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It! b . 10.0.00...) 4. « |v 'i’ c b .3 lbw A‘olll.1\¢obl4l. than: . u q ~ .3 . . . ‘9“ ‘I‘u‘lclbo -0 /\ It. ' a O ill'q‘t‘ qt ‘ ll‘l‘n l|’\'tt\ n 4. c . I .v:'.vn\l.c . a o - ....|l .: . . utvzs...fl.1u.21....t..$ .21. . l. .. . - .1140. « ‘noill‘vl nilr , VI. . .y ‘ .- . . . I... b.1flfix1nu .. , L . . . .l . .rli. .: a I . .. . u a a o q . util- $i la a . . _. ., ‘ . ... , .-..3n.. 4%.”.51: .5 n». . . 4 Li-E‘V II ‘ . u c .I Dir ‘ rllb'. .u IDIILL P In rII \ h . l . . ; ’1‘". pinata HISGAN STAT II III IIIIIIIIII III II IIII IIIIIIIIIIIIIIIIII 3015914041 qflm'wfiwvc - .1 F I: :r "in! E-~::;uun” «Mr-‘- I Zfi.’.3.‘ EPA‘IJ Il-uN--.' .‘J’F-a ~---‘-” I 0 .4 '.v;' 33... h.“ V; . 'u-I-t .- Viv-fir This is to certify that the dissertation entitled SECURITY ANALYSTS' COVERAGE AND INVESTMENT PERFORMANCE: AN EMPIRICAL STUDY presented by Wayne Eric Mackie has been accepted towards fulfillment of the requirements for Ph . D . degree in Finance WSW Major professor Date June 11, 1986 MSU ('3 an Affirmative Action/Equal Opportunity Institution 042771 MSU ‘ LIBRARIES “ RETURNING MATERIALS: Place in book drop to remove this checkout from your record; FINES will be charged if book is returned after the date stamped below. SECURITY ANALYSTS' COVERAGE AND INVESTMENT PERFORMANCE: AN EMPIRICAL STUDY By Wayne Eric Mackie A DISSERTATION Submitted to Michigan State University in partial fulfillment of the requirements for the degree of DOCTOR OF PHILOSOPHY Department of Finance and Insurance 1986 Copyright by Wayne Eric Mackie 1986 ABSTRACT SECURITY ANALYSTS' COVERAGE AND INVESTMENT PERFORMANCE: AN EMPIRICAL STUDY By Wayne Eric Mackie This study addressed whether, investment performance was asso- ciated with the differential analytical coverage which companies receive. The relationship between investment performance and analy- tical coverage was reviewed based on a file of institutional research on 4133 companies. The Sharpe, Treynor, and Jensen performance mea- sures were used to determine if a relationship existed. Two investment strategies were analyzed over a wide range of possible investment periods between 1975 and 1983. The first strategy involved buying randomly selected portfolios based on the analytical coverage classes and holding them for varying periods of time. The second strategy consisted of buying randomly selected portfolios annually based on the analytical coverage classes at the end of the previous year. The findings of this study provided evidence that investment per- formance was correlated with the level of security research and the relationship exhibited between investment performance and the level of security research differed depending on whether the investment strategy utilized holding periods of one year, or three years or more. For one year holding periods, increasing performance was associated with increasing levels of coverage. When the holding period was changed to Wayne Eric Mackie three years or more, decreasing performance resulted from increasing the level of coverage. The implications of this research relate both to analytical effort and to investment effort. As relates to analysts it appears that to the extent analysts made short-term recommendations they delivered. The variation in the relationship depending on the extent of the holding period appears to be consistent with a clientele effect. If analysts have a following securities they follow and recommend might be expected to perform well over short holding periods. However, when the number of analysts following a particular security over an extended period increases, performance might be expected to fall as suggested by this study's findings. Thus, to the extent analysts made long term recommendations they did not deliver. As relates to investors, two implications are clear. Investors who changed their portfolios annually based on the level of analytical coverage during this period would have enhanced their investment per- formance by emphasizing securities which had a heavy following among analysts. And long term investors would have enhanced their perfor— mance by emphasizing those securities which had the lowest coverage by research analysts. ACKNOWLEDGMENTS I wish to express my appreciation to the members of my dissertation committee, Dr. Myles Delano, [Chairman], Dr. Larry J. Johnson, and Alden C. Olson, for their guidance, encouragement, and aid in complet- ing this dissertation. I am especially thankful to Dr. Delano for his advice which always kept me moving in the right direction. Thanks are due to Ms. Marie Dumeney for typing the final draft of this dissertation. Finally, to my wife, Nancy, and my daughters, Erica and Trina, their support and encouragement, I dedicate this dissertation. ii TABLE OF CONTENTS Chapter Page I INTRODUCTION 0 O O O O O O O O O O O O O O O O C O O O O l H Objectives of the Study . . . . . . . . . . . . . . . Importance of the Study . . . . . . . . . . . . . . . 3 II LITERATURE REVIEW. . . . . . . . . . . . . . . . . . . . 4 III DATA AND METHODOLOGY . . . . . . . . . . . . . . . . . . 7 Source of Data. . . . . . . . . . . . . . . . . . . . 7 Portfolios O O O O O O O O O O O O O O O O O O O O O O 8 Performance Measurement . . . . . . . . . . . . . . . 11 IV EMPIRICAL FINDINGS . . . . . . . . . . . . . . . . . . . 21 Performance Measures. . . . . . . . . . . . . . . . . 21 Statistical Analysis. . . . . . . . . . . . . . . . . 26 Summary . . . . . . . . . . . . . . . . . . . . . . . 29 V SUMMARY AND CONCLUSIONS. . . . . . . . . . . . . . . . . 30 Summary of Findings . . . . . . . . . . . . . . . . . 31 Results of the Study. . . . . . . . . . . . . . . . . 32 Implications of the Study . . . . . . . . . . . . . . 34 Suggestions for Future Research . . . . . . . . . . . 35 FOOTNOTES 0 O O l O O O O O O O O O O O O O O O O O O O O 0 O 37 BIBLIOGRAPHY O O O O O O O O O O I O O O I O O O O O O O O O O 39 APPENDIX A. O O O O O O O O O O O O O O O O O O O O O O O O O 41 APPENDIX B O O O O O O O O O O O O O O O O O O O O O O O O O O 143 APPENDIX C. . . . . . . . . . . . . . . . . . . . . . . . . . 189 iii Table 3-1 3-2 3-4 4-1 4-2 LIST OF TABLES MONTHLY T-BILLS YIELDS 1973 THROUGH 1982 CORRELATIONS OF VARIOUS MARKET INDEXES STANDARD AND POOR'S INDEX 1973 THROUGH 1982. ILLUSTRATION OF CALCULATION OF THE SHARPE, TREYNOR, AND JENSEN PERFORMANCE VALUES JENSEN PERFORMANCE VALUES. . TREYNOR PERFORMANCE VALUES . SHARPE PERFORMANCE VALUES. . JENSEN PERFORMANCE MEASURES FOR HOLDING PERIODS OF THREE YEARS OR MORE . . . JENSEN PERFORMANCE MEASURES FOR HOLDING PERIODS OF ONE YEAR 0 O O O O O O O O T-STATISTICS JENSEN'S PERFORMANCE VALUES . ANOVA ALL TIME-INVESTMENT STRATEGIES WITH ONE YEAR HOLDING PERIODS . . . . . ANOVA ALL TIME-INVESTMENT STRATEGIES WITH THREE YEARS OR MORE HOLDING PERIODS . iv 0 Page 15 17 18 19 22 23 24 25 25 27 28 28 CHAPTER I INTRODUCTION The availability and dissemination of information is an integral part of the efficient pricing of financial assets. An informational theory of stock prices postulates that prices represent the sum evalua- tion of all available information concerning the particular stock. An efficient capital market model postulates that prices immediately and fully reflect all available information; thus prices always represent the true value of the security. ’ However, the amount of information available is not equal across the spectrum of financial assets. This is demonstrated by the varying degree of research coverage given dif- ferent securities by research analysts. According to Baker when reviewing the research coverage of the Standard & Poor's 500, "about one-half of analysts' attention was devoted to about one-fourth of the companies."3 Objectives of the Study The purpose of this research was to address the question of whether the differential analytical coverage which companies receive is unrelated to investment performance. Investors who perceive the same distribution of returns for a set of risky assets will price them exactly the same. However, as Arbel and Strebel suggest, "the perceived ex-ante distribution of returns may be effected by security research." They continue "More intensive analysts' research--may have two effects: a reduced gap between the expected ex-ante returns and their actual values and a narrower ex-ante returns distribution generated by removal of some of the noise due to lack of information."4 In analyzing the relationship between analytical coverage of com- panies and investment performance one can review the performance of analysts and/or the investment performance based on the analytical coverage given companies. This study looked at two different aspects of the relationship between analytical coverage and investment perfor— mance. The first question addressed was whether a relationship existed between the level of analytical coverage and investment performance. Second, the study tried to ascertain if the investment holding period affected the relationship between coverage and investment performance. Thus, the two hypotheses tested were: 1. There is a significant difference in investment per- formance depending on the extent of analytical coverage; 2. There is a significant difference in investment performance depending on the length of time an investment portfolio is held. The degree of coverage may also be related to some other variable or combination of variables, such as company size (the so-called small firm effect), or the amount of institutional involvement. In Baker's study it was shown that coverage did not appear to be related to size. Baker argued the clustering he found when looking at coverage within the Standard & Poor's 500 closely follows the specialization patterns of analysts. Thus he suggested, "Researchers often follow particular industries and analyze leading companies within that group regardless of whether or not some of the companies would have qualified for the same degree of attention if they had not been participants in the industry." In addition at the time of his study (1977) Baker found 5% of the S&P 500 Composite received virtually no regular coverage. As to institutional involvement, it is suggested the amount of institutional involvement is incorporated in the degree of analytical coverage since as Baker stated the source for our rankings (i.e., Nelson's Directory of Institutional Research): "include at least two- thirds, and typically 852, of the analysts with meaningful market influence. This conclusion is based on a detailed market research study of investment information sources of large financial institu- tions."6 Importance of the Study Since the development and empirical verification of the efficient market hypothesis, an inference drawn is to admonish investors, the appropriate level of research to purchase is the lowest possible level. Another way of saying this has been to state, All other things being equal, buy the portfolio which spends the least on research. Analyzing the relationship between the level of research coverage and investment performance will assist in answering questions such as: Can one utilize information on analytical coverage in order to make better investment decisions? Is the investor's time horizon of rele- vance when deciding how and if to utilize information on analytical coverage in making investment decisions? Are analysts able to discern investment value in either the short-run or long-run? CHAPTER II LITERATURE REVIEW Among the many studies of the efficiency of the securities markets there are two primary types of investigations into the value of pro- fessional research. Most research has asked whether investors could have realized superior investment performance if they had traded on the basis of the recommendations made by analysts. In this group are the studies by Cowles,7 Colker,8 Diefenbach,9 GrothBI)Davie33J' and Bidwell.12 The findings have been mixed, although generally negative. Cowles performed one of the earliest examinations of securities recommendations. He examined the recommendations of 16 financial ser- vices, 25 financial publications and the editors of the Wall Street Journal. He concluded the stocks recommended underperformed broad mar- ket averages. Colker analyzed a sample of retail brokerage research reports mentioned in the Wall Street Journal during 1960 and 1961 and found no benefit could be derived from investments based on these recommenda— tions. Diefenbach analyzed the performance of a group of institutional brokerage firms between 1967 and 1969 and concluded institutional brokerage recommendations didn't provide a useful universe from which to select investment ideas. Groth, Lewellen, Schlarbaum, and Lease reviewed the performance of 6200 recommendations made by a brokerage firm between 1964 and 1970. They found no substantial variation in return once the month of recom- mendation was past.10 Davies and Canes examined residual returns on all recommendations mentioned in the Heard on the Street column of the Wall Street Journal over the years 1968 and 1969. They found a positive relationship over a 20 day period which was eliminated when transaction costs were included.11 Bidwell looked at a sample of 122 recommendations made by eleven institutional research firms during the period 1970 through 1973. Bidwell's findings indicate a lack of ability on the part of analysts to isolate and recommend undervalued securities.12 The second type of research, into which this study fits, addresses the existence of a correlation between the distribution of returns on financial assets and the degree of research coverage. In "The Neglected and Small Firm Effects"l3 Arbel and Strebel analyzed the relationship between their portfolios composed of S&P 500 companies and separated on the basis of a research concentration ranking and the portfolios' excess returns defined in a Jensen context. In creating their research concentration rankings Arbel and Strebel developed a decile ranking system based on the Nelson Directory of Institutional Research for the year 1976 only. A second ranking system derived from the Standard and Poor's Earnings Forecaster was also created for the years 1972 through 1976. Based on a Pearson test showing probable association between the two ranking systems, the Standard and Poor's Earnings Forecaster rankings were then used as a proxy for analytical research coverage rankings since the Nelson Directory was only available for 1976. Excess returns were calculated based on the equation: R ) a' = 61(R - R ) - (Rit - ft 1 mt ft where Rit is the monthly return on security 1 during month t, th is the return on 90-day Treasury Bills, Rmt is the monthly return on the S&P 500 Index, a is the average excess return on the security, and i Bi is the Beta of security i. The excess returns were then grouped based on the securities' Beta and averaged. In four of the five years studied Arbel and Strebel found a strong relationship between security returns and differential security research: the less researched the security, the greater the return. In "Giraffes, Institutions, and Neglected Firms,"14 Arbel, Carvel, and Strebel asked whether a relationship between analytical coverage and investment performance could be detected when actual investments by institutions were utilized as a proxy for research coverage. They analyzed investment performance based on the Sharpe, Treynor, and Jensen performance measures for the period 1970 through 1979. Monthly returns on a sample of 510 companies were related to three classes of portfolios created on the basis of institutional holdings data pub- lished by Standard and Poor. Their study implies that the returns available on securities with comparatively low institutional holdings outperformed the market on a risk-adjusted basis. It has been suggested this superior performance could result from a lack of readily available research. CHAPTER III DATA AND METHODOLOGY Source of Data The source for the research was a data base extracted from Nelson's "Directory of Institutional Research" for the years 1976, 1977, 1978, 1979, 1980, 1981, and 1982.15 Nelson & Company began issuance of the directory in 1976. The directories list each company which had analytical coverage as of the publication date (approximately December 31); the analysts who were following each company; and the addresses and telephone numbers of the analysts' firms. Nelson & Com- pany stated their directories include all firms followed by institu- tional research analysts (i.e., research analysts employed by the brokerage industry). According to Nelson & Company the publications were compiled from a continuously updated file and no information was maintained as to when during the year coverage began. The number of covered companies listed in Nelson's directories ranged from 2153 in 1976 to 2892 in 1982. The data base consisted of all firms listed by Nelson's Directory of Institutional Research together with the number of analysts follow- ing each of these firms for the years 1976 through 1982. Coverage information on 4133 firms was included. If a company was followed in 1976 but not again during the remaining six years of the period studied, it was included in the data base with the number of analysts 7 following it during 1976 and with zero analysts for the years 1977 through 1982. The firms followed included companies whose securities were traded on the New York Stock Exchange, on the American Stock Exchange and in the Over-the—Counter market. A complete listing of all companies in the data base is included in Appendix A. Portfolios Investors apply various investment timing strategies when imple- menting their investment philosophies. Sprecher has identified a con- tinuum on which investment strategies will fall.16 He states these range from a very defensive timing strategy to a highly aggressive strategy. On the defensive end of the spectrum is a policy of buying a portfolio and holding it for an extended period based on the belief that an investor cannot improve his or her return by trying to time investments. At the aggressive end of the spectrum is the trader who tries to achieve a gain in an extremely short time period such as two weeks or less. Gitman and Joehnk suggest an aggressive stock management strategy, which is defined as expecting an investment pay off in six months to a year, is near the mid-point of the continuum:17 Portfolios were created based on two of the above quoted invest- ment strategies--the very defensive strategy as defined by Sprecher and the aggressive stock management strategy as defined by Gitman and Joehnk. One strategy, the defensive strategy, involved buying a ran- domly selected portfolio based on the analytical coverage class (which will be discussed later in this chapter) and holding it for varying periods of time. The second strategy, the aggressive stock manage- ment, consisted of a buy and hold strategy with a holding period of one year. When applying the latter a new randomly selected portfolio was purchased annually based on the analytical coverage at the end of the previous year. No portfolios were created based on short-term trading techniques of less than one year since Nelson's Directories (the source for the analytical coverage) were only available on an annual basis. Various time-investment strategies were selected. The selection process was constrained by three factors. First, because portfolio selection was based on the extent of analyst coverage, a change was implemented only when information on analyst coverage was available in Nelson's Directories of Institutional Research, the source for the primary data base for this research. Thus changes occurred annually. Second, thirty-six months was selected as the minimum time-investment strategy to allow for statistical analysis. Since with less one is uncertain as to whether the sample is unbiased.18 Finally, at the time of this study, seven issues of the Directory of Institutional Research were available. It was, therefore, determined to vary the holding period from one year to seven years. Each time-investment strategy was implemented on the first trading day of January of the appropriate year. This procedure was chosen because the first trading day of January coincided with a point in time when one could be sure all coverage listed in the relevant Directory of Institutional Research was still current. The eleven time-investment strategy combinations analyzed con- sisted of the following: 1. Buy and hold over the total periods indicated a. 1/1/76 through 12/31/82; b. 1/1/76 through 12/31/81; c. 1/1/76 through 12/31/80; d. 1/1/76 through 12/31/79. 