAVELERS INC.                             2,258,437                
18,400    TWENTIETH CENTURY INDS                       305,900                
7,500    UNUM CORP                                    466,875               
11,800    USF & G CORP                                 193,225                
25,600    UNITED STATIONERS INC.                       627,200                
4,700    UNITED WISCONSIN SERV INC                    122,200               
39,500    UNITRIN INC.                               1,856,500                
5,200    VESTA INSURANCE GROUP INC                    173,550               
2,300    WELLCARE MGT GROUP                            21,562               
2,600    WESCO FINANCIAL CORP                         416,650               
23,000    WESTERN NATIONAL CORP                        422,625                

LIFE INSURANCE                                        
21,100    AMERICAN GENERAL CORP                        767,512                
14,800    AMERICAN NATL INS CO                         962,000                
19,300    BANKERS LIFE HLDG CORP                       427,012                
4,200    BOSTON BANCORP                               181,650               
28,800    CONSECO INC                                1,152,000                
3,300    HOME BEN CORP CL B                            86,625               
8,000    JEFFERSON PILOT CORP                         413,000               
2,200    KANSAS CITY LIFE INS CO                      119,900               
10,800    LINCOLN NATL CORP IND                        499,500                
12,500    PRESIDENTIAL LIFE CORP                       129,687                
3,500    USLIFE CORP                                  115,062               

MUTUAL FUNDS                                          
63,200    EQUITABLE COS INC                          1,572,100                
4,700    JOHN NUVEEN CO CL A                          116,912               
18,600    PRICE ASSOCIATES                             571,950                
35,000    UNITED ASSET MGMT CORP                       857,500                

REAL ESTATE                                           
10,800    CASTLE & COOKE                               172,800                
19,200    DANAHER CORP                                 835,200                
6,800    INSIGNIA FINL GROUP INC                      185,300               
800    MEGO FINANCIAL CORP CL B                       6,200             
8,700    PRICE ENTERPRISES INC                        132,675               
30,600    ROUSE CO                                     791,775                

SAVINGS & LOANS                                       
12,200    AHMANSON H F & CO                            329,400                
5,640    ALBANK FINANCIAL CORP                        148,755               
4,000    AMERICAN FED BK                               67,000               
3,200    ANCHOR BANCORP WIS INC                       111,200               
4,400    BANKERS CORP                                  77,000               
2,600    BAYVIEW CAP CORP CALIF                        88,400               
1,600    CITFED BANCORP INC                            62,600               
3,800    FSF FINANCIAL CORP                            45,125               
2,300    FIRST FINANCIAL HOLDINGS                      41,400               
1,600    FIRST PALM BEACH BANCORP                      34,200               
15,300    GLENDALE FED BK FED SVGS                     277,312                
5,900    GOLDEN WEST FINL CORP                        330,400               
4,700    GREAT FINANCIAL CORP                         121,612               
14,100    GREAT WESTERN FINL                           336,637                
20,000    GREENPOINT FINANCIAL CORP                    565,000                
4,600    IBS FINANCIAL CORP                            59,800               
4,000    JEFFERIES GROUP INC                          124,000               
4,000    LIFE BANCORP INC                              56,500               
2,000    MAF BANCORP INC                               49,000               
1,700    MAGNA BANCORP INC                             63,325               
4,900    NEW YORK BANCORP INC                         124,950               
1,400    NORTH SIDE SAVINGS BANK                       48,650               
9,900    PEOPLES HERITAGE FINL                        201,712               
3,500    RELIANCE BANCORP INC                          54,687               
3,600    SECURITY CAPITAL CORP                        214,200               
3,800    T R FINANCIAL CORP                           104,500               
16,200    WASHINGTON FEDERAL INC                       332,100                
10,200    WILEY, JOHN & SON CL A                       295,800                
7,800    WORLD ACCEP CORP SC NEW                       56,550               

BROKERAGE                                             
40,635    BEAR STEARNS COS INC                         960,002                
38,200    COUNTRYWIDE CREDIT INC                       945,450                
20,300    EDWARDS A G INC                              550,637                
26,800    FRANKLIN RESOURCES                         1,634,800                
38,200    LEHMAN BROS HLDGS INC                        945,450                
17,900    MERRILL LYNCH & CO                         1,165,737                
6,800    MORGAN KEEGAN INC                             90,100               
16,000    MORGAN STANLEY GRP INC                       786,000                
32,800    PAINE WEBBER GROUP INC                       779,000                
11,000    SALOMON INC                                  484,000                
56,100    SCHWAB CHARLES CORP NEW                    1,374,450                

MISCELLANEOUS                                         
11,300    HEALTHCARE COMPARE CORP                      550,875                
9,200    HOME FINANCIAL CORP FLA                      119,600               
2,800    ISB FINANCIAL CORP                            41,300               
3,200    MCDONALD & CO INVESTMENTS                     63,200               
8,400    PMT SERVICES INC                             240,450               
5,800    STANDARD FINANCIAL INC                        95,700               
3,100    TFC ENTERPRISES INC                            7,362               
7,100    TELLABS INC                                  474,812               
3,500    TRANSMEDIA NETWORK                            30,625               
1,800    VERMONT FINL SVCS CORP                        56,700               

TOTAL FINANCIAL                      $206,424,086   

METALS AND MINING                1.26%                  

ALUMINUM                                              
18,500    ALUMINUM CO AMER                           1,061,438                
13,200    KAISER ALUMINUM CORP                         145,200                

MINING                                                
3,700    ASHLAND COAL                                  95,738               
37,500    FREEPRT COPPER&GOLD CL A                   1,120,313                
14,000    HOMESTAKE MNG CO                             239,750                
9,900    MAPCO INC                                    558,113               
7,400    MINERALS TECHNOLOGIES INC                    253,450               
6,700    NEWMONT GOLD CO                              337,513               
3,100    PITTSON MINERALS GROUP                        40,688               
13,600    SANTA FE PACIFIC GOLD                        192,100                

STEEL                                                 
9,600    AK STEEL HOLDING CORP                        375,600               
11,000    ARMCO, INC.                                   55,000                
11,700    BETHLEHEM STEEL CORP                         138,938                
5,300    CARPENTER TECHNOLOGY CORP                    169,600               
10,500    CHAPARRAL STL CO.                            137,813                
4,000    CLEVELAND CLIFFS INC                         156,500               
9,700    GENEVA STL CL A                               54,563               
900    GIBRALTAR STEEL CORP                          18,225             
8,300    HARSCO CORP                                  558,175               
4,800    INLAND STEEL INDUS INC                        94,200               
14,300    J & L SPECIALTY STEEL INC                    212,713                
39,500    LTV CORP NEW                                 449,312                
4,800    LUKENS INC                                   114,600               
7,600    NATIONAL STL CORP CL B                        82,650               
9,000    NUCOR CORP                                   455,625               
6,400    OREGON STEEL MILLS                            88,000               
3,000    RELIANCE STEEL & ALUMINUM                    109,500               
6,900    REPUBLIC ENGINEERED STEEL                     24,150               
9,700    ROUGE STEEL CO CL A                          208,550               
2,200    SCHNITZER STEEL INDS INC                      58,850               
4,900    SHILOH INDUSTRIES INC                         79,012               
13,900    TERRA INDUSTRIES                             172,012                
4,500    TRIMAS CORP                                  105,187               
5,000    US LONG DISTANCE CORP                        177,500               
12,600    WCI STEEL INC                                 66,150                
17,600    WEIRTON STL CORP                              52,800                
9,200    WORTHINGTON INDS INC                         192,050               

