 |
Annual Report 1996 |
|
SCHEDULE OF INVESTMENTS (continued)
December 31, 1997 |
|
|
|
|
Prin. Amt.
or Shares |
|
Value (A) |
| Consumer
Staples — 9.2% |
|
|
|
|
|
CPC International Inc. |
|
127,500 |
|
$9,881,250 |
|
Campbell Soup Co. |
|
190,000 |
|
15,247,500 |
|
Coca-Cola Co. |
|
180,000 |
|
9,472,500 |
|
Crown Cork & Seal Co., Inc. |
|
205,000 |
|
11,146,875 |
|
Duracell International Inc. |
|
265,000 |
|
18,516,875 |
|
Houghton Mifflin Co. |
|
175,400 |
|
9,932,025 |
|
International Flavors & Fragrances, Inc. |
|
100,000 |
|
4,500,000 |
|
Interstate Bakeries Corp. |
|
83,400 |
|
4,097,025 |
|
PepsiCo, Inc. |
|
320,000 |
|
9,360,000 |
|
Procter & Gamble Co. |
|
115,000 |
|
12,376,875 |
|
|
|
|
|
|
|
|
|
|
|
104,530,925 |
|
| Energy
— 9.4% |
|
|
|
|
|
British Petroleum plc ADR |
|
80,000 |
|
11,310,000 |
|
Enron Corp. 6.25% Exch. Notes
due 1998
|
|
411,900 |
|
9,885,600 |
|
MCN Corp. |
|
400,000 |
|
11,550,000 |
|
Mobil Corp. |
|
60,000 |
|
7,335,000 |
|
Petroleum & Resources Corporation (D) |
|
1,145,570 |
|
39,808,558 |
|
Royal Dutch Petroleum Co. |
|
45,000 |
|
7,683,750 |
|
Schlumberger Ltd. |
|
54,200 |
|
5,413,225 |
|
Union Pacific Resources Group Inc. |
|
275,102 |
|
7,977,958 |
|
Unocal Capital Trust $3.125 Conv. Pfd. |
|
111,600 |
|
6,319,350† |
|
|
|
|
|
|
|
|
|
|
|
107,283,441 |
|
| Financial
— 12.4% |
|
|
|
|
| Banking
— 7.1% |
|
|
|
|
|
Associates First Capital Corp. Ser. A |
|
75,000 |
|
3,309,375 |
|
Federal Home Loan Mortgage Corp. |
|
90,000 |
|
9,933,750 |
|
Investors Financial Services Corp. |
|
231,200 |
|
6,415,800† |
|
Mellon Bank Corp. |
|
165,000 |
|
11,715,000 |
|
National City Corp. |
|
80,000 |
|
3,590,000 |
|
Norwest Corp. |
|
330,000 |
|
14,355,000 |
|
Peoples Heritage Financial Group |
|
237,000 |
|
6,636,000† |
|
Provident Bankshares Corp. |
|
131,250 |
|
5,118,750† |
|
Wachovia Corp. |
|
210,000 |
|
11,865,000 |
|
Wilmington Trust Corp. |
|
210,000 |
|
8,295,000† |
|
|
|
|
|
|
|
|
|
|
|
81,233,675 |
|
| Insurance
— 5.3% |
|
|
|
|
|
AMBAC Inc. |
|
199,800 |
|
13,261,725 |
|
American International Group, Inc. |
|
180,000 |
|
19,485,000 |
|
Lincoln National Corp. |
|
140,000 |
|
7,350,000 |
|
Reinsurance Group of America, Inc. |
|
199,900 |
|
9,420,288 |
|
Salomon Inc. 7.625% Exch. Notes due
1999 (B)
|
|
375,000 |
|
11,343,750 |
|
|
|
|
|
|
|
|
|
|
|
60,860,763 |
|
|