10 2. Buy and hold over the total periods indicated a. 1/1/77 through 12/31/82; b. 1/1/78 through 12/31/82; c. l/l/79 through 12/31/82. 3. Buy and hold in one year increments over the total periods indicated 1/1/76 to 12/31/82; 1/1/77 to 12/31/82; 1/1/78 to 12/31/82; 1/1/79 to 12/31/82. moo-m Three different coverage classes were analyzed based on the num- ber of analysts following the securities during the various time periods between 1975 and 1983 listed above. The analytical coverage classes were low, medium, and high. The low, medium, and high coverage classes were created by ranking the securities by the amount of coverage on the first trading day of each year and dividing this rank- ing into thirds. The coverage amount varied slightly depending on the total number of companies being followed in a given year and on the intensity of coverage. For example the high coverage class in 1981 consisted of firms which were followed by eight through thirty-five analysts while the high coverage class of 1977 consisted of firms fol- lowed by six through forty-four analysts. In general low coverage equaled one through two, medium equaled three through six, and high equaled seven through forty-four. Randomly selected portfolios were created from each of these coverage classes in each year from 1976 to 1982. Three investment possibilities were created when each of the time-investment strategy combinations interacted with the three cover- age classes of low, medium, and high. Thus thirty-three different investment possibilities were analyzed. This is the result of the ll eleven different time-investment strategy combinations interacting with the three coverage classes. The number of securities included in the various investment possibilities fluctuated depending on the availability of investment return information on either the Center for Research in SecurityfiPrices' monthly or daily files or on Salomon Brothers' "Stockfacts". The num- ber ranged from a high of twenty-three to a low of eleven with a median of eighteen. A listing of the companies in each investment possibility can be found in Appendix B. An example of the selection process is shown in Appendix C. Appendix 0-1 lists the firms included in the High Coverage Class for 1978. In 1978 the High Coverage Class was composed of firms which had from six to forty-two analysts listed as following them in Nelson's Directory of Institutional Research. Thirty-two companies were ran- domly selected. The randomly selected companies for the High Coverage Class for 1978 are shown in Appendix C—2. Complete holding period returns files were available for fifteen firms. The final list of firms included in the High Coverage Class for 1978 is in Appendix C-3. Performance Measurement Various measures of performance are regularly recommended depen- ding on the purpose of the analysis. The three measures which are sug- gested are the Treynor, Sharpe, and Jensen measures. The Treynor mea- sure is a reward to volatility index; the Sharpe measure is a reward to variability index; and the Jensen measure is a reward to volatility index, as is the Treynor measure, but it can be tested for statistical significance. Since there is no consensus as to which measure should 12 be applied, all three of the performance measures were used in this study. The Treynor index, which provides a single return measure incor- porating only the systematic riskiness of the portfolio, is: T=¥-R P __IL_____ 8P where Tp = the Treynor measure of return on portfolio p Pb = the average rate of return on portfolio p R = the risk-free rate 8p = the Beta coefficient of the portfolio p Thus Treynor's measure equals the excess return on portfolio p in terms of portfolio p's beta. The Sharpe index, which provides a single measure incorporating total portfolio risk, is: S = riskjpremium = r - R p total portfolio -1L-—- risk 0 where Sp = Sharpe measure of return on portfolio p f? = the average rate of return on portfolio p o = the standard deviation of returns on portfolio R = the risk-free rate The Jensen index, like the Treynor index, utilizes systematic risk. It is based on the theory that the realized rate of return on a portfolio should be a linear function of the risk-free rate plus a risk premium that is a function of the portfolio's systematic risk 13 during the period under review and a random error term. The Jensen index adds an alpha to the relationship, in the form: Rpt — th = up + 8P (Rmt - th) + ept where pt = the return on portfolio p in period t th = the risk-free rate in time t up = the alpha of portfolio p 8p = the beta of portfolio p Rmt = the return on the market portfolio ept = the error term In the Jensen measure the alpha is a performance measure. A positive alpha indicates superior performance and a negative alpha indicates inferior performance. The alpha represents the average incremental rate of return per unit of time. This performance measure, the alpha, can be tested for significance. The Sharpe and Treynor indexes have been reformulated in the manner shown below: S _ E 4.26 TABLE 4-8 ANOVA ALL TIME-INVESTMENT STRATEGIES WITH THREE YEARS OR MORE HOLDING PERIODS Variance Sum of Squares Degrees of F Mean Square F Value Between 108.43 2 54.21 Within 235.44 18 13.08 4.14 Total 343.87 20 Given an alpha of .05 Reject Null, i.e., equality of values because 4.14 > 3.55 29 Summary The Sharpe, Treynor, and Jensen measures all indicate a relation- ship existed between the analytical coverage class and the investment performance of randomly selected portfolios during the period from January 1976 through December 1982. However, during the period under review different relationships were found to exist depending on the length of the holding period. For one year holding periods, increasing returns were associated with increasing levels of coverage. When the holding period was changed to three years or more, decreasing returns resulted from increasing the level of coverage. A t-test and an ANOVA test of the Jensen values confirmed the significance of the relationships exhibited by the performance values for the period 1976 through 1982. CHAPTER V SUMMARY AND CONCLUSIONS This study addressed whether investment performance was associated with the differential analytical coverage which companies receive. The relationship between investment performance and analytical coverage was analyzed based on a comprehensive file of institutional research. This data base was extracted from Nelson's Directories of Institutional Research. The Nelson Directories list each company with analytical coverage as of the publication date; the names of the analysts who were following each company; and the addresses and telephone numbers of the analysts' firms. The first of Nelson's Directories was issued in 1976. Thus, since an adequate number of time periods is required for statis- tical analysis, the Nelson Directories were not useable for research using monthly data until approximately 1981 when forty-eight months of data were available. The data base consisted of all firms listed in the Nelson Direc- tories together with the number of analysts following each of these firms in each of the years from 1976 through 1982. Coverage informa— tion on 4133 firms was included. These firms' securities are traded in the United States' three primary markets: the New York Stock Exchange; the American Stock Exchange; and the Over-the-Counter market. 30 31 The companies were ranked each year according to the amount of analytical coverage available based on the number of analysts following any given security. Coverage was divided into High, Medium, and Low coverage classes. Since it was hypothesized that the investment performance of ran- domly selected portfolios over various time periods is associated with the level of analytical coverage, two investment strategies were analyzed over a wide range of possible time periods to determine if the results were related to the time period selected. The first strategy involved buying randomly selected portfolios based on the analytical coverage classes and holding them for varying periods of time. The second strategy consisted of buying randomly selected portfolios annually based on the analytical coverage classes at the end of the previous year. Performance measurement utilized the three regularly suggested measures, namely the Sharpe, the Treynor, and the Jensen measures. The Treynor index determines the excess return on a portfolio in terms of the portfolio's beta. The Sharpe index determines the excess return on a portfolio in terms of the portfolio's standard deviation. The Jensen index determines the excess return in terms of the portfolio's beta using regression analysis. Summary of Findings The Sharpe, Treynor, and Jensen measures all indicated a relation- ship existed between the analytical coverage class and the investment performance of randomly selected portfolios during the period from January 1976 through December 1982. However, during the period under review different relationships were found to exist depending on the 32 length of the holding period. For one year holding periods, increasing performance was associated with increasing levels of coverage. When the holding period was changed to three years or more, decreasing per- formance resulted from increasing the level of coverage. The application of the Treynor measure generated indexes which differed in the general relationship from those generated by the Sharpe and Jensen measures for several of the high coverage class portfolios. No reason for these results has been determined. Since the nature of the distribution of the Treynor index is unknown, it was not possible to test the Treynor results for statistical significance. However, a t-test and an ANOVA test of the Jensen values confirmed the signifi- cance of the relationships exhibited by the performance values for the period from 1976 through 1982. Results of the Study The findings of this study, as summarized in the previous section, provide evidence for the rejection of the null hypotheses that differen- tial security analysis is not related to investment performance and that there is no difference in investment performance based on the investment holding period. Investment performance was correlated with the level of security research and the relationship exhibited between investment performance and the level of security research did differ depending on whether the investment strategy utilized holding periods of one year, or three years or more. During the period under study, 1976 through 1982, increasing investment performance measures were associated with increasing levels of coverage when the holding period was one year. For holding 33 periods of three years or more there was an inverse relationship between the level of analytical coverage and investment performance. The effect of changing the research coverage class was the same, whether the performance measure reviewed was the Sharpe, the Treynor, or the Jensen measure. This study adds new evidence to the previous research on the relationship between securities research and investment performance. It extends previous work in four ways. First, the study analyzed the relationship existing between the actual level of securities research and investment performance. Theory suggests the existence of a rela- tionship between security research and investment performance since the efficient market hypothesis requires adequate dissemination of informa- tion to maintain the efficient pricing of securities. Previous studies have shown the existence of a relationship when proxies for the level of security research have been employed. This study verified the correlation of investment performance with the level of analytical coverage when actual coverage classes were employed. Second, the nature of the relationship between research coverage and investment performance was shown to differ depending on the length of the holding period reviewed. Previous studies have not addressed whether the holding period effects this relationship. Third, securities from all markets, i.e., the New York Stock Exchange, the American Stock Exchange, and the Over-the-Counter market, were included. The existence of a relationship between investment research and investment performance, which had previously been found between a proxy for investment research and investment performance for securities from various sub-groups such as Standard & Poors 500 stocks, 34 was shown to exist when securities from all of the above markets were included. Fourth, various time periods were analyzed to minimize the possibility of bias resulting from the particular time period chosen; The various market trend periods encompassed by the study period were according to Forbes:23 September 30, 1976 to February 28, l978--Down; February 29, 1978 to November 30, 1980--Up; and December 1, 1980 to July 31, 1982--Down. In addition part of two additional market trend periods were covered by this study. These periods were: October 4, 1974 to September 29, l976--Up; and August 1, 1982 to June 30, 1983-- Up. The reported relationships were found to hold for all time periods reviewed. Implications of the Study The implications of this research relate to analytical efforts and to investment effort. As relates to analysts it appears that to the extent analysts made short-term recommendations they delivered. The variation in the relationship depending on the extent of the holding period appears to be consistent with a clientele effect. Analysts are wont to say, "If I make a buy recommendation I can move a stock a couple of points.’ In addition it is often suggested the great majority of recommendations are buy recommendations. Thus, if analysts have a following,securities they follow and recommend might be expected to per- form well over short holding periods. However, when the number of analysts following a particular security over an extended period increases, performance might be expected to fall as suggested by this 35 study's findings. Thus, to the extent analysts made long term recom- mendations they did not deliver. As relates to investors, two implications are clear. Investors who changed their portfolios annually based on the level of analytical coverage during this period would have enhanced their investment per- formance by emphasizing securities which had a heavy following among analysts. And long term investors would have enhanced their perfor- mance by emphasizing those securities which had the lowest coverage by research analysts. Suggestions for Future Research This study suggests several possibilities for future research. First, a major difference in the relationship between research coverage and investment performance was observed depending on whether the holding period was one year or three years or more. Encompassing other holding periods, especially holding periods of less than a year and holding periods of more than seven years, into the analysis would aid in our understanding of the relationships between research coverage and invest- ment performance. Second, this study did not address what the performance would be for portfolios drawn from those which never received coverage. A coverage class was created from firms which had coverage at some time during the period under review but which were not covered in a given year. Findings were consistent with those for the rest of the study but were not included since the coverage class was not truly a no- coverage class. Future research should include a no-coverage class drawn from all companies for which no coverage existed during the period reviewed. 36 Third, the findings of this study relate only to the time period analyzed. The period of time covered by this study did, however, encompass a variety of market conditions. The study period began towards the end of an up trend, incorporated one complete market cycle, and ended part way through an up trend. As the period of time for which information on analytical coverage increases, it will be possible to analyze a period encompassing several complete market cycles. FOOTNOTES 10. 11. 12. 13. FOOTNOTES Fama, Eugene. "The Behavior of Stock-Market Prices." Journal of Business 38 (January 1965), pp. 34-105. Fama, Eugene; Fisher, L.; Jensen, M.; and R011, R. "The Adjustment of Stock Prices to New Information." International Economic Review 10 (February 1969), pp. 1-21. Drexel Burnham Lambert, Inc. "Research Concentration in the Standard and Poor's 500," New York, 1977. Arbel, A. and Strebel, P. "The Neglected and Small Firm Effects." The Financial Review (November 1982), pp. 201-218. Drexel Burnham Lambert, Inc. Nelson's. "Securities Research Information." Nelson & Co., New York, 1976. Cowles, A. "Can Stock Market Forecasters Forecast?" Econometrica (July 1933), pp. 309-324. Colker, S., "An Analysis of Security Recommendations by Brokerage Houses." Quarterly Review of Economics and Business (Summer 1963), pp. 19-28. Diefenbach, R. "How Good is Institutional Research?" Financial Analysts Journal (January-February 1972), pp. 54-60. Groth, J.; Lewellen, W.; Schlarbaum, G.; and Lease, R. "An Analy- sis of Brokerage House Securities Recommendations." Financial Analysts Journal (January-February 1979), pp. 32-40. Davies, P. and Canes, M. "Stock Prices and the Publication of Second-Hand Information." Journal of Business (January 1978), pp. 43-56. Bidwell, C. "How Good is Institutional Brokerage Research?" Journal of Portfolio Management (Winter 1977), pp. 26-31. Arbel, A. and Strebel, P. "The Neglected and Small Firm Effects." The Financial Review (November 1982), pp. 201-218. 