OTHER METALS                                          
4,400    ASARCO INC                                   121,550               
2,900    BARNES GROUP INC.                            148,262               
26,700    BATTLE MOUNTAIN GOLD CL A                    193,575                
5,300    BRUSH WELLMAN INC                            100,700               
3,700    CHASE BRASS INDUSTRIES                        68,912               
5,800    CITATION CORP                                 69,600               
3,500    EASCO INC                                     28,875               
22,100    FREEPORT-MCMORAN COPPER-B                    704,437                
8,700    KENNAMETAL INC                               295,800               
5,300    NN BALL & ROLLER INC                         109,975               
7,700    NEWMONT MNG CORP                             380,187               
3,900    NEWPARK RESOURCES INC NEW                    143,325               
7,100    PHELPS DODGE CORP                            442,862               
6,500    REYNOLDS METALS CO                           338,812               
7,900    TRIMBLE NAV LTD                              152,075               
12,900    WYMAN-GORDON CO                              228,975                

PRECIOUS GEMS                                         
10,400    FMC GOLD COMPANY                              46,800                

MINERALS                                              
36,400    AMAX GOLD INC                                200,200                
9,600    CYPRUS AMAX MINERALS CO                      217,200               

COAL                                                  
900    NACCO INDUS INC CL A                          49,837             

FOREST PRODUCTS                                       
62,000    SCHULLER CORP                                643,250                

MISCELLANEOUS                                         
4875    CASTLE A M & CO                              115,172              
1,870    VARLEN CORP                                   39,270               

TOTAL METALS MINING                   $13,291,229   

COLLECTIBLES & PRECIOUS MATER    0.04%                  

JEWELRY                                               
5,200    TIFFANY & CO                                 379,600               

MISCELLEANEOUS                                        
15,500    TOPPS CO                                      87,188                

TOTAL COLLECTIBLES & PRECIOUS MATERI     $466,788   

OIL-ENERGY                       5.89%                  

OIL & GAS PRODUCERS                                   
21,100    TRITON ENERGY LTD-CLASS A                  1,025,988                
6,800    J RAY MCDERMOTT S A                          170,000               
7,900    TEEKAY SHIPPING CORP                         207,375               
9,400    AMERADA HESS CORP                            504,075               
51,300    AMOCO CORP                                 3,712,838                
19,400    ANADARKO PETE CORP                         1,125,200                
24,800    APACHE CORP                                  815,300                
4,700    AQUILA GAS PIPELINE CORP                      61,100               
9,200    BJ SVCS CO COM                               323,150               
7,700    BERRY PETE CO                                 87,588               
7,600    BROWN TOM INC NEW                            130,150               
2600    CMS ENERGY CORP CLASS G                       48,750              
6,200    CAIRN ENERGY USA INC                          89,125               
5,600    CAPSURE HOLDINGS CORP                        100,100               
6,300    CHESAPEAKE ENERGY CORP                       566,213               
10,900    COASTAL CORP                                 455,075                
9,600    DIAMOND SHAMROCK R&M INC                     277,200               
4700    EDISTO RESOURCES CORP                         47,000              
7100    ENSERCH CORP                                 154,425              
12800    FALCON DRILLING CO INC                       347,200               
5600    FLORES & RUCKS INC                           193,200              
800    FORCENERGY INC                                15,100             
4,400    FOREST OIL CORP                               59,950               
22,400    FREEPORT MCMORAN INC                         795,200                
6,900    GLOBAL INDS LTD                              205,275               
2,266    H S RESOURCES INC                             26,345               
2500    HELMERICH & PAYNE INC.                        91,563              
2,500    HONDO OIL & GAS CO                            27,813               
5,900    KELLEY OIL & GAS CORP                         23,600               
10,300    LOUIS DREYFUS NAT GAS CRP                    154,500                
16,200    MARINE DRILLING COS INC                      164,025                
30,300    MITCHELL ENGY & DEV CL B                     590,850                
36,400    NGC CORPORATION                              546,000                
27700    NABORS INDS INC                              450,125               
16,500    NOBLE AFFILIATES INC                         622,875                
10,700    NOEL GROUP INC                                92,288                
3,400    NUEVO ENERGY                                 109,650               
32,900    OCCIDENTAL PETROLEUM                         814,275                
2,600    ONEOK INC                                     65,000               
2,000    PENN VA CORP                                  70,000               
2800    PROVIDENCE ENERGY CORP                        48,300              
13400    QUESTAR CORP                                 455,600               
9,300    SANTA FE ENERGY RES INC                      110,438               
11,900    SEAGULL ENERGY CORP                          297,500                
3,400    STONE ENERGY CORP                             68,000               
9,100    TATHAM OFFSHORE INC                            7,963               
21,600    TENNECO INC                                1,104,300                
9,200    TESORO PETE CORP                             105,800               
4,600    TEXAS MERIDIAN RES CORP                       41,400               
17,253    TOSCO CORP COM NEW                           866,963                
27,800    TRANSTEXAS GAS CORP                          264,100                
34800    USX-MARTHON GROUP COM NEW                    700,350               
4,000    USX-DELHI GROUP                               49,000               
8,600    USX-US STEEL GROUP                           244,025               
13,200    UNION PACIFIC RESOURCES                      353,100                
33,000    UNION TEX PETRO HLDG INC                     643,500                
14,400    VALERO ENERGY CORP                           360,000                
9,900    VARCO INTL INC                               179,438               
6,000    VASTAR RES INC                               224,250               
7,400    WAINOCO OIL CORP                              23,125               
15,000    WESTERN GAS RESOURCES                        243,750                
31,200    WHLBRTR TECH INC PAR .01                     475,800                
72,300    XCL LTD                                       22,594                
11,600    ZAPATA CORP NEW                               42,050                

