SPAIN FUND INC, SC 13D/A, 1998-12-02

SPAIN FUND INC
SC 13D/A, 1998-12-02

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<PAGE>

THIS PAPER DOCUMENT IS BEING SUBMITTED PURSUANT TO RULE 901(D) OF REGULATION S-T

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

SCHEDULE 13D

UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)

The Spain Fund Inc.
- -------------------------------------------------------------------------------
(Name of Issuer)

Common Stock, par value $.01 per share
- -------------------------------------------------------------------------------
(Title of Class of Securities)

846330108
- -------------------------------------------------------------------------------
(CUSIP Number)

John C. Reynolds
Cargill Financial Markets PLC
Knowle Hill Park, Fairmile Lane, Cobham
Surrey KT11 2PD
United Kingdom
44-193-286-1000
- -------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
November 19, 1998
- -------------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].

Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are to
be sent.

* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>

SCHEDULE 13D

CUSIP No. 846330108 Page 2 of 21 Pages
- ------------------- --------------------------------

1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Cargill Financial Markets PLC
Knowle Hill Park, Fairmile Lane, Cobham
Surrey KT11 2PD, United Kingdom
I.R.S. I.D. No.: None
- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)[ ] (b)[ ]
- ---------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------
4 SOURCE OF FUNDS*

WC (See Item 3 of attached Schedule 13D Statement)
- ---------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ---------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION

United Kingdom
- ---------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
- ---------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 462,600
- ---------------------------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING
- ---------------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 462,600
- ---------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON

462,600
- ---------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW
(11) EXCLUDES CERTAIN SHARES* [ ]
- ---------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

4.61%
- ---------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*

CO
- ---------------------------------------------------------------------

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SCHEDULE 13D

CUSIP No. 846330108 Page 3 of 21 Pages
- ------------------- --------------------------------

1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Cargill Holdings
Knowle Hill Park, Fairmile Lane, Cobham
Surrey KT11 2PD, United Kingdom
98-0157383
- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ]
- ---------------------------------------------------------------------
3 SEC USE ONLY

- ---------------------------------------------------------------------
4 SOURCE OF FUNDS*

United Kingdom
- ---------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
- ---------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED
462,600
- ---------------------------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING
- ---------------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH
462,600
- ---------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

462,600
- ---------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

4.61%
- ---------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*

CO
- ---------------------------------------------------------------------

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SCHEDULE 13D

CUSIP No. 846330108 Page 4 of 21 Pages
- ------------------- --------------------------------

1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Cargill Financial Services Corporation
6000 Clearwater Drive
Minnetonka, MN 55343-9497
41-1492786
- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ]
- ---------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------
4 SOURCE OF FUNDS*

Delaware
- ---------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
- ---------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED
462,600
- ---------------------------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING
- ---------------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH
462,600
- ---------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

462,600
- ---------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

4.61%
- ---------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*

CO
- ---------------------------------------------------------------------

4 of 21
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SCHEDULE 13D

CUSIP No. 846330108 Page 5 of 21 Pages
- --------------------------- -------------------------------

1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Cargill, Incorporated
15407 McGinty Road West
Wayzata, MN 55391-2399
41-0177680
- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ]
- ---------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------
4 SOURCE OF FUNDS*

462,600
- ---------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ---------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

4.61%
- ---------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*

CO
- ---------------------------------------------------------------------

5 of 21
<PAGE>

THE SPAIN FUND INC.
SCHEDULE 13D STATEMENT
----------------------
AMENDMENT #1

Item 1. Security and Issuer

This statement on Schedule 13D (the "Statement") relates to the shares
of common stock (the "Shares") of The Spain Fund, Inc. ("the Issuer"). The
Issuer is a Maryland corporation and has its principal executive offices located
at 1345 Avenue of the Americas, New York, NY 10105.

Item 2. Identity and Background

(a) This statement is being filed by the following persons:

(i) Cargill Financial Markets PLC, a public limited
company, formed and organized under the laws of
England and Wales ("CFM PLC"), which is a
wholly-owned subsidiary of Cargill Holdings; and

(ii) Cargill Holdings, an unlimited company formed and
organized under the laws of England and Wales
("Cargill Holdings"), which is, directly and
indirectly, a wholly-owned subsidiary of Cargill,
Incorporated; and

(iii) Cargill Financial Services Corporation, a Delaware
corporation ("CFSC"), which is a wholly-owned
subsidiary of Cargill, Incorporated; and

(iv) Cargill, Incorporated, a Delaware corporation.