37 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 38 Arbel, A.; Carvell, S.; and Strebel, P. "Giraffes, Institutions, and Neglected Firms." Financial Analysts Journal (May-June 1983), pp. 57-63. Nelson Communications. Directory of Institutional Research. New York, N.Y., 1976, 1977, 1978, 1979, 1980, 1981, and 1982. Sprecher, C. Ronald. Essentials of Investments. Houghton Mifflin Co., Boston, 1978, pp. 280-310. Gitman, Lawrence J. and Joehnk, Michael D. Fundamentals of Investing. Second Edition, Harper & Row, New York, N.Y., 1984, p. 296. Hays, William L. Statistics for the Social Sciences. Second Edition, Holt, Rinehart, and Winston, Inc., New York, N.Y., 1973, pp. 392-393. Johnson, Larry. "Fixed Income Security Yields," Unpublished paper, 1983. Wilshire Associates, Santa Moncia, California, as quoted in Lorie, Dodd, and Kimpton. The Stock Market: Theories and Evidence. Second Edition, Richard D. Irwin, Inc., Homewood, 111., 1985, p. 52. Fisher, Donald E. and Jordan, Ronald J. Security Analysis and Portfolio Manggement. Prentice-Hall, Inc., Englewood Cliffs, N.J., 1975, PP. 537-538. The one exception to these relationships for all measures was the portfolio created on the basis of a Buy and Hold strategy for the period January 1978 through December 1982. With the exception of this one time-investment strategy the increasing return as the level of coverage decreased held for every holding period of three years or longer studied. "Annual Mutual Fund Survey: 1984." Forbes, August 27, 1984. BIBLIOGRAPHY BIBLIOGRAPHY "Annual Mutual Fund Survey: 1984." Forbes, August 27, 1984. Arbel, A.; Carvel, S.; and Strebel, P. "Giraffes, Institutions, and Neglected Firms." Financial Analysts Journal (May-June 1983). PP. 57—63. Arbel, A. and Strebel, P. "The Neglected and Small Firm Effects." The Financial Review (November 1982), pp. 201-218. Bidwell, C. "How Good is Institutional Brokerage Research?" Journal of Portfolio Management (Winter 1977), pp. 26-31. Black, F. "Yes, Virginia, There is Hope: Tests of the Value Line Ranking System." Financial Analysts Journal (September-October 1973). pp. 10-14. Cheney, H. "How Good are Investment Advisor Services?" Financial Executive (November 1969), pp. 30-35. Colker, S. "An Analysis of Security Recommendations by Brokerage Houses." Quarterly Review of Economics and Business (Summer 1963). PP. 19-28. Cowles, A. "Can Stock Market Forecasters Forecast?" Econometrica (July 1933). pp. 309-324. Davies, P. and Canes, M. "Stock Prices and the Publications of Second- Hand Information." Journal of Business (January 1978), pp. 43-56. Diefenbach, R. "How Good is Institutional Research?" Financial Analysts Journal (January-February 1972), pp. 54-60. Drexel Burnham Lambert, Inc. "Research Concentration in the Standard and Poor's 500." New York, 1977. Fama, Eugene. "The Behavior of Stock-Market Prices." Journal of Business 38 (January 1965), pp. 34-105. Fama, Eugene; Fisher, L.; Jensen, M. and R011, R. "The Adjustment of Stock Prices to New Information." International Economic Review 10 (February 1969), PP- 1-21. 39 40 Ferber, R. "Short-Run Effects of Stock Market Services on Stock Prices." Journal of Finance (March 1958), pp. 80-95. 15. Fisher, Donald E. and Jordan, Ronald J. Security Analysis and Portfolio Management. Prentice-Hall, Inc., Englewood Cliffs, N.J., 1975. Gitman, Lawrence J. and Joehnk, Michael D. Fundamentals of Investing. Second Edition, Holt, Rinehart, and Winston, Inc., 1984. Groth, J.; Lewellen, W.; Schlarbaum, G. and Lease, R. "An Analysis of Brokerage House Securities Recommendations." Financial Analysts Journal (January-February 1979), pp. 32-40. Hays, William L. Statistics for the Social Sciences. Second Edition, Holt, Rinehart, and Winston, Inc., New York, N.Y., 1973. Logue, D. and Tuttle, D. "Brokerage House Investment Advice." Financial Review (1973), pp. 38-54. Lorie, Dodd, and Kimpton, The Stock Market: Theories and Evidence. Second Edition, Richard D. Irwin, Inc., Homewood, I11., 1985. Nelson Communications. Directory of Institutional Research. New York, N.Y., 1976, 1977, 1978, 1979, 1980, 1981, and 1982. Nelson's. "Securities Research Information." Nelson & Co., New York, 1976. Shepard, L. "How Good is Investment Advice for Individuals?" Journal of Portfolio Management (Winter 1977), pp. 32-36. Sprecher, C. Ronald. Essentials of Investments. Houghton Mifflin Co., Boston, 1978. Stoffels, J. "Stock Recommendations by Investment Advisory Services: Immediate Effects on Market Prices." Financial Analysts Journal (March-April 1966), PP. 77-86. APPENDIX A AAR CORP. AAV COMP. ABBOTT LAB. ABITIBI PAPER ACAPULCO Y LOS ARC. ACADEMY INS ACETO CHEMICAL CO ACCURACY CORP ACAPULCO/RESTAURANT ACF IND INC ACCELERATION CORP ACME UNITED CORP ACME CLEVELAND CORP ACTON CORP ACTION IND ADAC LABS ADAMS—MILLS CORP ADAMS RES.& ENERGY ACME GENERAL CORP ADAMS RUSSEL ACME ELECTRIC CORP ADAMS EXPRESS CO ADDISON WESLEY PUB ADAGE INCORP ADAMS RUSSELL CO ADDRESS/MULTIGPH ADOBE OIL&GAS CORP ADVANCED MEM.SYS. ADVANCED MON.SYS. ADVANCED MICRO ADV.SEMI-COND. ADVANCED SYS.INC ADVANCE COMPUTER ADVENT CORP AERONCA INC AERO SYSTEMS INC AEROFLEX LAB.INC AEL INDUSTRIES INC AETNA LIFE&CAS CO AFFILIATED BANK AFFILIATE BANKSHARE AFFILIATED CAP CORP AFFILIATED HOSP PRO. AFFILIATED PUB AFG INDUS INC AGM IND INC H&F AHMANSON&CO AIMEXICO 41 APPENDIX A ELK GROVE IN. SOLON OH. NO CHICAGO IL. TORONTO ONT PASADENA CA. VALLEY FORGE PN FLUSHING NY COLUMBUS OH PASEDENA CA NEW YORY NY COLUMBUS OH BRIDGEPORT CO CLEVELAND OH ACTON MA CHESWICK PN SUNNYVALE CA HIGH POINT NC HOUSTON TX SAN DIMAS CA WALTHAM MA CUBA NY NEW YORK NY READING MA BOSTON MA WALTHAM MA CLEVELAND OH MIDLAND TX SUNNYVALE CA BROOMFIELD CN SUNNYVALE CA BILTHOVEN,NETH ELK GROVE IL NEW YORK NY CAMBRIDGE MA TORRANCE CA MIAMI SPRINGS FA PLAINVIEW,NY LANSDALE PN HARTFORD CO MADISON WI BUOLDER CO HOUSTON TX ST.LOUIS MO BOSTON MA KINGSPORT TN GRAND RAPIDS MI LOS ANGELES CA DENVER CO AIR CANADA AIC PHOTO INC AIR EXPRESS CORP AIR PROD&CHEMICAL AIR WISCONSIN INC AIRBORNE FREIGHT CO AIR FLORIDA INC AIRCO INC AIRLIFT INTER INC AKZONA INC ALABAMA BANKCORP ALABAMA GAS CORP ALABAMA/TN NAT GAS ALABAMA BYPROD CORP ALAN WOODSTEEL ALAGASCO INC ALASKA AIRLINES INC ALBANY INT CORP ALBERTA NAT GAS C0 ALBERTO-CULVER C0 ALASKA INTERSTATE ALBERTA ENERGY C0 ALBERTA GAS TRUNK ALBERTSONS INC ALCAN ALUMINUM LDT ALCO STANDARD CORP ALCOLAC INC ALCON LABS ALBERTO/CULVER CO ALCO STANDARD CORP ALDOM IND ALEXANDER&ALEXANDER ALEXANDER&BALDWIN ALLEGHENY AIRLINES ALLEGHENY INT ALGOMA STEELE ALLEGHENY CORP ALLEGHENY/LUDLIUM ALLEGHENY POWER SYS ALLEN GRUOP INC ALLERGAN PHARMACEUT ALLIED BANKSHARES ALLIED CHEM CORP ALLIED MAINT CORP ALLIED STORES CORP ALLIED TELEPHONE CO ALLIS-CHAMBERS CORP ALLRIGHT AUTO PARTS ALLSTATE FINANCIAL ALPHA MICROSYS. ALMADEN VINEYARDS 42 MONTREAL QUE CAN CARLE PLACE STANFORD CO ALLENTOWN PA APPLETOWN WI SEATTLE WA MIAMI FA MONTVALE NJ MIAMI FA ASHEVILLE NC BIRMINGHAM AL BIRMINGHAM AL FLORENCE AL BIRMINGHAM AL CONSHOHOCKEN PA BIRMINGHAM AL SEATTLE WA ALBANY NY ALBERTA CAN MEIROSE PK IL HOUSTON TX ALBERTA CAN ALBERTA CAN BOISE ID MONTREAL QUE CAN VALLEY FORGE PA BALTIMORE MR FT WORTH TX MELROSE PARK IL CLEVELAND OH CALHOUN GA BALTIMORE MR HONOLULU HA WASHINGTON D.C. PITTSBURGH PA SAULT/ST ONT CAN NEW YORK NY PITTSPURG PA NEW YORK NY MELVILLE NY IRVINE CA HOUSTON TX MORRISTOWN NJ NEW YORK NY NEW YORK NY LITTLE ROCK AR MILWAUKEE WI HOUSTON TX WILMINGTON DE IRVINE CA SAN FRANCISCO CA ALOHA AIRLINES ALPHA PORTLAND IND ALPHA IND INC ALPS ELECTRIC ALTEX OIL CORP ALTOS COMP SYS. ALTON BOX BOARD CO ALUMINUM OF AMERICA ALZA CORP AMAREX INCORP AM INTERNATION INC AMALGAMATED SUGAR AM CABLE TV IND AMCA INTNTNL. 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CORP BASIC RESOURCES INT BASIN PETROL CORP BASS FINANCIAL CORP BASSETT FURNITURE BATES MANUFACTURING BAV LIQUIDATING COR BAUSCH&LAUMB INC BAXTER TRAVENOL LAB BAY BANKS INC BAYLY CORP BAY STATE GAS CO A J BAYLESS MARKETS BAYUK CIGARS INC BBD&O INTERNATIONAL BEAR CREEK BEARD OIL BDM INTERNATIONAL BEARINGS INC BEATRICE FOODS CO BECKMAN INSTRUMENTS BECTON DICKINSON CO BEECH AIRCRAFT BEEHIVE INTERNATION BECKER INDUSTRIES BEKINS CO BELCO PETROLEUM CO BELDEN CORP BELL&HOWELL CO BELL CANADA W BELL&CO INC BELL INDUSTRIES BELL TELE CO OF PA BEMIS COMPANY BH BELO CORP 50 MENASHA WI AURORA IL MURRAY HILL NJ BRISTOL CT JACKSONVILLE FA JACKSONVILLE FL SHREVEPORT LA SAN FRANCISCO CA HOLLYWOOD CA COLUMBUS OH WATERTOWN MA DALLAS TX CHICAGO IL CHERRY HILL NJ TRENTON NJ .DENVER CO NEW YORK NY NEW YORK NY OKLAHOMA CITY OK CHICAGO IL BASSETT VA NEW YORK NY NEW YORK NY ROCHESTER NY MORTON GROVE IN BOSTON MA DENVER CO BOSTON MA PHOENIX AZ PHILEDELPHIA PA NEW YORK NY MEDFORD OR OKLAHOMA CITY OK MCLEAN VA CLEVELAND OH CHICAGO IL FULLERTON RUTHERFORD WICHITA KA SALT LAKE CITY UT GREENWICH CT LOS ANGELES CA LIVINGSTON NJ GENEVA IL CHICAGO IL MONTREAL QUE CAN ROCKVILLE MD LOS ANGELES CA PHILEDELPHIA PA MINNEAPOLIS MN DALLAS TX CA NJ BENDIX CORP BENEDICT NUC PHARMS BENIFICIAL CORP BENIFICIAL NATIONAL BENIFICIAL STANDARD BENGUET CONSOLIDATE BENTLY LABS BERGEN-BRUNSWIG BERKEY PHOTO INC BERKLINE CORP BERTEA CORPORATION BERKLY W.R.CORP BERLINE CORP BERRY INDUSTRIES BEDRVEN CARPETS CO BEST PRODUCTS CO BETHLEHEM CORP BETHLEHEM STEEL CO BETZ LABS INC BEVERAGE MANAGEMENT BI-LO INC BEVERLY ENTERPRISES BEVERLY HLLS SV&LN BIC PEN CORP BIFLYX BIG B INC BIG BEAR STORES CO BIG BOY FAMILY RES BIG THREE INDUSTRY BIG DRUM INC BILLY THE KID INC BINKS MANUFACTURING BINNY&SMITH BIO-RAD LABS BIO-CHEM INTER INC BIO-MED REF LAB BIO—MED SCIENCE INC BIO-TECH RESEARCH BIOTECH CAPITAL BIRD&SONS INC BISCAYNE FED S&L BIRTCHER CORP B I W CABLE SYSTEMS BITCO BLACK&DECKER MFG CO BLACK HILLS PWR&LGT JOHN BLAIR&CO BLISS&LAUGHING IND AT BLISS BLOCK DRUG CO INC BLOCKER ENERGY 51 NEW YORK NY GOLDEN CO WILMINGTON DE NEW YORK NY LOS ANGELES CA UNITED STATES IRVINE CA LOS ANGELES CA NEW YORK NY MORRISTOWN IRVINE CA NEW YORK NY MORRISTOWN TN LONG BEACH CA FRESNO CA RICHMOND VA EASTON PA BETHLEHEM PA TREVOSE PA COLUMBUS OH GREENVILLE SC PASADENA CA BEVERLY HILLS MILFORD CT COSTA MESA CA BIRMINGHAM AL COLUMBUS OH SALT LAKE CITY UT HOUSTON TX COLUMBUS OH EL PASO TX FRNAKLIN PARK IL NEW YORK NY RICHMOND CA MILWAUKEE WI BURLINGTON NC NEW YORK NY ROCKVILLE MD TN CA E.WALOPE MA MIAMI FA EL MONTE CA DORCHESTER MA ROCK ISLAND IL TOWSON MD RAPID CITY SD NEW YORK NY HINSDALE IL POMPANO BEACH FL JERSEY CITY NJ HOUSTON TX H&R BLOCK INC BLOUNT INC BLUE BELL INC BLUE CHIP STAMPS BLUEFIELD SUPPLY CO BLYVOOR GOLD MNG B M A CORP BOB EVANS FARM INC BOATMANS BANCSHARES BOBBIE BROOKS INC BOEING CO BOHEMIA INC BOISE CASCADE CORP BOKUM RESOURCES BOLAR PHARM CO INC BOLT BERANEK&NEWMAN BOLT TECH BONANZA INTE INC BOOTHE COURIER CORP BOOTH NEWSPAPER INC BORDEN INC BOSTON DIGITAL CORP BOSTON EDISON CO BOSTON INDUSTRIES BOW VALLEY IND LTD BOWL AMERICA INC BROWN&CO INC BROWN&CO INC BRACKEN EXPLOR CORP BRAD RAGAN INC BRADFORD NATIONAL BRANCH CORP MILTON BRADLEY BRAE CORP BRAEWOOD DEVEL CORP BRAMALEA LTD BRANIFF INTERNATION BRASS CAN LTD BRASS CRAFT MNG C F BRAUN BRAUN ENGINEERING BRENCO INC BRENNER IND BREWER CO BRENTON BANKS INC BRIGGS&STATTON CORP BRINKS INC BRISTOL—MYERS CO BRISTOL PRODUCTS BRISTOL CORP BRITISH PETROLEUM 52 KANSAS CITY MS MOUNTGOMERY AL GREENSBURO NC LOS ANGELES CA BLUEFIELD WV UNITED STATES KANSAS CITY MO COLUMBUS OH ST LOUIS MO CLEVELAND OH SEATTLE WA EUGENE OR BOISE ID UNITED STATES COPIAQUE NY CAMBRIGE MA NORWALK CT DALLAS TX SAN FRANCISCO CA ANN ARBOR MI NEW YORK NY HOPKINTON MA BOSTON MA BOSTON MA CALGARY ALB CAN SPRINGFIELD VA NEW YORK NY NEW YORK NY OKLAHOMA C OK SPRUCE PINE NC NEW YORK NY UNITED STATES SRINGFIELD MA UNITED STATES TUCSON AZ TORONTO ONT CAN DALLAS TX TORONTO ONT CAN DETROIT MI ALHAMBRA CA DETROIT MI PETERSBURG VA WINSTON-SALEAM NC UNITED STATES DES MOINES IW WAUATOSA WI CHICAGO IL NEW YORK NY BRISTOL IN BRISTOL IN LONDON ENGLAND GRT BR&AMER TOBACCO BROADVIEW FINANCIAL BROCK EXPLORATION BROCK HOTELS BROCKWAY GLASS CO BROKEN HILL PTY CO BROOKLYN UNION GAS BROOKS FASH STORES BROOKS—SCANION INC BROWN&ROOT BROWN&SHARPE MFG CO BROWN GROUP INC TOM BROWN INC BROWN FORMAN DISS BROWNING-FERRIS IND BRUNOS INC BRUNSWICK CORP BRUSH WELLMAN INC BSL TECHNOLOGY B T MORTAGE BTK INDUSTRIES BUCKBEE-MEARS CO BUCK ENGINEERING CO BUCKEYE INTL INC BUCKEYE FED SV&LN BUCYRUS—ERIE CO BUDD CO BUFFALO FORGE CO BULOVA WATCH CO INC BULB MISER BURGESS IND BURKE-PARSON-BOWLEY BUNDY CORPORATION BURING FOOD GROUP BUNKER RAMO CORP BURLINGTON IND INC BURLINGTON NO INC BURMAH OIL BURNDY CORP BURNS INTL SEC SVCS R L BURNS CORP BURNIP&SIMS INC BURRIS IND INC BURROUGHS CORP BUTLER INTL BUTLER MFG CO BUTTES GAS&OIL CO 53 HHHAHAHS NEW ORLEANS LA TOPEKA KA BROCKWAY PA MELBOURNE AUSTR. 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CAMCO INC CAMERON IRON WORKS CAMERON BROWN CAMBELL RD LK MINES CAMPBELL SOUP CO CAMPBELL TAGGART IN CAN HOMESTEAD OIL CAN IMPER. BANK CAN SUPERIOR OL LTD CAN OCCIDENTAL PTRL CAN SO RAILWAY CAN MARCONI CO CAN PACIFIC LTD CAN PACIFIC INVEST CAN HYDROCARBON LTD CANDEL OIL LTD CANNON MILLS CO CANAR RANDOLPH CORP CAPITAL HOLDING COR CAPITOL SAV&LOAN CAPITOL SOUTHWEST CAPITAL INTL AIRWAY CARLING O'KEEFE LTD CARBON IND INS CARBORUNDUM CO INC 54 RESTON VI STATE COLLEGE PA HOUSTON TX DENVER CO LOS ANGELES CA BOSTON MA LOS ANGELES CA LOS ANGELES CA UNITED STATES ARLINGTON VA ANAHEIM CA SAN ANTONIO TX NORWALK CT ANAHEIM CA SAN JOSE CA LOS ANGELES CA SAN FRANCISCO CA LOS ANGELES CA SUNNYVALE CA LOS ANGELES CA SAN MATEO CA TRENT TX DARIEN CT NATCHEz MS LOS ANGELES CA DENVER CO HOUSTON TX HOUSTON Tx RALIEGH NC TORONTO ONT CAMDEN NJ DALLAS Tx CALGARY ALB TORONTO ONT CALGARY ALB CAN CALGARY ALB CAN PHILADELPHIA PA MONTREAL QUE CAN MONTREAL QUE CAN MONTREAL QUE CAN CALGARY ALB CAN CALGARY ALB CAN KANNAPOLIS NC NEw YORK NY LOUISVILLE KY BALTIMORE MD DALLAS TX SMYRNA TN TORONTO ONT CAN CHARLESTON wv NIAGRA FALLS NY CAN CAN CAN 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NEW YORK NY LOS ANGELES SEATTLE WA PORTLAND OR PORTLAND OR MCMINNVILLE PORTLAND ME HONOLULU HI FRANKLIN PARK IL PEORI IL NEW YORK NEW YORK HARTFORD TULSA OK SANDUSKY OH N MONTREALONT CAN NEW YORK NY LAYFAYETTE LA CHICAGO IL KANSAS CITY MO CELINA OH GRAND RAPIDS MI CHICAGO IL WILMINGTON DE BIRMINGHAM AL CINCINNATI OH BIRMINGHAM AL DURHAM NC RICHMOND VA POUGHKEEPSIE NY PEORIA IL SPRINGFIELD IL PINNEVILLE LA AUGUSTA ME KANSAS MO DES MOINES IA JACKSONVILLE IL NEW YORK NY BELMONT AVE PA CA OR NY NY CT CNTRL SOYA CO INC CNTRL TELE &UTILITY CNTRL VT PUB SERV CENTRAN CORP CENTRONIC DATA COMP CENTURY BANKS INC CENTURY OIL&GAS CENTURY TELO ENTER CENTURY PAPERS INC CENTURY 21 CENVILL COMMUN INC CENVILL INVEST INC CERTAIN—TEED CORP CERTIFIED CORP CESSNA AIRCRAFT CO CETEC CORP CETUS CORP CFS CONTINENTIAL IN C G A COMPUTER ASSC CHAMPION HOME BUILD CHAMPION INTER CORP CHAMP PARTS REBUILD CHAMPION PROD INC CHAMPION SPARK PLUG CHANNEL CO INC CHAPARRAL RES INC CHARLES RIVER BREED CHARLESTON NATL BNK CHARMING SHOPPERS CHART HOUSE INC CHARTER N Y GROUP CHASE MANHATTEN CRP CHASE MANHATTEN MTR CHASE NATL LIFE INS CHATHAM MANU COMP CHELSEA IND INC CHEF PIERRE INC CHATTEM DRUG&CHEM CHEM-LAWN CORP CHATHEM MANF COMP CHEMETRON CORP CHEM EXPRESS CO CHEM NUCLR SYTS CHEMICAL NY CORP CHEMINEER INC CHERRY ELC PROD COR CHESAPEAK CORP VA CHESAPEAKE LIFE INS CHESAPEAKE UTILITY CHESEBROUGH-PONDS CHI&N WEST TRANSP 56 FT WAYNE IN LINCOLN NE RUTLAND VT CLEVELAND OH HUDSON NH FT LAUDERDALE FA DENVER CO MO HOUSTON TX NEW YORK NY W PALM BEACH FA W PALM BEACH FA VALLEY FORGE PA PLAINVILLE MA WICHITA KA ELMONTE CA BERKELY CA CHICAGO IL MALBORO NJ DRYDEN MI NEW YORK NY OAK BROOK IL ROCHESTER NY TOLEDO OH WHIPPANY NJ DENVER CO WILMINGTON MA CHARLESTON WV NORRISTOWN PA JEFFERSON LA NEW YORK NY NEW YORK NY BOSTON MA SPRINGFIELD MO ELKIN NC BOSTON MA TRAVERSE CITY MI CHATTANOOGIA TN DUBLIN OH ELKIN NC CHICAGO IL DALLAS TX KIRKLAND WA NEW YORK NY DAYTON OH WAUKEGAN IL WEST POINT VA BALTIMORE MD DOVER DE GREENWICH CT CHICAGO IL CHESSIE SYST INC CHICAGO BRDG IRON CHI'S-CHI'S INC CBI IND CHICAG MILLWK COR CHIC&N WESTERN TR CHCAGO PNEUMATIC P AN TL CHIEFTAIN DEVEL CO CHILD WORLD INC CHILTON CO CHRISTENSON INC CHROMALLOY AMERIC CHITTENDEN&EASTMA CHOMERIES INC AN N CHRIS-CRAFT IND INC CHRYSLER CORP CHUBB CORP CHURCH&DWIGHT CHURCHES FRIED CH CHYRON CORP CIBA GEIGY CIMARRON INVESTME CIC FINAN CORP CO CIBOLA LIFE INS C CINCINNATI BELL I CINCINNATI FIN CO CINCINNATI GAS&EL CINCINNATI MILACR CIRCLE K CORP CITIBANC GROUP IN CIT FINANCIAL COR CITATION COMPANIE CITICORP CITIES SERVICE CO CITIZENS STHRN RE CITIZENS STHRN NA CITIZENS FIDELITY CITIZENS FED SAV& IC NT 0 NC RP EC ON C P S AL TL LN CITIZENS&STHRN NATL CITIZENS SAV&LN CITIZENS&STHRN S CITIZENS UTILITIE CITY INVESTING CO CITY NATL CORP J L CLARK MFG CO CITYTRUST BANCORP C CITY NATL BANK CORP OR C S CLARK EQUIPMENT CO CLARK OIL&REFININ CLASSIFIED FINAN CLC OF AMER INC G CO 57 BALTIMORE MD OAK BROOK IL LOUISVILLE KY QAK BROOK IL CHICAGO IL CHICAGO IL NEW YORK NY EDMONTON ALB CAN AVON MA DALLAS TX UNITED STATES NEW YORK NY BURLINGTON IA WOBURN MA NEW YORK NY DETROIT MI NEWYORK NY NEW YORK NY SAN ANTONIO Tx PLAINVIEW NY ARDSLEY NY CIMARRON KANSAS CHICAGO IL ALBURQUERQUE NM CINCINNATI OH CINCINNATI OH CINCINNATI OH CINCINNATI OH NEW YORK NY ALEXANDER CITY AL NEW YORK NY GRAND RAPIDS MI NEW YORK NY NEW YORK NY ATLANTA GA ATLANTA GA LOUISVILLE KY CLEVELAND OH ATLANTA GA CHATTANOOGA TN UNITED STATES STAMFORD CT NEW YORK NY BEVERLY HILLS CA ROCKFORD IL BRIDGEPORT CT MIAMI FL NEW YORK NY MILWAUKEE WI MILWAUKEE WI HOUSTON TX CLEVELAND ELECT CLEVETRUST CLEVETRUST REALITY CLEVE-CLIFF IRON CO CLEVEPAK CORP CLOROX CO CLOW CORP CLUETT PEABODY&CO CMI INVESTMENT CORP CNA FINANCIAL CORP CNA INCOME SHARES COACHMEN INDUSTRIES COASTAL STATES CORP COASTAL INDUSTRIES COASTAL OIL INC COASTAL CORP COASTAL STATES GAS COBE LABS COCA COLA CONSOLID COCA COLA BTL CO/LA COKE BTL CO/MIAMI COKE BTL MID AMER COKE BTL CO/NY COCA COLA CO COCHRANE FURNITURE CODEX CORP COHERENT RADIATION COLDWELL BANKER&CO COLE CONSUMER PRODS COLE NATL CORP COLECO IND INC COLEMAN CO COLGATE—PALMOLIVE COLLEGE UNIV CORP COLLAGEN CORP COLLINS&AIKAM CORP COLLINS FOODS INTER COLONIAL AMER NATL COLONIAL FOODS INC COLONIAL BNCRP INC COLONIAL LIFE&ACCD COLONIAL PENN GROUP COLOR TILE COLONIAL STORES INC COLO NATL BANKSHARE COLT IND INC COLUMBIA CHASE CORP COLUMBIAN GAS SYSTM COLUMBIA NATL CORP COLUMBIA GENRL CORP COLUMBIA PICTRS IND 58 CLEVELAND OH CLEVELAND OH CLEVELAND OH CLEVELAND OH NEW YORK NY HINSDALE IL HINSDALE IL NEW YORK NY MADISON WI CHICAGO IL CHICAGO IL MIDDLEBURY IN ATLANTA GA AKRON OH HOUSTON TX HOUSTON TX CORPUS CHRISTI TX LAKEWOOD CO CHARLOTTE NC LOS ANGELES CA MIAMI FL KANSAS CITY MO NEW YORK NY ATLANTA GA LINCOLNTON NC NEWTON MA PALO ALTO CA LOS ANGELES CA CLEVELAND OH CLEVELAND OH HARTFORD CT WICHITA KANSAS NEW YORK NY INDIANAPOLIS IN PALO ALTO CA NEW YORK NY LOS ANGELES CA ROANOKE VA FREEHOLD NJ WATERBURY CT COLOMBIA SC PHILEDELPHIA PA FT WORTH TX ATLANTA GA DENVER CO NEW YORK NY BRAINTREE MA WILMINGTON DE COLUMBUS OH DALLAS TX NEW YORK NY COL & S OH ELTRC CO COMDIAL CORP COMBINED COMMUN COMBIND INS CO-AMER COMBINED INTERNAT COMBSTION ENGNEERNG COMBUSTION EQUIPMNT COMDISCO INC COMCAST CORP COMDATA NETWORK COMINCO LTD COMMERCE BANCSHARE COMMERCE CLRNG HSE COMMERCE GRP INC COMMERCE S.WST INC COMMERCE ALLIANCE COMMERCIAL CREDIT COMMERCIAL DECAL COMMERCIAL METALS COMMERCIAL NATL BNK COMMERCIAL SHEARING COMMODORE INTER COMMONWEALTH EDISON COMMONWEALTH ENERGY COMMWLTH NATURAL GS COMMWLTH THEATERS COMMWLTH TELE CO COMMUN CORP OF AMER COMMUNICATIONS IND COMMUN PROPERTIES COMMUN SATELLITE CO COMMUNITY PSY COLUM COMMUNITY PUB SERVS COMPAC CORP COMPACT VEDIO COMPREHENSIVE COMPO IND INC COMPUCORP COMPUGRAPHIC CORP COMPUSERVE COMPUSCAN INC COMPUTER AUTOMATION COMPUTER ENTRY SYTS COMPUTER NETWORK CO COMPUTER PROD INC COMPUTER COMMUN INC COMPUTER DATA SYST COMPUTER NETWORK CO COMPSERVE CORP COMPUTER SCI CORP COMPUTERVISION CORP SYSTM CARE 59 COLUMBUS OH SAN FRANCISCO CA PHOENIX AZ CHICAGO IL CHICAGO IL STAMFORD CT NEW YORK NY ROSEMONT IL BALA CYNALJO PA NASHVILLE TN VANCOUVER BC CAN KANSAS CITY MO CHICAGO IL LINCOLN NE DALLAS TX NEW YORK NY BALTIMORE MD MOUNT VERNON NY DALLAS TX LITTLE ROCK AR YOUNGSTOWN OH PALO ALTO CA CHICAGO IL CAMBRIDGE MA RICHMOND VA KANSAS CITY MO DALLAS PA DALLAS TX DALLAS TX AUSTIN TX WASHINGTON DC SAN FRANCISCO CA FORT WORTH TX NEWARK VA BURBANK CA NEW PORT BEACH CA WALTHALM MA LOS ANGELES CA WILMINGTON DE COLUMBUS OH TETERBORO NJ IRVINE CA SILVER SPRING MD FT.LAUDERDALE FL FT.LAUDERDALE FA TORRENCE CA BETHESDA MD WASHINGTON DC MINNEAPOLIS MN EL SEGUNDO CA BEDFORD MA COMSHARE INC COMPUTERIZED AUTOMO COMPUTER TASK GROUP COMTECH LABS COMTEN INC CONAGRA INC CONCEPT INC CONCHEMEO INC CONDEC CORP CONDUCTION CORP CONE MILLS CORP CONGOLEUM IND INC CONN ENERGY CONNA CORP CONN GENERAL CONN GENERAL MORT CONN NATL GAS CORP CONNER HOMES CORP CONOCO CONRAC CORP CONSOLID BATHERST CONROY INC CONSOLID EDISON NY CONSOLIDATED FIBERS CONSOLID FOODS CORP COMSOLID FREIGHTWAY CONSOLID NATL GAS CONSOLIDATED GAS CONSOLID OIL&GAS CONSOLIDATED PAPERS CONSUMERS GAS LTD CONSUMERS DISTIBUTE CONSUL CORP CONSUMERS POWER CO CONSUMERS WATER CO CONTINENTAL AIRLINE CONT AMER LIFE INSR CONTINENTAL BANK CONTINENTAL GROUP CONT CONVEYER&EQUIP CONTINENTAL CORP CONT ILLINOIS CORP CONT ILLINOIS PROP CONT ILL REALITY CONT OIL COMPANY CONT INFO SYSTEMS CONT TELE CORP CONTINUOUS CONTACTS CONT TESTING LABS CONTROL DATA CORP CONWOOD CORP 60 ANN ARBOR MI BIRMINGHAM AL WILLIAMSVILLE NY SMITHTOWN NY ST