Prin. Amt.
or Shares Value (A)
----------------------------------------------------------------------------
STOCKS AND CONVERTIBLE SECURITIES -- 97.6%
ENERGY -- 78.3%
Internationals -- 29.4%
BP Amoco plc ADR................... 400,000 $ 23,725,000
Chevron Corp. ..................... 120,000 10,395,000
Exxon Mobil Corp. ................. 607,231 48,920,043
Royal Dutch Petroleum Co. ......... 850,000 51,478,127
"Shell" Transport and
Trading Co., plc ADR............ 240,000 11,760,000
Texaco Inc. ....................... 186,775 10,144,217
TotalFina S.A. ADR................. 140,000 9,695,000
-------------
166,117,387
-------------
Domestics -- 10.3%
Amerada Hess Corp. ................ 100,000 5,675,000
Atlantic Richfield Co. ............ 50,000 4,325,000
Conoco Inc. Class B................ 300,000 7,462,500
Kerr McGee Corp. .................. 181,253 11,237,686
Murphy Oil Corp. .................. 110,000 6,311,250
Phillips Petroleum Co. ............ 90,000 4,230,000
Tesoro Petroleum Corp. (B)......... 300,000 3,468,750
Tosco Corp. ....................... 175,000 4,757,813
Unocal Capital Trust
$3.125 Conv. Pfd. .............. 72,540 3,536,325
Unocal Corp. ..................... 150,000 5,034,375
Valero Energy Corp. ............... 125,000 2,484,375
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58,523,074
-------------
Producers -- 8.7%
Anadarko Petroleum Corp. .......... 195,000 6,654,375
Apache Corp. ...................... 130,000 4,801,875
Barrett Resources Corp. (B)........ 70,000 2,060,625
Burlington Resources Inc. ......... 120,000 3,967,500
Devon Energy Corp. ................ 70,000 2,301,250
EOG Resources, Inc. ............... 290,000 5,093,125
Noble Affiliates Inc. ............. 91,855 1,969,142
Occidental Petroleum Corp. ........ 175,000 3,784,374
Ocean Energy, Inc. (B)............. 622,450 4,823,988
Stone Energy Corp. (B)............. 102,000 3,633,750
Union Pacific Resources
Group, Inc. .................... 225,816 2,879,154
Vastar Resources, Inc. ............ 125,000 7,375,000
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49,344,158
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Distributors --18.0%
AGL Resources Inc. ................ 170,000 2,890,000
Atmos Energy Corp. ................ 200,000 4,087,500
Coastal Corp. ..................... 220,000 7,796,250
Columbia Energy Group.............. 100,000 6,325,000
El Paso Energy Corp. .............. 185,000 7,180,313
Energen Corp. ..................... 353,900 6,392,319
Enron Corp. $13.65
Conv. Pfd. Ser. J............... 23,000 27,863,063
Equitable Resources Inc. .......... 180,500 6,024,188
Kinder Morgan, Inc. 8.25%
PEPS Units due 2001............. 130,000 4,225,000
National Fuel Gas Co. ............ 100,000 4,650,000
New Jersey Resources, Inc. ........ 185,000 7,226,563
Northwestern Corp. ................ 200,000 4,400,000
Questar Corp. ..................... 268,000 4,020,000
Western Gas Resources Inc. ........ 186,000 2,452,875
Williams Companies, Inc. .......... 200,000 6,112,500
-------------
101,645,571
-------------
Services -- 11.9%
BJ Services Co. (B)................ 200,000 8,362,500
Diamond Offshore Drilling, Inc. ... 96,000 2,958,450
ENSCO International, Inc. ......... 140,000 3,202,500
Global Industries Ltd. (B)......... 243,400 2,099,325
Halliburton Co. ................... 150,000 6,037,500
Nabors Industries, Inc. (B)........ 245,000 7,579,688
Petroleum Geo-Services ASA ADR (B). 250,000 4,453,125
Santa Fe International Corp. ...... 180,000 4,657,500
Schlumberger Ltd. ................. 229,400 12,875,075
Transocean Sedco Forex Inc. ....... 274,411 9,244,221
Weatherford International, Inc. (B) 139,000 5,551,313
-------------
67,021,197
-------------
BASIC INDUSTRIES -- 19.3%
Basic Materials -- 3.7%
Avery Dennison Corp. .............. 90,600 6,602,475
Engelhard Corp. ................... 250,000 4,718,750
Freeport-McMoRan Copper &
Gold Inc. Ser. A (B)............ 127,603 2,368,631
Newpark Resources, Inc. (B)........ 370,000 2,266,250
Southdown, Inc. ................... 100,000 5,162,500
-------------
21,118,606
-------------
Capital Goods & Other -- 8.6%
Calpine Corp. (B).................. 40,000 2,560,000
Calpine Capital Trust
5.75% Conv. Pfd. High Tides..... 55,000 3,581,875
Dover Corp. ....................... 140,000 6,352,500
General Electric Co. .............. 200,000 30,950,000
Owens-Illinois, Inc. (B)........... 200,000 5,012,500
-------------
48,456,875
-------------
Paper and Forest Products -- 7.0%
Boise Cascade Corp. ............... 205,000 8,302,500
Consolidated Papers, Inc. ......... 275,000 8,748,438
Fort James Corp. .................. 220,000 6,022,500
Mead Corp. ........................ 210,000 9,121,875
Temple-Inland, Inc. ............... 110,000 7,253,125
-------------
39,448,438
-------------
TOTAL STOCKS AND CONVERTIBLE SECURITIES
(Cost $321,202,227) (C).................. 551,675,306
-------------
SHORT-TERM INVESTMENTS -- 2.1%
U.S. Government Obligations -- 1.6%
U.S. Treasury Bills,
5.10%, due 2/24/00................. $9,000,000 8,931,096
-------------
Commercial Paper -- 0.5%
Chevron USA, 6.35%,
due 1/13/00........................ $1,925,000 1,920,925
Ford Motor Credit Corp.,
5.45%, due 2/17/00.................. $1,035,000 1,027,636
-------------
2,948,561
------------
TOTAL SHORT-TERM INVESTMENTS
(Cost $11,879,657)....................... 11,879,657
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TOTAL INVESTMENTS
(Cost $333,081,884)..................... 563,554,963
Cash, receivables and other
assets, less liabilities........... 1,520,038
-------------
NET ASSETS-- 100% .......................... $565,075,001
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Notes:
(A) See note 1 to financial statements. Securities are listed on the New York
Stock Exchange, the American Stock Exchange, or the NASDAQ.
(B) Presently non-dividend paying.
(C) The aggregate market value of stocks held in escrow at December 31, 1999
covering open call option contracts written was $956,875. In addition, the
required aggregate market value of securities segregated by the custodian to
collaterize open put option contracts written was $5,010,000.
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