NATURAL RESOURCES                                     
18,800    DRESSER INDUS INC                            554,600                
5,300    KERR MCGEE CORP                              322,638               
3,300    LOUISIANA LD & EXPL CO                       190,163               
11,700    NL INDUSTRIES COM NEW                        143,325                
8,300    PETROLEUM HEAT & PWR CLA                      64,325               
13,100    SMITH INTL INC                               394,638                
3,700    TRIGEN ENERGY CORP                            69,838               
10,500    WILLIAMS COS INC-DEL                         519,750                

OIL EQUIPMENT, WELLS & SVCS                           
6,400    ASHLAND, INC.                                253,600               
17,400    BAKER HUGHES INC                             572,025                
4,000    BELDEN AND BLAKE CORP                         83,000               
23,263    ENSCO INTERNATIONAL INC                      756,031                
5,200    ENERGY VENTURES                              169,000               
3,200    ENRON GLOBAL PWR & PIPELI                     77,600               
4,100    GETTY PETE CO.                                61,500               
4,400    GIANT INDS INC                                63,800               
54,300    GLOBAL MARINE NEW                            753,413                
11,800    HALLIBURTON CO                               654,900                
4,200    LOMAK PETE INC                                59,850               
4,400    LUFKIN INDUST.                                90,200               
6,200    MATRIX SVC CO.                                41,075               
4,100    NUI CORP                                      73,288               
11,500    PARKER & PARSLEY CO                          319,125                
18,400    PARKER DRILLING CO                           105,800                
4,400    RPC ENERGY SVCS INC                           50,600               
8,800    ROWAN COS INC                                129,800               
1,300    SEACOR HOLDINGS INC                           58,175               
17,600    TIDEWATER INC                                772,200                
16,300    WEATHERFORD ENTERRA INC                      489,000                
5,300    WESTERN ATLAS INC                            308,725               
20,200    READING & BATES NEW                          446,925                

OIL - DOMESTIC                                        
13,100    BURLINGTON RESOURCES INC                     563,300                
1,700    CROWN CENT PETE CL A                          25,713               
11,200    EL PASO NAT GAS CO.                          431,200                
56,200    ENRON OIL & GAS CO                         1,566,575                
1,600    FINA IN CL A                                  88,400               
3,000    HOLLY CORP                                    75,000               
7,600    LONE STAR TECHNOLOGY INC                      85,500               
4,600    PENNZOIL CO                                  212,750               
27,100    PHILLIPS PETE CO                           1,134,813                
10,700    QUAKER STATE CORP                            160,500                
8,800    SONAT INC                                    396,000               
6,450    TEJAS GAS CORP DEL                           224,138               
25,600    UNOCAL CORP                                  864,000                

OIL - INTERNATIONAL                                   
16,600    ATLANTIC RICHFIELD CO                      1,967,100                
67,400    CHEVRON CORP                               3,976,600                
128,300    EXXON CORP.                               11,146,063                 
14,100    GLOBAL NAT RES INC                           230,888                
40,900    MOBIL CORP                                 4,596,138                
14,800    MURPHY OIL CORP                              671,550                
10,900    ORYX ENERGY COMPANY                          177,125                
8,300    SUN CO INC                                   252,113               
27,300    TEXACO INC                                 2,289,788                
7,700    UNIFIRST CORP MASS                           162,663               

TOTAL OIL-ENERGY                      $62,243,658   

RETAIL                           4.12%                  

DEPARTMENT STORES                                     
2,000    ALEXANDERS INC                               145,250               
900    BON-TON STORES INC                             4,613             
11,400    CALDOR CORP.                                  29,925                
7,400    DAYTON HUDSON CORP                           763,125               
11,700    DILLARD DEPT STORES                          427,050                
6,600    DOLLAR TREE STORES INC                       209,550               
20,900    FEDERATED DEPT STORES INC                    713,213                
2,600    HILLS STORES CO NEW                           23,075               
47,400    K MART                                       586,575                
24,200    KOHLS CORP                                   886,325                
25,800    MAY DEPT STORES CO                         1,128,750                
10,800    MELVILLE CORP                                437,400                
3,800    MERCANTILE STORES                            222,775               
8,700    MEYER INC                                    255,563               
11,300    NEIMAN-MARCUS GROUP                          305,100                
23,800    PENNEY JC INC                              1,249,500                
40,300    SEARS ROEBUCK & CO                         1,959,588                
13,700    WOOLWORTH CORP                               308,250                

GROCERY                                               
26,400    ALBERTSON'S INC                            1,092,300                
15,400    AMERICAN STORES CO                           635,250                
23,700    BRUNOS INC NEW                               325,875                
3,500    DELCHAMPS INC.                                84,875               
262,100    FOOD LION CLASS A                          2,080,419                 
6,000    GIANT FOOD INC                               215,250               
3,900    GREAT ATLANTIC & PAC TEA                     128,213               
13,800    HANNAFORD BROS. CO                           450,225                
12,800    KROGER CO                                    505,600                
4,000    PENN TRAFFIC CO NEW                           34,000               
5,400    QUALITY FOOD CENTERS INC                     139,050               
15,200    RUDDICK CORP                                 199,500                
88,700    SAFEWAY INC                                2,927,100                
120,200    SOUTHLAND CORP                               364,356                 
18,400    STOP & SHOP COS INC NEW                      614,100                
14,300    VONS COS INC.                                534,463                
19,100    WEIS MKTS INC                                623,138                
15,900    WINN-DIXIE STORES INC                        562,463                

OTHER RETAIL                                          
16,500    ACCUSTAFF INC                                449,625                
6,500    BABY SUPERSTORE INC                          107,250               
13,900    BEST BUY INC.                                317,963                
11,400    BEST PRODS INC                                18,881                
5,700    CARR-GOTTSTEIN FOODS CO                       24,225               
10,000    CIRCUIT CITY STORES                          361,250                
17,800    CONSOLIDATED STORES CORP                     654,150                
20,040    CORPORATE EXPRESS INC                        801,600                
1,000    DART GROUP CORP.                              89,000               
23,375    DOLLAR GENERAL                               683,719                
26,400    ECKERD CORP                                  597,300                
3,100    EZCORP INC CL A NON-VTG                       20,925               
18,700    FAMILY DOLLAR STORES                         324,913                
15,000    FINGERHUT COS INC                            234,375                
3,700    FLEMING COS                                   53,187               
11,130    GENERAL HOST                                  30,607                
4,900    GOOD GUYS INC.                                42,875               
7,000    HANCOCK FABRICS INC                           77,000               
10,600    HASBRO INC                                   378,950                
13,000    HOLLYWOOD ENTERTAINMENT                      201,500                
30,400    HOME SHOPPING NETWORK                        364,800                
9,200    IDEX CORP                                    349,600               
11,400    INTELLIGENT ELEC INC                          96,900                
2,300    LONGS DRUG STORES CORP                       102,637               
8,500    MAC FRUGALS BARGINS CLOSE                    150,875               
28,500    MATTEL INC                                   815,812                
6,300    PEP BOYS-MAN, MO, JACK                       214,200               
3,450    PETCO ANIMAL SUPPLIES                         99,187               
20,100    PRICE/COSTCO INC                             434,662                
8,800    RITE AID CORP                                261,800               
32,800    SERVICE MERCHANDISE CO                       184,500                
4,100    SODAK GAMING INC                             125,050               
6,300    SUN TV & APPLIANCES INC                       22,837               
4,900    SUPERVALUE INC                               154,350               
6,600    SYMS CORP.                                    48,675               
7,700    TANDY CORP                                   364,787               
5,600    TOY BIZ INC                                  113,400               
31,000    TOYS R US                                    883,500                
11,000    WABAN INC                                    262,625                
237,000    WAL MART STORES INC                        6,013,875                 
25,500    WALGREEN CO                                  854,250                
6,200    XTRA CORP                                    274,350               