PAUL MN OMAHA NE CLEARWATER FL SHAWNE MISSION KS OLD GREENWICH CT BURLINGTON MA GREENSBORO NC KEARNY NJ BRIDGEPORT CT MORGAN KEEGAN HARTFORD CT SPRINGFIELD HARTFORD CT SPRINGFIELD STAMFORD CT NEW YORK NY MONTERALQUE CAN SAN ANTONIO TX NEW YORK NY SAN FRANCISCO CA CHICAGO IL SAN FRANCISCO CA PITTSBURGH PA NEW YORK NY DENVER CO WISC RAPIDS WI TORONTO ONT CAN UNITED STATES EDEN PRAIRIE MN JACKSON MI PORTLAND ME LOS ANGELES CA NEW YORK NY PHILADELPHIA PA NEW YORK NY WINFIELD AL NEW YORK NY CHICAGO IL LOS ANGELES LOS ANGELES STAMFORD CT SYRACUSE NY WASHINGTON DC SAN DIEGO CA FERNPARK FL MINNEAPOLIS MN MEMPHIS TN MA MA CA CA CONTROL LASER CORP CONWED CORP CONVENIENT IND AMER COOK UNITED INC COOPER COOPER COOPER COOPER ADOLPH IND INC LABS INC LABS TIRE&RUBBER COORS CO COPELAND CORP COPPER RANGE CO COPPERWELD CORP CONQUINA OIL CORP CORCOM CORDIS INC CORP CORE INDUSTRIES CORE LABS INC CORNELIUS COMPANY CORNING GLASS WORKS CORROON&BLACK CORP COTT CORP COTTON CORVUS COSEKA COTTON COWELS PETROL CORP SYSTEMS INC RESOURCE LTD STS LIFE INS COMMUNICATE COURIER CORP COVINGTON BROS COUSINS PROPERTIES COX BROADCASTING CO COX CABLE COMMUN C P NATIONAL CPC INTERNATL INC CPT CORPORATION CRACKER BARRELL CRADDOCK-TERRY SHOE CRAIG CORPORATION CRAM EXPLOR CORP CRAMER ELECTRONICS CRANE COMPANY CRAWFORD & CO CRAY REASEARCH INC CREDITHRIFT FINANC CRESTMONT OIL & GAS CRESCENT PETROL CO CPC INTERNATIONAL CRITERION INS 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BANKERS INC CUBIC CORP CULLEN FROST BANKRS CULLIGAN INTL CO CULLINANE CORP CULLUM COMPNS INC CUMMINS ENGINE CO CUNNINGHAM DRG STR CURTISS-WRIGHT CORP CURTIS NOLL CORP CURTICE BURNS INC CUTLER HAMMER INC CW TRANSPORT INC CYCLOPS CORP CYCLOTRON CORP CUSTOM ALLOY CORP CYCARE SYSTEMS INC CYPRUS MINES CORP 62 LINCOLN RI FRASER MI BLOOMFIELD HL MI DETROIT MI SYRACUSE NY DALTON GA PHILADELPHIA PA SAN FRANCISCO CA BALTIMORE MD HOUSTON TX MORRISTOWN NJ MEMPHIS TN HOUSTON TX SHREVEPORT LA SAN FRANCISCO CA RICHMOND VA BILLERICA MA ELKHART IN NEW YORK NY HOUSTON TX SAN DIEGO CA HOUSTON TX NORTHBROOK IL WELLESLEY MA DALLAS TX COLUMBUS OH DETROIT MI WOODRIDGE NJ CLEVELAND OH ROCHESTER NY MILWAUKEE WI WISCONSIN RPDS WI PITTSBURG PA BERKELEY CA CALIFON NJ DUBUQUE IA LOS ANGELES CA DAIRY QUEEN ST DAB INDUSTRIES INC DAIWA HOUSE IND DAIWA SEIKO DALLAS BUS CAP CORP DAMON CORP DAMSON OIL CORP DALLAS BUS CAP CORP DAN RIVER CORP DANA CORP DANIEL INDUSTRIES DANIEL INTER CORP DANIEL WOODHEAD INC DART DRUG CO DANLY MACHINES CORP DAON DEVELOPMENT DART IND INC DATA CARD CORP DART AND KRAFT DATA-DESIGN LAB DATA ARCHITECTS INC DATA GENERAL CORP DATA 100 CORP DATA I/O DATAPOINT CORP DATAPOWER INC DATA PROD CORP DATASCOPE CORP DATA RESOURCES DATA TERMINAL SYS DAY MINES INC DAYCO CORP DAYTON MALLEABLE DAYTON POW&LIT DAYTON HUDSON COR DBA SYSTEMS INC DEAN FOODS CO DEAN WITTER ORG DEBRON CORP DECISION DATA COMP DEERE & CO DEFENSIVE INSTR INC DEKALB AG RES INC DEL LABS INC DELMED DEL MONTE CORP DELHI INTL OIL CORP DELMARVA POWER & LI DELTA AIRLINES DELTAK CORP DELTONA CORP 63 DALLAS TX TROY MI NISHIKU OSKA JP JAPAN DALLAS TX NEEDHAM HIGHTS MA NEW YORK NY DALLAS TX GRANVILLE SC TOLEDO OH HOUSTON TX GREENVILLE SC NORTHBROOK IL LANDOVER MD CHICAGO IL VANCOUVER CANADA LOS ANGELES CA MINNEAPOLIS MN GLENVIEW IL CUCAMONGA CA WALTHAM MA SOUTHBORO MA MINNEAPOLIS MN ISSAQUAH WA SAN ANTONIO CA SANTA ANA CA WOODLAND HILLD CA PARAMUS NJ WASHINGTON DC MAYNARD MA WALLACE ID DAYTON OH DAYTON OH DAYTON OH MINNEAPOLIS MN MELBOURNE FL FRANKLIN PARK IL SAN FRANSISCO CA ST ANN MO HORSHAM PA MOLINE IL PITTSBURGH PA DE KALB IL FARMINGDALE NY CANTON MA SAN FRANSISCO CA DALLAS TX WILMINGTON DE ATLANTA GA MINNEAPOLIS MN MIAMI FL DE LUXE CHECK PR DEN-TAL-EZ INC DENELCOR INC DENISON MINES DENNISON MANU CO DENNYS INC DENATALLOY INC DENTSPLY INTER INC DEPOSIT GUARANTY DEPOSITORS CORP DESERET PHARM DESIGNATRONICS DESTRON INC DETECTION SYSTEMS DETECTOR ELEC DESOTO INC DETREX CHEM INC DETROIT EDISON DETROIT BANK CORP DEVELOPMENT CORP DEVON GROUP DEXTER CORP DIAL CORP DIAMOND CRYSTAL DIAGNOS RET SYS DIAL FINANCING CORP DIAMOND COAL CO INC DIAMOND INTER CORP DIAMOND M DRILL CO DIAMOND SHAMROCK CO DIBRELL BROTHERS A B DICK CO DICOMED DICTAPHONE CORP DIEBOLD INC DIGI-LOG SYSTEMS DIGI CON INC DI GIORGIO CORP DIGITAL COM CONTROL DIGITAL SWITCH CO DIGITAL DATA SYS DIGITAL EQUIP CORP DILLARD DEPT STORES DILLINGHAM CORP DILLION CO INC DISCOVERY OIL LTD DISTRIBUCO INC DINNER BELL FOODS WALT DISNEY PROD DISTRBUCO INC DIVERSEY CORP 64 ST PAUL MN DES MOINES IA AURORA CO UNITED STATES FRAMINGTON MA LA MIRADA CA COSTA MESA CA YORK PA JACKSON MS AUGUSTA ME SANDY UT NEW HYDE PARK NY BENSENVILLE IL FAIRPORT NY MINNEAPOLIS MN DES PLAINES IL DETROIT MI DETROIT MI DETROIT MI HOLLYWOOD FL LOS ANGELES CA WINDSOR LOCKS CT DES MOINES IA ST CLAIR MI OAKLAND NJ DES MOINES IA SHREUFPORT LA NEW YORK NY HOUSTON TX CLEVELAND OH DANVILLE VA CHICAGO IL MINNEAPOLIS MN RYE NY CANTON OH HORSHHAM PA HOUSTON TX SAN FRANSISCO CA FAIRFIELD NJ RICHARDSON TX HADDONFIELD NJ MAYNARD MA LITTLE ROCK AR HONOLULU HI HUTCHINSON KS CHEYENNE WY UNION CITY CA DEFIANCE OH BURBANK CA DENVER CO CHICAGO IL DIVERSIFIED FIN COR DIXICO INC DIVERSIFIED IND INC DR. PEPPER CO DOCUMENTATION INC DOCUTEL CORP DOLE JAMES CORP DOCUTEL OLIVETTI DOLLAR GENERAL CORP DOME MINES LTD DOMAIN IND INC DOME PETROL LTD DOMINION BANKSHARES DOMINION FND. & ST. DOMINION STORES DOMINION TEXT. DOFASCO DOMTAR LTD. DONALDSON LUFKIN DONALDSON CO INC RR DONNELLY DONOVAN COS DORADO MICRO SYSTEM DORCHESTER GAS CORP DORSEY CORPORATION DOUGHERTY BROTHERS DOVER CORPORATION DOW CHEMICAL CO DOW CORNING CORP DOW JONES & CO DOWNEY SVGS & LOAN DOYLE DANE BERNBACH DRAVO CORPORATION DRANETZ ENGINEERING DRESSER INDUSTRIES DRIEFONTEIN CONSOL DUCKWALL STORES INC DREYFUS FUND INC DUAL LITE INC DUCOMMUN INC DREWRY PHOTOCOLOR DREYERS ICE CREAM DREXLER TECHNOLOGY DRILLERS INC DUKE POWER DUN °& BRADSTREET DUNKIN DONUTS INC DUNLAP & ASSOCIATES DUPLEX PRODUCTS INC E I DUPONT DUPONT CANADA LTD LTD 65 KOKOMO IN DALLAS TX CLAYTON MS DALLAS TX MELBOURNE FL DALLAS TX REDWOOD CITY CA IRVINGTON TX SCOTSVILLE KY S PORCUPINE ONT NEW RICHMOND WI CALGARY ALB CAN ROANOKE VA E HAMILTON ONT TORONTO ONT MONTREAL CAN HAMILTON ONT W.MONTREAL QUE NEW YORK NY MINNEAPOLIS MN CHICAGO IL ST PAUL MN CUPERTINO CA DALLAS TX CHATTANOOGA TN BUENA NJ NEW YORK NY MIDLAND MI MIDLAND MI NEW YORK NY DOWNEY CA NEW YORK NY PITTSBURGH PA S PLAINFIELD NJ DALLAS TX JAHANNESBURG SA ABILENE KS NEW YORK NY NEWTON CONN LOS ANGELES CA BURBANK CA OAKLAND CA PALO ALTO CA HOUSTON TX CHARLOTTE NC NEW YORK NY RANDOLPH MA DARIEN CT SYCAMORE IL WILMINGTON DE MONTREAL QUE DUQUESNE LIGHT CO DURHAM LIFE INS CO DURION COMPANY DURO - TEST CORP DURR FILLAUER MED. DYNAMICS CORP OF AM DYATRON CORP DYMO INDUSTRIES INC DYNASCAN CORP DYNAMIC HOMES INC DYNATECH CORP DYNEER CORPORATION DYNALECTRON CORP DYSAN CORPORATION 66 PITTSBURG PA RALIEGH NC DAYTON OH N.BERGEN NJ MONTGOMERY AL GREENWICH CN BIRMINGHAM AL SAN FRNCISCO CA CHICAGO IL DETROIT LAKES MN BURLINGTON MA CANTON OH WASHINGTON DC SANTA CLARA CA E—SYSTEMS INC EAGLE-PITCHER IND EARL SCHEIB INC EARLY CALIF IND EARTH RESOURCES CO EASCO CORPORATION EASON OIL COMPANY EASTERN AIRLINES EASTERN CO EASTERN GAS & FUEL EASTERN UTIL ASSOC EASTMAN KODAK CO EASTMET CORP EATON CORP EATMET CORP EBERLINE INSTR CORP ECHLIN MANUFACT CO ECHO OIL CORP ECKERD DRUGS INC ECKERD CORP ECODYNE CORP ECONOMICS LAB INC EGINGTON OIL C0 EDISION BRO STORES EDMOS CORPORATION E D O CORPORATION A G EDWARDS E G & E INC EHRENRREICH PHOTO E G & G INC EISAI EL CHICO CORP EL PASO COMPANY EL PASO ELECTRIC CO ELCO CHEMICAL CORP ELCO INDUSTRIES INC ELCOR CORP ELECTRO-AUDIO DYN ELECTRO CATHETER ELECTRO NUCLEONICS ELECTRO RENT CORP ELECTROBIOLOGY ELECTROMAGNETIC ELCTRNIC ARRAYS INC ELCTRNIC ASSOC INC ELECTRONIC DATA CON ELCTRNIC DATA SYS ELCTRNIC MODULES ELCTRNCS & MANU CO ELCTRNCS CORP OF AM ELECTROSPACE CORP 67 DALLAS TX CINCINNATI BEV HILLS CA LOS ANGLES CA DALLAS TX BALTIMORE MD OKLAHOMA CTY OK NEW YORK NY NAGUTUCK CONN BOSTON MA BOSTON MA ROCHESTER NY BALTIMORE MA CLEVELAND OH KEYSVILLE MD SANTA FE NM BRANFORD CONN CASPER WY CHARLOTTLE NC CLEARWATER FL LINCOLNSHIRE IL ST PAUL MN LONG BEACH CA ST LOUIS MO GLEN COVE NY COLLEGE PNT NY ST LOUIS MO BEDFPRD MA GARDEN CITY NY WELLESLEY MA BUNKYOKU TOKYO DALLAS TX EL PASO TX EL PASO TX MIDLAND TX ROCKFORD IL MIDLAND TX GREAT NECK NY RATHWAY NY FAIRFIELD NJ BEVERELY HILLS FAIRFIELD NJ FAIRFIELD NJ MOUNTAINVIEW CA W LONG BEACH CA WINSTON SALEM NC DALLAS TX TIMONIUM MD ALEXANDRIA VA CAMBRIDGE MD NEW YORK NY OH ELCTROSPACE SYS INC ELGIN NATIONAL IND ELIZABETHTOWN WATER ELLIS BANKING CORP ELLMANS INC ELSCINT LTD ELTRA CORP EMERSON ELECTRIC CO EMERSON RADIO CORP EMERY AIR FRIEGHT EMERY INDUSTRES INC EMHART CORPORATION EMONS INDUSTRES INC EMPIRE AIRLINES INC EMPIRE DIST ELEC CO EMPR FIRE-MARNE INS EMPIRE GAS CORP EMPIRE GENERAL CORP EMPLOYE BENEFT PROG EMPLYRS CASYALTY CO ENRGY CONVERSN DEV ENERGY MANGMNT CORP ENERGY MINERLS CORP ENERGY RESERVES GRP ENERGY RESERVES INC ENRGY RESOURCS CORP ENERGEY SOURCES ENGRAPH INC ENNIS BUS FORMS INC ENSERCH CORP ENTENMANNS INC ENTERRA CORP ENTES INC ENVIRTECH CORP EPSCO INC EQUIMARK CORP EQUITABLE BANCORP EQUITABLE GAS CO EQUITABLE GEN CORP EQUITBLE LIFE ASSUR EQUITABLE LIFE INS EQUITABLE LIFE MORT EQUITABLE OF IOWA EQUITBLE SAV & LOAN EQUITY OIL CO ERC CORPORATION ERICKSON CORP E S L INC ESMARK INC ESQUIRE INC ESSEX CHEMICAL CORP 68 RICHARDSON TX CHICAGO IL ELIZBETHTWN NJ BRADENTON FL ATLANTA GA HACKENSACK NY NEW YORK NY ST LOUIS MO SECAUCUS NJ WILTON CN CINCINATI OH FARMINGTON CN YORK PN ORISKANY NY JOPLIN MO OMAHA NB LEBANON MO LOS ANGELES CA NEW YORK NY DALLAS TX TROY MI DENVER CO ENGLEWOOD CA WICHITA KS PHENOIX AZ FORT WORTH TX DALLAS TX CHARLOTTE NC ENNIS TX DALLAS TX BAYSHORE NY RADNOR PA HOUSTON TX MENLO PARK CA WESTWOOD MA PITTSBURGH PA BALTIMORE MD PITTSBURGH PA MCLEAN VA NEW YORK NY DES MOINES IA NEW YORK NY DES MOINES IA PORTLAND OR SALT LKE CTY UT KANSAS CITY MS MINNEAPOLIS MN SUNNYVALE CA CHICAGO IL NEW YORK NY CLIFTON NJ ESSEX CORP ESTERLINE CORP ETHAN ALLEN INC ETHYL CORP EVANS INC EVANS-ASTOCRAT INC BOB EVANS FARMS INC EVANS PRODUCTS CO EVANS & SUTHERLAND EVEREST & JENNINGS EX-CELL-O CORP EXCEPTION INC EXCHANGE BNCP INC EXCHANGE OIL & GAS EXECUTIVE IND INC EXTRCORPOREL MD SPC EXCEL ENERGY CORP EXXON CORPORATION 69 ALEXANDRIA VA NEW YORK NY CANBURY CN RICHMAND VA CHICAGO IL ELIZABETH NJ COLUMBUS OH PORTLAND OR SALT LK CTY UT LOS ANGLES CA TROY MI LEXINGTON KY TAMPA FL NEW ORLEANS LA ANAHIEM CA KNG-PRUSSIA PN DENVER COLORADO NEW YORK NY FAB IND INC FABEREGE INC FABRI-CNTRS AMER FACET ENTER INC FAIR LANES INC FABRI—TREK INC FAFEO INC FAIRCHILD CMRA & IN FAIRCHILD IND INC FALCON PROD INC FAIRFIELD CM LND CO FAIRMOUNT CHEM COL FALCON FOUNDRY FALCON SEABD INC FAIRMOUNT FOODS CO FALCONBRIDGE NKL MN FAMILY DOLLAR ST IN FARAH MANU CO INC FARINON CORP FARM HOUSE FDS CO FARMER BRDS CO FARINON ELECTRIC FARMERS GRP INS FARMERS GROUP INC FARMERS NEW WRLD LF FASHION FABRICS FASHION TWO TWENTY FB TRUCK LINES CO FARR CO FAY DRUG CO FBT BANCORP INC FDI INC FEDDERS CORP FEDERAL CO FEDERAL EXPRESS CO FEDERAL IND FED NAT MORT ASSOC FEDERAL PAPER BD CO FEDERAL RLTY INV TR FEDERAL-MGUL CORP FEDERATED CAP CORP FEDERAL SIGNAL CORP FEDERAL RLTY INV TR FEDERAL NATNL MTGE FEDERAL RESOURCES FEDERAL SCREW WRKS FEDERAL S & S CORP FEDERATED DEPT ST FEDERATED DVLPT CO FEDERATED GUAR. INS FELMONT OIL CORP 70 NEW YORK NY NEW YORK NY BEACHWOOD OH TULSA OK BALTIMORE MD EDEN PRAIRIE MN MENLO PARK CA MOUNTAIN VW CA GERMANTOWN MD ST. LOUIS MD LITTLE ROCK AR NEWARK NJ LOWELLVILLE OH HOUSTON TX OMAHA NE TORONTO ONT MATHEWS NC EL PASO TX SAN MATECO CA MILWAUKEE WI TARRANCE CA SAN CARLOS LOS ANGELES CA LOS ANGELES CA MERCER IS WA NOT KNOWN AURORA OH SALT LKE CTY VT EL SEGUNDO CA LIVERPOOL NY SOUTH BEND CLEVELAND OH EDISON NJ MEMPHIS TN MEMPHIS TN BELLEVILLE WI WASHINGTON DC MONTVALE NJ CHEVY CHASE MD SOUTHFIELD MI HOUSTON TX OAK BROOK IL CHEVY CHASE MD WASHINGTON DC SALT LKE CTY VT DETROIT MI CHICAGO IL CINCINNATI OH HOUSTON TX MONTGOMERY AL NEW YORK NY IN FENTRON HGHWY PRO FERRO CORP FERROFLUIDICS COR FIREBOARD CORP FERRY CAP & SET SC FIDELCO INVESTORS FIDELCOR FIDELITY FIDELITY FIDELITY FIDELITY FIDELITY FIDELITY INC AM BNKSHRS CORP FINAN CORP OF OK INC UNION CORP UNION LIFE FIELDCREST MILLS FIFE CORP FILMSWAY INC FIFTH THIRD BANCORP FIGGIE INTER FINACIAL CORP AM FIN'L CORP FINANCIAL FED INC FINGEN BNCHRS INC FINANCIAL SEVICES FINGERHUT CORP FINNIGAN CORP FIRESTONE TR & RU FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST & MER CORP AL BANCSHARES AMER FIN CO AMTENN CORP AMER BANK CO AR BANSTOCK ATLANTA CORP BANGROUP AL BANC GROUP BANCSHARES BANKCORP BANK OF NW HV BANK SYS INC BNKR CRP FL BANCSHARES FL BOSTON CRP CAP CORP CAROLINA INV CHARTER FIN CHI CORP CITY BNCORP COINVESTORS COLONY LIFE COMMERCE CRP COMMERCIAL BK 71 SEATTLE WA CLEVELAND OH NASHUA NH SAN FRANCSCO CLEVELAND OH ROSEMONT PA PHILEDELPHIA LYNCHBURG VA ATLANTA CA SAN FRANCSCO OKLAHOME CTY NEWARK NJ DALLAS TX EDEN NC OKLAHOMA CITY OK LOS ANGELES CA CINCINNATI OH QILLOUGHBY OH LOS ANGELES CA SANTA BARBRA CA LOS ANGELES CA WASHINGTO DC ROCK ISLAND IL MINNETONKA MN SUNNYVALE CA AKRON OH RICHMOND VA MONTGOMERY AL SANTA ANA CA NASHVILLE TN KALAMAZOO MI LITTLE ROCK AR ATLANTA GA MOBILE AL COLUMBUS OH COLUMBIA SC TOLEDO OH NEW HAVEN CT MINNEAPOLIS MN POMPANO BCH FL BOCA RATON FL NEW YORK NY JACKSON MS CHARLOTTE NC BEVERLY HLLS CA CHICAGO IL HOUSTON TX ALBERTSON NY LYNCHBURG VA NEW ORLEANS LA ALBANY NY CA PA CA OK FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST FIRST CN BANCORP CONTINENTAL EMPIRE ST CRP EXEC CORP FARWEST CRP FED SVNG & LN COM RLTY INV CNTNNTL REIT FED S&L FED LIFE INS FED SVNGS CHI DENVER MORT FIN VA CO FL BANK INC FIN CORP FIN S&L WIS GREATWEST CRP HAWAIIAN BNK IL CORP INTERSTATE INTER BANKSH INV LF INS KY NATL CRP LIN FIN CRP JERSEY NAT MD BANCORP MEM RLTY TRST & MER CORP MIDWEST CORP MS CORP MORT INV NAT BANCORP FRST NAT BNK OF ANC FRST NAT LTTLE RCK FIRST FIRST FIRST FIRST NATL BANK NAT BNK OF NJ NAT BSTN CRP NTNL CHARTER FRST NATL SUPMARKE FIRST FRST FRST FRST FRST FRST FIRST FRST NATNL CINCIN NATL ST BNK NJ NATL CORP WISC OF MI CAP CORP NATL HOLD CORP OK BANDCORP NAT SAN JOSE NEW MEX BNKSHR FRST PENN MORTAGE FRST PENN CORP FIRST S&L SHARES FRST RAIL ROAD BNK 72 HARTFORD CT HOUSTON TX BUFFALO NY BEVERLY HLLS CA PORTLAND OR RALEIGH NC NEW ORLEANS LA HOUSTON TX ROANOKE VA BALTIMORE MD CHICAGO IL DENVER CO MCLEAN VA TAMPA FL TAMPA FL STEVENS POINT WI LINCOLN NE HONOLULU HI EVANSTON IL LOS ANGELES CA DALLAS TX NEW YORK NY LOUISVILLE KY LOS ANGELES CA JERSEY CITY NJ BALTIMORE MD MEMPHIS TN RICHMOND VA MINNEAPOLIS MN JACKSON MS BOSTON MA HOUSTON TX ANCHORAGE AK LITTLE ROCK AR ALLENTOWN PA PRINCETON NJ BOSTON MA KANSAS CITY MO MAPLE HEIGHTS OH CINCINNATI OH NEWARK NJ APPLETON WI DETROIT MI ATLANTA GA OKLAHOMA CTY OK SAN JOSE CA ALBURQUERQUE NM NOT KNOWN PHILEDELPHIA PA DENVER CO AUGUSTA GA FRST SECURITY CORP FRST WEST FINANCIAL FIRST SAVING ASSOC FRST TENN NATL CORP FIRST S&L ASSOC FRST TEXAS FIN CORP FRST UNION CORP FRST UNION INC FRST UNION BANCORP FRST UNION REAL EST FIRST VALLEY CORP FRST VERMONT BANKS FRST UNITED CORP FRST VA BNKSHRS CO FRST VIRGINIA MORT FRST WEST FINANCIAL FRST VIRGINIA BANKS FRST WISCONSIN CORP FISCHBACH&MOORE FISCHER&PORTER FISHER FOODS INC FISHER SCIENTIF CO FITCHBURG GAS ELECT FLAGSHIP BANKS INC FLAGG INDUS INC FLAME IND INC FLEETWOOD ENTER INC FLEMING COMPANIES FLEXI-VAN CORP FLEXSTEEL IND INC S M FLICKINGER CO FLIGHT SAFETY INTER FLINTKOTE COMPANY FLOR CYPRESS GARDEN FLOATING POINT SYST FLORIDA GAS COMPANY FLOR MINING MATLS FLOR EST CST RWY CO FLOR GULF REALTY TR FLOR NATL BANKS FLOR POWR&LIGHT CO FLOR PROGRESS CORP FLOR PUB UTILITIES FLOR ROCK IND FLOR STEEL CORP FLOW GENERAL INC FLOWER IND INC JOHN FLUKE MFG CO FLUODCARBON COMPANY FLUOR CORP FLYING DIAMOND CO 73 SALT LKE CTY UT LAS VEGAS NV MILWAUKEE WI MEMPHIS TN FRESNO CA DALLAS TX CHARLOTTE NC ST LOUIS MO ST LOUIS MO CLEVELAND OH BETHLEHEM PA BRATTLEBORO VT FORT WORTH TX FALLS CHURCH FALLS CHURCH LAS VEGAS NV FALLS CHURCH MILWAUKEE WI NEW YORK NY WARMINSTER PA BEDFORD HEIGHT OH PITTSBURGH PA BOSTON MA TAMPA FL VAN NUYS CA CHASKA MN RIVERSIDE CA TOPEKA KS NEW YORK NY DUBUQUE IA BUFFALO NY FLUSHING NY WHITE PLAINS NY WINTER HAVEN FL BEAVERTON OR WINTER PARK FL TAMPA FL ST AUGUSTINE SOUTH DALTON JACKSONVILLE MIAMI FL ST PETERSBRG W PALM BEACH JACKSONVILLE TAMPA FL MCLEAN VA THOMASVILLE GA SEATLLE WA ANAHEIM LA LOS ANGELES CA DENVER CO VA VA VA FL FL FL FL FL FL FLYNN ENERGY CORP FLOUROCARBON COMP F M C CORP FOOD FAIR STORES FOOD TOWN STORES FOOTE CONE&BENDING FORD MOTOR CO CAN FORD MOTOR CO FOREMST MCKESSN INC FOREMST CORP OF AM FOREST CTY ENTRPRSE FOREST LAB INC FOREST OIL CO FORT HOWARD PAPER FOSTER WHEELER CORP L B FOSTER & CO FOTOMAT CORP FOUR PHASE SYS INC FOX-STNLEY PHOTO PR FOXBORO CO F P A CORP (DEL) FRANKLIN ELECTRC CO FRANKLIN LIFE INS FRANKLIN MINT CORP FRNKLN RLTY & MORT FRANKS NURSRY SALES FRASER MORTAGE INV FRASER MORTGAGE INV FREDRICK & HERRUD FREE STATE GEDULD FREEDON SAV & LOAN FREEPORT MINERLS CO FREMONT GENERL CORP FRIENDLY ICE CREAM FRIENDLY ICE CREAM FRIGITRONICS INC FRIONA INDUSTRIES FRISCHS RESTRNT INC FRONTIER AIRLINES FROZEN FD EXPRS IND FRUEHAUF CORP FUJI PHOTO H B FULLER CO FULTON NATL CORP FUNTIME INC FUJISAWA PHARMA FUIJITSU FURRS CAFETERAS INC 74 TULSA OK LAGUNA NIGEL LA CHICAGO IL PHILIDELPHIA PA SALISBURY NC NEW YORK NY OAKVILL ONT CAN DEARBORN MI SAN FRANCSCO CA GRAND RAPIDS MI CLEVELAND OH NEW YORK NY DENVER GO GREEN BAY WI LIVINGSTON NJ PITTSBURGH PA LAJOLLA CA CUPERTINO CA SAN ANTONIO TX FOWBORO MA POMPANO FL BLUFTON IN SPRINGFIELD IL FRANKLN CNTR PA RYDAL PN DETROIT MI CLEVELAND OH WESTLAKE OH DETRIOT MI NOT KNOWN WORCESTER MA NEW YORK NY LOS ANGLES CA WILBRAHAM MA ENOME TX SHELTON CT MINNEAPOLIS MN CINCINNATI OH DENVER COL DALLAS TX DETRIOT MI TOKYO JAPAN ST PAUL MN ATLANTA GA AURORA OH OSAKA 541 JPN TOKOYO JAPAN LUBBOCK TX GAF CORPORATION GALAXY CARPET MILLS G&K SERVICE INC GALAXY OIL CO GALVESTON--HOUSTON GAMBLE-SKOGMO INC GAMMA PRCESS CO INC GANNETT CO INC THE GAP STORES GARAN INCORPORATED GARDNER-DENVER CO GARFINCKLE BROKS BR GAS SERVICE COMPANY GATES LEAR JET CORP GATEWAY TRANS INC G A T X GCA CORPORATION GDU INCORPORATED GEICO CORPORATION GEARHART-OWENS IND GELCO CORPORATION GELMAN INSTRUMNT CO GENENTECH INC GENERAL AM INVES CO GEN AM OIL CO OF TX GENUINE AUTO PARTS GEN AUTOMATION CO ‘GENRAL BINDING CORP GENERAL CABLE CORP GENERAL CARE CORP GULBRO CORP GENERAL CINEMA CORP GENE DATACOM INC GENERAL DEFENSE CO GEN DEVELOPMNT CORP GEN DYNAMICS CORP GENERAL ELECTRIC CO GEN EMPLYMNT ENTRPR GENERAL ENERGY CORP GEN EXPLORATION CO GENERAL FOODS CORP GEN GROWTH PROP'S GEN HEALTH SERVICES GENERAL HOST CO GEN HOUSEWARES CORP GENERAL INSTRUMENT GEN MEDICAL CORP GENERAL MILLS INC GENERAL MOTORS CORP GEN NUTRITION INC GEN OHIO S & L CORP 75 NEW YORK NY CHICAGO IL MINNEAPOLIS MN WICHITA FLLS TX HOUSTON TX MINNEAPOLIS MN BALLSTON SPA NY ROCHESTER NY BURLIGAME CA NEW YORK NY QUINCY IL WASHINGTON D C KANSAS CITY MO WICHITA KS LA CROSSE WI CHICAGO IL BEDFORD CT BEDFORD MA WASHINGTON D C FORT WORTH TX HOPKINS MN ANN ARBOR MI S SAN FRANCISCO NEW YORK NY DALLAS TX DALLAS TX ANAHIEM CA NORTHBROOK IL GREENWICH CT NASHVILLE TN NEW YORK NY BOSTON MA WILTON CT OLD GREENWCH CT MIAMI FL ST LOUIS MO MEW YORK NY CHICAGO IL LEXINGTON KY DALLAS TEXAS WHITE PLAINS NY DES MOINES IA CULVER CA NEW YORK NY STANFORD CT NEW YORK NY RICHMOND VA MINNEAPOLIS MN DETRIOT MI PITTSBURGH PA FINDLAY OH GEN PORTLAND INC GENERAL PUBLIC UTIL GEN REINSURNCE CORP GEN SEMICONDCTR IND GENERAL SHALE PROD GEN SIGNAL CORP GEN TELE & ELECTRON GEN TIRE & RUBBR CO GENESCO INC GENISCO TECH CORP GENOVA INC GENROD INC GENSTAR LTD GENIUNE PARTS CO GEO INTERNATIONAL GEOKINETICS INC GEORESOURCES INC GEORGIA PACIFC CORP GEOSOURCES INC GERBER PRODUCTS CO GERBER SCIENTFC INC GERBER SYSTEMS TECH GERMANIA FED S & L GETTY OIL CO GF BUSINESS EQUIP GI EXPORT CORP GIANT FOOD INC GNT YELLWKNFE MINES THE GIBSN-HOMANS