| | |
2022
|
| |
2021
|
| ||||||
At March 31: | | | | | | | | | | | | | |
Net asset value per share | | | | $ | 24.42 | | | | | $ | 16.94 | | |
Market price per share | | | | $ | 20.93 | | | | | $ | 14.71 | | |
Shares outstanding | | | | | 24,484,655 | | | | | | 24,084,802 | | |
Total net assets | | | | $ | 597,963,876 | | | | | $ | 408,043,138 | | |
Average net assets | | | | $ | 536,828,174 | | | | | $ | 367,697,599 | | |
Unrealized appreciation on investments | | | | $ | 128,800,842 | | | | | $ | (29,682,127) | | |
| | | | | | | | | | | | | |
For the three months ended March 31: | | | | | | | | | | | | | |
Net investment income | | | | $ | 3,892,803 | | | | | $ | 2,588,622 | | |
Net realized gain (loss) | | | | $ | 21,682,426 | | | | | $ | 2,518,140 | | |
Total return (based on market price) | | | | | 27.3% | | | | | | 30.3% | | |
Total return (based on net asset value) | | | | | 27.7% | | | | | | 24.0% | | |
| | | | | | | | | | | | | |
Key ratios: | | | | | | | | | | | | | |
Expenses to average net assets* | | | | | 0.71% | | | | | | 1.39% | | |
Net investment income to average net assets* | | | | | 2.96% | | | | | | 2.86% | | |
Portfolio turnover* | | | | | 36.9% | | | | | | 35.9% | | |
Net cash & short-term investments to net assets | | | | | 0.8% | | | | | | 0.5% | | |
| | |
Market Value
|
| |
Percent
of Net Assets
|
| ||||||
Exxon Mobil Corporation | | | | $ | 104,123,691 | | | | | | 17.4% | | |
Chevron Corporation | | | | | 89,408,488 | | | | | | 15.0 | | |
ConocoPhillips | | | | | 48,922,600 | | | | | | 8.2 | | |
Pioneer Natural Resources Company | | | | | 24,352,922 | | | | | | 4.1 | | |
Linde plc | | | | | 21,657,354 | | | | | | 3.6 | | |
Marathon Petroleum Corporation | | | | | 21,202,717 | | | | | | 3.5 | | |
EOG Resources, Inc. | | | | | 21,175,248 | | | | | | 3.5 | | |
Occidental Petroleum Corporation | | | | | 18,097,280 | | | | | | 3.0 | | |
Schlumberger N.V. | | | | | 17,507,178 | | | | | | 2.9 | | |
Diamondback Energy, Inc. | | | | | 13,584,628 | | | | | | 2.3 | | |
| | | | $ | 380,032,106 | | | | | | 63.5% | | |
| | |
Shares
|
| |
Value (a)
|
| ||||||
Common Stocks — 99.2% | | ||||||||||||
Energy — 79.4%
|
| ||||||||||||
Equipment & Services — 6.2%
|
| ||||||||||||
Baker Hughes Company
|
| | | | 171,900 | | | | | $ | 6,258,879 | | |
Halliburton Company
|
| | | | 349,970 | | | | | | 13,253,364 | | |
Schlumberger N.V.
|
| | | | 423,800 | | | | | | 17,507,178 | | |
| | | | | 37,019,421 | | | ||||||
Exploration & Production — 27.1%
|
| ||||||||||||
APA Corporation
|
| | | | 222,200 | | | | | | 9,183,526 | | |
Canadian Natural Resources Limited
|
| | | | 47,800 | | | | | | 2,962,644 | | |
Cheniere Energy, Inc.
|
| | | | 26,000 | | | | | | 3,604,900 | | |
ConocoPhillips
|
| | | | 489,226 | | | | | | 48,922,600 | | |
Coterra Energy Inc.
|
| | | | 153,600 | | | | | | 4,142,592 | | |
Devon Energy Corporation
|
| | | | 119,600 | | | | | | 7,071,948 | | |
Diamondback Energy, Inc.
|
| | | | 99,100 | | | | | | 13,584,628 | | |
EOG Resources, Inc.