SPORTING GOODS                                        
4,200    CONVERSE INC                                  17,850               
5,600    JUST FOR FEET INC                            296,100               
9,200    REEBOK INTL LTD                              309,350               
2,100    SPORTMART INC                                  7,875               

APPAREL                                               
3,400    BLAIR CORP                                    80,325               
2,600    BUCKLE INC                                    89,050               
15,500    BURLINGTON COAT WHS                          162,750                
20,100    BURLINGTON INDS INC                          283,912                
16,400    CML GROUP                                     69,700                
9,900    CHARMING SHOPPES INC                          69,919               
10,200    CLAIRES STORES INC                           281,775                
4,600    EDISON BROS STORES                            10,350               
29,800    GAP INC                                      957,325                
6,100    GOODYS FAMILY CLOTHING                        62,525               
8,700    NORDSTROM INC                                387,150               
4,128    PAYLESS SHOESOURCE INC                       131,064               

MISCELLANEOUS                                         
2,600    CREATIVE COMPUTERS INC                        21,125               
6,750    DELTA & PINE LAND CO                         285,187               
2,300    FRIEDMANS INC CL A                            58,650               
2,500    GARDEN RIDGE CORP                            126,250               
17,700    PETSMART INC                                 845,175                
3,700    SAFETY 1ST INC                                30,987               
5,800    URBAN OUTFITTERS INC                         146,450               

TOTAL RETAIL                          $43,564,615   

UTILITIES                        9.73%                  

ELECTRIC                                              
24,600    AES CORP                                     694,950                
500    ACME ELECTRIC CORP                             3,813             
39,200    ALLEGHENY PWR SYS INC                      1,210,300                
19,300    AMERICAN ELEC PWR INC                        822,663                
17,400    ATLANTIC ENERGY INC                          317,550                
15,200    BALTIMORE GAS & ELEC                         431,300                
4,800    BLACK HILLS CORP                             119,400               
18,100    BOSTON EDISON CO                             461,550                
12,600    CIPSCO INC                                   486,675                
29,900    CMS ENERGY CORP                              923,163                
16,500    CALENERGY INC                                420,750                
14,400    CAROLINA PWR & LT CO                         547,200                
73,400    CENTERIOR ENERGY CORP                        541,325                
19,500    CENTRAL & SOUTH WEST CORP                    565,500                
7,300    CENTRAL LOUISIANA EL-NEW                     194,363               
10,600    CENTRAL MAINE PWR CO                         153,700                
16,200    CINERGY CORP                                 518,400                
141224    CITIZENS UTILS CO CL A                     1,624,076                
19,600    CON. EDISON NY INC                           573,300                
30,700    DQE INC                                      844,250                
77,400    DPL INC                                    1,886,625                
14,900    DTE ENERGY CO                                460,038                
19,700    DELMARVA PWR & LT CO                         413,700                
5600    DESTEC ENERGY INC                             71,400              
17900    DOMINION RES INC-VA                          716,000               
21200    DUKE POWER CO                              1,086,500               
46100    EDISON INTERNATIONAL                         812,513               
8,900    EMPIRE DIST ELEC CO                          153,525               
42,700    ENOVA CORPORATION                            987,438                
21,200    ENTERGY CORP NEW                             601,550                
19,000    FPL GROUP INC                                874,000                
31,300    FLORIDA PROGRESS CORP                      1,087,675                
10200    GENERAL PUB UTILS CRP                        359,550               
9,600    HAWAIIAN ELEC INDUS INC                      340,800               
27,200    HOUSTON INDS INC                             669,800                
10,900    IES INDS INC                                 325,638                
12,300    IDAHO PWR CO                                 382,838                
24,900    ILLINOVA CORP                                715,875                
7,400    INDIANA ELEC INC                             211,825               
18600    IPALCO ENTERPRISES INC                       488,250               
25,300    KU ENERGY CORP                               755,838                
20,300    KANSAS CTY PWR & LT CO                       558,250                
21,800    LG&E ENERGY CORP                             498,675                
10,000    LONG ISLAND BANCORP INC                      305,625                
44,100    LONG ISLAND LTG CO                           738,675                
16,900    MDU RESOURCES GROUP INC                      363,350                
5,900    MADISON GAS & ELECTRIC                       126,850               
32,900    MIDAMERICAN ENERGY CO                        567,525                
10300    MINNESOTA PWR & LT CO                        292,263               
17,600    MONTANA PWR CO                               391,600                
21,100    NIPSCO INDUSTRIES INC                        849,275                
15,300    NEVADA PWR CO                                336,600                
21,400    NEW ENGLAND ELEC SYS                         778,425                
23,300    NEW YORK ST ELEC & GAS                       567,938                
14,900    NIAGARA MOHAWK PWR                           115,475                
41,100    NORTHEAST UTILS                              549,713                
7,000    NORTHERN STS PWR CO                          345,625               
3,100    NORTHWESTERN PUB SVC                          83,313               
15,800    OHIO EDISON CO                               345,625                
13,200    OKLAHOMA GAS & ELEC CO                       523,050                
4,100    OTTER TAIL POWER CO                          133,250               
22900    PECO ENERGY CO                               595,400               
16,300    P P & L RESOURCES INC                        385,088                
46,300    PACIFIC GAS & ELEC                         1,076,475                
29,300    PACIFICORP                                   651,925                
28,800    PINNACLE WEST CAP CORP                       874,800                
16,700    PORTLAND GENL CORP                           515,613                
38,600    POTOMAC ELEC PWR CO                        1,022,900                
20,700    PUBLIC SVC COLORADO                          760,725                
13,800    PUBLIC SVC NEW MEXICO                        282,900                
24,700    PUBLIC SVC ENTERPRISE GRP                    676,163                
20,900    PUGET SOUND PWR & LT CO                      506,825                
19,100    ROCHESTER GAS & ELEC                         410,650                
2,700    ST. JOSEPH LGT & PWR CO                       74,925               
33,800    SCANA CORP                                   950,625                
10,600    SIG CORP INC                                 367,025                
68,700    SOUTHERN CO                                1,691,738                
13,400    SOUTHWESTERN PUB SVC                         437,175                
38,300    TECO ENERGY                                  967,075                
11,720    TUCSON ELECTRIC POWER CO                     158,220                
16,300    UNICOM CORPORATION                           454,363                
7700    UNION ELECTRIC CO                            309,925              
14,700    UTILICORP UNITED INC                         406,087                
10,100    WPL HOLDING INC                              332,037                
19,900    WASHINGTON WTR PWR                           370,637                
23,300    WESTERN RES INC                              696,087                
35,800    WISCONSIN ENERGY CORP                      1,033,725                
6900    YANKEE ENERGY SYS INC                        150,075              