CO GIDDINGS & LEWIS IN GIFFORD—HILL & CO GILBERT ASSOC INC GILBERT—ROBINSN INC GILBRALTAR FIN CORP GILFORD INSTR LABS GILLETTE CO GINOS INC GIRARD BANK G & K SERVICES INC GK TECHNOLOGIES INC GLEASON WORKS GLENMRE DISTILLERS P H GLATFELTER CO GLOBAL MARINE INC GLOBE LIFE—ACC INS GLOBE-UNION INC GODFREY CO GOLDEN NUGGET INC GOLDEN WEST FIN GLDN WST MOBLE HOME L S GOOD & CO 76 DALLAS TX NEW YORK NY NEW YORK NY TEMPE AZ JOHNSON CITY TN STANFORD CT STANFORD CT AKRON OH NASHVILLE TN COMPTON CA DAVISON MI CONCORD MA MONTREAL QUE CA ATLANTA GA STANFORD CT CONCORD CA WILLISTON ND PORTLAND OR HOUSTON TX FREEMONT MI SOUTH WINDSR CT NOT KNOWN ALTON IL LOS ANGELES CA YOUNGSTOWN OH WOODBURY NY WASHINGTON D C TORONTO ONT CA CLEVELAND OH FOND DU LAC WI DALLAS TEXAS READING PA KANSAS CITY MO BEVERELY HILLS OBERLIN OH BOSTON MA KG OF PRUSSA PA PHILEDELPHIA PA MINNEAPOLIS MN GREENWICH CT ROCHESTER NY LOUISVILLE KY SPRING GROVE PA LOS ANGELES CA OKLOHOMA CTY OK MILWAUKEE WI WAUKESHA WI LAS VEGAS NEV OAKLAND CA SANTA ANA CA NOT KNOWN B F GOODRICH CO GOODY PRODUCTS GOODYR TIRE & RUBBR GORDON JEWERLY CO GORMAN-RUPP CO GOTAUS LARSEN SHPNG GOULD INC GOULDS PUMPS INC GOV'T EMPLOYEES FIN GOV'T EMPLYS INS CO GOV'T EMP LIFE INS GOV'T SERVCES S & L W R GRACE & CO GRACO INC GRAHAM MANU CO INC W W GRANGER GRAND CENTRAL INC GRAND UNION CO GRANITEVILLE CO GRANGER ASSOC GRANTREE CORP GRAPHC CONTRLS CORP GRAPHC SCANING CORP GRAVES TRCK LNS INC GRAY COMM SYSTEMS GRAY DRUGS STORES GRAY TOOL CO GREAT AM CORP GREAT AM IND INC GRT ATLANTIC & PAC GRT BASINS PETRO CO GRT CAN'N OIL SANDS GRT LKS CHEM CORP GRT LKS GAS TRANS GRT LKS INTRNATIONL GREAT MIDWEST CORP GRT NORTHRN IRN ORE GRT NORTHRN NEKOOSA GRT SOUTHERN CORP GRT SOUTHRN LFE INS GREATWEST HOSPITALS GREAT WESTERN FIN GREAT WESTRN UNITED GREATE BAY CASINO GRTER JERSEY BANCRP GREEN GAINT COMPANY GREY ADVERTISNG INC GREYHOUND CORP GRI CORPORATION GROILER INC GROSS TELCASTNG INC 77 AKRON OH KEARNY NJ AKRON OH HOUSTON TX MANSFIELD OH NEW YORK NY CHICAGO ILL SENECA FALLS NY DENVER COLORADO WASHINGTON D C WASHINGTON D C BETHESDA MD NEW YORK NY MINNEAPOLIS MN BATAVIA NY CHICAGO IL SALT LK CTY UT ELM WOOD PRK NJ GRANITEVILLE SC SANTA CLARA CA PORTLAND OR BUFFALO NY NEW YORK NY SALINA KS ALBANY GA CLEVELAND OH HOUSTON TX BATON ROUGE 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PLANTATON FL HACH CHEMICAL CO HAEMONETICS CORP ERNESTW HAHN INC FRANK B HALL & CO HALLIBURTON CO HALLS MOTOR TRANSIT HAMITON BRO EXPLO HAMILTON BRO PETRO HAMMERMILL PAPER CO HANDLEMAN CO HANDY & HARMON HANES CORPORATION HANNA MINING HANOVER INS CO HANOVR SQ RELTY INV HARCRT BR JOVANOVCH HARDEES FOOD SYSTEM HARDWICKE CO INC JOHN HARLAND CO HARMAN INTERNAT IND HARNISCHFEGER CORP THE HARPER GROUP HARRAHS HARRIS BANCORP HARRIS CORP PAUL HARRIS STORES HARSCO CORP HARTEBEEST FONTEIN HART EXPLOR & PROD HART SCHAFNR & MARX HARTE-HANKS NEWSPPR HARTFORD NAT'L CORP HARTFRD STM BOILER HARTZ MOUNTIAN CORP HARVEY GROUP HASBRO INDUSTRIES HAUSERMAN INC HAVERTY FURNITRE CO HAWAII BANCORP HAWAIIAN AIRLNS INC HAWAIIN ELECTRIC CO HAWKEYE BANCORP HAWTHORNE FINANCIAL HAYES ALBION CORP HAYWARD MANU CO INC HAZELTIME CORP HAZLETON LABS HBO & CO HCA INC HCC INDUSTRIES HEALTH CARE FUND 79 AMES IA NOT KNOWN HAWTHORN CA BRIARCLF MNR NY DALLAS TX MECHANICSBRS PA DENVER CO DENVER CO ERIE PA DETROIT MI NEW YORK NY 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BEACH FL SAN FRANCISCO SANTA ANA CA COLUMBUS OH MUSCATINE IA TOKYO JAPAN MINNEAPOLIS MN INDIANA IN ANN ARBOR MI CANTON OH MORRISON NJ AUSTIN MN NEW YORK NY NASHVILLE TN NASHVILLE TN BARRINGTON ILL NORTH MIAMI FL PROVIDENCE RI CLEVELAND OH SANTA MONICA CA KENSINGTON MD BUFFALO NY BOSTON MA SUN VALLEY CA CHICAGO ILL CHICAGO ILL HOUSTON TX HOUSTON TX HOUSTON TX HOUSTON TX HOUSTON TX HOUSTON TX HOUSTON TX BURLINGTON BOSTON MA HOUSTON TX BOSTON MA VT HARVEY HUBBELL INC HUDSN BAY MIN & SML HUDSONS BAY CO HUDSN BAY OIL & GAS HUDSONS GENERL CORP HUDSON OHIO OIL CO HUFFMAN MFG CO HUFFMAN MFG CO HUFFY CORP HUGHES AIR CORP HUGHES & HATCHR INC HUGHES SUPPLY INC HUGHS TOOL CO HUMPHREY INC HUMANA INC HUNGRY TIGER INC HUNT CHEMICAL CORP HUNT MFG CO HUNT'GTON BCSHARESC HUSKY OIL CO HUNTI'GTN HEATH SRV HUSKY OIL LTD E F HUTTON GROUP HYDRAULC PRES BRICK HUYCK CORPORATION HYATT CORPORATION HYBRITECH HYCEL INCORPORATED HYDE ATHLETIC IND HYSTER COMPNAY 82 ORANGE CT TORONTO ONT CAN TORONTO ONT CAN CALGARY 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CORPORATION OLINCRAFT OLSTEN OLYMPIA BREWING CO OMAHA NAT'L CORP OMARK IND INC OMEGA OPTICAL OMNIMEDICAL SERVICS OMNICARE OMNIDENTIX SYSTEMS ON-LINE SYSTEMS INC ONEIDA LTD ONEOK ONYX I M I OPPENHEIMER IND INC OPTICAL COATING LAB OPTICAL RADIATION OPTIMUM HOLDING 105 NABABBEEP S AFR WINCHESTER MA NEW YORK NY CRYSTAL LAKE IL BERKELEY HTS NJ GEENSBORO NC LOS ANGELES CA HOUSTON TX NEW ORLEANS LA NEW ORLEANS LA ANAHEIM CA NEW ORLEANS LA DENVER CO HOUSTON TX LAFAYETTE LA NEW YORK NY NEW YORK NY CLEVELAND OH MANSFIELD OH BRYAN OH HAMILTON AKRON OH CANTON OH CLEVELAND OH CHICAGO IL MILWAUKEE WI KAWASAKI JAPAN OKLAHOMA CTY OK YULSA OK RICHMOND VA EVANSVILLE IN CHICAGO IL CHICAGO IL STAMFORD CT WEST MONROE LA WESTBURY NY OLYMPIA WA OMAHA NE PORTLAND OR DALLAS TX PARA MOUNT CA CINCINNATI OH WESTWOOD MA PITTSBURG PA ONEIDA NY TULSA OK CUPERTINO CA KANSAS CITY MO SANTA ROSA CA AZUSA CA NEW YORK NY OH ORANGE & ROCKLND UT ORANGE COMPANY INC ORBANCO ORBIT INSTRUMENT OREGON METALLURGICL OR PORTLAND CEMENT ORIOLE HOMES CORP ORION CAPITAL CORP ORION RESEARCH ORROX CORP OSHMANS SPORTG GOOD OSMONICS INC OTTER TAIL PWR CO OUTBOARD MARINE CRP OUTDOOR SPORTS IND OUTLET COMPANY OVERHEAD DOOR CORP OVERMYER CORPORATON OVERNITE TRANS CO OVERSEAS NAT AIRWAY OVERSEAS SHIPHOLDNG OWNS—CORNNG FIBRGLS OWENS-ILLINOIS INC OWENS MINOR BODEKAR OWENS OHIO INC OXFORD IND INC OSOCO OWFORD PENDAFLES OZARK AIRLINES INC OZARK AIRLINES INC 106 SPRING VALLY NY COLUMBUS OH PORTLAND OR SYOSSET NY ALBANY OR PORTLAND OR POMPNO BEACH FL PARSIPPANY NJ CAMBRIDGE MA SANTA CLARA CA HOUSOTN TX HOPKINS MN FERGUS FALLS MN WAUKEGAN IL DENVER CO PROVIDENCE RI DALLAS TX WINCHESTER IN RICHMOND VA JAMAICA NY NEW YORK NY TOLEDO OH TOLEDO OH RICHMOND VA TOLEDO OH ATLANTA GA HOUSTON TX GARDEN CITY NY ST LOUIS MO ST LOUIS MO PABST BREWING CO P A C C A R INC PACESETTER CORP PACER TECH & RESORC PACIFIC COAST PROP PAC GAMBLE ROBINSON PACIFIC GAS * ELECT PACIFIC GAS TRANSM PACIFIC LIGHTNG CRP PACIFIC LIGHTG SERV PACIFIC LUMBER CO PACFC N W BELL TELE PACIFIC PETRO LTD PACIFIC PWR & LGHT PACIFIC REALTY TRST PACIFIC RESOUCES PACIFIC SCIENTIFIC PACIFIC TELECOM PACFC TELE & TELEGH PACKAGING SYSTEMS PACO PHARMACEUTICAL PACWEST BANCORP PAGES INC PAGE PETROLEUM LTD PAINE WEBBER JACKSN PAKCO COMPANIES INC PAKO CORPORATION PALL CORPORATION PALM BEACH COMPANY PALMETTO S & L PAMEX FOODS INC PAMIDA INC PAN AM WORLD AIRWYS PAN AMER BANKSHARES PAN CAN PETRO LTD PAN OCEAN OIL CORP PANAX CORP PANDICK PRESS INC PNHANDLE E PIPE LNE PAN TASOTE CO PANSOPHIC PAR SYSTEMS CORP PAPERCRAFT CORP PARADUNE CORPORATON PARGAS INCORPORATED PARK-OHIO IND INC PARKER DRILLING CO PARKER—HANNIFIN CRP PARKER PEN CO RALPH M PARSONS PARTENERS OIL CO 107 MILWAUKEE WI BELLEVUE WA OMAHA NE CAMPBELL CA SANTA MONICA CA SEATTLE WA SAN FRANCISO CA SAN FRANCISO CA LOS ANGELES CA LOS ANGELES CA SNA FRANCISO CA SEATTLE WA CALGARY CAN PORTLAND OREGON NOT KNOWN HONOLULU HI LOS ANGELES CA VANCOUVER WA SAN FRANSICO CA ORANGEBURG NY LAKEWOOD NJ MILWAUKEE OR WEST HARTFRD CT CALGARY ALB CAN NEW YORK NY HAMMONTON NJ MINNEAPOLIS MN GLEN COVE NY CINCINATI OH PALMETTO FL FORT WORTH TX OMAHA NE NEW YORK NY MIAMI FL CALGARY ALB CAN NEW YORK NY EAST LANSING MI NEW YORK NY HOUSTON TX GREENWICH CT HINSDALE IL PITTSBURG PA PITTSBURG PA NEW YORK NY WALDORF MD CLEVELAND OH TULSA OK CLEVELAND OH JANESVILLE WI PASADENA CA HOUSTON TX PASCO INC PATHCOM INCORPORATD PATRICK IND PATRICK PETRO CO PATTON OIL CO PAUL HARRIS STORES PAULY PETRO INC FRANK PAXTON CO PAYFORE SYSTEMS INC PAY N PAK STORES PAY N SAVE CORP PAY LESS DRUG STRE PAY CO AMERICAN CRP PAYLESS CASHWAYS PAYLESS DRUG STR NW PCA INTERNAT'L INC PBA INC PEABODY INTER CORP PEABODY GALION CORP PEACHTREE DOORS PEAVY COMPANY PEERLESS CHAIN CO PEERLESS INS CO PEERLESS MANU CO PENGO IND PENN CORP FIN INC PENN REAL EXTAT INC PENN CENTRAL CO PENN TRAFIC CO J C PENNY COMPANY PENNSYLVANIA LIFE PENNSYLVANIA REIT PENN CORP FINANCIAL PENN ENG & MFG CORP PENN-DIXIE IND PENN VIRGINIA CORP PENN PWR & LGHT CO PENNWALT CORP PENNZOIL COMPANY PENNZOIL LA TX OFSH PENNZOL OFSH GAS OP PENRIL CORPORATION PENTAUR IND INC PEOGO PEOPLES PEOPLES PEOPLES PEOPLES PEOPLES PEOPLES PEOPLES BAN CORP BANK NC BANKING CRP DRUG STORE ENERGY EXPRESS GAS COMPANY 108 NEW YORK NY HARBOR CITY CA ELKHART IN JACKSON MI ENGLEWOOD CA INDIANAPOLIS IN LOS ANGELES CA KANSA CITY MO LOS ANGELES CA KENT WA SEATTLE WA OAKLAND CA MILWAUKEE WI IOWA FALLS IA PORTLAND OR MATTHEWS NC JAMAICA NY STAMFORD CT NEW YORK NY NORCROSS GA MINNEAPOLIS MN WINONA MN KEENE NH DALLAS TX SUNNYVALE CA SANTA MONICA WYNCOTE PA PHILEDELPHIA NEW YORK NY NEW YORK NY SANTA MONICA WYNCOTE PA SANTA MONICA DANBORO PA NEW YORK NY PHILEDELPHIA ALLENTOWN PA PHILEDELPHIA HOUSTON TX HOUSTON TX HOUSTON TX ROCKVILLE MO ST PAUL MN HOUSTON TX SEATTLE WA ROCKY MOUNT NC BAY CITY MI WASHINGTON D C CHICAGO IL NEWARK NJ CHICAGO IL CA PA CA CO PA PA PEOPLS NAT BK OF WA PEOPLES RESTUARANTS PEP BOYS—MANNY MOE PEPSICO INC PERINI CORP PERKIN ELMER CORP PERMIAN BASIN TRUST PERTEC COMPUTER CRP PERRY DRUG STORES PET INCORPORATED PETER PAUL INC PETRSN HOWEL-HEATHR PETRIE STORES CORP PETRO-LEWIS CORP PETROLANE INCORP PETROLEM & RESOURCS PETROLEUM DEVE CORP PETRO CORP OF AM PETRO EQUIPMNT TOOL PETRO HELICOPTERS PETROLITE CORP PETTIBONE CORP PFIZER INC P H H GROUP PHELPS DODGE CORP PHIBRO CORP PHILEDELPHIA ELECT PHILDELPHA LIFE INS PHILEDELPHIA NAT'L PHILDPHA SUBURBAN PHILLIP MORRIS INC PHILLIPS IND INC PHILLIPS-FOSLUE CRP PHILLIPS N V PHILLIPS PETRO CO PHILLIPS-VAN HEUSEN PHEONIX RESOURCES PHYSIO-CONTROL CORP PIC N PAY STORES PIC N SAVE CORP PICKWICK INTERNAT'L PICCADILLY CAFE PICO PRODUCTS PIONEER CORP PIEDMONT BANK GROUP PIECE GOODS SHOPS PIEDMONT AVIATION PIEDMONT NATURL GAS PIEDMONT MANAGEMNT PIER 1 IMPORTS INC PILLSBURY CO 109 SEATTLE WA RICHARDSON TX PHILADELPHIA PA PURCHASE NY FRAMINGHAM MA NORWALK CT FORTWORK TX EL SEGUNDO CA PONTIAC MI ST LOUIS MO NAUCATUCK CT BALTIMORE MD SECAUCUS NJ DENVER CO LONG BEACH CA NEW YORK NY PALM SPRINGS CA NEW YORK NY HOUSTON TX HARAHAM LA ST LOUIS MO CHICAGO ILL NEW YORK NY HUNT VALLEY NEW YORK NY NEW YORK NY PHILEDELPHIA PHILEDELPHIA PHILEDELPHIA BRYN MAWR PA NEW YORK NY DAYTON OH HIGHPOINT NOT KNOWN BARTLESVILLE NEW YORK NY DENVER CO SEATTLE WA MATHEWS NC CARSON CA WOODBURY NY BATON ROUGE LA LIVERPOOL NY AMIRILLO TX MARTINVILLE VA WINSTON SALM NC WINSTON SALM NC CHARLOTTE NC LOS ANGELES CA FORT WORTH TX MINNEAPOLIS MN MD PA PA PA NC OK PINEHURST CORP PINKERTONS INC PIONEER CORPORATION PIONEER CORP PIONR ELECTRN OF AM PIONEER FOOD IND PIONR HI-BRED INTER PIONEER STD ELECTRN PIONEER WESTERN CRP PIPER IND INC PIPER JAFFRAY INC PITNEY-BOWES INC PITSBRG—DES MOIN ST PITTSBURGH FORGINGS PITTSBRG NAT'L CORP PITTSTON CO PETTWAY CORP PIZZA HUT INC PIZZA INN INC PIZZA TIME THEATRE PIZZA VENTURES INC PLACER DEVLPMNT LTD PLANTER NAT'L B & T PLANNING RESEARCH PLANTRONICS INC PLATRONICS INC PLAYBOY ENTERPRISES PLENUM PUBLISHING PLESSY INC PNB MORT & REALITY PNEUMO CORP POGO PRODUCING POLARIS RESOURCES POLAROID CORP POLICY MANAGEMENT POLYCHROME GROUP POLYMER MATERIAL PONDEROSA SYSTEM POPE EVANS & ROBBNS POPE & TALBOT INC POSI-SEAL INT'L INC POPULAR BANKSHARES POPE & TALBOT INC PORTEL INC PORTEC INC PORTLAND GEN'L ELEC PORTA SYSTEMS CORP POSI SEAL INTERNAT POSSIS CORP POST CORPORATION POSTAL INSTANT PRES 110 LOS ANGELES CA NEW YORK NY AMIRILLO TX LITTLE ROCK AK LONG BEACH CA DEWITT AK DES MOINES IA CLEVELAND OH CLEARWATER FL MEMPHIS TN MINNEAPOLIS MN STAMFORD CT PITTSBURGH PA CARAOPOLIS PA PITTSBURG PA NEW YORK NY NORTHBROOK IL WICHITA KS DALLAS TX SUNNYVALE CA WAYZATA MN VANCAUVER CAN ROCKY MOUNT NC WESTWOOD CA SANTA CRUZ CA LINDEN NJ CHICAGO IL NEW YORK NY MELVILLE NY MELROSE PARK PA BOSTON MA HOUSTON TX DENVER CO CAMBRIDGE MA COLUMBIA SC YONKER NY FARMINGDALE DAYTON OH NEW YORK NY PORTLAND OR LOS ANGELES MIAMI FL PORTLAND HINSDALE OAKBROOK PORTLAND OR SOYOSSET NY N STONINGTN MINNEAPOLIS APPLETON WI LOS ANGELES NY CA OR IL IL CT MN CA POTLATCH CORP POTOMAC ELECTRC PWR POWELL IND INC POTT IND INC POWER DESIGNS INC POWER RESOURCES CRP PPG IND INC PRAB ROBOTS PRECISION CAST PRTS PRAIRIE PRODUCING HENRY PRATT CO PRAIRIE OIL ROYALTS PREEFFRD RSK LF INS PREMIER IND CORP PRENTICE-HALL INC PRESIDENT BR COLD PRESIDENT STEYN GLD PRESIDIO OIL C0 PRESTON MINES LTD PRESTO PROD INC PRESELY COMPANIES PRESTON TRUCKING C0 PREWAY INC PRICE COMPANY H C PRICE COMPANY PRIME COMPUTER INC PRIME MOTOR INNS PRIME TECHNOLOGY PRIMARK CORP PRINTRONIX INC PROCOR INC PROCTOR & GAMBLE PRODUCTNS OPERATONS PRODCTNS RES & CHEM PROFESSIONAL CARE PROGRESSIVE CORP PROLER INTERNAT'L PROPERTY CAPITAL TR PROPERTY INV 0F CO PROPERTY TR OF AM PROPRIETORS CORP PROTECTIVE LIFE INS PROVIDENCE GAS CO PROVIDENT BANCORP PROVIDENT LIFE & AC PROVIDENT NAT'L CRP PRUDNTL BUILD MAINT PSA INC PSYCH SYSTEMS PUBLC SERV CO OF C0 PUBLC SRV ELCT & GS 111 SAN FRANSICO CA WASHINGTON D C HOUSTON TX ST LOUIS MO WESTBURY NY DENVER CO PITTSBURG PA KALAMAZOO MI PORTLAND OR HOUSTON TX AURORA IL CALGARY ALB CAN W DES MOINES IA CLEVELAND OH ENGLEWD CLFS NJ SOUTH AFRICA SOUTH AFRICA DENVER CO TORONTO ONT CAN APPLETON WI NEWPRT BEACH CA PRESTON MD WI RAPIDS WI SAN DIEGO CA BARTLESVILLE 0K FRAMINGTON MA CLIFTON NJ SAN MATEO CA DETROIT MI IRVINE CA AMARILLO TX CINCINNATI OH HOUSTON TX BURBANK CA PINEVILLE PA CLEVELAND OH HOUSTON TX BOSTON MA DENVER CO EL PASO TX DELEWARE OH BIRMINGHAM AL PROVIDENCE RI CINCINNATI OH CHATTANOOGA TN PHILEDELPHIA PA NEW YORK NY SAN DIEGO CA NOT KNOWN DENVER CO NEWARK NJ PUBLIC SERV CO PULIC SERV CO N PUBLIC SERV CO PUBLIC SERV NC PUGET SOUND NATL BK PUGET SOUND BANCORP PUGET SOUND PWR & L PULASKI FURNITURE PULLMAN INC PULTE HOME CORP PUREPAC LAB COR PURE CYCLE CORP PUNTA GORDA ISL PUREX CORP PURITIAN-BENNET PURITON FASHION PURALATOR INC PUROLATOR INC PYRO ENERGY IN H NM P ES S 112 PLAINFIELD IN MANCHESTER NH ALBURQUE NM GASTONIA NC NOT KNOWN TACOMA WA BELLEVUE WA PULASKI VA CHICAGO IL W BLOOMFIELD MI ELIZABETH NJ BOULDER CO LAKEWOOD CA LAKEWOOD CA KANSAS CITY MO NEW YORK NY RAHWAY NJ PISCATAWAY NJ EVANSVILLE IN QUAKER CHEMICAL CRP Q M G HOLDING QUADREX CORP QUAKER OQTS COMPANY QUAKR ST OIL REFING QUALITY MILLS INC QUANEX CORP QUANEX CORP QUANTRONIX CORP QUALITY CARE INC QUANTOR CORPORATION QUEEN CITY S & L QUESTOR CORPORATION QUIXOTE CORPORATION QUOTRON SYSTEMS INC 113 CONSHOHOCKEN PA TORONTO ONT CAN CAMPBELL CA CHICAGO IL OIL CITY PA MOUNT AIRY NC HOUSTON TX SO LYON MI SMITHTOWN NY ROCKVILE CTR NY MOUNTAN VIEW CA SEATTLE WA TOLEDO OH CHICAGO IL LOS ANGELES CA RADIATION SYSTEMS RADIATION TECHNOL RADIOTONE CORP RAGEN PRECISIONS RAI RESEARCH CORP RAINBOW RESOURCES RAINIER BANCORP RALSTON PURINA CO RAMADA INNS INC RAMPAC RANTEK CORPORATION RANCHERS EXPL & DEV RANCHERS PACKING RANCO INC RAND INFO SYSTEMS RAND FONTEIN ESTATE RANGAIRE CORP RANGER OIL LTD RANIER COMPANIES RANK ORGANIZATION RANSBURG CORPORATON RAPIDATA RUTLIFF DRILLING CO RAYBESTOS-MANHATTAN RAYCHEM CORPORATION RAYMOND CORP RAYMOND IND INC RAYMOND INTERNAT'L RAYTHEON COMPAN7Y RB INDUSTRIES RCA CORPORATION READG & BATS OFSH D READING CO REAL ESTATE DATA REALEx CORP REALIST INC REALTY & MTG INVEST REALTY INCOME TRUST REALTY IND INC REALTY & MICE INV REALTY REFUND TRUST RECONNITION EQ INC REDKEN LAB INC REDMAN IND INC REDPATH INDUSTRIES REECE CORPORATION REED STENHOUSE COS REED TOOL COMPANY REEVE ALEUTION AIRW REEVES COMMUNICATN REEVES TELETYPE CRP 114 STERLING VA ROCKAWAY NJ ENGLEWD CLFS NJ N ARLINGTON NJ HAUPPAUGE NY DENVER CO SEATTLE WA ST LOUIS MO PHOENIX AZ OKLAND CA SUNNYVALE CA ALBUQUERQUE NM NEW HYDE PRK NY COLUMBUS OH SAN FRANCISO CA SO AFRICA CLEBURNE TX CALGARY ALB CAN SEATTLE WA LONDON ENGLAND INDIANAPOLIS IN FAIRFIELD NJ DUCAN OK BRIDGEPORT CT MENLO PARK CA GREENE NY MIDDLETOWN HOUSTON TX LEXINGTON MS IRVINE CA NEW YORK NY TULSA OK PLYMOUTH MEET PA MIAMI FL KANSAS CITY MO MENOMONE FLS WI SAN FRANCISO CA PROVIDENCE RI RICHMOND VA SAN FRANCISO CA CLEVELAND OH DALLAS TX VAN NUYS CA DALLAS TX NOT KNOWN WALTHAM MA TORONTO ONT CAN HOUSTON TX ANCHORAGE AK NEW YORK NY NEW YORK NY CT REFLECTONE INC REGAL-BELOIT REEVES BROTHERS INC REGENCY ELECTRONICS REICHHOLD CHEMICALS RELIABLE INVESTORS RELIABILITY INC RELAINCE ELECTRIC RELIANCE INS CO RELIANCE GROUP RELIANCE UNIVERSAL REPUBLIC AUTOMOTIVE REPUBLIC AIRLINES REPUBLIC CORPORATON REPUBLIC FIN SERV REPBLC MORTGAGE INV REPUBLICS NAT'L TR REPLC NAT LIFE INS REPUBLIC N Y CORP REPUBLIC STEEL CORP REPUBLIC BANKCORP REPBLIC OF TX CORP RESEARCH-COTTRELL RESEARCH INC RESERVE OIL & GAS RESRVE OIL & MINERL RESISTO FLES CORP RESORTS INTERNAT'L RESPIRATORY CARE RETIREMENT LIVING REVTER INC REVCO D S INC REVELL INC REVERE COPPR & BRAS REVLON INC REX—NERECO INC REX PLASTICS INC REXHAM CORPORATION REXNORD INCORPORAT REYNOLDS & REYNOLDS REYNOLDS METALS CO R J REYNOLDS IND R H MEDICAL SERV REYNOLDS SECURITIES RHODES INC RICHARDSON-VICKS RICHARDSON CO RICHARDSON-MERRILL RICHTON INTERNAT'L RICHMOND CORPORATON RICHMND TANK CAR CO 115 TELLAHASSEE FL SOUTH BELOIT IL NEW YORK NY INDIANAPOLIS IN WHITE PLAINS NY MADISON WI HOUSTON TX CLEVELAND OH PHILEDEPHIA PA NEW YORK NY LOUISVILLE KY ST CLAIR SH MI MINNEAPOLIS MN LOS ANGELES CA DALLAS TX MIAMI FL INDIANAPOLIS IN DALLAS TX NEW YORK NY NEW YORK NY DALLAS TX DALLAS TX BOUND BROOK MINNEAPOLIS LOS ANGELES ALBUQUERQUE ROSELAND NJ N MIAMI FL ARLNGTN HGHT IL WILMINGTON DL S HOPKINS MN CLEVELAND OH VENICE CA NEW YORK NY NEW YORK NY ENGELWD CLIF NJ THOMASVILLE NC NEW YORK NY MILWAUKEE WI DAYTON OH RICKMOND VA WINSTON SALM NC ELKINS PARK PA NEW YORK NY ATLANTA GA WILTON CT DES PLAINES IL NEW YORK NY NEW YORK NY RICHMOND VA HOUSTON TX NJ MN CA NM RICHS INCORPORATED RICOH TIME CORP RIEGEL TESTILE CORP RIGGS NATIONAL BANK RILEY CO RING AROUND PRODCTS RIO ALGOM MINES RIO ALGOM LTD RIO GRANDE DRILLING RIO GRANDE IND INC RIPLEY IND INC RISDON MFG CORP RITE ANID CORP RIVAL MFG RAVIAANA FOODS INC RMIC CORPORATION RLC CORPORATION RLI CORPORATION ROADWAY EXPRESS INC ROANOKE ELECTRIC ROBBINS & MYERS INC ROBERTSHAW CONTROLS ROBERTS & PORTER H H ROBERTSON CO A H ROBBINS CO ROBINTECH INC ROBINS INDUSTRY CRP ROBINSON NUGENT CO ROBLIN IND INC ROBROY IND INC ROCHESTER GAS & EL ROCHESTER TELEPHONE ROCKAWAY CORP ROCKCOR INC ROCKOVER BROTHERS ROCK MOUNTN NAT GAS ROCKWELL INTERNAT'L ROGERS CORP ROGERS CABLE SYSTMS ROHM & HAAS COMPANY ROHR IND INC ROLLINS ENVIRONMNTL ROLLNS BURDK & HNTR ROLLINS INC ROLLINS INTERNAT'L ROLM CORP ROLIN CORPORATION RONCO TELEPRODUCTS ROPER CORPORATION ROPER IND INC RORER-AMCHEM INC 116 ATLANTA GA ORLANDO FL NEW YORK NY WASHINGTON D C PARKRIDGE IL MONTGOMERY AL W TORONTO CAN TORONTO ONT CAN SAN ANTONIO TX DENVER CO ST LOUIS MO NAUCATUCK CT SHIREMANSTWN PA KANSAS CITY MO HOUSTON TX WINSTON SALM NC WILMINGTON DE PEORIA ILL AKRON OH ROADOKE VA SPRINGFIELD OH RICKMOND VA CHICAGO IL PITTSBURG PA RICHMOND VA FORT WORTH TX COMMACK NY NEW ALBANY IN BUFFALO NY VERORA PA ROCHESTER NY ROCHESTER NY ROCKAWAY NJ REDMOND WA TREVOSE PA DENVER CO PITTSBURG PA ROGERS CT ONT CAN PHILEDELPHIA PA CHULA VISTA CA WILMINGTON DE CHICAGO IL ATLANTA GA WILMINGTON DE SANTA CLARA CA CUPERTINO CA CHICAGO ILL KANKEE ILL COMMERCE GA FORT WASHGTN PA ROSES STORES INC ROSARIO RESOURCES ROSEMOUNT INC ROSSMOUR CORPORATON ROUSE COMPANY ROWAN COMPANIES INC RMIC CORPORATION ROWE FURNITURE ROYAL BANK OF CAN ROYAL BUS FORMS ROYAL CROWN COLA CO ROYAL DUTCH PETRO ROYAL RESOURCES ROYSTER COMPANY RPM INCORPORATED RSR CORPORATION RTE CORPORATION RUBBERMAID CORP RULE IND INC RUCKER COMPANY RUCKR CO OF PHARMCL RUDDICK CORP RUSS TOGGS INC RUSSL BURDSL & WARD RUSSELL CORPORATION RUSSL STOVER CANDIE RST CRFT GRETN CARD RYAN HOMES INC RYAN INSURANCE GRP RYAN STEAK HOUSES RYDER INS GROUP