|
| | | | 177,600 | | | | | | 21,175,248 | | |
Hess Corporation
|
| | | | 53,700 | | | | | | 5,748,048 | | |
Marathon Oil Corporation
|
| | | | 118,400 | | | | | | 2,973,024 | | |
Occidental Petroleum Corporation
|
| | | | 318,951 | | | | | | 18,097,280 | | |
Pioneer Natural Resources Company
|
| | | | 97,400 | | | | | | 24,352,922 | | |
Whiting Petroleum Corporation
|
| | | | 452 | | | | | | 36,842 | | |
Whiting Petroleum Corporation warrants,
strike price $73.44, expires 9/1/24 (b) |
| | | | 2,654 | | | | | | 54,407 | | |
Whiting Petroleum Corporation warrants,
strike price $83.45, expires 9/1/25 (b) |
| | | | 1,327 | | | | | | 19,786 | | |
| | | | | 161,930,395 | | | ||||||
Integrated Oil & Gas — 33.9%
|
| ||||||||||||
BP plc Sponsored ADR
|
| | | | 51,300 | | | | | | 1,508,220 | | |
Cenovus Energy Inc.
|
| | | | 176,700 | | | | | | 2,947,356 | | |
Chevron Corporation
|
| | | | 549,091 | | | | | | 89,408,488 | | |
Exxon Mobil Corporation
|
| | | | 1,260,730 | | | | | | 104,123,691 | | |
Shell plc Sponsored ADR
|
| | | | 28,600 | | | | | | 1,570,998 | | |
Suncor Energy Inc.
|
| | | | 46,400 | | | | | | 1,512,176 | | |
TotalEnergies SE Sponsored ADR
|
| | | | 28,500 | | | | | | 1,440,390 | | |
| | | | 202,511,319 | | | |||||||
Refining & Marketing — 7.2%
|
| ||||||||||||
Marathon Petroleum Corporation
|
| | | | 247,985 | | | | | | 21,202,717 | | |
Phillips 66
|
| | | | 100,575 | | | | | | 8,688,674 | | |
Valero Energy Corporation
|
| | | | 131,600 | | | | | | 13,362,664 | | |
| | | | 43,254,055 | | |
| | |
Shares
|
| |
Value (a)
|
| ||||||
Storage & Transportation — 5.0%
|
| ||||||||||||
Kinder Morgan, Inc.
|
| | | | 464,400 | | | | | $ | 8,781,804 | | |
ONEOK, Inc.
|
| | | | 143,500 | | | | | | 10,135,405 | | |
Williams Companies, Inc.
|
| | | | 328,700 | | | | | | 10,981,867 | | |
| | | | | 29,899,076 | | | ||||||
Materials — 19.8%
|
| ||||||||||||
Chemicals — 11.5%
|
| ||||||||||||
Air Products and Chemicals, Inc.
|
| | | | 23,500 | | | | | | 5,872,885 | | |
Albemarle Corporation
|
| | | | 9,000 | | | | | | 1,990,350 | | |
Celanese Corporation
|
| | | | 6,000 | | | | | | 857,220 | | |
CF Industries Holdings, Inc.
|
| | | | 47,900 | | | | | | 4,936,574 | | |
Corteva Inc.
|
| | | | 66,245 | | | | | | 3,807,763 | | |
Dow, Inc.
|
| | | | 65,745 | | | | | | 4,189,271 | | |
DuPont de Nemours, Inc.
|
| | | | 73,987 | | | | | | 5,443,963 | | |
Eastman Chemical Company
|
| | | | 8,900 | | | | | | 997,334 | | |
Ecolab Inc.
|
| | | | 25,600 | | | | | | 4,519,936 | | |
FMC Corporation
|
| | | | 10,500 | | | | | | 1,381,485 | | |
International Flavors & Fragrances Inc.
|
| | | | 21,006 | | | | | | 2,758,718 | | |
Linde plc
|
| | | | 67,800 | | | | | | 21,657,354 | | |
LyondellBasell Industries N.V.
|
| | | | 61,400 | | | | | | 6,313,148 | | |
Mosaic Company
|
| | | | 21,001 | | | | | | 1,396,567 | | |
PPG Industries, Inc.