GAS                                                   
17600    AGL RESOURCES                                332,200               
7,600    BAY STATE GAS CO COMM                        211,850               
15,900    BROOKLYN UNION GAS CO                        433,275                
5,100    COLUMBIA GAS SYS INC                         265,837               
10,000    CONSOLIDATED NATL GAS                        522,500                
13,100    EQUITABLE RESOURCES                          370,075                
9000    LACLEDE GAS CO                               201,375              
21,700    MCN CORP HLDG CO                             528,937                
12,300    NATIONAL FUEL GAS CO NJ                      442,800                
5,300    NICOR INC                                    150,387               
8,200    NORAM ENERGY CORP                             89,175               
2,300    NORTH CAROLINA NTL GAS                        63,250               
8,500    PACIFIC ENTERPRISES                          251,812               
15500    PANENERGY CORPORATION                        509,562               
3,500    PEOPLES ENERGY CORP                          117,250               
300    SJW CORP                                       9,975             
6,400    SOUTH JERSEY INDUSTRIES                      136,000               
5,565    SOUTHEASTERN MICH GAS                         97,387               
5,333    SOUTHERN UNION CO NEW                        117,326               
26,700    TEXAS UTILITIES CO                         1,141,425                
13,700    UGI CORP                                     301,400                
14,000    WPS RESOURCES CORP                           442,750                
14000    WASHINGTON GAS LIGHT                         308,000               

TELEPHONE                                             
2,800    ACC CORP                                     136,150               
163,000    A T & T                                   10,106,000                 
19,500    ALLTEL CORP                                  599,625                
57,300    AMERITECH CORP NEW                         3,402,187                
45,100    BELL ATLANTIC CORP                         2,875,125                
102,600    BELLSOUTH CORP                             4,347,675                 
7,100    CAI WIRELESS SYS INC                          65,675               
19,200    CENTURY TELEPHONE ENTERP                     612,000                
26,500    CINCINNATI BELL INC                        1,381,312                
26,100    ENRON CORP                                 1,066,837                
52100    FRONTIER CORP                              1,595,562               
100,100    GTE CORP                                   4,479,475                 
18,900    INTERDIGITAL COMM CORP                       160,650                
11,800    LINCOLN TELECOM.                             193,225                
69,600    MCI COMMUNICATIONS                         1,783,500                
32,400    NYNEX CORP                                 1,539,000                
44,300    PACIFIC TELESIS GROUP                      1,495,125                
21,400    SOUTHERN NW ENGL TELECOM                     898,800                
49,000    SPRINT CORP                                2,058,000                
38,700    U S WEST INC                               1,238,400                
39,000    U S WEST MEDIA GROUP                         711,750                
3,600    UTAH MED PRODS INC.                           45,450               
19,700    WORLDCOM INC                               1,090,887                

WATER & SEWER                                         
11,000    AMERICAN WATER WORKS CO                      440,000                
4,600    CALIFORNIA WTR SVC CO                        161,000               
7,100    CULLIGAN WATER TECH INC                      269,800               
2,900    E TOWN CORP                                   80,475               
3,400    IWC RES CORP                                  60,775               
6900    UNITRODE CORP.                               133,687              

WASTE DISPOSAL                                        
11,100    ALLIED WASTE INDS INC                         98,512                
24,100    AMER WASTE SVCS CL A                          78,325                
22,000    BROWNING FERRIS IND                          638,000                
10100    ENVIROTEST SYS CORP CL A                      27,775               
9000    MID-AMER WAST SYS INC                          8,437              
20250    USA WASTE SERVICES INC                       599,906               
12000    UNITED WATER RESOURCES                       154,500               
50,000    WMX TECHNOLOGIES INC                       1,637,500                

TOTAL UTILITIES                      $102,801,541   

MISCELLANEOUS                   11.59%                  

BROADCAST/COMMUNICATIONS                              
4,400    AMERICAN PAGING, INC                          32,725               
5,700    ARCH COMMUNICATIONS GROUP                    106,163               
33,900    ASCEND COMMUNICATIONS INC                  1,906,875                
11,800    BHC COMMUNICATIONS INC                     1,153,450                
6800    BET HLDGS INC CLA A                          179,350              
16,600    CASCADE COMMUNICATIONS CO                  1,128,800                
5,900    CENTENNIAL CELLULAR CORP                      99,563               
26,700    CENTRY COMM CL A                             226,950                
1,100    CHANCELLOR BROADCASTING                       34,375               
7,600    CITICASTERS INC                              237,500               
12,900    CLEAR CHANNEL COMM INC                     1,062,638                
27,900    COMCAST CORP CL A SPL                        516,150                
55,000    DISNEY WALT CO                             3,458,125                
5900    EVERGREEN MEDIA CORP CL A                    252,225              
15,540    GAYLORD ENTMT CO CL A                        439,005                
12,771    HARTE-HANKS COMM INC                         354,395                
3,800    INACOM CORP                                   71,250               
4,800    INTER TEL                                    125,700               
800    INTERCEL INC                                  16,000             
3,500    JONES INTERCABLE INC.                         50,313               
2,600    KATZ MEDIA GROUP INC                          37,375               
48,400    MFS COMMUNICATIONS CO INC                  1,821,050                
4,700    METRICOM INC                                  74,025               
5,000    METROCALL INC                                 55,625               
8,000    NATIONAL INSTRUMENTS                         180,000               
4,200    NUMEREX CORP                                  22,575               
4000    ORTEL CORP                                    98,000              
10,800    PAIRGAIN TECHNOLOGIES                        669,600                
3,600    PEOPLES CHOICE TV CORP                        65,700               
2,600    PLANTRONICS INC NEW                           95,550               
8,300    PLAYBOY ENTERPRISES CL B                     122,425               
2,300    SFX BROADCASTING INC CL A                     89,700               
7,500    SPELLING ENTERTAINMENT                        57,188               
70,900    TELE COMM. INC CL A                        1,285,063                
53,800    TELE COMM LIBERTY MEDIA                    1,425,700                
8,600    TELULAR CORP                                  50,525               
6,500    TENNANT CORP                                 169,000               
7,900    UNITED INTL HLDGS CLASS A                    108,625               
72,200    VIACOM INC                                 2,752,625                
37,300    VIACOM INC CL B NON VTG                    1,450,038                
2,400    XPEDITE SYSTEMS INC                           64,200               

