 |
Annual Report 1997 |
|
SCHEDULE OF INVESTMENTS (continued)
December 31, 1997 |
|
|
|
|
Prin. Amt.
or Shares |
|
Value (A) |
| Consumer
Staples — 10.4% |
|
|
|
|
| |
CPC International Inc. |
|
127,500 |
$ |
13,770,000 |
| |
Campbell Soup Co. |
|
380,000 |
|
22,087,500 |
| |
Coca-Cola Co. |
|
170,000 |
|
11,336,875 |
| |
Crown Cork & Seal Co., Inc.
4.50%
Conv. Pfd. |
|
285,000 |
|
13,334,883 |
| |
Gillette Co. |
|
229,560 |
|
23,056,432 |
| |
Interstate Bakeries Corp. |
|
138,000 |
|
5,157,750 |
| |
Kimberly-Clark Corp. |
|
340,000 |
|
16,766,250 |
| |
PepsiCo, Inc. |
|
320,000 |
|
11,600,000 |
| |
Procter & Gamble Co. |
|
230,000 |
|
18,356,875 |
| |
Ralston Purina 7.00% SAILS due 2000 |
|
180,000 |
|
12,566,250 |
| |
|
|
|
|
|
| |
|
|
|
|
148,032,815 |
| |
| Energy
— 8.5% |
|
|
|
|
| |
British Petroleum plc ADR |
|
150,000 |
|
11,953,125 |
| |
Enron Corp. 6.25% Exch. Notes due 1998 |
|
411,900 |
|
8,495,438 |
| |
Enron Corp. |
|
100,000 |
|
4,156,250 |
| |
MCN Energy Group Inc. |
|
400,000 |
|
16,150,000 |
| |
Mobil Corp. |
|
120,000 |
|
8,662,500 |
| |
Petroleum & Resources Corporation (D) |
|
1,145,570 |
|
41,813,305 |
| |
Royal Dutch Petroleum Co. |
|
180,000 |
|
9,753,750 |
| |
Schlumberger Ltd. |
|
88,400 |
|
7,116,200 |
| |
Union Pacific Resources Group Inc. |
|
275,102 |
|
6,671,224 |
| |
Unocal Capital Trust $3.125 Conv. Pfd. |
|
111,600 |
|
6,270,525† |
| |
|
|
|
|
|
| |
|
|
|
|
121,042,317 |
|
| Financial
— 17.0% |
|
|
|
|
| Banking
— 11.8% |
|
|
|
|
| |
Associates First Capital Corp. Ser. A |
|
273,400 |
|
19,462,662 |
| |
Banc One Corp. |
|
300,000 |
|
16,293,750 |
| |
Federal Home Loan Mortgage Corp. |
|
360,000 |
|
15,097,500 |
| |
Investors Financial Services Corp. |
|
274,700 |
|
12,636,200† |
| |
Mellon Bank Corp. |
|
330,000 |
|
20,006,250 |
| |
National City Corp. |
|
80,000 |
|
5,260,000 |
| |
Norwest Corp. |
|
660,000 |
|
25,575,000 |
| |
Peoples Heritage Financial Group |
|
237,000 |
|
10,902,000† |
| |
Provident Bankshares Corp. |
|
137,812 |
|
8,802,742† |
| |
Southwest Bancorp. of Texas, Inc. (C) |
|
175,000 |
|
5,446,875 |
| |
Wachovia Corp. |
|
190,000 |
|
15,413,750 |
| |
Wilmington Trust Corp. |
|
210,000 |
|
13,098,750† |
| |
|
|
|
|
|
| |
|
|
|
|
167,995,479 |
|
| Insurance
— 5.2% |
|
|
|
|
| |
AMBAC Inc. |
|
379,600 |
|
17,461,600 |
| |
American International Group, Inc. |
|
270,000 |
|
29,362,500 |
| |
Reinsurance Group of America, Inc. |
|
299,850 |
|
12,762,366 |
| |
Salomon Inc. 7.625% Exch. Notes
due 1999
(B) |
|
375,000 |
|
15,187,500 |
| |
|
|
|
|
|
| |
|
|
|
|
74,773,966 |
|
|
