 |
Annual Report 1996 |
|
SCHEDULE OF INVESTMENTS |
|
|
|
|
Prin. Amt.
or Shares |
|
Value (A) |
| Stocks and Convertible
Securities — 95.1% |
|
|
|
| Basic
Industries — 4.4% |
|
|
|
|
|
Air Products & Chemicals, Inc. |
|
150,000 |
|
$10,368,750 |
|
Consolidated Papers, Inc. |
|
100,000 |
|
4,912,500 |
|
du Pont (E.I.) de Nemours & Co. |
|
140,000 |
|
13,177,500 |
|
Inco Ltd. 7.75% Conv. Debs. due 2016 |
|
$5,000,000 |
|
5,225,000 |
|
Kimberly-Clark Corp. |
|
170,000 |
|
16,192,500 |
|
|
|
|
|
|
|
|
|
|
|
49,876,250 |
|
| Capital
Goods — 11.9% |
|
|
|
|
|
Boeing Co. |
|
99,600 |
|
10,607,400 |
|
Caterpillar Inc. |
|
135,000 |
|
10,158,750 |
|
Cemex, S.A. de C.V. 4.25% Conv. Sub.
Debs.
due 1997(B) |
|
$4,000,000 |
|
3,870,000 |
|
Cooper Industries, Inc. 7.05% Conv
Sub.
Debs. due 2015 |
|
$4,540,000 |
|
4,812,400 |
|
Deere & Co. |
|
270,000 |
|
10,935,000 |
|
Dover Corp. |
|
50,000 |
|
2,525,000 |
|
Emerson Electric Co. |
|
36,500 |
|
3,535,938 |
|
General Electric Co. |
|
350,000 |
|
34,606,250 |
|
The BFGoodrich Co. |
|
110,000 |
|
4,455,000 |
|
Granite Construction Inc. |
|
365,000 |
|
6,935,000† |
|
Minnesota Mining & Manufacturing Co. |
|
200,000 |
|
16,600,000 |
|
Pall Corp. |
|
450,000 |
|
11,531,250 |
|
Rockwell International Corp. |
|
250,000 |
|
15,218,750 |
|
|
|
|
|
|
|
|
|
|
|
135,790,738 |
|
| Consumer
— 15.0% |
|
|
|
|
| Consumer
Distribution — 2.3% |
|
|
|
|
|
Borders Group, Inc. (C) |
|
195,000 |
|
6,995,625 |
|
Dillard Department Stores, Inc. |
|
200,000 |
|
6,175,000 |
|
Home Depot, Inc. |
|
80,000 |
|
4,010,000 |
|
Penney (J.C.) Co., Inc. |
|
180,000 |
|
8,775,000 |
|
|
|
|
|
|
|
|
|
|
|
25,955,625 |
|
| Consumer
Services — 3.5% |
|
|
|
|
|
Brinker International, Inc. (C) |
|
345,000 |
|
5,520,000 |
|
Cracker Barrel Old Country Store, Inc. |
|
350,000 |
|
8,881,250† |
|
McDonald's Corp. |
|
315,000 |
|
14,293,125 |
|
Scandinavian Broadcasting System SA
7.25%
Conv. Sub. Debs. due 2005 |
|
$3,000,000 |
|
2,835,000† |
|
Time Warner Inc. |
|
150,000 |
|
5,625,000 |
|
US WEST Media Group, Inc. (C) |
|
150,000 |
|
2,756,250 |
|
|
|
|
|
|
|
|
|
|
|
39,910,625 |
|
|