Each of the persons listed in (i) to (iv) above is hereinafter referred
to individually as a "Reporting Person" and collectively as the "Reporting
Persons." The Reporting Persons collectively may be deemed to be a group
beneficially owning, in the aggregate, 462,600 Shares or approximately 4.61% of
the outstanding Shares within the meaning of Section 13(d)(3) of the Securities
Exchange Act of 1934, as amended (the "Act").

Neither the filing of this Statement nor any of its contents shall be
construed as an admission that the directors or executive officers of the
Reporting Persons are beneficial owners of any of the Shares, either for
purposes of Section 13(d) of the Act or for any other purpose, and such
beneficial ownership is expressly disclaimed.

(b), (c), (f)The address of CFM PLC and Cargill Holdings is Knowle Hill
Park, Fairmile Lane, Cobham, Surrey KT11 2PD, United Kingdom. The principal
business of CFM PLC is financial trading and investment activities. The
principal business of Cargill Holdings is acting as a holding company for CFM
PLC and a significant part of Cargill, Incorporated's other business interests
in the United Kingdom.

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The address of CFSC is 12700 Whitewater Drive, Minnetonka, MN
55343-9439. The principal business of CFSC is financial trading and investment
activities, conducted on a proprietary basis. The address of Cargill,
Incorporated is 15407 McGinty Road West, Wayzata, MN 55391-2399. The principal
business of Cargill, Incorporated is the international marketing and processing
of agricultural, industrial and financial commodities.

The name, address, citizenship and present principal occupation or
employment, and the name, address and principal business of any corporation or
other organization in which such employment is conducted, of each of the
executive officers and directors of the Reporting Persons are set forth on
Exhibit A attached hereto and incorporated herein by reference.

(d) During the last five years, none of the Reporting Persons, and to
the best of the Reporting Persons knowledge, none of the persons named on
Exhibit A, has been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors).

(e) During the last five years, none of the Reporting Persons, and to
the best of the Reporting Persons' knowledge, none of the persons named on
Exhibit A, has been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction which resulted in, and was and is
not subject to, a judgment, decree or final order against it enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to such laws.

Item 3. Source and Amount of Funds or Other Consideration

The source of funds for all purchases of the Shares acquired by the
Reporting Persons was working capital.

Item 4. Purpose of Transaction

An aggregate of 240,000 Shares were sold on November 19, 1998,
decreasing the Reporting Persons holdings under 5%.

The Reporting Persons from time to time evaluate their investments and,
based on such evaluation, may determine to acquire or dispose of Shares. The
Reporting Persons do not have any present plans that relate to or would result
in any of the transactions described in subparagraphs (a) through (j) of Item 4
of Schedule 13D. The amount and timing of any additional purchases or sales of
Shares will depend upon a variety of factors, including, without limitation,
current and anticipated future trading prices for the Shares, the financial
condition and prospects of the Fund and general economic, financial market and
industry conditions.

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<PAGE>

Item 5. Interest in Securities of the Issuer

(a) As of the date hereof, the Reporting Persons beneficially owned
462,600 Shares, constituting approximately 4.61% of the outstanding Shares based
upon information provided by Bloomberg. To the best of the Reporting Persons
knowledge, except as set forth herein, none of the persons listed on Exhibit A
hereto beneficially owns any Shares.

(b) CFM PLC presently has the power, and Cargill Holdings, CFSC and
Cargill, Incorporated may be deemed to share the power, to vote and dispose of
462,600 Shares.

(c) Exhibit B hereto contains information as to all transactions in the
Shares effected during the past 60 days by the Reporting Persons. All of the
purchases reflected on Exhibit B were made for cash in open market transactions.
Except as set forth on Exhibit B, within the past 60 days, the Reporting Persons
did not effect any transactions in the Shares. To the best of the Reporting
Persons' knowledge, except as set forth herein, none of the persons listed on
Exhibit A hereto has purchased or sold any Shares during the past 60 days.