BUSINESS SERVICES                                     
29,200    ADAPTEC INC                                1,383,350                
1,300    ALTERNATIVE RESOURCES CRP                     47,775               
18,900    APOLLO GROUP INC CL A                        529,200                
2700    APPLIX INC                                    77,625              
2,200    BHC FINANCIAL INC                             30,800               
2,300    BRC HOLDINGS INC                              82,800               
5,100    BAREFOOT INC                                  56,100               
18,000    BAY NETWORKS INC                             463,500                
3,700    BERLITZ INTL - NEW                            78,625               
10700    BLOCK H&R INC                                349,088               
14000    CUC INTERNATIONAL                            497,000               
15900    CAMBRIDGE TECHNOLOGY PART                    484,950               
3900    CAREER HORIZONS INC                          136,500              
500    CHILDRENS DISCOVERY CTRS                       3,375             
13,700    CONCORD EFS INC                              486,350                
4,350    CORESTAFF INC                                194,663               
15,600    DUN & BRADSTREET                             975,000                
7,800    ECOLAB INC                                   257,400               
2600    EDUCATION ALTERNATIVES                         8,775              
6,200    EGGHEAD INC/WA                                68,975               
51,000    EQUIFAX INC                                1,338,750                
1,700    EQUITY CORP INTL                              45,900               
14,700    FISERV INC                                   441,000                
10,100    FLIGHTSAFETY INTL INC                        547,925                
1,900    GMIS INC.                                     22,800               
2700    GRC INTERNATIONAL INC COM                    103,613              
3,100    IN FOCUS SYSTEMS INC                          75,175               
7,000    INTEGRATED SYS INC                           280,438               
833    INTEGRATED SYS CONS GROUP                     16,244             
880    INTERIM SERVICES INC                          37,840             
7,900    INTERPUBLIC GROUP COS                        370,313               
4,700    INVESTMENT TECHNOLOGY GRP                     63,450               
12,600    KELLY SERVICES INC CL A                      368,550                
4,700    LABONE INC                                    77,550               
3100    LAWYERS TITLE CORP                            55,800              
800    LEASING SOLUTIONS INC                         12,600             
24,700    MANPOWER INC WIS                             969,475                
10,050    MCAFEE ASSOCS INC                            492,450                
16,800    MEDAPHIS CORP                                667,800                
13,400    METROMEDIA INTL GROUP                        164,150                
11,300    NATIONAL ED                                  161,025                
4,000    NORRELL CORP                                 196,500               
4,900    OGDEN CORP                                    88,813               
22,700    OLSTEN CORP                                  666,812                
2,000    OXFORD RESOURCES CRP CL A                     46,500               
5,600    PHH CORP.                                    319,200               
38,400    PAGING NETWORK INC                           921,600                
22200    PAYCHEX INC                                1,068,375               
2,700    PERSONNEL GROUP AMER INC                      66,487               
1,900    PHYMATRIX CORP                                44,175               
15,500    PHYSICIAN COMPUTER NETWK                     179,219                
3,600    PINKERTONS INC. NEW                           83,250               
1,100    PROTECTION ONE INC                            18,012               
9,200    QUARTERDECK OFFICE SYS                        86,250               
20,600    ROBERT HALF INTL INC.                        574,225                
11,800    ROLLINS INC                                  277,300                
800    RURAL / METRO CORP                            27,400             
4,100    SPS TRANSACTION SVCS INC                      73,800               
19,900    SUN MICROSYSTEMS                           1,171,612                
4,100    SYLVAN LEARNING SYS INC                      154,775               
3,300    UNITOG CO NEW                                 93,225               
14,100    STEWART ENTERPRISES CL A                     440,625                
3,500    THOMASTON MILLS CL A                          36,750               

FOOD SERVICE                                              
15,000    APPLE SOUTH INC                              401,250                
14,100    BOB EVANS FARMS                              239,700                
21,700    BOSTON CHICKEN INC                           705,250                
25,000    BRINKER INTL                                 375,000                
10300    BUFFETS INC                                  126,175               
6,800    CKE RESTAURANTS INC                          173,400               
15,000    CPC INTL INC                               1,080,000                
19,800    CRACKER BARREL CTRY STORE                    480,150                
16,300    DARDEN RESTAURANTS INC                       175,225                
3,600    DAVE & BUSTER'S INC                           96,300               
19600    DOLE FOOD COMPANY                            842,800               
4200    HOMETOWN BUFFET INC                           59,325              
7500    INTL DAIRY QUEEN INC CL A                    165,000              
6000    INTERNATL MULTIFOODS                         109,500              
6,800    LANDRY'S SEAFOOD REST                        168,300               
14,100    LONE STAR STEAKHOUSE                         532,275                
2,700    LUBYS CAFETERIAS INC                          63,450               
26,900    MCCORMICK & CO                               595,162                
71,700    MCDONALDS CORP                             3,351,975                
6400    MICHAEL FOODS INC                             74,400              
3,800    MORRISON HEALTH CARE INC                      53,200               
2,850    MORRISON FRESH COOKING                        14,962               
17,100    NPC INTERNATIONAL                            173,137                
14,100    OUTBACK STEAKHOUSE INC                       486,230                
2,800    QUALITY DINING INC                            91,700               
5,500    ROCK BOTTOM RESTAURANTS                       66,000               
5700    RUBY TUESDAY INC                             128,962              
6,500    RYANS FAMILY STEAK HOUSE                      60,125               
8,600    SAVANNAH FOODS & IND INC                     110,725               
4,400    SHONEY'S INC                                  47,850               
19,600    SIZZLER INTL INC                              61,250                
47,500    TYSON FOODS INC CL A                       1,300,312                
12,500    WENDYS INTL INC                              232,812                

