Shares or Principal Amount
------------------------------------------------
Held
Additions Reductions Dec. 31, 1999
----------- ------------- ---------------
BMC Software Inc. ........................ 275,000 275,000
BP Amoco plc ADR.......................... 150,000(1) 300,000
Calpine Corp. ............................ 35,000 35,000
Calpine Capital Trust, 5.75%
Conv. Pfd. High Tides.................. 125,000 125,000
Exxon Mobil Corp. ........................ 158,418(2) 158,418
Ivex Packaging Corp. ..................... 300,000 900,000
Johnson & Johnson......................... 110,000 110,000
Lucent Technologies Inc. ................. 338,920(3) 508,920
MCI WorldCom Inc. ........................ 205,000(1) 615,000
RCN Corp. ................................ 167,500 172,500(4)
SBC Communications, Inc. ................. 407,960(5) 787,960
Sapient Corp. ............................ 285,000(6) 570,000
Vodafone AirTouch plc ADS................. 230,000(1) 287,500
Williams Communications................... 220,000 220,000
Abbott Laboratories ...................... 175,000 255,000
Albertson's Inc. ......................... 308,700 --
American Retirement Corp.,
5.75% Conv. Sub Debs due 2002.......... $4,000,000 --
Ameritech Corp. .......................... 310,000(5) --
CBRL Group, Inc. ......................... 340,000 --
DST Systems Inc. ......................... 249,000 70,000
Fort James Corp. ......................... 75,000 500,000
International Network Services............ 400,000(3) --
Mobil Corp. .............................. 120,000(2) --
Royal Dutch Petroleum Co. ................ 100,000 80,000
Ryder System, Inc. ....................... 155,000 445,000
Polo Ralph Lauren Corp. .................. 135,000 --
Sunrise Assisted Living, Inc. ............ 440,000 --
-------
(1) By stock split.
(2) Merger of Exxon and Mobil. Received 1.32015 shares of Exxon Mobil Corp. for
1 share of Mobil held.
(3) Received .8473 shares of Lucent Technologies Inc. for each share of
International Network Services held.
(4) Includes shares previously listed under "Stocks under accumulation" in the
Schedule of Investments.
(5) Received 1.316 shares of SBC Communications, Inc. for each share of
Ameritech Corp. held.
(6) By stock split and purchased additional 15,000 shares.
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