RYDER SYSTEMS INC S E RYKOFF RYLAND GROUP INC 117 HENDERSON NC NOT KNOWN EDEN PRARIE MN NOT KNOWN COLUMBIA MD HOUSTON TX WINSTN SALEM NC SALEM VA MONTREAL QUE CAN NASHUA NH ATLANTA GA HAGUE HOLLAND DENVER CO NORFOLK VA MEDINA OH DALLAS TX WAUKESHA WI WOOSTER OH GLOUCESTOR MA OAKLAND CA SHRIEVEPORT LA CHARLOTTE NC NEW YORK NY NORTH BERGEN NJ ALEXANDR CTY AL KANSAS CITY MO STEUBENVILLE OH PITTSBURG PA CHICAGO IL GREENVILLE SC CHICAGO IL MIAMI FL LOS ANGELES CA COLUMBIA MD S & S CORPORATION SAB HARMON IND INC SABINE ROYALITY SAFECARD SERV INC SAFECO CORPORATION SAFEGUARD BUS SYS SAFEGUARD IND SAFEGRARD SCIEN INC SAFETY-KLEEN CORP SAFEWAY STORES INC SAGA CORPORATION SAGA ENERGY CORP SAGE OIL CO SALANT CORPORATION SALEM CARPETS SALEM CORP SAMBOS RESTAURANTS SAN BAR CORP SAN DIEGO—FED SAV SAN DIEGO GAS & EL SN JUAN BASN ROY TR SNN JUAN RACING ASS SN FERNANDO ELEC MF SAN FRAN REAL ESTAT SAN JUAN RACING SANDERS ASSOC INC SANTA ANITA CONSOLD SANDWICH CHEF INC SANTE FE IND INC SANTA FE INTERNAT'L SANYO ELECTRIC SANYO MAN CORP SARGENT IND INC D L SASLOW B F SAUL SAUL REAL ESTATE SAUNDERS LEASNG SYS SAV-A-STOP INC SAV-ON—DRUGS INC SAVANNAH ELEC & PWR SAVANNH FOODS & IND SAVE WAY IND SARGENT WELCH SCI SAVIN BUS MACHINES SAV BANK OF PUGENT SAXON IND INC SAXSON OIL CO SBT CORP SCAN OPTICS INC SCA SERVICES INC SCHAAK ELECTRONICS 118 CEDAR BLUFF VA GRAIN VALLEY MO DALLAS TX F LAUDERDALE FL SEATTLE WA NOT KNOWN KG OR PRSSIA PA KING OF PRUS PA NOT KNOWN OAKLAND CA MENLO PARK CA SAN ANTONOI TX LOS ANGELES CA NEW YORK NY WINSTN-SALEM NC PITTSBURG PA SANTA BARBAR CA SANTA ANA CA SAN DIEGO CA SAN DIEGO CA FORT WORTH TX NEW YORK NY SAN FERNANDO CA SAN FRANCISO CA NEW YORK NY NASHUA NH LOS ANGELES CA BIRMINGHAM AL CHICAGO IL ORANGE CA MORIGUCHI JAPAN SCHILLER PARK IL CENTURY CITY CA CHICAGO IL CHEVY CHASE MD CHEVY CHASE MD BIRMINGHAM AL JACKSONVILLE FL MARNA DL RAY CA SAVANNAH GA SAVANNAH GA HIALEAH FL SKOKIE IL VALHALLA NY SEATTLE WA NEW YORK NY DALLAS TX SAVANNAH GA E HARTFORD CT BOSTON MA ST PAUL MN R P SCHEARER CORP SCHERING—PLOUGH SCHLITZ BREWING CO SCHULMBERGER LTD SCHOLL INC A SCHULMAN INC SCI PRO INC SCIENTIFIC ATLANTA SCI SYSTEMS INC SCIENTIFIC COMPUTER SCIENTIFIC SOFTWARE SCI TIME SHARING SCM CORPORATION SCOA IND INC SCOPE INC SCOPE IND SCOT LAD FOODS SCOTT & FETZER SCOOT FORESMAN SCOTT PAPER CO SCOTTYS INC SCOVILL MFG CO SCRPPS-HOWRD BDCAST SCURRY RAINBOW OIL SEA CONTAINERS INC SEA WORLD INC SEABRD COAST LINE SEABRD WORLD AIRLNS SEA GALLEY STORES SEACO INC SEAFIRST CORPORATON SEAGATE TECH SEAGRAM CO LTD JOESPH E SEAGRAMS SEAGULL PIPELINE SEALED AIR CORP SEALED POWER CORP G D SEARLE SEARS IND INC SEARS ROEBUCK & CO SEATRAIN LINES INC SEATTLE TRUST & SAV SEAWAY FOOD TOWN SECURITY AM FIN EN SECRTY CON LIFE INS SECURITY LIFE-ACC SECURITY LIFE INS SECURITY NY STATE SECURITY PACIFIC SEDCO INC SEI CORPORATION INC CO & CO 119 DETROIT MI BLOOMFIELD NJ MILWAUKEE WI NEW YORK NY CHICAGO IL AKRON OH ENGLEWOOD CO ATLANTA GA HUNTSVILLE AL MINNETONKA MN BETHESDA MD BETHESDA MD NEW YORK NY COLUMBUS OH RESTON VA LOS ANGELES CA CHICAGO IL CLEVELAND OH GLENVIEW IL PHILEDELPHIA PA WINTER HAVEN CA WAERBURY CT CINCINNATI OH CALGARY ALB CAN NEW YORK NY SAN DIEGO CA RICHMOND VA JAMICA NY MNT LK TERRCE WA NEW YORK NY SEATTLE WA SCOTTS VALLY CA MONTREAL PQ CAN NEW YORK NY HOUSTON TX FAIR LAWN NJ MUSKEGON MI CHICAGO IL NEW YORK NY CHICAGO ILL NEW YORK NY SEATTLE WA MAUMEE OH MINNEAPOLIS MN AVON CT DENVER CO MACON GA ROCHESTER NY LOS ANGLES CA DALLAS TX WAYNE PA SEIBEL BRUCE GROUP SEISCOM DELTA INC SEIS PROS INC SELECTED RISKS INS SELIGMAN & LATZ INC SEMTECH CORP SENECA OIL & GAS CO SENECA OIL CO SENSORMATIC ELECTRO SERVICE FRACTURING SERVICE MERCHANDISE SERVICE CORP INTL SERVICEMASTER IND S F N COMPANIES SHAPELL IND INC SERVEMATION CORP SEVEN—UP COMPANY SHAKESPEARE CO SHAKLEE CORP SHAPELL IND INC SHAW IND SHARED MEDICAL SYS SHAW INDUSTRIES INC SHAWMUT ASSOC INC SHAWNUT CORP SHEARSN LOEB RHODES SHEARSN HAYDN STONE SHENDAHL CO SHELL OIL CAN LTD SHELL OIL COMPANY SHELL TRANSPRT & TR SHELLER—GLOBE CORP SHENANDOAH OIL CORP SHERRITT GARDN MINE SHERWIN—WILLIAMS CO SHERWOOD DIVERSIFED SHERWOOD MED INS SHIN ETSU CHEMICAL SHONEYS BIG BOY ENT SHOP & GO SHOPSMITH INC SHOWBOAT INC SI HANDLING SYS SIEBENS OIL & GAS SIERRA PACIFIC PWR SIERRA RESEARCH SIFCO IND INC SIERRACIN CORP SIFCO IND INC SIGMA ALDRICH CORP SIGMAFORM CORP 120 COLUMBIA SC HOUSTON 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SMITHLINE CORP J M SMUCKER CO SNAP-ON TOOLS CORP SOCIETY CORP SOFTECH INC SOFTWARE AG INTRNAT SOLA BASIC IND INC SOLID STATE SCI SAM SOLOMON CO INC SOLON AUTOMATD SERV SONAT INC SONDERLNG BRDCASTNG SONESTA INTL HOTEL SONOCO PRODUCTS CO SONOMA VINEYARDS SONY CORP 800 LINE RAILROAD SOUNDESIGN CORP SOS CONSOLIDATD INC SC ELECTRIC & GAS SC INSURANCE CO SC NATIONAL BANK SO JERSEY IND SOUTHDOWN INC SOONER FED S&L SOUTHEAST BANKING 121 SAN ANTONIO TX BEVERELY HLS CA GLENVIEW CA SANTA CLARA CA MENIO PARK CA TUSTIN CA BALLACE ID TARRYTOWN NY NEW YORK NY NEW YORK NY SEATTLE WA TORONTO ONT CAN LITCHFIELD MI NEW YORK NY MARION MA BELLVUE WA SALT LKE CTY UT TULSA OK ELKART IND DALLAS TX HOPKINTON MA NW PRT BEACH CA NW PORT NEWS VA MILWAUKEE WI STAUTON VA PHILEDELPHIA PA ORRVILLE OH KENOSHA WI CLEVELAND OH WALTHAM MA RESTON VA MILWAUKEE WI MONTGOMERY PA CHARLESTON SC WASHINGTON D C NEW YORK NY MIAMI FL BOSTON MA HARTSVILLE SC WINDSOR CA NEW YORK NY MINNEAPOLIS MN JERSEY CITY NJ BIRMINGHAM MI COLUMBIA SC COLUMBIA SC COLUMBIA SC FOLSOM NJ HOUSTON TX TULSA OK MIAMI FL SOUTHERN AIRWAY INC SOUTHEASTN PUB SERV SOUTHERN AIRWYS INC SOUTHERN BANCORP S BANCORP 0R GRNVLE SOUTH TRUST CORP SOUTHERN BANCSHARES SOUTH TRUST CORP SOUTHN EDISON OF CA SOUTHERN CA WATER SC NATIONAL SOUTHERN COMPANY SOUTHERN CT GAS CO SOUTHERN IN GS & EL SOUTHERN IND CORP SOUTHERN NAT'L CORP SOUTHERN NATURAL GS SOUTHERN NATURAL RS SOUTHN NEW ENG TELE SOUTHERN PACIFIC CO SOUTHERN RAILWAY CO S UNION PRODUCTION SOUTHLAND BANCORP SUPRON ENERGY CORP SOUTHLAND CORP SOUTHLAND EQUITY SOUTHLAND FIN CORP SOUTHLD PAPER MILLS SOUTHLD LIFE INS CO SOUTHLAND ROYALITY SOUTHWEST AIRLINES SOUTHWST BANCSHARES SOUTHWEST FL BANKS SOUTHWST FOREST IND SOUTHWEST GAS CORP SOUTHWST MTG & RTLY SOUTHWEST PERO CHEM SOUTHWEST LEASING SOUTHWEST ELEC SERV SOUTHWEST LIFE INS SOUTHWESTERN ENERGY SOUTHWESTERN GAS SOUTHWESTRN GRP FIN SOUTHWTN PUBLC SERV SPACELABS INC SPACELINK LTD SPARTAN FOOD SYSTEM SPARTON FOODS SYSTM SPARKMAN ENERGY CRP SPECIALTY COMPOSITS SPECTRA-PHYSICS INC 122 ATLANTA GA MIAMI FL ATLANTA GA BIRMINGHAM AL GREENVILLE SC BIRMINGHAM AL RICHMOND VA BIRMINGHAM AL ROSEMEAD CA LOS ANGELES CA NOT KNOWN ATLANTA GA BRIDGEPORT CT EVANSVILLE IN MOBILE AL CAMBERTON NC BIRMINGHAM AL BIRMINGHAM AL NEW HAVEN CT SAN FRANCISO CA WASHINGTON DC DALLAS TX MOBILE AL DALLAS TX DALLAS TX ORLANDO FL DALLAS TX LUFKIN TX DALLAS TX FORT WORTH TX DALLAS TX HOUSTON TX FORT MYERS FL PHOENIX AZ LAS VEGAS NV HOUSTON TX KANSAS CITY KS BEVERLY HLLS CA DALLAS TX DALLAS TX FAYETTEVILLE AK DALLAS TX SUGAR LAND TX AMARILO TX CHATSWORTH CA ENGLEWOOD CO SPARTANBURG SC SPARTENBURG SC CRPUS CHRSTI TX NEWARK DL MOUNTIN VIEW CA SPECTRADYNE INC SOVEREIGN CORP SPECTRONICS INC SPECTRO IND INC SPECTRUM CONTRO INC SPEIDEL NEWSPAPERS SPERRY & HUTCHISON SPERRY RAND CORP SPEX IND INC SPRING MILLS INC SPM GROUP SPRINGS IND INC SPS TECHNOLOGIES SQUARE D COMPANY SQUIBB CORP SRI CORP ST JOE MINERALS CRP ST HELENA GOLD MINE ST JOESPH LGT & PWR ST JUDE MEDICAL INC ST LOUIS S F RAILWY ST LS STEEL CASTING ST PAUL COMPANIES ST PAUL SECURITIES ST REGIS PAPER CO STAFF BUILDERS INC STA-RITE IND INC A E STALEY MFG CO STANDYNE INC STANDARD BRANDS INC STANDRD BRAND PAINT STANDARD BRED P&T STANDARD BROADCASTG STANDRD CHEM TOBACO STANDARD LIFE INS STANDARD MICROSYSTM STANDARD MOTOR PROD STNDRD OIL CO OR CA STANDARD OIL OF IND STANDARD OI OF OHIO STNDRD PRESSD STEEL STANDARD PRODUCTS STANDARD REGISTER STANDARD PACIFIC STANDRD SC LIFE INS STANDEX INTERNAT'L STANDUN INC STANLEY HOME PRODCT STANLEY SC LIFE INS STANLEY WORKS STANWOOD CORP 123 RICHARDSON TX SANTA BARBRA CA RICHARDSON TX JENKINTOWN PA FAIRVIEW PA RENO NV NEW YORK NY NEW YORK NY EDISON NJ FORT MILL SC ENGLEWOOD CO FORT MILL SC JENKINTOWN PA PARK RIDGE IL NEW YORK NY BRANCHVILLE NJ NEW YORK NY NOT KNOWN ST JOESPH MO ST PAUL MN ST LOUIS MO ST LOUIS MO ST PAUL MN MINNETONKA MN NEW YORK NY NEW YORK NY DELAVAN WI DECATUR IL HARTFORD CT NEW YORK NY TORRANCE CA NEW YORK NY TORONTO ONT WILSON NC TORRANCE CA HAUPPAUGE WY LONG ISLAND NY SAN FRANCISO CA CHICAGO IL CLEVELAND OH STDRD PRSVLE PA CLEVELAND OH DAYTON OH COSTA MESA CA NEW YORK NY SNDOVER MA COMPTON CA WESTFIELD MA NEW YORK NY NEW BRITIAN CT WILSON NC CAN STANRAY CORP STAR SUPERMARKETS STAODYNAMICE INC STARRET HOUSING CRP STATE MUTUAL INVSTR STATE FRM MTL AUTO STATE MUTUAL INVSTR STATE NAT'L BANCROP STATE ST BOSTON FIN STATESMAN GROUP INC STATEX PETRO INC STAUFFER CHEM CORP STEAK & ALE RESTRNT STEAK N SHAKE INC STEARNS MFG STEEL CO OF CAN STEIGER TRACTOR INC STEPAN CHEM CO STERCHI BRO STORES STERLING DRUG CORP STERLING PERCISION STERNDENT CORP STERNER LIGHTNG SYS J P STEVANS STEVOKNIT INC STEWART INFOR SVCS STEWART SANDWICHES STEWART-STEVENSON STEWART-WARNER CORP STOKELY-VAN—CAMP STONE & WEBSTER INC STONE CONTAINER STOP & SHOP STORAGE EQUITI INC STORAGE TECH CORP STORER BRDCASTNG CO STARTFORD OF TX STRIDE RITE CORP STROTHER DRUG CO STRUTHERS WELLS CRP STRYKER CORP STURM RUGER &CO INC SUAVE SHOE CORP STUDEBAKER-WORTHNGN SUBURU OF AM INC STSC INC SUBURBAN BANCORP SUBURBAN PROPNE GAS SUE ANN INC SULLIAR CORP SUMMER ELECTRIC CO 124 CHICAGO IL ROCHESTER NY LONGMONT, CO NEW YORK NY WORCESTER MA BLOOMINGTON IL WORCHESTER NY BRIDGEPORT CT BOSTON MA DES MOINES IA LOS ANGELES CA WESTPORT CT DALLAS TX INDIANAPOLIS IN SACK RAPIDS MN TORONTO ONT CAN FARGO ND NORTHFIELD IL KNOXVILLE TN NEW YORK NY WEST PALM BH FL MT VERNON NY WINSTED MN NEW YORK NY NEW YORK NY HOUSTON TX NORWOLK VA HOUSTON TX CHICAGO IL INDIANAPOLIS IN NEW YORK NY CHICAGO IL BOSTON MA PASADENA CA LOUISVILLE CO MIAMI BEACH FL HOUSTON TX BOSTON MA LYNCHBURG VA WARREN PA KALAMAZOO MI SOUTHPORT CT MIAMI FL NEW YORK NY PENNSAUKEN NJ ROCKVILLE MD HYATTSVILLE MD WHIPPANY NJ DALLAS TX MICHIGAN CTY IN TULSA OK SULPETRO LTD SUMITOMO CHEMICAL SUMMIT BANCORPORATN SUMITOMA BANK OF CA SUMMIT ENERGY INC SUN BANK OF FL SUN CHEMICAL CORP SUN COMPANY INC SUN ELECTRIC CORP SUN OIL COMPANY SUNBEAM CORPORATION SUNDANCE OIL CO SUNDSTRAND CORP SUNSHINE MINING SUNSTAR FOODS INC SUNTEC SUSTEMS INC SUPER DALLAR STORES SUPER VALU STORES SUPERIOR CARE INC SUPERIOR IND INT'L SUPERIOR OIL CO SUPERMARKETS GENERL SUPERIOR SURG MFG SUPERSCORP INC SUPREME EQUIP SYS SURVIVAL TECH INC SUPRON ENERGY SURETY FIN CORP SURTO MRTGGE INV TR SWANK INC SWEDLOW INC SYBRON CORP SYCOR INC SYKES DALATRONICS SYNALLOGY CORPORATN SYNTEX CORP SYSCO CORP SYSTEMATICS SYSTEMATICS SYSTEMS ENG & MFG SYSTEMS ENG LABS SYSTRON-DONNER CORP GEN CRP 125 CALGARY ALB CAN HIGASHIKU JP SUMMIT NJ SAN FRANCISO CA DALLAS TX ORLANDO FL NEW YORK NY RADNOR PA CHICAGO IL ST DAVIDS PA CHICAGO IL DENVER CO ROCKFORD IL KELLOG ID MINNEAPOLIS MN WOODBURY MN RALEIGH NC HOPKINS MN GREAT NECK NY VAN NUYS CA HOUSTON TX WOODBRIDGE NJ SEMINOLE FL SUN VALLEY CA BROOKLYN NY BETHESDA MD DALLAS TX SALT LKE CTY UT LOS ANGELES CA ATTLEBORO MA GARDEN GROVE CA ROCHESTER NY ANN ARBOR MI ROCHESTER NY SPARTANBURG SC PALO ALTO CA HOUSTON TX FALLS CHURCH MOUNTAINSIDE STOUGHTON MA FT LAUDERDLE CONCORD CA VA NJ FL T BAR INC TAB PRODUCTS CO TACO BELL TOCOMA BOAT BUILDNG TAFT BRDCASTING CO TALCOTT NATIONAL TALLY CORPORATION TAMPA ELECTRIC CO TAMPAX INC TANDEM COMPUTERS TANDON CORPORATION TANDY BRANDS CORP TANDY CORPORATION TANDYCRAFTS TANNETICS INC TAPPAN COMPANY TAYLOR RENTAL CORP TAYLOR WINE COMPANY TDK ELECTRONICS CO TEAM INC TECH-SYM CORP TEC INCORPORATED TECHAMERICA GRP INC TECHNICAL COMMUNIC TECHNICARE CORP TECHNICOLOR INC TECHNICON CORP TECHNOLOGY INCORP TECHNOLOGY FOR COMM TECHO CORP TECO ENERGY INC TECUMSEH PROD CO TEJAS GAS CORP TEJON RANCH CO TEKTRONIC INC TELECO OILFLDS SERV TELECOM PLUS INTER TELECOMMUNICATIONS TELECOM CORPORATION TELECOM EQUIPT CORP TELECOM IND INC TELECONCEPTS CORP TELECREDIT INC TELEDYNE INC TEKCOUR INC TELEMED CORP TELEFLEX INC TELEFONOS DE MEXICO TELEPICTURES CORP TELEPHONE UTIL INC TELEPROMOTER CORP 126 WILTON CT PALO ALTO CA TORRANCE CA TOCOMA WA CINCINATI OH NEW YORK NY KENT WA TAMPA FL LAKE SUCESS NY CUPERTINO CA CHATSWORTH CA FT WORTH TX FT WORTH TX FT WORTH TX ERIE PA MANSFIELD OH SPRINGFIELD MA HAMMONDSPORT NY NOT KNOWN HOUSTON TX HOUSTON TX TUCSON AZ ELWOOD KS CONCORD MA TARRYTOWN NY LOS ANGELES CA TARRYTOWN NY DAYTON OH MOUNTAIN VIEW CA EMERYVILLE CA TAMPA FL TECUMSEH MI CRPS CHRISTI TX LOS ANGELES CA BEAVERTON OR DETROIT MI LONG ISLAND NY ENGLEWOOD CA HOUSTON TX LONG ISLAND NY COPIAQUE NY WEST HARTFRD CT LOS ANGELES CA LOS ANGELES CA BEVERLY HLLS CA SCHILLER PRK IL LOS ANGELES CA MEXICO 5DF MEXICO NEW YORK NY PORTLAND OR NEW YORK NY TELERENT LEASING TELESCIENCES INC TELEX CORP TELLABS INC TELTALES INC TEMPLETON ENERGY TEMP—STIK CORP TENNANT CO TENNECO INC TENNACO OFFSHORE TENNESE FORGD STEEL TN VALLEY BANCORP T E R A CORP TERADUNE INC TERMINAL DATA CORP TERRA CHEM INTERNAT TERRA MINES LTD TERRADALE REALTY TR TERRA RESOUCES INC TESDATA TESORA PETERO CORP TETRA TECH INC TEXACO CANADA LTD TEXACO INC TEXAS AIR CORP TEXAS AM BANCXHARES TEXAS AMERICN ENRGY TEXAS AM OIL CO TX COMMERC BANCSHRS TX EASTERN TRANSMIS TX ELECTRIC SERV CO TX FEDERAL S & L TX GAS TRANSMISSION TX GENERAL RESOURCS TX GULF IND INC TX IND INC TX INTERNAT AIRLINS TX INTERNATIONAL CO TX INSTRUMENTS INC TX OIL & GAS CO TX UTILITIES CO TEXASGULF INC TEXFI INDUSTRIES TEXTILES INC TESON ENERGY CORP TEXSCAN CORPORATION TEXTONE INC TEXTRON INC THALHIMER BORTHERS THERMAL ENERGY THERMO ELECTRON CRP 127 RALIEGH NC MOORESTOWN NJ TULSA OK LISLE IL NOT KNOWN HOUSTON TX LAGUNA HILLS CA MINNEAPOLIS MN HOUSTON TX HOUSTON TX NOT KNOWN NESHVILLE TN BERKELEY CA BOSTON MA WOODLAND HLS CA SIOUX CITY IA YELLOWKNIFE CAN KANSAS CITY MO TULSA OK MCCLEAN VA SAN ANTONIO TX PASADENA CA DAN MLLS ON NEW YORK NY HOUSTON TX FORT WORTH MIDLAND TX MIDLAND TX HOUSTON TX HOUSTON TX FORT WORTH TX DALLAS TX OWENSBORO KY HOUSTON TX HOUSTON TX DALLAS TX HOUSTON TX OKLOHOMA CTY OK DALLAS TX DALLAS TX DALLAS TX NEW YOKR NY GREENSBORO NC GASTONIA NC HOUSTON TX INDIANAPOLIS IN LA MIRADA CA PROVIDENCE RI RICHMOND VA SAN DIEGO CA WALTHAM MA CAN TX THETFORD CORPORATON THIOKOL CORPORATION THIRD NATIONAL CORP THOMAS & BETTS CORP THOMSON NEWSPAP LTD J WALTER THOMPSON THOMPSON MEDICAL THERATECH INC THOUSAND TRAILS THRESHOLD TECHNOLGY THRIFTY CORP TI-CARO INC THRIFTY DRUG STORES TICOR T I INCORPORATED TII CORPORATION TIDEWATER GROUP INC TIDEWATER MARNE SRV TIDWELLIND INC TIE COMMUNICATIONS TIFFANY & CO TIFFANY INC TIGER INTERNAT TIMBERLAND IND INC TIME HOLDINGS INC TIME INCORPORATED TIME INS CO INC TIMEPLEX INC TIME SHARING RSOURC TIMES FIBER COMM TIMES MIRROR CO TIMKEN COMPANY TIPPARY CORP TISHMN RLTY & CNSTR TOCIAS KOTZIN CO TOCON INC TODD GROUP TODD SHIPYARDS CORP TOKHIEM CORP TOKIO MARINE FIRE TOLEDO EDISION CO TOMLINSON OIL CO TONKA CORPORATION TOPPS CHEWING GUM TOOTSIE ROLL IND TOPAZ INC TORCHMARK CORP TORO COMPANY TORONTO DOMINION BK TOROTEL INC TORSTAR LTD 128 ANN ARBOR MI BRISTOL PA NASHVILLE TN ELIZIBETH NJ TORONTO CAN NEW YORK NY NEW YORK NY SPOKANE WA SEATTLE WA DELRAN NJ LOS ANGELES GASTONIA NC LOS ANGELES LOS ANGELES LOS ANGELES LINDENHURST WORFOLK VA NEW ORLEANS LA HALEYVILLE AL NOT KNOWN NEW YORK NY MARYLAND HTS MO LOS ANGELES CA BELLEVUE WA MILWAUKEE WI NEW YORK NY MILWAUKEE WI HACKENSACK NJ GREATNECK NY WALLINGFORD CT LOS ANGELES CA CANTON OH MIDLAND TX NEW YORK NY LOS ANGELES CA DALLAS TX GREAT NECK NY NEW YORK NY FORT WAYNE IN TOKYO JAPAN TOLEDO OH WICHITA KS HOPKINS MN BROOKLYN NY CHICAGO IL SAN DIEGO CA BIRMINGHAM AL MINNEAPOLIS MN TORONTO ONT CAN RAYMORE MO NOT KNOWN CA CA CA CA NY TOSCO TOSHIBA TOTAL PETROLEUM NA TOWER MARC SKI TOWER PRODUCTS INC TOWLE MFG CO TOWNER PETROLEUM TOYS R US TOYO JOZO TOYOTA MOTOR CO TRACOR INC TRANE CO TRANS CANADA PIPELN TRANS LUX CORP TRANS MOUNTN PIPELN TRANS UNION CORP TRAN WORLD AIRLINES TRANS WORLD FIN TRANSAMERICA CORP TRANSAMERICA FIN TRANSAMERICA REALTY TRANSCO COMPANIES TRANSCON LINES TRANSCONTINENTL GAS TRANSCONTINENTL OIL TRANSIDYNE GENERAL TRANSIERRA EXPLORTN TRANSOCEAN OIL TRANSOHIO FIN CORP TRANSPORT LIFE INS TRANSTECH CORP TRANSWAY INTERNAT TRANSWESTERN EXPLOR 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PRODUCTS TRUNKLINE GAS CO TRUS JOIST CORP TRUST CO OF GA TRW INCORPORATED TUCKER DRILLING CO J M TULL INC TULTEX CORP S J TUTAG & CO TUSCON GAS & ELECTC TURBODYNE CORP TURNER BRDCSTNG SYS TURNER CONSTRUCTION T S I MARK TWAIN BANKSHRS TWNTIETH CENTRY FOX TWENTY FIRST CENTRY TWN CTY BARGE & TOW TWIN DISC INC TYCO LAB INC TYLAN CORP TYLER CORP TYMSHARE INC TYRONE HYDRAULICS TYSON FOODS INC 130 DALLAS TX BRADENTON FL HOUSOTN TX BOISE ID ATLANTA GA CLEVELAND OH SAN ANGELO TX ATLANTA GA MARTINSVILLE VA NOT KNOWN TUSCON AZ MINNEAPOLIS MN ATLANTA GA NEW YORK NY ST PAUL MN ST LOUIS MD LOS ANGELES CA NEW YORK NY NEW YORK NY RACINE WI WALTHAM MA CARSON CA DALLAS TX CUPERTINO CA CORINTH MS SPRINGDALE AK UA COLUMBA CABLEVSN UAL INCORPORATED UAL INC UARCO INCORPORATED U G I CORPORATION THE ULTIMATE CORP UMC ELECTRONICS CO UMC INDUSTRIES INC UNC RESOURCES INC UNICARE SERVICES UNICAPITAL CORP UNICOA CORP UNIFI INCORPROATED UNIFLITE INC UNILEVER NU UNIMATION INC UNION BANCORP INC UNIFI INC UNIMATION 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BANCSHARS UNITOG COMPANY UNITRODE CORP UNITY BUYING SERV N CCCCCCCCCCCCCCCCCCCCCCC mmmmmmmmmmmm 132 LOS ANGELES CA CHICAGO IL HOUSTON TX HOUSTON TX GREENSBORO NC NEW HAVEN CT NEW YORK NY MEMPHIS TN CHICAGO IL PRINCTON NJ NEW YORK NY KANSAS CITY MO ELMSFORD NY OMAHA NB KOKOMO IN BEVERLY HLLS CA WARREN PA ARLINGTON VA WASHINGTON DC NEW YORK NY PORTLAND OR RIVERTON WY BALTIMORE MD NEW YORK NY CHICAGO IL CLEARWATER FL DES MOINES IA NEW YORK NY SAN FRANCISO CA SAN FRANCISO CA NOT KNOWN MORRISTOWN NJ E CHICAGO IL CLEVELAND OH GREENVILLE SC CINCINATI OH PITTSBURG PA CLEWISTON FL NEW YORK NY GREENWICH CT CLEVELAND OH NEW YORK NY MAYWOOD IL E HARTFORD CT KANSAS CITY MO MINNEAPOLIS MN MEMPHIS TN RICHMOND VA KANSAS CITY MO WATERTOWN MA MELVILLE NY UNIVAR CORPORATION UNIVERSAL UNIVERSAL UNIVERSAL UNIVERSAL UNIVERSAL UNIVERSAL COMM SYS FOODS CRP FUELS GAS & OIL HEATH SRV INSTRUMNT UNIVRSL LEAF TOBACO UNIVERSAL RESOURCES UNIVERSAL-RUNDLE UNIVERSAL VOLTRONCS UNIVERSITY PATENTS U 0 P INCORPORATED UPJOHN COMPANY UPPER PENINSULA PWR UPRIGHT INC UPS N DOWNS INC URS CORP U S AIR U S LIFE CORPORATON UTAH BANKCORPORATON U T CREDIT CORP UTAH INTERNAT INC UTAH PWR & LGHT CO U TL L CORP U V IND INC 133 SEATTLE WA ROANOKE VA MILWAUKEE WI DENVER CO NEW YORK NY BALA CYNWYD PA BINGHAMTON NY RICHMOND VA DALLAS TX NEW CASTLE PA MT KISCO NY CHICAGO IL DES PLAINES IL KALLAMAZOO MI HOUSTON MI BERKELEY CA NEW YORK NY NOT KNOWN WASHINGTON D C NEW YORK NY SALT LK CTY UT HARFORD CT SAN FRANSICO CA SALT LK CITY UT DALLAS TX NEW YORK NY VAIL ASSOC INC VAAL REEFS EX & MIN VALERO ENERGY CORP VALEX PETROLEUM VALLEN CORP VALLES STEAK HOUSE VALLEY BANCORP VALLEY IND INC VALLEY NAT BANK-AZ VALLEY VALLEY LAB INC VALMAX IND INC VALMONT IND INC VALTEC CORP VALTEK INC VALSPAR CORP VAN DORN CO VAN DUSEN RIE INC VAN SCHAACK & CO VAN VAROUS CONSULT VANCE SANDERS & CO VARCO INTERNATIONAL VANDERBILT ENERGY VARIABLE ANNUNITY VARIAN ASSOC VARLEN CORP VARO INC VAUGHAN-JACKLIN VECTOR GRAPHICS VEECO INSTRUMENTS VELCRO IND LTD VERBATIM CORP VERMONT AM CORP VERMONT NAT'L BANK VERMONT RESEARCH VERNITRON INC VERNA CORPORATION VERSA TECHNOLOGIES VETCO OFFSHORE IND V F CORPORATION VIACOM INTERNAT INC VIDEO CORP OF AM VICO CORPORATION VISTORIA BANKSHARES VICTORIAN STATION VICON IND INC VICTOR CO OF JAPAN VIDEO STATION VIKING FREIGHT SYS VINTABE ENTERPRICES VA CHEMICAL INC OF VA BANKSH 134 VAIL CO NOT KNOWN SAN ANTONIO TX DENVER CO HOUSTON TX PORTLAND ME APPLETON WI ST LOUIS MO PHOENIX AZ HARRISONBURG VA BOULDER CO MEMPHIS TN VALLEY NE WEST