(d) No person other than CFM PLC has the right to receive or the power
to direct the receipt of dividends from, or the proceeds from the sale of,
securities covered by this Statement.

(e) Not applicable.

Item 6. Contracts, Arrangements, Undertakings or Relationships with
Respect to Securities of the Issuer

Except as set forth above, none of the Reporting Persons and (to the
best of the Reporting Persons' knowledge) none of the persons named in Exhibit A
hereto, has any contracts, arrangements, understandings or relationships (legal
or otherwise) with any persons with respect to any securities of the Issuer,
including but not limited to any contracts, arrangements, understandings or
relationships concerning the transfer or voting of such securities, finder's
fees, joint ventures, loan or option arrangements, puts or calls, guarantees of
profits, division of profits or losses, or the giving or withholding of proxies.

Item 7. Material to be Filed as Exhibits

Exhibit A: List of Executive Officers and Directors of CFM PLC, Cargill
Holdings, CFSC and Cargill, Incorporated.
Exhibit B: Transactions in the Shares by the Reporting Persons in the
past 60 days.
Signature page follows.

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<PAGE>

SIGNATURE

After reasonable inquiry and to the best of its knowledge and belief,
each of the undersigned certifies that the information set forth in this
Statement is true, complete and correct.

CARGILL FINANCIAL MARKETS PLC

By:
-----------------------------------------
John C. Reynolds
Secretary

CARGILL HOLDINGS

By:
-----------------------------------------
John C. Reynolds
Joint Secretary

CARGILL FINANCIAL SERVICES CORPORATION

By:
-----------------------------------------
Timothy S. Clark
Vice President

CARGILL, INCORPORATED

By:
-----------------------------------------
Linda Cutler
Vice President, Assistant General Counsel
& Assistant Secretary, Administrative
Division

Dated: December 1, 1998

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<PAGE>

EXHIBIT A
---------

CARGILL FINANCIAL MARKETS PLC

Directors
- ---------
David P.L. Corridan Director
Jacobus Gerardus De Jong Director
Jeremy Llewelyn Director
John E. Osborn Director
John C. Reynolds Director
Paul J. Tiller Director

Officers
- --------
David P.L. Corridan Managing Director
Jane Fuller Secretary
Anne Lederer Secretary
John C. Reynolds Secretary

(as of 6/29/98)

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EXHIBIT A
---------

CARGILL HOLDINGS (UK)

Directors
- ---------
Paul D. Conway Director
Peter DeBraal Director
John C. Reynolds Director
Paul J. Tiller Director

Officers
- --------
John C. Reynolds Joint Secretary

(as of 11/3/98)

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<PAGE>

EXHIBIT A
---------

CARGILL FINANCIAL SERVICES CORPORATION

Directors
- ---------
Robert L. Lumpkins Director
Gregory R. Page Director
Warren R. Staley Director
William W. Veazey Director

Officers
Gregory R. Page President
Jeffery D. Leu Executive Vice President
David W. MacLennan Executive Vice President
Wendell Spence Executive Vice President
Robert A. Kruchoski Senior Vice President
Guilherme Schmidt Netto Senior Vice President
Bruce H. Barnett Vice President
Robert D. Beach Vice President
Timothy S. Clark Vice President
Craig A. Ekegren Vice President
Anthony J. Farraj Vice President
Patrick J. Halloran Vice President
Stephen R. Lindo Vice President
Kim M. Okerstrom Vice President
Jeffrey A. Parker Vice President
Steven C. Pumilia Vice President
Frank Mor Ravndal, Jr. Vice President
Paul A. Richardson Vice President
Debroah J. Theisen Vice President
Linda L. Cutler Secretary
William W. Veazey Treasurer
Sheri J. Bandle Assistant Vice President
Daniel G. Brian Assistant Vice President
Ann M. Burke Assistant Vice President
Jeffrey A. Carlson Assistant Vice President
Shane F. Cotner Assistant Vice President
Mark T. Guidinger Assistant Vice President
Greggory S. Haugen Assistant Vice President
Tara Jensen Assistant Vice President
Renee A. Kessler Assistant Vice President
Christl H. Larson Assistant Vice President
Beth C. Spoonland Assistant Vice President
Joseph M. Wagner Assistant Vice President

