 |
Annual Report 1997 |
|
SCHEDULE OF INVESTMENTS |
|
|
|
|
Prin. Amt.
or Shares |
|
Value (A) |
| Stocks and Convertible
Securities — 98.0% |
|
|
|
| Basic
Industries — 3.1% |
|
|
|
|
|
Consolidated Papers, Inc. |
|
100,000 |
$ |
5,337,500 |
|
du Pont (E.I.) de Nemours & Co. |
|
250,000 |
|
15,015,625 |
|
Inco Ltd. 5.75% Conv. Debs. due 2004 |
|
$ 4,000,000 |
|
3,860,000 |
|
Mead Corp. |
|
140,000 |
|
3,920,000 |
|
Olin Corp. |
|
350,000 |
|
16,406,250 |
|
|
|
|
|
|
|
|
|
|
|
44,539,375 |
|
| Capital
Goods — 9.9% |
|
|
|
|
|
Boeing Co. |
|
198,400 |
|
9,709,200 |
|
Caterpillar Inc. |
|
270,000 |
|
13,095,000 |
|
Deere & Co. |
|
260,000 |
|
15,145,000 |
|
Dover Corp. |
|
240,000 |
|
8,670,000 |
|
Emerson Electric Co. |
|
73,000 |
|
4,119,937 |
|
General Electric Co. |
|
655,000 |
|
48,060,625 |
|
The BFGoodrich Co. |
|
110,000 |
|
4,558,125 |
|
Minnesota Mining & Manufacturing Co. |
|
200,000 |
|
16,412,500 |
|
Pall Corp. |
|
450,000 |
|
9,309,375 |
|
Rockwell International Corp. |
|
215,000 |
|
11,233,750 |
|
|
|
|
|
|
|
|
|
|
|
140,313,512 |
|
| Consumer
— 16.2% |
|
|
|
|
| Consumer
Distribution — 2.7% |
|
|
|
|
|
American Stores Co. |
|
257,000 |
|
5,284,562 |
|
Borders Group, Inc. (C) |
|
260,000 |
|
8,141,250 |
|
Dillard Department Stores, Inc. |
|
200,000 |
|
7,050,000 |
|
Penney (J.C.) Co., Inc. |
|
200,000 |
|
12,062,500 |
|
Polo Ralph Lauren Corp. (C) |
|
125,000 |
|
3,031,250 |
|
Tiffany & Co. |
|
95,000 |
|
3,425,938 |
|
|
|
|
|
|
|
|
|
|
|
38,995,500 |
|
| Consumer
Services — 3.1% |
|
|
|
|
|
Cracker Barrel Old Country Store, Inc. |
|
350,000 |
|
11,681,250† |
|
McDonald's Corp. |
|
315,000 |
|
15,041,250 |
|
Scandinavian Broadcasting System SA
7.25%
Conv. Sub. Debs. due 2005 |
|
$ 3,000,000 |
|
3,030,000† |
|
Time Warner Inc. |
|
150,000 |
|
9,300,000 |
|
US WEST Media Group, Inc. (C) |
|
150,000 |
|
4,331,250 |
|
|
|
|
|
|
|
|
|
|
|
43,383,750 |
|
|
