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March 31, 2000 (unaudited)
Prin. Amt.
or Shares Value(A)
---------- --------
Stocks And Convertible Securities -- 97.4%
Basic Materials -- 1.5%
Avery Dennison Corp. 237,800 $ 14,520,663
Engelhard Corp. 375,000 5,671,875
Mead Corp. 400,000 13,975,000
------------
34,167,538
------------
Capital Goods -- 9.9%
Black & Decker Corp. 300,000 11,268,750
Corning, Inc. 435,000 84,390,000
Dover Corp. 260,000 12,447,500
General Electric Co. 645,000 100,095,938
Honeywell Int’l. Co 100,000 5,268,750
Pall Corp. 600,000 13,462,500
------------
226,933,438
------------
Communication Services -- 15.2%
Telecommunications -- Cellular and Wireless -- 5.0%
MediaOne Group, Inc.
6.25% PIES due 2001 85,000 10,093,750
Nextel Communications Inc.
5.25% Conv. Notes due 2010 (B) 10,000,000 11,900,000
Nextel Communications Inc. (C) 520,000 77,090,000
Vodafone AirTouch plc ADS 287,500 15,974,219
------------
115,057,969
------------
Telecommunications -- Long Distance -- 4.2%
MCI WorldCom, Inc. (C) 550,000 24,921,875
Qwest Communications International, Inc.
5.75% TRENDS Pfd. due 2003 (B) 125,000 9,500,000
Qwest Communications International, Inc. (C) 760,000 36,860,000
Williams Communications
Group, Inc. (C) 468,700 24,284,519
------------
95,566,394
------------
Telephone -- 6.0%
American Tower Corp.
5.00% Conv. Notes due 2010 (B) 9,500,000 10,663,750
BellSouth Corp. 440,000 20,680,000
Global Crossing Ltd. (C) 720,000 29,475,000
RCN Corp. (C) 240,000 12,930,000
Time Warner Telecom Inc. (C) 404,500 32,157,750
SBC Communications Inc. 787,960 33,094,320
------------
139,000,820
------------
Consumer -- 5.9%
Consumer Cyclical -- 1.1%
Delphi Automotive, Inc. 690,000 11,040,000
Tiffany & Co. 175,000 14,634,375
------------
25,674,375
------------
Consumer Staples -- 4.8%
Coca-Cola Co. 170,000 7,979,375
Dean Foods Co. 300,000 8,025,000
Fort James Corp. 610,000 13,420,000
Houston Industries Inc.
7.00% conv. ACES due 2000 90,000 14,310,000
Interstate Bakeries Corp. 138,000 1,966,500
Ivex Packaging Corp. (C) 928,000 7,018,000
McDonald's Corp. 560,000 21,035,000
MediaOne Group, Inc. (C) 150,000 12,150,000
Owens-Illinois, Inc. (C) 610,000 10,293,750
PepsiCo, Inc. 295,000 10,195,937
Ralston Purina
7.00% SAILS due 2000 180,000 5,253,750
-----------
111,647,312
-----------
Energy -- 5.9%
BP Amoco plc ADR 270,000 14,326,876
Enron Corp. 500,000 37,437,500
Exxon Mobil Corp. 158,418 12,326,900
Petroleum & Resources
Corporation (D) 1,210,085 43,563,060
Schlumberger Ltd. 88,400 6,762,600
Williams Companies, Inc. 500,000 21,968,750
-----------
136,385,686
-----------
Financial -- 11.3%
Banking -- 6.3%
Associates First Capital Corp.
Ser. A 546,800 11,722,025
Bank One Corp. 330,000 11,343,750
Federal Home Loan Mortgage Corp. 360,000 15,907,500
Greenpoint Financial Corp. 435,000 8,536,875
Investors Financial Services Corp. 420,000 24,727,500
Mellon Bank Corp. 420,000 12,390,000
National City Corp. 160,000 3,300,000
Peoples Heritage Financial Group 474,000 7,110,000
Provident Bankshares Corp. 303,875 4,786,039
Wachovia Corp. 190,000 12,836,875
Wells Fargo & Co. 550,000 22,515,625
Wilmington Trust Corp. 210,000 10,211,250
-----------
145,387,439
-----------
Insurance -- 5.0%
AMBAC Financial Group, Inc. 379,600 $ 19,122,350
American International Group, Inc. 506,250 55,434,376
Annuity & Life Re (Holdings), Ltd. 700,000 18,200,000
Financial Security Assurance Holdings Ltd. 307,387 22,573,733
------------
115,330,459
Health Care -- 9.5%
Abbott Laboratories 255,000 8,972,813
ALZA Corp. (C) 340,000 12,771,250
American Home Products Corp. 425,000 22,790,625
Baxter International 255,000 15,985,312
Chiron Corp. (C) 550,000 27,431,250
Elan Corp., plc ADR (C) 870,000 41,325,000
Johnson & Johnson 126,500 8,862,906
Lilly (Eli) & Co. 290,000 18,270,000
Merck & Co., Inc. 300,000 18,637,500
Pharmacia & Upjohn Inc. 310,000 18,367,500
SmithKline Beecham plc ADR 260,000 17,176,250
Vertex Pharmaceuticals Inc. 5.00% Conv. Sub. Notes
due 2007 (B) 10,000,000 7,437,500
--------------
218,027,906
--------------
Technology -- 34.0%
Communication Equipment -- 13.9%
Ericsson (L.M.) Telephone Co. 4.25% Conv. Sub. Debs.