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Anne E. Carlson Assistant Secretary
Patrice H. Halbach Assistant Secretary
Jeanne Y. Smith Assistant Secretary
Laura H. Witte Assistant Secretary

(as of 12/01/98)

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<PAGE>

EXHIBIT A
---------

CARGILL, INCORPORATED

DIRECTORS
- ---------
Michael H. Armacost Director
F. Guillaume Bastiaens Director
Michael R. Bonsignore Director
Austen S. Cargill II, Ph.D. Director
Livio D. DeSimone Director
Richard M. Kovacevich Director
Marianne C. Liebmann Director
Robert L. Lumpkins Director
John H. MacMillan IV Director
David D. MacMillan Director
William B. MacMillan Director
Ernest S. Micek Director
David W. Raisbeck Director
Warren R. Staley Director
Michael W. Wright Director
W. Duncan MacMillan Senior Advisory Director
Whitney MacMillan Senior Advisory Director

<TABLE>
<CAPTION>
<S> <C>
CORPORATE OFFICERS
- ------------------
Ernest S. Micek Chairman of the Board & Chief Executive Officer
Warren R. Staley President and Chief Operating Officer
Robert L. Lumpkins Vice Chairman of the Board and Chief Financial Officer
F. Guillaume Bastiaens Vice Chairman of the Board
David W. Raisbeck Executive Vice President
Daniel R. Huber President, Asia/Pacific Sector
Gregory R. Page Corporate Vice President and Sector President
James D. Moe Corporate Vice President, General Counsel and Secretary
Austen S. Cargill II, Ph.D. Corporate Vice President, Research and Development
Ronald L. Christenson Corporate Vice President and Chief Technology Officer
Galen G. Johnson Corporate Vice President and Controller
Robbin S. Johnson Corporate Vice President, Public Affairs
Nancy P. Siska Corporate Vice President, Human Resources
Lloyd B. Taylor Corporate Vice President, Information Technology
Tyrone K. Thayer Corporate Vice President, Worldwide Cargill Foods
and Procurement
William W. Veazey Corporate Vice President and Treasurer

</TABLE>

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<TABLE>
<CAPTION>
<S> <C>
ELECTED OFFICERS
- ----------------
Fredric W. Corrigan President, Agriculture-Biosciences Group
Martin G. Dudley President, Cargill Juice
Richard D. Frasch President, Animal Nutrition
John E. Geisler President, Dry Milling
Brian F. Hill President, Worldwide Seed
Gary W. Jarrett President, Cargill Energy
Peter A. Kooi President, World Grain Trading Group
David M. Larson President, Animal Nutrition and Poultry Group
John D. March President, World Oilseeds Processing Group
Henricus M. Mathot President, Fertilizer
Robert R. Parmelee President, Biosciences
Guy R. Shoemaker President, North American Flour Milling
Frank L. Sims President, North American Grain
Charles L. Sullivan President, Salt
James T. Thompson President, Cargill Steel Group
Michael A. Urbanic President, North American Corn Milling
Norman Hay Co-Chief Executive Officer, Cargill-Monsanto Joint Venture
Lawrence F. DeWitt Senior Vice President, Latin America Sector

APPOINTED OFFICERS
- ------------------
Bruce H. Barnett Vice President, Tax & General Tax Counsel,
Administrative Division
John I. Bjelland Vice President, Information Technology, Agriculture
Group and Cargill Grain Division
Joseph P. Botos Vice President, Administrative Division
William C. Britt Vice President, Administrative Division
Charles A. Clogston Vice President, Controller, Administrative Division
Linda L. Cutler Vice President, Assistant General Counsel &
Assistant Secretary, Administrative Division
James A. Guyre Vice President, Controller, Administrative Division
James N. Haymaker Vice President, Strategy and Business Development,
Administrative Division
H. Jed Hepworth Latin American General Counsel, Administrative Division
Alistair D. Jacques Vice President, Corporate Information Technology
Operations, Administrative Division
Stephen D. Laing Vice President, Controller, Administrative Division
Ronald L. Laumbach Vice President and North American General
Counsel, Administrative Division
William P. Miller, Jr. Vice President, Controller, Administrative Division
R. Kent Norby Vice President, Human Resources, Administrative Division
Richard J. Peters Vice President, Director of Worldwide Audit,
Administrative Division
Bonnie E. Raquet Vice President, Public Affairs, Administrative Division
Daniel v.O. Slingeland Vice President and Assistant Treasurer, Administrative Division