HOTEL & MOTEL                                         
7400    RENAISSANCE HOTEL GROUP                      157,250              
5,800    BRISTOL HOTEL CO                             188,500               
33,500    CIRCUS CIRCUS ENTPR                        1,373,500                
800    CONSOLIDATED PRODUCTS INC                     13,200             
5,000    DOUBLETREE CORPORATION                       177,500               
800    EXTENDED STAY AMERICA INC                     25,200             
33,000    HFS INC                                    2,310,000                
500    HAMMONS JOHN Q HOTELS                          5,437             
3,200    HARVEYS CASINO RESORTS                        68,000               
5,900    HILTON HOTELS CORP                           663,750               
8,900    HOLLYWOOD CASINO CRP CL A                     61,187               
14,100    HOST MARRIOTT SERVICES                       102,225                
70,500    HOST MARRIOTT CORP                           925,312                
12100    ITT CORP NEW                                 801,625               
19,900    LA QUINTA MTR INNS                           666,650                
12,900    MARRIOTT INTL INC.                           693,375                
30,100    MIRAGE RESORTS INC                         1,625,400                
5,850    PAPA JOHNS INTL INC                          285,188               
11,600    PRIMADONNA RESORTS INC                       266,800                
16,500    PROMUS HOTEL CORP                            488,813                
9,700    RED LION HOTELS INC                          203,700               
6,800    RED ROOF INNS INC                             96,050               
7,700    RIO HOTEL & CASINO                           118,388               
6,700    S BARRO INC                                  168,338               
3,000    SHOLODGE INC                                  37,500               
4,100    UNO RESTAURANT CORP                           30,750               

HOUSING                                               
2,400    BEAZER HOMES USA INC                          38,400               
3,200    KAUFMAN & BROAD HOME CORP                     46,400               
16,100    LENNAR CORP                                  402,500                
4,700    MCGRATH RENTCORP                             105,750               
2,700    PULTE CORP                                    72,225               
6000    WEST CO INC                                  180,000              

MED SERV & SUPPLIES                                   
4,400    ADVANCED TECHNOLOGY LABS                     160,600               
2,300    APOGEE INC                                    12,362               
4,950    BEC GROUP INC                                 21,656               
9500    BECKMAN INSTRS INC NEW                       361,000              
2550    BIO RAD LABS INC. CL A                        91,481              
15700    BIO TECHNOLOGY GEN CORP                      130,506               
12200    BIOMET INC                                   175,375               
21,038    BOSTON SCIENTIFIC                            946,710                
4,300    CNS INC                                      104,275               
13,600    CHIRON CORP                                1,332,800                
3,400    CONMED CORP                                   90,525               
9,900    CRYOMEDICAL SCIENCES INC.                     21,656               
13900    CYTOGEN CORP                                 125,969               
1,700    CYCARE SYSTEMS INC                            88,612               
13,800    DNA PLT TECHNOLOGY CORP                        8,625                
2,400    EMCARE HOLDINGS INC                           71,400               
5,300    EMPI INC                                      68,900               
4,400    EPITOPE INC.                                  68,750               
18,800    FOUNDATION HEALTH CORP                       674,450                
1200    GELMAN SCIENCES INC                           27,150              
9,400    GENZYME CORP                                 472,350               
13,300    HAEMONETICS CORP                             242,725                
49,428    HEALTHSOUTH CORPORATION                    1,779,408                
15,150    HLTH CARE & RETIRMNT CORP                    359,812                
3,800    HEALTHPLAN SERVICES CORP                      87,400               
3,400    HEALTH MANAGEMENT INC                         10,200               
5,800    HEALTH MGMT SYSTEMS INC                      184,150               
26,700    HILLENBRAND INDUS INC                        994,575                
15,900    HUMANA INC                                   284,212                
6900    HUMAN GENOME SCIENCES                        253,575              
5,900    INPHYNET MED MGMT INC                        110,625               
6,800    INTERMEDIA COMMUNICATIONS                    219,300               
10,100    ISOLYSER INC                                 121,200                
4,700    ISOMEDIX INC.                                 69,912               
38,400    IVAX CORP                                    609,600                
16,400    KINETIC CONCEPTS INC                         254,200                
40,500    LABORATORY CORP AMER HLDG                    303,750                
5,700    LANDAUER INC.                                120,412               
2,500    LIFE TECH INC.                                78,750               
3,000    LUNAR CORP.                                  103,500               
10,600    MALLINCKRODT GROUP INC                       412,075                
6,300    MANOR CARE INC                               248,062               
15,200    MATRIA HEALTHCARE INC                        129,200                
2,400    MAXXIM MEDICAL INC                            41,100               
6,300    MAXICARE HEALTH PLANS                        118,912               
2,300    MEDEX INC.                                    29,612               
23,900    MEDTRONIC INC                              1,338,400                
6,100    NABI INC                                      57,950               
2,600    NCS HEALTHCARE INC                            78,650               
10,000    NEUROMEDICAL SYSTEMS INC                     150,000                
21500    NOVACARE INC                                 163,937               
4800    ORGANOGENESIS INC                             97,200              
22,100    ORNDA HEALTHCORP                             530,400                
3600    OWEN HEALTHCARE INC                           49,950              
10,200    PACIFICARE HEALTH SYS CLB                    691,050                
1,900    PET PRACTICE                                  16,387               
18,000    QUORUM HEALTH GROUP INC                      474,750                
5,600    REGENCY HEALTH SERVICES                       63,700               
3,400    RESEARCH MEDICAL INC                          75,225               
4,400    SAFESKIN CORP                                182,600               
7,200    ST. JUDE MED INC.                            241,200               
23,300    SCIOS INC                                    154,362                
2,300    SEROLOGICALS CORP                             60,950               
32,000    STRYKER CORP                                 728,000                
3,300    SULLIVAN DENTAL PRODS INC                     33,412               
17,700    SUN HEALTHCARE GROUP INC                     252,225                
2,000    SYSTEMIX INC                                  36,000               
3,400    TECHNE CORP                                   99,450               
5,600    THERMO INSTR SYS INC COM                     180,600               
3,500    THERMOTREX CORP                              172,375               
17,400    VALUE HEALTH INC.                            411,075                
23,500    VENCOR INC                                   716,750                
7,700    VENTRITEX INC                                131,862               
1,200    VITALINK PHARMACY SERVICE                     27,900               
4,736    WELLPOINT HEALTH NETWORKS                    147,991               
2,900    WESTAMERICA BANCORPATION                     145,725               

REAL ESTATE                                           
26,600    CATELLUS DEV CORP                            242,725                
2,700    CENTEX CORP                                   84,037               
1,900    FOREST CITY ENTER CL A                        77,900               