due 2000 $120,000 3,120,000
Ericsson (L.M.) Telephone Co. ADR 750,000 70,359,375
Lucent Technologies Inc. 508,920 30,916,890
Motorola, Inc. 161,874 23,046,811
Nokia Corp. ADR 460,000 99,935,000
Nortel Networks Corp. 745,000 93,870,000
--------------
321,248,076
--------------
Computer Related -- 14.7%
BMC Software Inc. (C) 300,000 14,812,500
Cisco Systems, Inc. (C) 1,835,000 141,868,438
First Data Corp. 343,980 15,221,115
Hewlett-Packard Co. 200,000 26,512,500
Legato Systems Inc. (C) 280,000 12,495,000
Oracle Corp. (C) 590,000 46,056,875
QRS Corp. (C) 435,000 32,733,750
Sapient Corp. (C) 575,000 48,228,125
--------------
337,928,303
--------------
Electronics -- 5.4%
Intel Corp. 340,000 44,858,750
Solectron Corp. (C) 2,000,000 80,125,000
--------------
124,983,750
--------------
Transportation -- 0.5%
Canadian National Railway Co. 5.25% Conv. Pfd. QUIDS
due 2029 15,000 626,250
Canadian National Railway Co. 60,000 1,601,250
Ryder System, Inc. 445,000 10,095,938
--------------
12,323,438
--------------
Utilities -- 3.7%
Black Hills Corp. 555,000 12,244,688
Calpine Capital Trust 5.75% Conv. Pfd. HIGH TIDES 202,500 18,579,375
Calpine Corp. (C) 35,000 3,290,000
CINergy Corp. 300,000 6,450,000
ENDESA, S.A. ADR 350,000 8,203,125
Northwestern Corp. 500,000 10,312,500
TECO Energy, Inc. 300,000 5,831,250
United Water Resources Inc. 600,000 20,850,000
--------------
85,760,938
--------------
Total Stocks and Convertible Securities
(Cost $851,672,955) (E) 2,245,423,841
--------------
Prin. Amt. Value (A)
---------- ---------
Short-Term Investments -- 2.9%
U.S. Government Obligations -- 0.6%
U.S. Treasury Bills,
4.88-5.70%, due 5/25/00 $15,000,000 $ 14,873,391
--------------
Certificates of Deposit -- 0.9%
Northern Trust Co., Chicago, 6.02%, due 5/2/00 10,000,000 10,000,000
Old Kent Bank & Trust Co., 6.00%, due 4/25/00 10,000,000 10,000,000
--------------
20,000,000
--------------
Commercial Paper -- 1.4%
Chevron UK Investments plc,
5.84%, due 4/11/00 5,000,000 4,991,889
Chevron USA, 6.00%, due 4/18/00 5,050,000 5,035,692
Ford Motor Credit Corp.,
5.25%, due 4/3/00 2,730,000 2,729,204
General Electric Capital Corp., 5.85-5.95%,
due 4/4/00-4/13/00 8,500,000 8,489,125
Gillette Co., 6.02%,
due 4/27/00 10,000,000 9,956,522
--------------
31,202,432
--------------
Total Short-Term Investments
(Cost $66,075,823) 66,075,823
--------------
Total Investments
(Cost $917,748,778) 2,311,499,664
Cash, receivables and other assets, less
liabilities (7,940,220)
--------------
Net Assets -- 100.0% $2,303,559,444
==============
-------------------------------------------------------------------------------
Notes:
(A) See note 1 to financial statements. Securities are listed on the New York
Stock Exchange, the American Stock Exchange or the NASDAQ, except re-
stricted securities.
(B) Restricted securities (American Tower Corp. 5% Conv. Notes due 2010, ac-
quired 2/9/00-2/22/00, cost $9,538,750, Nextel Communications Inc. 5.25%
Conv. Notes due 2010, acquired 1/21/00, cost $10,000,000, Qwest Communica-
tions International, Inc. 5.75% TRENDS Pfd. due 2003, acquired 12/4/98,
cost $5,218,750, and Vertex Pharmaceuticals Inc. Conv. Sub Notes due 2007,
acquired 3/9/00, cost $10,000,000).
(C) Presently non-dividend paying.
(D) Non-controlled affiliate.
(E) The aggregate market value of stocks held in escrow at March 31, 2000 cov-
ering open call option contracts written was $15,191,380. In addition, the
aggregate market value of securities segregated by the custodian required
to collateralize open put option contracts written was $10,846,000.
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