</TABLE>

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<TABLE>
<CAPTION>
<S> <C>
Linda L. Thrane Vice President, Public Affairs, Administrative Division
William L. Varner Vice President, Administrative Division
Dennis E. Walters Vice President and Controller, Administrative Division
Petrus Zaal Vice President, Administrative Division

Orlan D. Thorbeck Controller, Human Resources, Administrative Division

Nancy L. Ballsrud Assistant Vice President, Corporate Treasury &
Assistant Treasurer, Administrative Division
Ronald G. Dudley Assistant Vice President, Strategy and Business
Development Department, Administrative Division
Brian L. Foltz Assistant Vice President, Insurance, Administrative Division
Patrice H. Halbach Assistant Vice President, Tax & Assistant General Tax Counsel,
Administrative Division
W. Brendan Harrington Assistant Vice President, Public Affairs, Administrative Division
James S. Hield Assistant Vice President, Public Affairs, Administrative Division
Fred B. Lafferty Assistant Vice President, Corporate Security,
Administrative Division
Rae A. Lesmeister Assistant Vice President, Human Resources,
Administrative Division
John J. McCabe Assistant Vice President, Office Services, Administrative Division
Jeanne E. McCaherty Assistant Vice President, Central Research,
Administrative Division
H. S. Muralidhara Assistant Vice President, Administrative Division
Daniel R. Pearson Assistant Vice President, Public Affairs, Administrative Division
Carol H. Pletcher Assistant Vice President, Corporate Quality,
Administrative Division
Felix A. Ricco Assistant Vice President, Human Resources,
Administrative Division
James M. Wallace Assistant Vice President, Corporate Marketing
Communications, Administrative Division

Jeanne Y. Smith Assistant Secretary, Administrative Division
Tracy L. Wessel Assistant Secretary, Administrative Division

David B. Braden Assistant Treasurer, Administrative Division
Jayme D. Olson Assistant Treasurer, Administrative Division
Daryl L. Wikstrom Assistant Treasurer, Administrative Division

Jerry D. Havemann Vice President, Information Technology, Animal Nutrition and
Meat Sector
Jerome D. Leising Vice President, Animal Nutrition and Meat Sector

Douglas J. Barisnky Senior Vice President, Animal Nutrition Division
Kenneth E. Ekstrom Senior Vice President, Animal Nutrition Division

</TABLE>

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<PAGE>

Thomas L. Fritz Senior Vice President, Animal Nutrition Division
David G. Cieslak Vice President, Animal Nutrition Division
Todd B. Hall Vice President, Animal Nutrition Division
H. Terry Olson Vice President, Animal Nutrition Division
John R. Peppel Vice President, Animal Nutrition Division
George E. Wells Vice President, Animal Nutrition Division
George M. Kemp Controller, Animal Nutrition and Poultry Group

William A. Buckner President, Worldwide Beef, Red Meat Group
George J. Kwasniak Controller, Red Meat Group

Hugh B. Guill Senior Vice President, Worldwide Poultry
Lee B. Skold Senior Vice President, Worldwide Poultry
Paul E. Lawrence Vice President, North American Turkeys
John J. O'Carroll Vice President, Worldwide Poultry & President,
North American Turkeys
Jerry R. Rose Vice President, Worldwide Poultry
Richard T. Wyatt Vice President, North American Turkeys
Glenda R. Hoogland Controller, North American Feed
Deryle G. Oxford Assistant Vice President, North American Turkeys
Andrew B. Southerly Assistant Vice President, North American Turkeys