|
| | | | 19,700 | | | | | | 2,582,079 | | |
| | | | | 68,704,647 | | | ||||||
Construction Materials — 2.2%
|
| ||||||||||||
Martin Marietta Materials, Inc.
|
| | | | 4,500 | | | | | | 1,732,005 | | |
Sherwin-Williams Company
|
| | | | 38,700 | | | | | | 9,660,294 | | |
Vulcan Materials Company
|
| | | | 9,800 | | | | | | 1,800,260 | | |
| | | | | 13,192,559 | | | ||||||
Containers & Packaging — 2.0%
|
| ||||||||||||
Amcor plc
|
| | | | 125,100 | | | | | | 1,417,383 | | |
Avery Dennison Corporation
|
| | | | 5,500 | | | | | | 956,835 | | |
Ball Corporation
|
| | | | 29,100 | | | | | | 2,619,000 | | |
International Paper Company
|
| | | | 28,200 | | | | | | 1,301,430 | | |
Packaging Corporation of America
|
| | | | 7,600 | | | | | | 1,186,436 | | |
Sealed Air Corporation
|
| | | | 55,500 | | | | | | 3,716,280 | | |
WestRock Company
|
| | | | 22,200 | | | | | | 1,044,066 | | |
| | | | | 12,241,430 | | | ||||||
Metals & Mining — 4.1%
|
| ||||||||||||
Freeport-McMoRan, Inc.
|
| | | | 233,200 | | | | | | 11,599,368 | | |
Newmont Corporation
|
| | | | 86,800 | | | | | | 6,896,260 | | |
Nucor Corporation
|
| | | | 21,100 | | | | | | 3,136,515 | | |
Steel Dynamics, Inc.
|
| | | | 32,500 | | | | | | 2,711,475 | | |
| | | | | 24,343,618 | | | ||||||
|
| | |
Shares
|
| |
Value (a)
|
| ||||||
Total Common Stocks | | ||||||||||||
(Cost $464,296,078)
|
| | | | | | | | | $ | 593,096,520 | | |
Short-Term Investments — 0.8% | | ||||||||||||
Money Market Funds — 0.8%
|
| ||||||||||||
Morgan Stanley Institutional Liquidity Funds Prime Portfolio, 0.36% (c)
|
| | | | 4,001,200 | | | | | | 4,000,400 | | |
Northern Institutional Treasury Portfolio, 0.17% (c)
|
| | | | 678,340 | | | | | | 678,340 | | |
Total Short-Term Investments | | ||||||||||||
(Cost $4,678,340)
|
| | | | | | | | | | 4,678,740 | | |
Total — 100.0% of Net Assets | | ||||||||||||
(Cost $468,974,418)
|
| | | | | | | | | | 597,775,260 | | |
Other Assets Less Liabilities — 0.0% | | | | | | | | | | | 188,616 | | |
Net Assets — 100.0%
|
| | | | | | | | | $ | 597,963,876 | | |
|
| Enrique R. Arzac (2)(4) | | | Roger W. Gale (2) (3) | | |
Kathleen T. McGahran(1)(5)
|
|
| Kenneth J. Dale(1)(2) (3) | | | Mary Chris Jammet (2) (4) | | |
Jane Musser Nelson (2)
|
|
|
Frederic A. Escherich (1) (3) (4)
|
| |
Lauriann C. Kloppenburg(1)(3) (4)
|
| |
Mark E. Stoeckle (1)
|
|
| Mark E. Stoeckle | | |
Chief Executive Officer
|
|
| James P. Haynie, CFA | | |
President
|
|
| Brian S. Hook, CFA, CPA | | |
Vice President, Chief Financial Officer and Treasurer
|
|
|
Janis F. Kerns
|
| |
Vice President, General Counsel, Secretary and Chief Compliance Officer
|
|
| Gregory W. Buckley | | |
Vice President—Research
|
|
| Michael A. Kijesky, CFA | | |
Vice President—Research
|
|
| Michael E. Rega, CFA | | |
Vice President—Research
|
|
| Jeffrey R. Schollaert, CFA | | |
Vice President—Research
|
|
| Christine M. Sloan, CPA | | |
Assistant Treasurer and Director of Human Resources
|
|