BOYSTON MA PROVO UTAH MINNEAPOLIS MN CLEVELAND OH NIMMEAPOLIS MN DENVER CO BOULDER CO BOSTON MA ORANGE CA DENVER CO HOUSTON TX PALO ALTO CA LOMBARD IL GARLAND TX DOWNRS GROVE IL THOUSAND OAKS CA PLAINVIEW NY NEW YORK NY SUNNYVALE CA LOUISVILLE KY BRATTLEBORO VT N SPRNGFIELD VT GREAT NECK NY HOUSTON TX RACINE WI VENTURA CA READING PA NEW YORK NY NEW YORK NY ST LOUIS MO VICTORIA TX SAN FRANCISO CA FARMINGDALE NY CHUOKU JAPAN LOS ANGELES CA SANTA CLARA CA ATLANTA GA PORTSMOUTN VA VA ELECTRIC & PWR VIRGINIA NAT BANKSH VISHAY INTERTECHNLY VISA EXPLORATION VISUAL ELECTRONIC VISUAL TECHNOLOGY VISUAL GRAPHICS VITRAMON INC VOLUME SHOE CORP VOLUNTEER CAPITAL VOLT INFO SC INC VORNADO INC VOYAGER PETRO VOYER GROUP INC VSI CORPORATION VULCAN IND PKG LTD 135 RICHMOND VA NORFOLK VA MALVERN PA DENVER CO NEWARK NJ NOT KNOWN TAMARAC FL BRIDGEPORT CT TOPEKA KS NASHVILLE TN NEW YORK NY GARFIELD NJ CALGARY ATL CAN JACKSONVILLE FL PASADENA CA REXDALE ONT CAN VULCAN MATERIALS CO BIRMINGHAM AL WABASH MAGNETICS WACHOVIA CORPORATON WACHOVIA REALTY WACKENHUT CORP WAINOCO OIL CORP WAL—MART STORES INC WALBAR INC WALBRO CORP WALCO NAT'L CORP WALGREEN CO WALLACE BUS FORMS SAM P WALLACE CO WALLACE MARRAY CORP JIM WALTER CORP WANG LAB WARD TRAVIS WARDS COMPANY INC WARNCO INC WARNER & SWASEY WARNER COMM INC WARNER ELECT BRAKE WARNER-LAMBERT CO WASHINGTON ENERGY WASHINGTON GAS LGHT WASHINGTON NAT'L WA NATURAL GAS CO WASHINGTON POST CO WASH REAL ESTATE WASHINGTON STEEL WASHINGTON SCIENTFC WASHINGTON WATR PWR WASTE MANAGEMENT WATERS ASSOC INC WATERS INSTRUMENT WATKINS-JOHNSON CO WAUSAU PAPER MILL WAVERLY PRESS INC WAVETEK WAYNE—GASSARD CORP WAXMAN IND INC W D 40 CO WEATHERFORD INTERNT WEATHERHEAD CO WEBB COMPANY DEL E WEBB WEBB RESOURCES INC WEBCOR ELECTRONICS WEEDEN HOLDING WEIGH-TRONIX WEHR CORP WEINGARTEN—REALTY 136 WABASH IN WINSTN-SALEM NC WINSTN-SALEM NC CORAL GABLES FL HOUSOTN TX BENTONVILLE AK PEABODY MA CASS CITY MI NEW YORK NY CHICAGO IL HILLSDALE IL DALLAS TX NEW YORK NY TAMPA FL TEWKSBURY MA DALLAS TX RICHMOND VA BRIDGEPORT CT CLEVELAND OH NEW YORK NY BELOIT WI MORRIS PLANS NJ SEATTLE WA WASHINGTON D C EVANSTON IL SEATTLE WA WASHINGTON D C BETHESADA MD WASHINGTON PA LONG LAKE MN SPOKANE WA OAK BROOK IL MILFORD MA RODCHESTER MN PALO ALTO CA BROKAW WI BALTIMORE MD SAN DIEGO CA HUMBOLDT TN BEDFRD HGHTS OH SAN DIEGO CA HOUSOTN TX CLEVELAND OH ST PAUL MN PHOENIX AZ DENVER CO PLAINVIEW NY NEW YORK NY FAIRMONT MN MILWAUKEE WI HOUSOTN TX WEISFIELDS INC WEIS MARKETS INC WELLINGTON MANAGEMN WELLS FARGO BANK WELLS FARGO MORTAGE WELLS GARDNER ELCTR WELLS RICH GREENE WELLTECH INC WENDYS INTERNATIONL WENDYS INTERNATIONL WESBANCO INC WESPERCORP WEST COMPANY WESCO FIN CORP WEST COMPANY WEST CHEMICAL PROD WEST DRIEFONTEIN WEST POINT-PEPPERLL WESTATES PETRO WESTBURNE INTL IND WESTCOAST PETRO LTD WESTCPAST TRANSM CO WESTERN AIRLINES WESTERN BANCORP WESTERN CASUALITY WESTERB CO OF N AM WSTRN DECALTA PETRO WESTERN DEEP LEVELS WESTERN DIGITAL WESTERN ENERGY DEV WESTERN FIN CORP WESTERN GEAR CORP WESTERN HOLDNGS LTD WESTERN MARINE ELEC WESTERN PACIFIC IND WESTERN PACIFIC FIN WESTERN PREFERRED WESTERN PUBLISHING WESTERB UNION CORP WESTINGHOUSE ELECT WESTMIN RESOURCES WESTMORELAND COAL ROY F WESTON INC WESTON GEORGE LTD WESTVACO CORPROATON WETTERAU INCORP WEYENBURG SHOE MFG WEYENHAUSER CO WHEELABRATOR—FRYE WHELLNG-PITTS STEEL WHIRLPOOL CORP 137 SEATTLE WA SUNBURY PA VALLEY FORGE SAN FRANCISO SAN FRANCISO CHICAGO IL NEW YORK NY HOUSOTN TX DUBLIN OH COLUMBUS OH WHEELING WV TUSTIN CA PHOENIXVILLE PASADENA CA PHOENIXVILLE LNG ISLD CTY SOUTH AFRICA WEST POINT GA LOS ANGELES CA CALGARY ALB CAN CALGARY ALB CAN VANCAUVER CAN LOS ANGELES CA LOS ANGELES CA FORT SCOOT KS FORT WORTH TX CALGARY ALB CAN SOUTH AFRICA NW PORT BCH CA MONUMENT CO PHOENIX AZ LYNWOOD CA JOHANNESBRG S A SEATTLE WA RACINE WI SAN BERNADNO CA ENGLEWOOD CO RACINE WI UPPER SADDLE NJ PITTSBURG PA CALGARY ALB CAN PHILEDELPHIA PA WESTEHESTER PA TORONTO ONT CAN NEW YORK NY HAZELWOOD MO MILWAUKEE WI FEDERAL WAY WA NEW YORK NY PITTSBURG PA BENTON HARBR MI PA CA CA PA PA NY WHITAKER CABLE CORP WHITE CONSOLIDATED WHITE MOTOR CORP WHITEHALL CORP WHITNEY HOLDING CRP WHITTAKER CORP WHONNOCK IND LTD WICHITA IND INC WICKES CORPORATION WICOR INC WIEBOLDT STORES INC WIEN AIR ALASKA INC WIENER CORP JOHN WILEY & SONS WILAMETTE IND INC WILLIAMS & COMPANY WILLIAMHOUSE-REGENY WM WILLIAMS CO WILLIAMS COMPANIES WILLIAMS ELECTRONCS WILMINGTON TRUST CO WLSHRE OIL CO OF TX H J WILSON CO WILSON FOODS CORP WINCO PETROLEUM WINNS STORES WINKLEHAAK MINES WINKLEMAN STORES WINN DIXIE WINNEBAGO IND INC JACK WINTER INC WINNERS CORP WINTER PARK TELE CO WI CENTRIFUGAL INC WISCONSIN ELECTRIC WISCONSIN GAS CO WI POWER—LIGHT CO WI PUBLIC SERVICE WI SOUTHERN GAS CO WISER OIL CO WITCO CHEMICAL CORP WIX CORPORATION HOWARD WOLF WOLOHAN LUMBER CO WOLVERINE ALUMINUM WOLVERNE WORLD WIDE WOMECTO ENTERPRISES WOMETCO CABLE TX DANIEL WOODHEAD WOODS CORPORATION WOODS PETROLEUM 138 KANSAS CITY KS CLEVELAND OH CLEVELAND OH DALLAS TX NEW ORLEANS LA LOS ANGELES CA NOT KNOWN NEW YORK NY SAN DIEGO CA MILWAUKEE WI CHICAGO IL ANCHORAGE AL NEW ORLEANS LA NEW YORK NY PORTLAND OR PITTSBURGH PA NEW YORK NY COLUMBUS OH TULSA OK CHICAGO IL WILMINGTON DE NEW YORK NY BATON ROUGE LA OKLAHOMA CITY OK DENVER CO SAN ANTONIO TX NOT KNOWN DETROIT MI JACKSONVILLE FL FOREST CITY IA MILWAUKEE WI BRENTWOOD TN WINTER PARK FL NAUKESHA WI MILWAUKEE WI MILWAUKEE WI MADISON WI GREEN BAY WI LAKE GENEVIA WI SISTERVILLE WV NEW YORK NY GASTONIA NC DALLAS TX SAGINAW MI LINCOLN PARK MI ROCKFORD MI MIAMI FL NOT KNWON NORTHBROOK IL OKLAHOMA CTY OK OKLAHOMA CTY OK WOODSTREAM CORP WOODWARD & LOTHROP F W WOOLWORTH WOOLWORTH LINITED WORCESTER CONTROLS WORLD AIRWAYS INC WORLDWIDE ENERGY WORK WEAR CORP WORLD SERV LIFE INS WORTHINGTON IND WRATHER CORP WILLIAM WRIGHT CO WM WRIGLEY JR WUI INCORPORATED WYLAIN INC WYLE LABORATORIES WYLY CORP WYMAN—GORDON CO WYNNS INTERNATIONAL WYOMING BANCORP WYOMING NATIONAL 139 ITITZ PA WASHINGTON D C NEW YORK NY NEW YORK NY LONDONDERRY NH OAKLAND CA DENVER CO CLEVELAND OH FORT WORTH TX WORTHINGTON OH BEVERLY HLLS CA W WARREN MA CHICAGO IL NEW YORK NY DALLAS TX EL SEGUNDO CA DALLAS TX WORCESTER MA FOLLERTON CA CHEYENNE WY CASPER WY XEROX CORPORATION XICOR XIDEX CORP XOMOX CORPORATION XONICS INC XTRA CORPORATION 140 STAMFORD CT MILPITAS CA SUNNYVALE CA CINCINATI OH VAN NUYS CA WILLMINGTON DE 141 YATES IND INC BORDENTOWN NJ YELLOW FREIGHT SYS MISSION KS YORK BANCORP YORK PA YOUNKER BROTHERS DES MOINES IA ZALE CORPORAfJON ZAPATA CORP ZAYRE CORPORATION ZENITH LABS ZENITH NATIONAL INS ZENITH RADIO CORP ZENITH UNITED CORP ZENTEC CORP ZIEGLER COMPANY INC ZIMMER CORP ZERO CORPORATION ZIONS UTAH BANCORP ZOECON CORP ZONDERVAN CORP ZURN IND INC 142 DALLAS TX HOUSTON TX FARMINGTON MA NORTHVILLE NJ LOS ANGELES CA CHICAGO IL CHICAGO IL SANTA CLARA CA WEST BEND WI POMPANO BEACH FL BERBANK CA SALT LKE CTY UT PALO ALTO CA GRAND RAPIDS MI ERIE PA APPENDIX B 143 APPENDIX B-l PORTFOLIO COMPOSITION FOR BUY & HOLD 1976 THROUGH 1982, LOW COVERAGE; BUY & HOLD 1976 THROUGH 1981, LOW COVERAGE; BUY & HOLD 1976 THROUGH 1980, LOW COVERAGE; AND BUY & HOLD 1976 THROUGH 1979, LOW COVERAGE ADAMS EXPRESS CO AVIS INC GRAND UNION CO MALLORY P R & CO INC SOUTHEASTERN PUB SVC CO IMS INTL INC SIGMOR CORP PUB SVC NO CAROLINA COMMERCIAL ALLIACE CORP AFFLIATED PUBS NS INC MAINE PUB SVC CO PACIFIC RES INC HAWAII 144 APPENDIX B—2 PORTFOLIO COMPOSITION FOR BUY & HOLD 1976 THROUGH 1982, MED COVERAGE; BUY & HOLD 1976 THROUGH 1981, MED COVERAGE; BUY & HOLD 1976 THROUGH 1980, MED COVERAGE; AND BUY & HOLD 1976 THROUGH 1979, MED COVERAGE COMUMBIA PICTURES INDS INC COW HONES AND CO INC FAIRCHILD INDS INC HONDA MOTOR LTD KANSAS CITY SOUTHN INDS INC MILTON BRADLEY CO NATIONAL MED CARE INC OUTLET CO SINGER CO TRETER CORP LYNDEN TRANS INC PAUL HARRIS STORES INC N/A - 87421110 UNITED BKS OF COLORADO HAMILTON GRO PETRO LA Z BOY CHAIR CO OVERMEYER CORP JOHNSON PROD CO BROWN TOM INC LIBERTY NATL CORP OLD REPUBLIC INTL CORP AMERICAN FLETCHER MTG INVS GRI 145 APPENDIX B-3 PORTFOLIO COMPOSITION FOR BUY & HOLD 1976 THROUGH 1982, HIGH COVERAGE; BUY & HOLD 1976 THROUGH 1981, HIGH COVERAGE; BUY & HOLD 1976 THROUGH 1980, HIGH COVERAGE; AND BUY & HOLD 1976 THROUGH 1979, HIGH COVERAGE ANHEUSER BUSCH COS INC BANK OF BOSTON BURLINGTON INDS INC CHASE MANHATTAN DENNYS INC FOOTE CONE AND BELDING COM CTNS INC GULF OIL CORP LOUISVILLE GAS AND ELEC CO MODULAR COMPUTER SYSTEMS CR CORP PACIFIC PWR AND LT CO SCHERING PLOUGH CORP SOUTHERN CALIF EDISON CO SYNTEX CORP TOLEDO EDISON CO UNITED TECH CORP COBE LABS INC COMPUTER AUTOMATION AMERICAN AIRLS INC FIRST BANK SYS 146 APPENDIX B-4 PORTFOLIO COMPOSITION FOR BUY & HOLD 1977 THROUGH 1982, LOW COVERAGE; BUY & HOLD 1977 THROUGH 1981, LOW COVERAGE; BUY & HOLD 1977 THROUGH 1980, LOW COVERAGE; AND BUY & HOLD 1977 THROUGH 1979, LOW COVERAGE BERKLINE CORP FIRST MEM RLTY TRUST GILBERT ASSOCIATES INSTRUMENTATION LAB MARCUS CORP NORTHWEST NAT GAS NORTHWESTERN FINL CORP OCEAN OIL AND GAS WISER OIL CO DEL BEVERAGE MGMT INC GILFORD INSTR LABS THRIFTY CORP BERKLINE CORP COACHMEN INDS INC FOOD FAIR INC PUROLATOR INC TODD SHIP YARD CORP WHITTAKER CORP CORE LAB INC FIRSTS & LSHS INC INVESTOR SRTY INC MICKELBERRY CORP APPENDIX PORTFOLIO COVERAGE FOR BUY & HOLD 1977 THROUGH BUY & HOLD 1977 THROUGH BUY & HOLD 1977 THROUGH BUY & HOLD 1977 THROUGH BROOKLYN UN GAS CO EMERY INDS INC 147 1982, 1981, 1980, 1979. GENERAL PORTLAND INC PARSONS CORP TORO CO SCOVELL INC GRAPHIC SCANNING CORP WAXMAN INDS INC ENTEX TIPPERARY CORP SIGMA ALDRICH CORP GRWO GROUP MED COVERAGE; MED COVERAGE; MED COVERAGE; AND MED COVERAGE 148 APPENDIX B—6 PORTFOLIO COMPOSITION FOR BUY & HOLD 1977 THROUGH 1982, HIGH COVERAGE; BUY & HOLD 1977 THROUGH 1981, HIGH COVERAGE; BUY & HOLD 1977 THROUGH 1980, HIGH COVERAGE; AND BUY & HOLD 1977 THROUGH 1979, HIGH COVERAGE AMERICAN INTL CORP CAPITAL HLDG CORP DEL COMMUNICATIONS SATELLITE CORP DAYTON HUDSON CORP DOW CHEM CO FOSTER WHEELER CORP HARRIS CORP DEL MONSANTO CO PHILLIPS PETE CO RAY CHEM CORP SABINE CORP SOUTHERN PAC CO TENNECO INC TYLER CORP UNION PAC CORP REDKEN LABS INC NORTHWESTERN FINL CORP HEWLETT PACKARD 149 APPENDIX B—7 PORTFOLIO COMPOSITION FOR BUY & HOLD 1978 THROUGH 1982, LOW COVERAGE; BUY & HOLD 1978 THROUGH 1981, LOW COVERAGE; BUY & HOLD 1978 THROUGH 1980, LOW COVERAGE; AND BUY & HOLD 1978 THROUGH 1979. LOW COVERAGE ALBANY INTL CORP PETER PAUL INC RICHARDSON CO AMERON INC CAPITOL INTL AWYS INC LOOMIS CORPORATION NORD RES CORP SUNSTAR FOODS INC LINDBERG CP CLASSIFIED FINL CORP ALOHA AIRLS INC CALIFORNIA COMPUTER PRODS INC GUARDSMAN CHEMS INC SHENANDOAH OIL CORP 150 APPENDIX B—8 PORTFOLIO COMPOSITION FOR BUY & HOLD BUY & HOLD BUY & HOLD BUY & HOLD 1978 THROUGH 1978 THROUGH 1978 THROUGH 1978 THROUGH BORG WARNER CORP GAP STORES INC HOST INTL INC ILL GAS & ELEC CO MORRISON KNUDSEN INC NORRIS INDS INC QUESTOR CORP TAPPAN CO QUAKER CHEM CORP CULLUM COS INC PAUL HARRIS STORES INC CALIFORNIA MICROWAVE INC DURIRON CO LINCOLN lST BANK INC TRUST CO BK GA ATLANTA CAROBLINE CO ATLANTIC BANCORPORATION PHILADELPHIA NATL CORP IOWA ELEC LT AND PWR CO MITCHELL ENERGY AND DEV CORP 1982, 1981, 1980, 1979, MED COVERAGE; MED COVERAGE; MED COVERAGE; MED COVERAGE AND 151 APPENDIX B-9 PORTFOLIO COMPOSITION FOR BUY & HOLD 1978 THROUGH 1982, HIGH COVERAGE; BUY & HOLD 1978 THROUGH 1981, HIGH COVERAGE; BUY & HOLD 1978 THROUGH 1980, HIGH COVERAGE; AND BUY & HOLD 1978 THROUGH 1979, HIGH COVERAGE AMERICAN MTRS CORP CONTINENTAL ILL PPTYS EDISON BROS STORES INC FOTOMAT CORP GANNETT INC GENERAL TIRE & RUBR CO INTERNATIONAL MINING CORP LEASEWAY TRANSN CORP NATIONAL MINE SVC COP STERLING DRUG INC TEXAS OIL & GAS CORP CONTINENTAL INC PITTSBURGH NATL CORP UNITED STATES FIDIGTY MARATHON OIL CO 152 APPENDIX B—lO PORTFOLIO COMPOSITION FOR BUY & HOLD 1979 THROUGH 1982, LOW BUY & HOLD 1979 THROUGH 1981, LOW BUY & HOLD 1979 THROUGH 1980, LOW BUY & HOLD 1979 THROUGH 1979, LOW CAMPBELL RED LAKE MINES LTD FIRST NATL ST BANCORPORATION GLEASON WKS HITACHI LIMITED SAXON INDS INC COLORADO NATL BNAKSHARES UNIVERSAL VOLTRONICS AMER APPRAISAL ASSOC INC GREAT AMERICAN CORP REALIST INC FRANKS NURSERY AND CRAFTS COVERAGE; COVERAGE; COVERAGE; AND COVERAGE 153 APPENDIX B—ll PORTFOLIO COMPOSITION FOR BUY & HOLD 1979 THROUGH 1982, MED COVERAGE; BUY & HOLD 1979 THROUGH 1981, MED COVERAGE; BUY & HOLD 1979 THROUGH 1980, MED COVERAGE; BUY & HOLD 1979 THROUGH 1979. MED COVERAGE BLAIR JOHN & CO GENERAL MED CORP NEW ENGLAND TEL & TELEG CO SPS TECHNOLOGIES INC UNIVERSAL LEAF TOB INC OPTICAL COATING LAB INC PARK OHIO INDUSTRIES INC TX INTERNAT AIRLNS INDUSTRIAL NATL CORP ASSOCIATED COCA COLA HAMILTON BROS PETE CP NORTHWEST NAT GAS RIVAL MFG DURO TEST CORP AMER SECURITY CORP MERCANTILE BANKSHARES BALDOR ELEC CO CHILD WORLD INC EL PASO CO HARTZ MTN CORP OUTLET CO AND 154 APPENDIX B—12 PORTFOLIO COMPOSITION FOR BUY & HOLD 1979 THROUGH 1982, HIGH COVERAGE; BUY & HOLD 1979 THROUGH 1981, HIGH COVERAGE; BUY & HOLD 1979 THROUGH 1980, HIGH COVERAGE; AND BUY & HOLD 1979 THROUGH 1979, HIGH COVERAGE AMR INC ASSOCIATED DRY GOODS CORP CBS INC FOOD MTR CO DEL GELCO CORP LEASEWAY TRANSN CORP MAREMONT CORP NALCO CHEM CO RCA CORP RYAN HOMES INC TRW INC COBE LABS TENNANT G H CO PEOPLES GAS COMPANY BIG THREE INDS CONTINENTAL AIRLINES INC MARSH MCLENNAN COS INC ST LOUIS SAN GRANCIS CORY CO 155 APPENDIX B-13 PORTFOLIO COMPOSTION FOR BUY & HOLD 1976 THROUGH 1982, LOW COVERAGE, WITH ONE YEAR HOLDING PERIOD INCREMENTS 1-76 THROUGH 12—76 ADAMS EXPRESS CO AVIS INC GRAND UNION CO MALLORY P R & CO INC SOUTHEASTERN PUB SVC CO IMS INTL INC SIGMOR CORP PUB SVC NO CAROLINA COMMERCIAL ALLIACE CORP AFFLIATED PUBS NS INC MAINE PUB SVC CO PACIFIC RES INC HAWAII FROM 1—77 THROUGH 12-77 BERKLINE CORP FIRST MEM RLTY TRUST GILBERT ASSOCIATES INSTRUMENTATION LAB MARCUS CORP NORTHWEST NAT GAS NORTHWESTERN FINL CORP OCEAN OIL AND GAS WISER OIL CO DEL BEVERAGE MGMT INC GILFORD INSTR LABS THRIFTY CORP BERKLINE CORP COACHMEN INDS INC FOOD FAIR INC PUROLATOR INC TODD SHIP YARD CORP WHITTAKER CORP CORE LAB INC 156 FIRSTS & LSHS INC INVESTOR SRTY INC MICKELBERRY CORP FROM 1-78 THROUGH 12-78 ALBANY INTL CORP PETER PAUL INC RICHARDSON CO AMERON INC CAPITOL INTL AWYS INC LOOMIS CORPORATION NORD RES CORP SUNSTAR FOODS INC LINDBERG CP CLASSIFIED FINL CORP ALOHA AIRLS INC CALIFORNIA COMPUTER PRODS INC GUARDSMAN CHEMS INC SHENANDOAH OIL CORP FROM 1—79 THROUGH 12—79 CAMPBELL RED LAKE MINES LTD FIRST NATL ST BANCORPORATION GLEASON WKS HITACHI LIMITED SAXON INDS INC COLORADO NATL BNAKSHARES UNIVERSAL VOLTRONICS AMER APPRAISAL ASSOC INC GREAT AMERICAN CORP REALIST INC FRANKS NURSERY AND CRAFTS FROM 1—80 THROUGH 12-80 AMERICAN BLDG MAINTENANCE INDS FEDDERS CORP BERKINS CO CHURCH & DWIGHT CO GREAT MIDWEST CORP LINDBERG CP PEERLESS MFG CO RAGEN CORP BLUEFIELD SUPPLY CO FIRST MEM RTY TRST ENGRAPH INC 157 PROLER INTL CORP PEERLESS CHAIN CO FROM 1-81 THROUGH 12-81 AMER APPRAISAL ASSOC INC BONANZA INTL INC CHEMINEER INC HEALTH—CHEM CORP MAUI LAND PINEAPPLE MONFORT COLO INC PLANTRONICS INC PLENUM PUBLISHING WALLACE SAM P INC KROY INC MOSINEE PAPER CORP NUCLEAR PHARMACY INC ST JUDE MED INC TELLABS INC BANK BLDG AND EQUIPMENT CORP AMER LUKENS INC FROM 1—82 THROUGH 12-82 BAY ST GAS CO INTERLAKE INC PUGET UNDPOLP AND TIMBER CO SEATRAIN LINES INC DEL LABORATORIES INC NOLAND COMPANY PLENUM PUBLISHING DAYTON MALLEABLE INC FIRST ALABAMA BANCSHARES CIMARRON INVT INC CITY NATL CORP FIRST CAROLINE INVS GRANTREE CORP ALDON INDS INC BURNS INTL SEC SVCS INC KIRBY EXPL CO 158 APPENDIX B-14 PORTFOLIO COMPOSITION FOR BUY & HOLD 1976 THROUGH 1982, MED COVERAGE, WITH ONE YEAR HOLDING PERIOD INCREMENTS 1-76 THROUGH 12-76 COMUMBIA PICTURES INDS INC COW HONES AND CO INC FAIRCHILD INDS INC HONDA MOTOR LTD KANSAS CITY SOUTHN INDS INC MILTON BRADLEY CO NATIONAL MED CARE INC OUTLET CO SINGER CO TRETER CORP LYNDEN TRANS INC PAUL HARRIS STORES INC N/A - 87421110 UNITED BKS OF COLORADO HAMILTON GRO PETRO LA 2 BOY CHAIR CO OVERMEYER CORP JOHNSON PROD CO BROWN TOM INC LIBERTY NATL CORP OLD REPUBLIC INTL CORP AMERICAN FLETCHER MTG INVS GRI CORP FROM 1—77 THROUGH 12-77 BROOKLYN UN GAS CO EMERY INDS INC GENERAL PORTLAND INC PARSONS CORP TORO CO SCOVELL INC GRAPHIC SCANNING CORP WAXMAN INDS INC ENTEX 159 TIPPERARY CORP SIGMA ALDRICH CORP GRWO GROUP FROM 1—78 THROUGH 12—78 BORG WARNER CORP GAP STORES INC HOST INTL INC ILL GAS & ELEC CO MORRISON KNUDSEN INC NORRIS INDS INC QUESTOR CORP TAPPAN CO QUAKER CHEM CORP CULLUM COS INC PAUL HARRIS STORES INC CALIFORNIA MICROWAVE INC DURIRON CO LINCOLN lST BANK INC TRUST CO BK GA ATLANTA CAROBLINE CO ATLANTIC BANCORPORATION PHILADELPHIA NATL CORP IOWA ELEC LT AND PWR CO MITCHELL ENERGY AND DEV CORP FROM 1-79 THROUGH 12-79 BLAIR JOHN & CO GENERAL MED CORP NEW ENGLAND TEL & TELEG CO SPS TECHNOLOGIES INC UNIVERSAL LEAF TOB INC OPTICAL COATING LAB INC PARK OHIO INDUSTRIES INC TX INTERNAT AIRLNS INDUSTRIAL NATL CORP ASSOCIATED COCA COLA HAMILTON BROS PETE CP NORTHWEST NAT GAS RIVAL MFG DURO TEST CORP AMER SECURITY CORP MERCANTILE BANKSHARES BALDOR ELEC CO CHILD WORLD INC 160 EL PASO CO HARTZ MTN CORP OUTLET CO FROM 1-8O THROUGH 12-80 CANADIAN PAC LTD FRANKLIN MINT CORP GREEN GIANT CO MAREMONT CORP NORTHWESTERN STL & WIRE CO SUN CHEM CORP MINNETONKA INC WIEN AIR ALASKA INC FARR CO ALEXANDERS INC WD 40 CO SUBURBAN BANCORP SALEM CARPET MS INC BOATMENS BANCSHARES INC EMPLOYERS GAS GO OAKWOOD HOMES CORP FROM 1—81 THROUGH 12-81 ABITIBI PWR AND PAPER LTD DIAMOND INTL CORP KANSAS CITY SOUTHN INDS INC PIEDMONT NAT GAS INC SAGA CORP UNITED STS INDS INC AMER FILTRONA CORP FIDELCOR LINDBERG CP COMPUTER AUTOMATION NORSTAN INC OSMONICS INC VARLEN CORP CHIEFTAIN DEV LTD SOUHTERN UNION CO FROM 1—82 THROUGH 12—82 COCA COLA CO DOMINION BANKSHARES CORP KELLWOOD CO 161 MILTON ROY CO PHILLIPS VAN HEUSEN CORP MUELLER PAUL CO SHELDAHL CO VALLEYLAB INC UNITED BENT BANCSHARES JONES INTERCABLE INC UNIFI INC ACAPULCO RESTAURANTS LA Z BOY CHAIR CO NATIONAL COMPUTER SYS BIO RAD LABS INC GUARDIAN INDS CORP 162 APPENDIX B-15 PORTFOLIO COMPOSTION FOR BUY & HOLD 1976 THROUGH 1982, HIGH COVERAGE, WITH ONE YEAR HOLDING PERIOD INCREMENTS 1-76 THROUGH 12-76 ANHEUSER BUSCH COS INC BANK OF BOSTON BURLINGTON INDS INC CHASE MANHATTAN DENNYS INC FOOTE CONE AND BELDING COM CTNS INC GULF OIL CORP LOUISVILLE GAS AND ELEC CO MODULAR COMPUTER SYSTEMS CR CORP PACIFIC PWR AND LT CO SCHERING PLOUGH CORP SOUTHERN CALIF EDISON CO SYNTEX CORP TOLEDO EDISON CO UNITED TECH CORP COBE LABS INC COMPUTER AUTOMATION AMERICAN AIRLS INC FIRST BANK SYS FROM 1-77 THROUGH 12-77 AMERICAN INTL CORP CAPITAL HLDG CORP DEL COMMUNICATIONS SATELLITE CORP DAYTON HUDSON CORP DOW CHEM CO FOSTER WHEELER CORP HARRIS CORP DEL MONSANTO CO PHILLIPS PETE CO RAY CHEM CORP SABINE CORP SOUTHERN PAC CO TENNECO INC TYLER CORP 163 UNION PAC CORP REDKEN LABS INC NORTHWESTERN FINL CORP HEWLETT PACKARD FROM 1—78 THROUGH 12—78 AMERICAN MTRS CORP CONTINENTAL ILL PPTYS EDISON BROS STORES INC FOTOMAT CORP GANNETT INC GENERAL TIRE & RUBR CO INTERNATIONAL MINING CORP LEASEWAY TRANSN CORP NATIONAL MINE SVC COP STERLING DRUG INC TEXAS OIL & GAS CORP CONTINENTAL INC PITTSBURGH NATL CORP UNITED STATES FIDIGTY MARATHON OIL CO FROM 1—79 THROUGH 12-79 AMR INC ASSOCIATED DRY GOODS CORP CBS INC FOOD MTR CO DEL GELCO CORP LEASEWAY TRANSN CORP MAREMONT CORP NALCO CHEM CO RCA CORP RYAN HOMES INC TRW INC COBE LABS TENNANT G H CO PEOPLES GAS COMPANY BIG THREE INDS CONTINENTAL AIRLINES INC MARSH MCLENNAN COS INC ST LOUIS SAN GRANCIS CORY CO FROM 1-8O THROUGH 12-80 AMERICAN FAMILY CORP BETHLEHEM STL CORP 164 CITICORP EASTERN AIR LINES INC FORT HOWARD PAPER CO GILLETTE CO HWLLER WALTER E INTL CORP KANSAS CITY PWR & LT CO LA QUINTA MTR INNS INC MASCO CORP OVERSEAS SHIPHOLDING GROUP INC ROHM & HAAS CO SAFEWAY STORES INC STANDARD BRANDS INC TAFT BROADCASTING CO MALLINCKRODT INC CBT CORP LIFE INVESTORS INC TANDEM COMPUTERS INC FULLER GA CO MARYLAND CUP CORP PFIZER INC FROM 1—81 THROUGH 12—81 AIRBORNE FGHT CORP ARCHER DANIELS MIDLAND CO FEDERAL CO GULF OIL CORP LITTON INDS INC OGDEN CORP PILLSBURY CO SEARLE G D & CO TOLEDO EDISON CO MCI COMMUNISTIONS