David L. Gabriel Senior Vice President, Cargill Energy Division
Aaron R. Markley Senior Vice President, Cargill Energy Division
Dennis D. Bowersox Assistant Vice President, Cargill Energy Division
Donald A. Dietrich Assistant Vice President, Cargill Energy Division
Bryan D. Price Assistant Vice President, Cargill Energy Division
Robert H. Takvorian Assistant Vice President, Cargill Energy Division

Peter W. Reed Senior Vice President, North American Grain
William J. Burns Vice President, North American Grain
Gary E. Dahl Vice President, North American Grain
Daniel P. Dye Vice President, North American Grain
William M. Hale Vice President, North American Grain
James T. Prokopanko Vice President, North American Grain
James T. Sutter Vice President, North American Grain
Donald H. Vogt Vice President, North American Grain
Karen R. Polzin Controller, North American Grain
Randall A. Brown Assistant Vice President, North American Grain
Douglas L. Dunlay Assistant Vice President, North American Grain
Paul E. Hammes Assistant Vice President, North American Grain
Donald A. Hilger Assistant Vice President, North American Grain
Daniel W. Ruiter Assistant Vice President, North American Grain
Steven A. Smalley Assistant Vice President, North American Grain
Joseph J. Stone Assistant Vice President, North American Grain

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<PAGE>

<TABLE>
<CAPTION>
<S> <C>
David E. Dines Vice President, Commodity Risk Management Products
Department
Brent C. Bechtle Assistant Vice President, Commodity Risk Management Products
Department
Jeffrey M. Goldstein Assistant Vice President, Commodity Risk Management Products
Department
Jeffrey C. Seeley Assistant Vice President, Commodity Risk Management Products
Department

Robert J. Mann President, Ferrous International Department, Cargill Steel
Joseph D. Lea Vice President, Steel and Wire Department, Cargill Steel
Jean A. Lhermitte Vice President, Ferrous International Department, Cargill Steel
Larry H. Virtue Vice President, Steel and Wire Department, Cargill Steel
Bruce K. Lanske Controller, Steel and Wire Department, Cargill Steel

Kenneth M. Mooney Vice President and General Manager, Coffee Department
John W. Bunker Vice President, Coffee Department
Barry J. Burnett Controller, Coffee Department

James A. Madich Vice President, Dry Milling Division
Scott J. Montgomery Vice President, Dry Milling Division
Gary Q. Yee Vice President, Dry Milling Division
Thomas P. Abrahamson Assistant Vice President, Dry Milling Division
Alex B. Cory Assistant Vice President, Dry Milling Division
George J. Schember Assistant Vice President, Dry Milling Division
H. Rex Winter Assistant Vice President, Dry Milling Division
Roy S. Alexander Controller, North American Flour Milling

Joseph M. Hausback Senior Vice President, Fertilizer Division
William N. Bastian Vice President, Fertilizer Division
Thomas S. Charette Vice President, Fertilizer Division
Donald R. Clark Vice President, Fertilizer Division
Corrine D. Ricard Vice President, Fertilizer Division
Patricia E. Rogers Vice President, Fertilizer Division
Burnis L. Wilhelm Vice President, Fertilizer Division
Les J. Wright Controller, Fertilizer Division
Cassio Domingues Assistant Vice President, Fertilizer Division
Robert L. Hesse Assistant Vice President, Fertilizer Division
Michael R. Rahm Assistant Vice President, Fertilizer Division
Brent A. Shonka Assistant Vice President, Fertilizer Division
Richard A. Sunderland Assistant Vice President, Fertilizer Division

Douglas R. Linder Vice President, Cargill Foods

</TABLE>

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<PAGE>

<TABLE>
<CAPTION>
<S> <C>
Hendrikus L. DeBeer Controller, Malt Division

Gordon K. Adkins Vice President, North American Corn Milling Division
Patrick E. Bowe Vice President, North American Corn Milling Division
E. Thomas Erdmann III Vice President, North American Corn Milling Division
William M. Gruber Vice President, North American Corn Milling Division
Robert A. Hovden Vice President, North American Corn Milling Division
Douglas E. Punke Vice President, North American Corn Milling Division
Robert E. Siegert Vice President, North American Corn Milling Division
R. Creager Simpson Vice President, North American Corn Milling Division
Jack M. Staloch Vice President, North American Corn Milling Division
Douglas J. Fick Controller, North American Corn Milling Division
Dale E. Cox Assistant Vice President, North American Corn Milling Division
John K. Gingery Assistant Vice President, North American Corn Milling Division
Larry J. Hobbs Assistant Vice President, North American Corn Milling Division
Aswhin M. Madia Assistant Vice President, North American Corn Milling Division
Brian E. Silvey Assistant Vice President, North American Corn Milling Division
William D. Trecker Assistant Vice President, North American Corn Milling Division
William C. Winetroub Assistant Vice President, North American Corn Milling Division

