Shares Value (A)
---------- ---------
Stocks And Convertible Securities--97.4%
Energy -- 81.4%
Internationals -- 26.3%
BP Amoco plc ADR 400,000 $ 21,225,000
Chevron Corp. 130,000 12,016,875
Exxon Mobil Corp. 607,231 47,250,201
Royal Dutch Petroleum Co. 850,000 48,928,126
"Shell" Transport and Trading Co., plc ADR 240,000 11,775,000
Texaco Inc. 186,775 10,015,810
TotalFinaElf ADR 125,000 9,203,125
------------
160,414,137
------------
Domestics -- 9.7%
Amerada Hess Corp. 100,000 6,462,500
Atlantic Richfield Co. 50,000 4,249,999
Conoco Inc. Class B 300,000 7,687,500
Kerr McGee Corp. 181,253 10,467,361
Murphy Oil Corp. 110,000 6,338,750
Phillips Petroleum Co. 60,000 2,775,000
Tesoro Petroleum Corp. (B) 300,000 3,450,000
TOSCO Corp. 175,000 5,326,562
Unocal Capital Trust $3.125 Conv. Pfd. 72,540 3,844,620
Unocal Corp. 150,000 4,462,500
Valero Energy Corp. 125,000 3,828,125
------------
58,892,917
------------
Producers -- 9.9%
Anadarko Petroleum Corp. 195,000 7,544,063
Apache Corp. 130,000 6,467,500
Burlington Resources, Inc. 130,000 4,810,000
Devon Energy Corp 70,000 3,399,375
EOG Resources Inc 290,000 6,144,375
Noble Affiliates Inc. 91,855 3,013,992
Occidental Petroleum Corp. 175,000 3,631,250
Ocean Energy Inc. (B) 550,000 7,906,250
Stone Energy Corp. (B) 104,300 5,136,775
Union Pacific Resources Group, Inc. 225,816 3,274,332
Vastar Resources, Inc. 125,000 9,289,062
------------
60,616,974
------------
Distributors -- 20.3%
Atmos Energy Corp. 200,000 3,275,000
Coastal Corp. 220,000 10,120,000
Columbia Energy Group 100,000 5,925,000
El Paso Energy Corp. 110,000 4,441,250
Energen Corp. 353,900 5,640,281
Enron Corp. $27.30 Conv.
Pfd. Ser. J 23,000 47,014,013
Equitable Resources Inc. 180,500 8,088,656
Kinder Morgan, Inc. 8.25% PEPS
Units due 2001 130,000 6,142,500
National Fuel Gas Co. 100,000 4,456,250
New Jersey Resources, Inc. 185,000 7,908,750
Northwestern Corp. 200,000 4,125,000
Questar Corp. 268,000 4,974,750
Western Gas Resources Inc. 186,000 2,952,750
Williams Companies, Inc. 200,000 8,787,500
------------
123,851,700
-------------
Services -- 15.2%
BJ Services Co. (B) 200,000 14,775,000
Diamond Offshore Drilling, Inc. 96,800 3,865,950
ENSCO International, Inc. 120,000 4,335,000
Global Industries Ltd. (B) 243,400 3,559,725
Halliburton Co. 150,000 6,150,000
Nabors Industries, Inc. (B) 245,000 9,509,063
Petroleum Geo-Services ASA ADR (B) 250,000 4,328,125
Santa Fe International Corp. 180,000 6,660,000
Schlumberger Ltd. 229,400 17,549,100
Transocean Sedco Forex Inc. 274,411 14,080,758
Weatherford International, Inc. (B) 139,000 8,192,313
------------
93,005,034
------------
Basic Industries -- 16.0%
Basic Materials -- 3.3%
Avery Dennison Corp. 100,000 6,106,250
Engelhard Corp. 250,000 3,781,250
Freeport-McMoRan Copper & Gold Inc. Ser. A (B) 127,603 1,419,583
Newpark Resources, Inc. (B) 370,000 2,960,000
Southdown, Inc. 100,000 5,900,000
------------
20,167,083
------------
Capital Goods & Other -- 8.5%
Calpine Capital Trust 5.75% Conv. Pfd. HIGH TIDES 87,500 8,028,125
Calpine Corp. (B) 40,000 3,760,000
Dover Corp. 140,000 6,702,500
General Electric Co. 190,000 29,485,625
Owens-Illinois, Inc. (B) 225,000 3,796,875
------------
51,773,125
------------
Paper and Forest Products -- 4.2%
Boise Cascade Corp. 205,000 7,123,750
Fort James Corp. 250,000 5,500,000
Mead Corp. 210,000 7,336,875
Temple-Inland, Inc. 110,000 5,479,375
------------
25,440,000
------------
Total Stocks And Convertible Securities
(Cost $310,226,999) (C) 594,160,970
------------
Prin. Amt. Value (A)
---------- ---------
Short-Term Investments -- 2.8%
U.S. Government Obligations -- 1.2%
U.S. Treasury Bills, 5.70%, due 5/25/00 $7,500,000 $7,436,535
----------
Commercial Paper -- 1.6%
Chevron USA 6.00-6.05%,
due 4/11/00-4/13/00 5,135,000 5,125,644
Ford Motor Credit Corp.,
5.84-6.04%, due
4/14/00-4/18/00 4,495,000 4,487,807
------------
9,613,451
------------
Total Short-Term Investments
(Cost $17,049,986) 17,049,986
------------
Total Investments
(Cost $327,276,985) 611,210,956
Cash, receivables and other
assets, less liabilities (998,124)
------------
Net Assets--100.0% $610,212,832
============
===============================================================================
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 March 31, 2000
covering open call option contracts written was $4,170,625. In addition, the
aggregate market value of securities segregated by the custodian required
to collateralize open put option contracts written was $2,945,00.
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