CORP WALLACE COMPTUER SVCS NORDSTROM INC NOXELL CORP CLASS B ROLLINS INC PROGRESSIVE CORP OHIO FROM 1-82 THROUGH 12—82 ALLEGHANY CORP DONNELLEY RR & SONS CO FORT HOWARD PAPER CO GENERAL ELEC CO HOMESTAKE MNG CO LEVI STRAUSS & CO NALCO CHEM CO OCCIDENTAL PETE CORP ONEOK INC RAYTHEON CO TEXAS INDS INC TUCSON ELEC PWR CO BIO RAD LABS INC GUARDIAN INDS CORP 165 166 APPENDIX B—16 PORTFOLIO COMPOSTION FOR BUY & HOLD 1977 THROUGH 1982, LOW COVERAGE, WITH ONE YEAR HOLDING PERIOD INCREMENTS FROM 1-77 THROUGH 12-77 BERKLINE CORP FIRST MEM RLTY TRUST GILBERT ASSOCIATES INSTRUMENTATION LAB MARCUS CORP NORTHWEST NAT GAS NORTHWESTERN FINL CORP OCEAN OIL AND GAS WISER OIL CO DEL BEVERAGE MGMT INC GILFORD INSTR LABS THRIFTY CORP BERKLINE CORP COACHMEN INDS INC FOOD FAIR INC PUROLATOR INC TODD SHIP YARD CORP WHITTAKER CORP CORE LAB INC FIRSTS & LSHS INC INVESTOR SRTY INC MICKELBERRY CORP FROM 1-78 THROUGH 12-78 ALBANY INTL CORP PETER PAUL INC RICHARDSON CO AMERON INC CAPITOL INTL AWYS INC LOOMIS CORPORATION NORD RES CORP SUNSTAR FOODS INC LINDBERG CP CLASSIFIED FINL CORP ALOHA AIRLS INC 167 CALIFORNIA COMPUTER PRODS INC GUARDSMAN CHEMS INC SHENANDOAH OIL CORP FROM 1-79 THROUGH 12—79 CAMPBELL RED LAKE MINES LTD FIRST NATL ST BANCORPORATION GLEASON WKS HITACHI LIMITED SAXON INDS INC COLORADO NATL BNAKSHARES UNIVERSAL VOLTRONICS AMER APPRAISAL ASSOC INC GREAT AMERICAN CORP REALIST INC FRANKS NURSERY AND CRAFTS FROM 1-8O THROUGH 12—80 AMERICAN BLDG MAINTENANCE INDS FEDDERS CORP BERKINS CO CHURCH & DWIGHT CO GREAT MIDWEST CORP LINDBERG CP PEERLESS MFG CO RAGEN CORP BLUEFIELD SUPPLY CO FIRST MEM RTY TRST ENGRAPH INC PROLER INTL CORP PEERLESS CHAIN CO FROM 1—81 THROUGH 12-81 AMER APPRAISAL ASSOC INC BONANZA INTL INC CHEMINEER INC HEALTH-CHEM CORP MAUI LAND PINEAPPLE MONFORT COLO INC PLANTRONICS INC PLENUM PUBLISHING WALLACE SAM P INC KROY INC MOSINEE PAPER CORP NUCLEAR PHARMACY INC 168 ST JUDE MED INC TELLABS INC BANK BLDG AND EQUIPMENT CORP AMER LUKENS INC FROM 1-82 THROUGH 12—82 BAY ST GAS CO INTERLAKE INC PUGET UNDPOLP AND TIMBER CO SEATRAIN LINES INC DEL LABORATORIES INC NOLAND COMPANY PLENUM PUBLISHING DAYTON MALLEABLE INC FIRST ALABAMA BANCSHARES CIMARRON INVT INC CITY NATL CORP FIRST CAROLINE INVS GRANTREE CORP ALDON INDS INC BURNS INTL SEC SVCS INC KIRBY EXPL CO 169 APPENDIX B-17 PORTFOLIO COMPOSITION FOR BUY & HOLD 1977 THROUGH 1982, MED COVERAGE, WITH ONE YEAR HOLDING PERIOD INCREMENTS FROM 1-77 THROUGH 12—77 BROOKLYN UN GAS CO EMERY INDS INC GENERAL PORTLAND INC PARSONS CORP TORO CO SCOVELL INC GRAPHIC SCANNING CORP WAXMAN INDS INC ENTEX TIPPERARY CORP SIGMA ALDRICH CORP GRWO GROUP FROM 1-78 THROUGH 12-78 BORG WARNER CORP GAP STORES INC HOST INTL INC ILL GAS & ELEC CO MORRISON KNUDSEN INC NORRIS INDS INC QUESTOR CORP TAPPAN CO QUAKER CHEM CORP CULLUM COS INC PAUL HARRIS STORES INC CALIFORNIA MICROWAVE INC DURIRON CO LINCOLN lST BANK INC TRUST CO BK GA ATLANTA CAROBLINE CO ATLANTIC BANCORPORATION PHILADELPHIA NATL CORP IOWA ELEC LT AND PWR CO MITCHELL ENERGY AND DEV CORP 170 FROM 1—79 THROUGH 12—79 BLAIR JOHN & CO GENERAL MED CORP NEW ENGLAND TEL & TELEG CO SPS TECHNOLOGIES INC UNIVERSAL LEAF TOB INC OPTICAL COATING LAB INC PARK OHIO INDUSTRIES INC TX INTERNAT AIRLNS INDUSTRIAL NATL CORP ASSOCIATED COCA COLA HAMILTON BROS PETE CP NORTHWEST NAT GAS RIVAL MFG DURO TEST CORP AMER SECURITY CORP MERCANTILE BANKSHARES BALDOR ELEC CO CHILD WORLD INC EL PASO CO HARTZ MTN CORP OUTLET CO FROM 1—8O THROUGH 12-80 CANADIAN PAC LTD FRANKLIN MINT CORP GREEN GIANT CO MAREMONT CORP NORTHWESTERN STL & WIRE CO SUN CHEM CORP MINNETONKA INC WIEN AIR ALASKA INC FARR CO ALEXANDERS INC WD 40 CO SUBURBAN BANCORP SALEM CARPET MS INC BOATMENS BANCSHARES INC EMPLOYERS GAS GO OAKWOOD HOMES CORP FROM 1-81 THROUGH 12-81 171 ABITIBI PWR AND PAPER LTD DIAMOND INTL CORP KANSAS CITY SOUTHN INDS INC PIEDMONT NAT GAS INC SAGA CORP UNITED STS INDS INC AMER FILTRONA CORP FIDELCOR LINDBERG CP COMPUTER AUTOMATION NORSTAN INC OSMONICS INC VARLEN CORP CHIEFTAIN DEV LTD SOUHTERN UNION CO FROM 1-82 THROUGH 12-82 COCA COLA CO DOMINION BANKSHARES CORP KELLWOOD CO MILTON ROY CO PHILLIPS VAN HEUSEN CORP MUELLER PAUL CO SHELDAHL CO VALLEYLAB INC UNITED BENT BANCSHARES JONES INTERCABLE INC UNIFI INC ACAPULCO RESTAURANTS LA Z BOY CHAIR CO NATIONAL COMPUTER SYS BIO RAD LABS INC GUARDIAN INDS CORP 172 APPENDIX B-18 PORTFOLIO COMPOSTION FOR BUY & HOLD 1977 THROUGH 1982, HIGH COVERAGE, WITH ONE YEAR HOLDING PERIOD INCREMENTS FROM 1-77 THROUGH 12—77 AMERICAN INTL CORP CAPITAL HLDG CORP DEL COMMUNICATIONS SATELLITE CORP DAYTON HUDSON CORP DOW CHEM CO FOSTER WHEELER CORP HARRIS CORP DEL MONSANTO CO PHILLIPS PETE CO RAY CHEM CORP SABINE CORP SOUTHERN PAC CO TENNECO INC TYLER CORP UNION PAC CORP REDKEN LABS INC NORTHWESTERN FINL CORP HEWLETT PACKARD FROM 1—78 THROUGH 12—78 AMERICAN MTRS CORP CONTINENTAL ILL PPTYS EDISON BROS STORES INC FOTOMAT CORP GANNETT INC GENERAL TIRE & RUBR CO INTERNATIONAL MINING CORP LEASEWAY TRANSN CORP NATIONAL MINE SVC COP STERLING DRUG INC TEXAS OIL & GAS CORP CONTINENTAL INC PITTSBURGH NATL CORP UNITED STATES FIDIGTY MARATHON OIL CO 173 FROM 1-79 THROUGH 12-79 AMR INC ASSOCIATED DRY GOODS CORP CBS INC FOOD MTR CO DEL GELCO CORP LEASEWAY TRANSN CORP MAREMONT CORP NALCO CHEM CO RCA CORP RYAN HOMES INC TRW INC COBE LABS TENNANT G H CO PEOPLES GAS COMPANY BIG THREE INDS CONTINENTAL AIRLINES INC MARSH MCLENNAN COS INC ST LOUIS SAN GRANCIS CORY CO FROM 1-80 THROUGH 12-80 AMERICAN FAMILY CORP BETHLEHEM STL CORP CITICORP EASTERN AIR LINES INC FORT HOWARD PAPER CO GILLETTE CO HWLLER WALTER E INTL CORP KANSAS CITY PWR & LT CO LA QUINTA MTR INNS INC MASCO CORP OVERSEAS SHIPHOLDING GROUP INC ROHM & HAAS CO SAFEWAY STORES INC STANDARD BRANDS INC TAFT BROADCASTING CO MALLINCKRODT INC CBT CORP LIFE INVESTORS INC TANDEM COMPUTERS INC FULLER CA CO MARYLAND CUP CORP PFIZER INC FROM 1-81 THROUGH 12—81 174 AIRBORNE FGHT CORP ARCHER DANIELS MIDLAND CO FEDERAL CO GULF OIL CORP LITTON INDS INC OGDEN CORP PILLSBURY CO SEARLE G D & CO TOLEDO EDISON CO MCI COMMUNISTIONS CORP WALLACE COMPTUER SVCS NORDSTROM INC NOXELL CORP CLASS B ROLLINS INC PROGRESSIVE CORP OHIO FROM 1-82 THROUGH 12-82 ALLEGHANY CORP DONNELLEY RR & SONS CO FORT HOWARD PAPER CO GENERAL ELEC CO HOMESTAKE MNG CO LEVI STRAUSS & CO NALCO CHEM CO OCCIDENTAL PETE CORP ONEOK INC RAYTHEON CO TEXAS INDS INC TUCSON ELEC PWR CO BIO RAD LABS INC GUARDIAN INDS CORP 175 APPENDIX B-19 PORTFOLIO COMPOSTION FOR BUY & HOLD 1978 THROUGH 1982, LOW COVERAGE, WITH ONE YEAR HOLDING PERIOD INCREMENTS FROM 1-78 THROUGH 12—78 ALBANY INTL CORP PETER PAUL INC RICHARDSON CO AMERON INC CAPITOL INTL AWYS INC LOOMIS CORPORATION NORD RES CORP SUNSTAR FOODS INC LINDBERG CP CLASSIFIED FINL CORP ALOHA AIRLS INC CALIFORNIA COMPUTER PRODS INC GUARDSMAN CHEMS INC SHENANDOAH OIL CORP FROM 1-79 THROUGH 12—79 CAMPBELL RED LAKE MINES LTD FIRST NATL ST BANCORPORATION GLEASON WKS HITACHI LIMITED SAXON INDS INC COLORADO NATL BNAKSHARES UNIVERSAL VOLTRONICS AMER APPRAISAL ASSOC INC GREAT AMERICAN CORP REALIST INC FRANKS NURSERY AND CRAFTS FROM 1—80 THROUGH 12-80 AMERICAN BLDG MAINTENANCE INDS FEDDERS CORP BERKINS CO CHURCH & DWIGHT CO 176 GREAT MIDWEST CORP LINDBERG CP PEERLESS MFG CO RAGEN CORP BLUEFIELD SUPPLY CO FIRST MEM RTY TRST ENGRAPH INC PROLER INTL CORP PEERLESS CHAIN CO FROM 1—81 THROUGH 12—81 AMER APPRAISAL ASSOC INC BONANZA INTL INC CHEMINEER INC HEALTH—CHEM CORP MAUI LAND PINEAPPLE MONFORT COLO INC PLANTRONICS INC PLENUM PUBLISHING WALLACE SAM P INC KROY INC MOSINEE PAPER CORP NUCLEAR PHARMACY INC ST JUDE MED INC TELLABS INC BANK BLDG AND EQUIPMENT CORP AMER LUKENS INC FROM 1-82 THROUGH 12-82 BAY ST GAS CO INTERLAKE INC PUGET UNDPOLP AND TIMBER CO SEATRAIN LINES INC DEL LABORATORIES INC NOLAND COMPANY PLENUM PUBLISHING DAYTON MALLEABLE INC FIRST ALABAMA BANCSHARES CIMARRON INVT INC CITY NATL CORP FIRST CAROLINE INVS GRANTREE CORP ALDON INDS INC BURNS INTL SEC SVCS INC KIRBY EXPL CO 177 APPENDIX B—20 PORTFOLIO COMPOSITION FOR BUY & HOLD 1978 THROUGH 1982, MED COVERAGE, WITH ONE YEAR HOLDING PERIOD INCREMENTS FROM 1-78 THROUGH 12-78 BORG WARNER CORP GAP STORES INC HOST INTL INC ILL GAS & ELEC CO MORRISON KNUDSEN INC NORRIS INDS INC QUESTOR CORP TAPPAN CO QUAKER CHEM CORP CULLUM COS INC PAUL HARRIS STORES INC CALIFORNIA MICROWAVE INC DURIRON CO LINCOLN lST BANK INC TRUST CO BK GA ATLANTA CAROBLINE CO ATLANTIC BANCORPORATION PHILADELPHIA NATL CORP IOWA ELEC LT AND PWR CO MITCHELL ENERGY AND DEV CORP FROM 1-79 THROUGH 12—79 BLAIR JOHN & CO GENERAL MED CORP NEW ENGLAND TEL & TELEG CO SPS TECHNOLOGIES INC UNIVERSAL LEAF TOB INC OPTICAL COATING LAB INC PARK OHIO INDUSTRIES INC TX INTERNAT AIRLNS INDUSTRIAL NATL CORP ASSOCIATED COCA COLA HAMILTON BROS PETE CP NORTHWEST NAT GAS 178 RIVAL MFG DURO TEST CORP AMER SECURITY CORP MERCANTILE BANKSHARES BALDOR ELEC CO CHILD WORLD INC EL PASO CO HARTZ MTN CORP OUTLET CO FROM 1-8O THROUGH 12-80 CANADIAN PAC LTD FRANKLIN MINT CORP GREEN GIANT CO MAREMONT CORP NORTHWESTERN STL & WIRE CO SUN CHEM CORP MINNETONKA INC WIEN AIR ALASKA INC FARR CO ALEXANDERS INC WD 40 CO SUBURBAN BANCORP SALEM CARPET MS INC BOATMENS BANCSHARES INC EMPLOYERS GAS GO OAKWOOD HOMES CORP FROM 1-81 THROUGH 12-81 ABITIBI PWR AND PAPER LTD DIAMOND INTL CORP KANSAS CITY SOUTHN INDS INC PIEDMONT NAT GAS INC SAGA CORP UNITED STS INDS INC AMER FILTRONA CORP FIDELCOR LINDBERG CP COMPUTER AUTOMATION NORSTAN INC OSMONICS INC VARLEN CORP CHIEFTAIN DEV LTD SOUHTERN UNION CO 179 FROM 1-82 THROUGH 12-82 COCA COLA CO DOMINION BANKSHARES CORP KELLWOOD CO MILTON ROY CO PHILLIPS VAN HEUSEN CORP MUELLER PAUL CO SHELDAHL CO VALLEYLAB INC UNITED BENT BANCSHARES JONES INTERCABLE INC UNIFI INC ACAPULCO RESTAURANTS LA Z BOY CHAIR CO NATIONAL COMPUTER SYS BIO RAD LABS INC GUARDIAN INDS CORP 180 APPENDIX B-21 PORTFOLIO COMPOSTION FOR BUY & HOLD 1978 THROUGH 1982, HIGH COVERAGE, WITH ONE YEAR HOLDING PERIOD INCREMENTS FROM 1-78 THROUGH 12-78 AMERICAN MTRS CORP CONTINENTAL ILL PPTYS EDISON BROS STORES INC FOTOMAT CORP GANNETT INC GENERAL TIRE & RUBR CO INTERNATIONAL MINING CORP LEASEWAY TRANSN CORP NATIONAL MINE SVC COP STERLING DRUG INC TEXAS OIL & GAS CORP CONTINENTAL INC PITTSBURGH NATL CORP UNITED STATES FIDIGTY MARATHON OIL CO FROM 1—79 THROUGH 12—79 AMR INC ASSOCIATED DRY GOODS CORP CBS INC FOOD MTR CO DEL GELCO CORP LEASEWAY TRANSN CORP MAREMONT CORP NALCO CHEM CO RCA CORP RYAN HOMES INC TRW INC COBE LABS TENNANT G H CO PEOPLES GAS COMPANY BIG THREE INDS CONTINENTAL AIRLINES INC MARSH MCLENNAN COS INC ST LOUIS SAN GRANCIS CORY CO 181 FROM 1—80 THROUGH 12—80 AMERICAN FAMILY CORP BETHLEHEM STL CORP CITICORP EASTERN AIR LINES INC FORT HOWARD PAPER CO GILLETTE CO HWLLER WALTER E INTL CORP KANSAS CITY PWR & LT CO LA QUINTA MTR INNS INC MASCO CORP OVERSEAS SHIPHOLDING GROUP INC ROHM & HAAS CO SAFEWAY STORES INC STANDARD BRANDS INC TAFT BROADCASTING CO MALLINCKRODT INC CBT CORP LIFE INVESTORS INC TANDEM COMPUTERS INC FULLER GA CO MARYLAND CUP CORP PFIZER INC FROM 1-81 THROUGH 12-81 AIRBORNE FGHT CORP ARCHER DANIELS MIDLAND CO FEDERAL CO GULF OIL CORP LITTON INDS INC OGDEN CORP PILLSBURY CO SEARLE G D & CO TOLEDO EDISON CO MCI COMMUNISTIONS CORP WALLACE COMPTUER SVCS NORDSTROM INC NOXELL CORP CLASS B ROLLINS INC PROGRESSIVE CORP OHIO FROM 1-82 THROUGH 12—82 ALLEGHANY CORP DONNELLEY RR & SONS CO 182 FORT HOWARD PAPER CO GENERAL ELEC CO HOMESTAKE MNG CO LEVI STRAUSS & CO NALCO CHEM CO OCCIDENTAL PETE CORP ONEOK INC RAYTHEON CO TEXAS INDS INC TUCSON ELEC PWR CO BIO RAD LABS INC GUARDIAN INDS CORP 183 APPENDIX B-22 PORTFOLIO COMPOSTION FOR BUY & HOLD 1979 THROUGH 1982, LOW COVERAGE, WITH ONE YEAR HOLDING PERIOD INCREMENTS FROM 1—79 THROUGH 12-79 CAMPBELL RED LAKE MINES LTD FIRST NATL ST BANCORPORATION GLEASON WKS HITACHI LIMITED SAXON INDS INC COLORADO NATL BNAKSHARES UNIVERSAL VOLTRONICS AMER APPRAISAL ASSOC INC GREAT AMERICAN CORP REALIST INC FRANKS NURSERY AND CRAFTS FROM l—8O THROUGH 12—80 AMERICAN BLDG MAINTENANCE INDS FEDDERS CORP BERKINS CO CHURCH & DWIGHT CO GREAT MIDWEST CORP LINDBERG CP PEERLESS MFG CO RAGEN CORP BLUEFIELD SUPPLY CO FIRST MEM RTY TRST ENGRAPH INC PROLER INTL CORP PEERLESS CHAIN CO FROM 1—81 THROUGH 12-81 AMER APPRAISAL ASSOC INC BONANZA INTL INC CHEMINEER INC HEALTH-CHEM CORP MAUI LAND PINEAPPLE 184 MONFORT COLO INC PLANTRONICS INC PLENUM PUBLISHING WALLACE SAM P INC KROY INC MOSINEE PAPER CORP NUCLEAR PHARMACY INC ST JUDE MED INC TELLABS INC BANK BLDG AND EQUIPMENT CORP AMER LUKENS INC FROM 1—82 THROUGH 12-82 BAY ST GAS CO INTERLAKE INC PUGET UNDPOLP AND TIMBER CO SEATRAIN LINES INC DEL LABORATORIES INC NOLAND COMPANY PLENUM PUBLISHING DAYTON MALLEABLE INC FIRST ALABAMA BANCSHARES CIMARRON INVT INC CITY NATL CORP FIRST CAROLINE INVS GRANTREE CORP ALDON INDS INC BURNS INTL SEC SVCS INC KIRBY EXPL CO 185 APPENDIX B-23 PORTFOLIO COMPOSITION FOR BUY & HOLD 1979 THROUGH 1982, MED COVERAGE, WITH ONE YEAR HOLDING PERIOD INCREMENTS FROM 1-79 THROUGH 12-79 BLAIR JOHN & CO GENERAL MED CORP NEW ENGLAND TEL & TELEG CO SPS TECHNOLOGIES INC UNIVERSAL LEAF TOB INC OPTICAL COATING LAB INC PARK OHIO INDUSTRIES INC TX INTERNAT AIRLNS INDUSTRIAL NATL CORP ASSOCIATED COCA COLA HAMILTON BROS PETE CP NORTHWEST NAT GAS RIVAL MFG DURO TEST CORP AMER SECURITY CORP MERCANTILE BANKSHARES BALDOR ELEC CO CHILD WORLD INC EL PASO CO HARTZ MTN CORP OUTLET CO FROM 1—8O THROUGH 12-80 CANADIAN PAC LTD FRANKLIN MINT CORP GREEN GIANT CO MAREMONT CORP NORTHWESTERN STL & WIRE CO SUN CHEM CORP MINNETONKA INC WIEN AIR ALASKA INC FARR CO ALEXANDERS INC WD 40 CO SUBURBAN BANCORP 186 SALEM CARPET MS INC BOATMENS BANCSHARES INC EMPLOYERS GAS GO OAKWOOD HOMES CORP FROM 1-81 THROUGH 12—81 ABITIBI PWR AND PAPER LTD DIAMOND INTL CORP KANSAS CITY SOUTHN INDS INC PIEDMONT NAT GAS INC SAGA CORP UNITED STS INDS INC AMER FILTRONA CORP FIDELCOR LINDBERG CP COMPUTER AUTOMATION NORSTAN INC OSMONICS INC VARLEN CORP CHIEFTAIN DEV LTD SOUHTERN UNION CO FROM 1-82 THROUGH 12-82 COCA COLA CO DOMINION BANKSHARES CORP KELLWOOD CO MILTON ROY CO PHILLIPS VAN HEUSEN CORP MUELLER PAUL CO SHELDAHL CO VALLEYLAB INC UNITED BENT BANCSHARES JONES INTERCABLE INC UNIFI INC ACAPULCO RESTAURANTS LA 2 BOY CHAIR CO NATIONAL COMPUTER SYS BIO RAD LABS INC GUARDIAN INDS CORP 187 APPENDIX B-24 PORTFOLIO COMPOSTION FOR BUY & HOLD 1979 THROUGH 1982, HIGH COVERAGE, WITH ONE YEAR HOLDING PERIOD INCREMENTS FROM 1-79 THROUGH 12-79 AMR INC ASSOCIATED DRY GOODS CORP CBS INC FOOD MTR CO DEL GELCO CORP LEASEWAY TRANSN CORP MAREMONT CORP NALCO CHEM CO RCA CORP RYAN HOMES INC TRW INC COBE LABS TENNANT G H CO PEOPLES GAS COMPANY BIG THREE INDS CONTINENTAL AIRLINES INC MARSH MCLENNAN COS INC ST LOUIS SAN GRANCIS CORY CO FROM 1-80 THROUGH 12—80 AMERICAN FAMILY CORP BETHLEHEM STL CORP CITICORP EASTERN AIR LINES INC FORT HOWARD PAPER CO GILLETTE CO HWLLER WALTER E INTL CORP KANSAS CITY PWR & LT CO LA QUINTA MTR INNS INC MASCO CORP OVERSEAS SHIPHOLDING GROUP INC ROHM & HAAS CO SAFEWAY STORES INC STANDARD BRANDS INC TAFT BROADCASTING CO 188 MALLINCKRODT INC CBT CORP LIFE INVESTORS INC TANDEM COMPUTERS INC FULLER GA CO MARYLAND CUP CORP PFIZER INC FROM 1-81 THROUGH 12—81 AIRBORNE FGHT CORP ARCHER DANIELS MIDLAND CO FEDERAL CO GULF OIL CORP LITTON INDS INC OGDEN CORP PILLSBURY CO SEARLE G D & CO TOLEDO EDISON CO MCI COMMUNISTIONS CORP WALLACE COMPTUER SVCS NORDSTROM INC NOXELL CORP CLASS B ROLLINS INC PROGRESSIVE CORP OHIO FROM 1-82 THROUGH 12—82 ALLEGHANY CORP DONNELLEY RR & SONS CO FORT HOWARD PAPER CO GENERAL ELEC CO HOMESTAKE MNG CO LEVI STRAUSS & CO NALCO CHEM CO OCCIDENTAL PETE CORP ONEOK INC RAYTHEON CO TEXAS INDS INC TUCSON ELEC PWR CO BIO RAD LABS INC GUARDIAN INDS CORP APPENDIX C 189 APPENDIX C-l HIGH COVERAGE CLASS - 1978 ALBERTSONS INC, BOISE, ID ALLEGHENY/LUDLIUM, PITTSBURG, PA AMER CREDIT, CHARLOTTE, NC AMER HEIRITAGE LIFE, JACKSONVILLE, FA AMER MICROSYST INC, SANTA CLARA, CA AMERICAN BRANDS INC, NEW YORK, NY ANGELICA CORP, ST LOUIS, MO ARIZONA BANK, PHOENIX, AZ ASSOC COKE COLA BTL, DAYTONA BEACH, FA ATLANTIC BANK CORP, JACKSONVILLE, FA BANK OF VIRGINIA, RICHMOND, VA BASSETT FURNITURE, BASSETT, VA BEECH AIRCRAFT, WICHITA, KA BORG-WARNER CORP, CHICAGO, IL BROWN GROUP INC, ST LOUIS, MO CAMPBELL TAGGART INC, DALLAS, TX CARBORUNDUM CO, NIAGRA FALLS, NY CARDIAC PACEMAKERS, ST PAUL, MN CARPENTER TECH CORP, READING, PA CENTENNIAL CORP, GRAND RAPIDS, MI CHARTER NY GROUP, NEW YORK, NY CITY INVESTING CO, NEW YORK, NY 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ONT, CAN INLAND CONTAINER, INDIANAPOLIS, IN INTEGON CORP, WINSTON SALEM, NC IOWA IL GAS & ELECT, DAVENPORT, IA JEWEL CO INC, CHICAGO, IL KAUFMAN & BROAD INC, LOS ANGELES, CA KERR GLASS MFG CO, OKLAHOMA CITY, OK KIRSH COMPANY, HOUSTON, TX KS POWER & LGHT CO, TOPEK, KS KY UTILITIES CO, LEXINGTON, KY LACLEDE GAS CO, ST LOUIS, MO LAWSON PRODUCTS INC, CHICAGO, IL LONE STAR IND INC, CHICAGO, IL M S I DATA CORP, COSTA MESA, CA MAGIC CHEF INC, CLEVELAND, OH MERCURY GEN CORP, LOS ANGELES, CA MICROWAVE ASSN INC, BURLINGTON, MA MIDLAND-ROSS CORP, CLEVELAND, OH MITCHELL ENER & DEV, HOUSTON, TX MODULAR COMPUTR SYS, FRT LAUDERDALE, FL MOLEX INC, LISLE, IL MONARCH CAPITAL CRP, SPRINGFIELD, MA N W IND INC, CHICAGO, IL NASHUA CORP, NASHUA, NH NATL MEDICAL CARE, BROOKLYN, MA NICOR INC, AURORA, OH NORLIN CORP, PANAMA CZ OSCAR MAYER, MADISON, WI PACIFIC PETRO LTD, CALGARY, CAN PALM BEACH CO, CINCINATI, OH PAY N SAVE CORP, SEATTLE, WA PEABODY GALION CORP, NEW YORK, NY PHILADPHA SUBURBAN, BRYN MAWR, PA PHILADELPHIA NATSL, PHILEDELPHIA, PA PIONEER STD ELECTRN, CLEVELAND, OH PNB MORT & REALITY, MELROSE PARK, PA PORTLAND GENSL ELEC, PORTLAND, OR PREMIER IND CORP, CLEVELAND, OH PULIC SERV CO NH, MANCHESTER, NH QUAKER ST OIL REFING, OIL CITY, PA RALPH M PARSONS, PASEDENA, CA RAMADA INNS INC, PHOENIX, AZ RAYCHEM CORP, MENLO PARK, CA REXHAM CORP, NEW YORK, NY RIVAL MFG, KANSAS CITY, MO ROCHESTER GAS & EL, ROCHESTER, NY 191 RUSSL STOVER CANDIE, KANSAS CITY, MO RYDER SYSTEMS INC, MIAMI, FL SCOOT FORESMAM & CO GLENVIEW, IL SCOTT & FETZER CO, CLEVELAND, OH SCOTTYS INC, WINTER HAVEN, CA SIMGER CO, NEW YORK, NY SOUTHERN IN GS & EL, EVANSVILLE, IN SUN ELECTRIC CORP, CHICAGO, IL TECHNICARE CORP, TARRYTOWN, NY TECHNICON CORP, TARRYTOWN, NY TENNACO OFFSHORE, HOUSTON, TX TOM BROWN INC, MIDLAND, TX U S GYPSUM CO, CHICAGO, IL U S HOMES CORP, CLEARWATER, FL U S LEASNG INTERNAT, SAN FRANCISCO, CA UTAH BANKCORPOTATION, SALT LK CTY, UT WALLACE BUS FORMS, HILLSDALE, IL WASHINGTON HATOL, EVANSTON, IL WASHINGTON WATR PWR, SPOKANE, WA WESTERN UNION CORP, UPPER SADDLE, NJ WM WRIGHT JR, CHICAGO, IL 192 APPENDIX C-2 RANDOMLY SELECTED COMPANIES FOR THE HIGH COVERAGE CLASS - 1978 EAMERICAN MOTORS CO, DETROIT, MI CSF CONTINENTIAL, CHICAGO, IL CONT ILLINOIS, LOS ANGELES, CA CRITERION INC CO, WASHINGTON DC APACHE CORP, MINNEAPOLIS, MN CROUSE-HINDS CO, SYRACUSE, NY FIRST NATIONAL HOLD CORP, ATLANTA, GA GEN TIRE & RUBBER CO, AKRON, OH FREEPORT MINERLS CO, NEW YORK, NY NATIONAL MINE SERVICES, PITTSBURG, PA NATIONAL CAN CORP, CHICAGO, IL PITTSBURG NATIONAL CORP, PITTSBURG, PA FED NAT MORT ASSOC, WASHINGTON, DC FOTOMAAT CORP, LAJOLLA, CA TX OIL & GAS CO, DALLAS, TX WAL-MART STORES, INC, BENTONVILLE, AK EDISON BRO STORES, ST LOUIS, MO LEASEWAY TRANSPORTA, CLEVELAND, OH TX EASTERN TRANSMIS, HOUSTON, TX AMEREDA HESS CORP, NEW YORK, NY HOLIDAY INNS INC, MEMPHIS, TN GANNETT CO, INC, ROCHESTER, NY WILLIAMS, COMPANIES, TULSA, OK TRAN WORLD AIRLINES, NEW YORK, NY SANTA FE INTERNATIONAL, ORANGE, CA INTERNATIONAL MIN & CHEM, LIBERTYVILLE, IL GENERAL MILLS INC, MINNEAPOLIS, MN U S FIDELITY & GUAR, BALTIMORE, MD STERLING DRUG CORP, NEW YORK, NY PHILLIPS PETRO C0, BARTLESVILLE, OK MARTHON OIL CO, NEW YORK, NY K-MART CORPORATION, TROY, MI 193 APPENDIX C-3 COMPANIES FOR WHICH HOLDING PERIOD RETURNS WERE AVAILABLE HIGH COVERAGE CLASS - 1978 AMERICAN MTRS CORP CONTINENTAL ILL PPTYS EDISON BROS STORES INC FOTOMAT CORP GANNETT INC GENERAL TIRE & RUBR CO INTERNATIONAL MINING CORP LEASEWAY TRANSN CORP NATIONAL MINE SVC COP STERLING DRUG INC TEXAS OIL & GAS CORP CONTINENTAL INC PITTSBURGH NATL CORP UNITED STATES FIDELITY MARATHON OIL CO TOTAL NUMBER = 15 ‘NATHANI