Daryl E. Hatfield Controller, Peanut Department

William C. Britt Vice President, Salt Division
Gifford A. Howarth Vice President, Salt Division
Gerald O. Rohlfsen Vice President, Salt Division
Gerald J. Thornton, Jr. Vice President, Salt Division
Michael G. Venker Vice President, Salt Division
Gregory M. Wold Vice President, Salt Division
Lawrence L. Overstreet Controller, Salt Division
Catherine A. Hay Assistant Vice President, Salt Division
Micheal D. Lane Assistant Vice President, Salt Division
Michael A. Lilly Assistant Vice President, Salt Division
Michael R. Schmit Assistant Vice President, Salt Division

John M. Buman Vice President, Seed Division
Vernon E. Gracen, Jr. Vice President, Seed Division
William R. Rouse Vice President, Seed Division
Michael J. Hall Controller, Worldwide Seed

Patrick C. Bennett Assistant Vice President, Sugar Department

Dale A. Fehrenbach Vice President, Plant Operations and Engineering, Trading Sector
William L. Varner Controller, Trading Sector

Mark R. Schulze Vice President, World Oilseeds Processing Group

</TABLE>

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<PAGE>

<TABLE>
<CAPTION>
<S> <C>
Hershel R. Austin Vice President, North American Oilseed Processing Division
Martin G. Dudley Vice President, North American Oilseed Processing Division
Willis M. Gillett Vice President, North American Oilseed Processing Division
Hector Orlando Marsili Vice President, North American Oilseed Processing Division
Ian C. Purtle Vice President, North American Oilseed Processing Division
Francis W.I. Van Doninck Controller, North American Oilseed Processing Division
Douglas J. Collison Assistant Vice President, North American Oilseed Processing
Division
William A. Lowe, Jr. Assistant Vice President, North American Oilseed Processing
Division
Norman R. Spaeth Assistant Vice President, North American Oilseed Processing
Division
Maureen M. Dolan Assistant Controller, North American Oilseeds

Nicholas A. Emanuel Vice President, Cargill Juice
Charles O. Rankins Controller, Cargill Juice
Jack H. Huston Assistant Vice President, Cargill Juice

Howard J. Bohlander, Jr. Vice President and General Manager, Latin American Grain,
World Grain Trading Group

</TABLE>

(as of 11/21/98)

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<PAGE>

EXHIBIT B

Trade Date Qty/Par Price Principal Commission Net Cash Tran Type Tran Id Sts

<S> <C> <C> <C> <C> <C> <C> <C> <C>
981123 17,400.00 19.0625 331687.5 1044 330,632.44 S 356798 CP
981120 10,000.00 18.875 188750 600 189,350.00 B 356656 CP
981119 140,000.00 18.8125 2633750 8400 2,625,262.20 S 356496 CP
981119 100,000.00 18.9375 1893750 6000 1,887,686.87 S 356641 CP
981118 5,300.00 18.375 97387.5 318 97,066.25 S 356304 CP
981110 25,200.00 17.9871 453274.92 1512 451,747.81 S 355334 CP
981104 27,600.00 18.3818 507337.68 1656 505,664.76 S 354754 CP
981023 25,000.00 16.1875 404687.5 1500 406,187.50 B 353405 CP
981019 2,000.00 16.375 32750 120 32,870.00 B 352735 CP
981015 8,100.00 15.4491 125137.71 486 125,623.71 B 352195 CP
980929 10,000.00 15.25 152500 600 151,894.91 S 349723 CP
980925 5,800.00 15.5269 90056.02 348 90,404.02 B 349276 CP

</TABLE>

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