TRANSPORTATION                                        
9,300    AMR CORP                                     846,300               
8,600    APL LTD                                      224,675               
6,900    AIRBORNE FREIGHT CORP                        179,400               
4,400    ALASKA AIR GROUP INC                         120,450               
15,100    ALEXANDER & BALDWIN                          364,287                
16,300    AMERICA WEST AIRLINES B                      358,600                
2,500    AMTRAN INC                                    20,625               
8,800    ARNOLD INDS INC                              125,400               
11,000    ATLANTIC STHEAST AIR                         310,750                
5,300    AVONDALE INDS INC                             95,400               
14,800    BURLINGTON NRTHN SANTA FE                  1,196,950                
21,700    CSX CORP                                   1,047,025                
4,000    CALIBER SYSTEM INC                           136,000               
700    CELADON GROUP INC                              5,425             
9,500    CONRAIL INC                                  630,562               
4,300    CONSOLIDATED FREIGHTWAYS                      90,837               
7,600    CONTINENTAL AIRLS CL B                       469,300               
4,000    COVENANT TRANSPORT INC CL                     68,000               
5,300    DELTA AIR LINES INC                          439,900               
5,900    FEDERAL EXPRESS CORP                         483,800               
3,200    FLORIDA EAST COAST INDS                      265,600               
11,500    FRITZ COS INC                                370,875                
6,500    GATX CORP                                    313,625               
4,200    GREENBRIER                                    58,275               
12,200    GREYHOUND LINES INC                           50,325                
5,900    HARPER GROUP INC                             115,050               
12,700    HUNT JB TRANS SVCS INC                       265,112                
21,000    ILL CENT COR SER A                           595,875                
13,300    KANSAS CTY SOUTHERN INDS                     570,237                
800    KNIGHT TRANSPORTATION                         16,400             
14,400    NORFOLK SOUTHERN CORP                      1,220,400                
31,000    NORTHWEST AIR CL A                         1,224,500                
14,400    OMI CORP.                                    124,200                
800    OLD DOMINION FGHT LINES                        7,600             
11,900    OVERSEAS SHIPHOLDING GRP                     215,687                
13,500    PITTSTON BRINKS GROUP                        393,187                
6,100    ROADWAY EXPRESS INC                           86,162               
8,100    RYDER SYSTEMS INC                            227,812               
54,700    SOUTHERN PAC RAIL CORP                     1,367,500                
14,900    SOUTHWEST AIRLINES CO                        433,962                
7,500    SWIFT TRANSN INC                             143,437               
58    TELEDYNE PFD SER E                               892            
4,700    TOWER AIR INC                                 23,500               
18,800    UAL CORP NEW                               1,010,500                
800    USA TRUCK INC                                  8,400             
21,200    UNION PACIFIC CORP                         1,481,350                
5,000    U S AIR GROUP                                 90,000               
3,000    UNITED TRANSNET INC                           73,875               
18,600    VALUJET INC                                  175,537                
8,600    WLR FOODS INC.                               120,400               
4,800    WESTERN PACIFIC AIRLINES                      68,400               
4,800    WORLDCORP INC                                 32,400               
2,900    YELLOW CORPORATIONPTURE                       38,425               

MISCELLANEOUS                                         
24,900    ROYAL CARRIBEAN CRUISES                      709,650                
7,300    AMERICAN CLASSIC VOYAGES                      53,837               
4,200    ANCHOR GAMING                                253,050               
9,000    ARGOSY GAMING CORP                            66,375               
17,400    AUTOTOTE CORP CL A                            35,887                
4,620    BHA GROUP INC CLA A                           61,215               
4,700    CFW COMMUNICATIONS CO                        112,800               
4,900    CASINO AMER INC                               40,425               
21,400    DISCOVERY ZONE INC                            16,050                
14,900    FEDERAL SIGNAL CORP                          350,150                
4,600    FLEETWOOD ENTERPRISES                        142,600               
21,400    GTECH HLDGS CORP                             633,975                
3,300    HANDLEMAN CO-DEL                              22,687               
13,300    HORSEHEAD RESOURCE                            78,137                
12,900    INTRNTL TECH. CORP                            35,475                
134,000    JOHNSON & JOHNSON                          6,633,000                 
3,000    JOHNSON WORLDWIDE ASSOC                       41,250               
7,600    KINDERCARE LEARNING CTRS                     116,850               
2,200    MINE SAFETY APPLIANCES                        90,200               
2,000    OUTBOARD MARINE CORP                          36,250               
6,300    PRESIDENT CASINOS INC                         10,631               
2,300    PRINS RECYCLING CORP                           3,306               
46,400    REPUBLIC INDUSTRIES INC                    1,351,400                
5,800    SAFETY KLEEN CORP                            101,500               
13,000    STATION CASINOS INC                          186,875                
1,300    STRATOSPHERE CORP                              7,800               
3,000    TETRA TECH INC NEW                            60,000               
3,900    THERMO REMEDIATION INC                        48,750               
2,200    THERMO TERRATECH INC                          26,400               
3,500    UNION SWITCH & SIGNAL INC                     29,750               
9,800    WATTS INC                                    182,525               

TELECOMMUNICATIONS                                    
2,800    ALLTRISTA CORP                                66,500               
7,100    C TEC CORP                                   211,225               
15,800    COMSAT CORPORATION                           410,800                
8,000    FIRST PAC NETWORKS INC                        18,000               
16,200    INTERNATIONAL CABLETEL                       477,900                
1,700    INTERNATIONAL SHIPHOLDING                     29,325               
24,200    LCI INTL INC                                 759,275                
5,900    MASTEC INC                                   148,975               
19,800    MOBILE TELECOMM TECH                         289,575                
4,100    ORION NETWORK SYSTEMS INC                     44,075               
63,000    SBC COMMUNICATIONS INC                     3,102,750                
4,400    TEKELEC                                       57,750               
16,500    360 COMMUNICATIONS CO                        396,000                

TOTAL MISCELLANEOUS                  $122,436,853   

POOLED FUNDS                     0.10%                  
4,400    AVATAR HOLDINGS                              151,250               
4,300    BEARINGS INC.                                116,100               
5,200    COLONIAL GAS CO.                             109,200               
6,500    CONNECTICUT NATURAL GAS                      145,438               
7,500    JASON INC.                                    62,813               
7,500    MEDCO RESH INC.                               74,062               
7,400    SMART & FINAL INC.                           189,625               
4,000    VARITY CORP. (NEW)                           192,500               

TOTAL POOLED FUNDS                     $1,040,988   

               TOTAL COMMON STOCK                             $1,054,458,644

OTHER                                                                           

CASH EQUIVALENTS                  0.20%                   
STIFS/MONEY MARKETS                                     
2,071,079  AMERICAN AADVANTAGE MM                     2,071,079                 

                                    $2,071,079
            TOTAL OTHER                                           $2,071,079

             INVESTMENTS                                      $1,056,529,723

PURCHASE                                                  
2,500    DELTA AIRLINES INC                                          207,500

SOLD                                                      
 4,000    NORRELL CORP.                                              (196,500)

TOTAL INVESTMENTS -                                             
         (cost $1,016,229,507.07)        100.00%              $1,056,540,723

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘N-30D’ Filing		Date		Other Filings
		3/15/21
		3/27/00
Filed on:		8/29/96		NSAR-A
For Period End:		6/30/96		NSAR-A
		3/4/96
				List all Filings