|
SCHEDULE OF INVESTMENTS
December 31, 1997
 |
|
|
Prin. Amt.
or Shares |
|
Value (A) |
| Stocks and Convertible
Securities — 96.9% |
|
|
|
| Energy
— 80.8% |
|
|
|
|
| Internationals
— 24.5% |
|
|
|
|
|
British Petroleum plc ADR |
|
177,916 |
$ |
14,177,681 |
|
Chevron Corp. |
|
110,000 |
|
8,470,000 |
|
Exxon Corp. |
|
330,000 |
|
20,191,875 |
|
Mobil Corp. |
|
240,000 |
|
17,325,000 |
|
Royal Dutch Petroleum Co. |
|
868,000 |
|
47,034,751 |
|
"Shell" Transport and Trading Co.,
 plc
ADR |
|
240,000 |
|
10,500,000 |
|
Texaco Inc. |
|
186,775 |
|
10,155,891 |
|
Total S.A. ADR |
|
150,000 |
|
8,362,500 |
|
|
|
|
|
|
|
|
|
|
|
136,217,698 |
|
| Domestics
— 11.7% |
|
|
|
|
|
Amerada Hess Corp. |
|
50,000 |
|
2,743,750 |
|
Amoco Corp. |
|
50,000 |
|
4,256,250 |
|
Ashland, Inc. |
|
115,950 |
|
6,225,066 |
|
Atlantic Richfield Co. |
|
90,000 |
|
7,211,250 |
|
Kerr McGee Corp. |
|
94,100 |
|
5,957,706 |
|
Murphy Oil Corp. |
|
100,000 |
|
5,418,750 |
|
Pennzoil Co. 6.50% Conv. Exch. Sr.
Debs.
due 2003 |
$ |
2,000,000 |
|
3,715,000 |
|
Phillips Petroleum Co. |
|
90,000 |
|
4,376,250 |
|
Tesoro Petroleum Corp. (C) |
|
300,000 |
|
4,650,000 |
|
TOSCO Corp. |
|
175,000 |
|
6,617,188 |
|
Unocal Capital Trust $3.125 Conv. Pfd. |
|
72,540 |
|
4,075,841† |
|
Unocal Corp. |
|
150,000 |
|
5,821,875 |
|
Valero Energy Corp. |
|
125,000 |
|
3,929,688 |
|
|
|
|
|
|
|
|
|
|
|
64,998,614 |
|
| Producers
— 11.9% |
|
|
|
|
|
Anadarko Petroleum Corp. |
|
90,000 |
|
5,461,875 |
|
Apache Corp. 6.00% Conv. Sub.
Debs.
due 2002 (B) |
$ |
3,000,000 |
|
3,427,500 |
|
Barrett Resources Corp. (C) |
|
125,000 |
|
3,781,250 |
|
Burlington Resources Inc. |
|
80,000 |
|
3,585,000 |
|
Devon Energy Corp. |
|
152,400 |
|
5,867,400 |
|
Enron Oil & Gas Co. |
|
190,000 |
|
4,025,625 |
|
Noble Affiliates Inc. |
|
91,855 |
|
3,237,889 |
|
Occidental Petroleum Corp. $3.00
Conv.
Exch. Pfd. |
|
30,000 |
|
2,490,000 |
|
Occidental Petroleum Corp. |
|
175,000 |
|
5,129,687 |
|
Ocean Energy, Inc. (C) |
|
120,000 |
|
5,917,500 |
|
Oryx Energy Co. 7.50% Conv.
Sub.
Debs. due 2014 |
$ |
1,500,000 |
|
1,515,000 |
|
Oryx Energy Co. (C) |
|
85,000 |
|
2,167,500 |
|
Seagull Energy Corp. (C) |
|
230,000 |
|
4,743,750 |
|
Talisman Energy, Inc. (C) |
|
55,000 |
|
1,670,625 |
|
Union Pacific Resources Group, Inc. |
|
225,816 |
|
5,476,038 |
|
United Meridian Corp. (C) |
|
123,500 |
|
3,473,438 |
|
Vastar Resources, Inc. |
|
125,000 |
|
4,468,750 |
|
|
|
|
|
|
|
|
|
|
|
66,438,827 |
|
| Distributors
— 17.3% |
|
|
|
|
|
AGL Resources Inc. |
|
200,000 |
|
4,087,500 |
|
Atmos Energy Corp. |
|
200,000 |
|
6,050,000 |
|
Coastal Corp. |
|
110,000 |
|
6,813,125 |
|
El Paso Natural Gas Co. |
|
75,000 |
|
4,987,500 |
|
Energen Corp. |
|
175,000 |
|
6,956,250 |
|
Enron Corp. 6.25% Exch. Notes
due
1998 |
|
175,000 |
|
3,609,375 |
|
Enron Corp. $12.97 Conv. Pfd. Ser. J |
|
25,000 |
|
14,183,202 |
|
Equitable Resources Inc. |
|
100,000 |
|
3,537,500 |
|
KN Energy, Inc. |
|
150,000 |
|
8,100,000 |
|
LG&E Energy Corp. |
|
150,000 |
|
3,721,875 |
|
MCN Corp. |
|
190,000 |
|
7,671,250 |
|
National Fuel Gas Co. |
|
100,000 |
|
4,868,750 |
|
New Jersey Resources, Inc. |
|
185,000 |
|
7,411,562 |
|
Questar Corp. |
|
134,000 |
|
5,979,750 |
|
Washington Gas Light Co. |
|
100,000 |
|
3,093,750 |
|
Western Gas Resources Inc. |
|
235,000 |
|
5,199,375 |
|
|
|
|
|
|
|
|
|
|
|
96,270,764 |
|
| Services
— 15.4% |
|
|
|
|
|
BJ Services Co. (C) |
|
100,000 |
|
7,193,750 |
|
Camco International Inc. |
|
130,000 |
|
8,279,375 |
|
Diamond Offshore Drilling, Inc. |
|
96,800 |
|
4,658,500 |
|
ENSCO International, Inc. |
|
200,000 |
|
6,700,000 |
|
EVI Inc. 5% Conv. Sub Debs Due
2027
(B) |
|
60,000 |
|
2,748,750 |
|
Halliburton Co. |
|
140,000 |
|
7,262,500 |
|
Loews Corp. 3.125% Exch. Sub.
Debs
Due 2007 |
$ |
1,500,000 |
|
1,492,500 |
|
Sante Fe Int'l Corp. |
|
90,000 |
|
3,667,500 |
|
Schlumberger Ltd. |
|
172,200 |
|
13,862,100 |
|
SEACOR Holdings, Inc. (C) |
|
70,000 |
|
4,217,500 |
|
Tidewater, Inc. |
|
90,000 |
|
4,983,750 |
|
Transocean Offshore Inc. |
|
230,000 |
|
11,083,125 |
|
Weatherford/Enterra Inc. (C) |
|
120,000 |
|
5,250,000 |
|
Western Atlas Inc. (C) |
|
59,000 |
|
4,366,000 |
|
|
|
|
|
|
|
|
|
|
|
85,765,350 |
|
