| | |
2023
|
| |
2022
|
| ||||||
At September 30: | | | | | | | | | | | | | |
Net asset value per share | | | | $ | 27.10 | | | | | $ | 22.57 | | |
Market price per share | | | | $ | 23.12 | | | | | $ | 19.46 | | |
Shares outstanding | | | | | 25,024,860 | | | | | | 24,485,314 | | |
Total net assets | | | | $ | 678,249,981 | | | | | $ | 552,664,703 | | |
Average net assets | | | | $ | 643,787,600 | | | | | $ | 569,935,885 | | |
Unrealized appreciation on investments | | | | $ | 212,108,174 | | | | | $ | 79,905,345 | | |
| | ||||||||||||
For the nine months ended September 30: | | ||||||||||||
Net investment income | | | | $ | 12,631,845 | | | | | $ | 14,773,803 | | |
Net realized gain (loss) | | | | $ | 2,854,399 | | | | | $ | 19,280,266 | | |
Cost of shares repurchased | | | | $ | 3,556,123 | | | | | $ | – | | |
Shares repurchased | | | | | 169,507 | | | | | | – | | |
Total return (based on market price) | | | | | 7.5% | | | | | | 19.5% | | |
Total return (based on net asset value) | | | | | 6.3% | | | | | | 19.1% | | |
| | ||||||||||||
Key ratios: | | ||||||||||||
Expenses to average net assets* | | | | | 0.64% | | | | | | 0.58% | | |
Net investment income to average net assets* | | | | | 2.63% | | | | | | 3.47% | | |
Portfolio turnover* | | | | | 20.7% | | | | | | 23.6% | | |
Net cash & short-term investments to net assets | | | | | 0.8% | | | | | | 0.8% | | |
| | |
Market Value
|
| |
Percent
of Net Assets
|
| ||||||
Exxon Mobil Corporation | | | | $ | 158,066,321 | | | | | | 23.3% | | |
Chevron Corporation | | | | | 91,437,736 | | | | | | 13.5 | | |
ConocoPhillips | | | | | 50,265,205 | | | | | | 7.4 | | |
Schlumberger N.V. | | | | | 27,601,144 | | | | | | 4.1 | | |
Marathon Petroleum Corporation | | | | | 26,229,038 | | | | | | 3.9 | | |
Linde plc | | | | | 25,059,155 | | | | | | 3.7 | | |
Pioneer Natural Resources Company | | | | | 22,243,395 | | | | | | 3.3 | | |
Phillips 66 | | | | | 21,744,146 | | | | | | 3.2 | | |
Hess Corporation | | | | | 18,786,717 | | | | | | 2.8 | | |
EOG Resources, Inc. | | | | | 16,766,165 | | | | | | 2.5 | | |
| | | | $ | 458,199,022 | | | | | | 67.7% | | |
| | |
Shares
|
| |
Value (a)
|
| ||||||
Common Stocks — 99.2% | | ||||||||||||
Energy — 83.0%
|
| ||||||||||||
Equipment & Services — 7.6%
|
| ||||||||||||
Baker Hughes Company
|
| | | | 367,600 | | | | | $ | 12,983,632 | | |
Halliburton Company
|
| | | | 177,353 | | | | | | 7,182,797 | | |
Schlumberger N.V.
|
| | | | 473,433 | | | | | | 27,601,144 | | |
TechnipFMC plc
|
| | | | 173,800 | | | | | | 3,535,092 | | |
| | | | | 51,302,665 | | | ||||||
Exploration & Production — 23.8%
|
| ||||||||||||
APA Corporation
|
| | | | 56,000 | | | | | | 2,301,600 | | |
Canadian Natural Resources Limited
|
| | | | 69,200 | | | | | | 4,475,164 | | |
Chord Energy Corporation
|
| | | | 225 | | | | | | 36,466 | | |
Chord Energy Corporation warrants, strike price $166.37, 1 warrant for .5774 share, expires 9/1/24 (b)
|
| | | | 2,654 | | | | | | 72,826 | | |
Chord Energy Corporation warrants, strike price $133.70, 1 warrant for .5774 share, expires 9/1/25 (b)
|
| | | | 1,327 | | | | | | 23,554 | | |
ConocoPhillips
|
| | | | 419,576 | | | | | | 50,265,205 | | |
Coterra Energy Inc.
|
| | | | 150,100 | | | | | | 4,060,205 | | |
Devon Energy Corporation
|
| | | | 126,000 | | | | | | 6,010,200 | | |
Diamondback Energy, Inc.
|
| | | | 95,600 | | | | | | 14,806,528 | | |
EOG Resources, Inc.
|
| | | | 132,267 | | | | | | 16,766,165 | | |
EQT Corporation
|
| | | | 61,400 | | | | | | 2,491,612 | | |
Hess Corporation
|
| | | | 122,789 | | | | | | 18,786,717 | | |
Marathon Oil Corporation
|
| | | | 315,900 | | | | | | 8,450,325 | | |
Occidental Petroleum Corporation
|
| | | | 166,251 | | | | | | 10,786,365 | | |
Pioneer Natural Resources Company
|
| | | | 96,900 | | | | | | 22,243,395 | | |
| | | | 161,576,327 | | | |||||||
Integrated Oil & Gas — 37.6%
|
| ||||||||||||
Cenovus Energy Inc.
|
| | | | 257,700 | | | | | | 5,365,314 | | |
Chevron Corporation
|
| | | | 542,271 | | | | | | 91,437,736 | | |
Exxon Mobil Corporation
|
| | | | 1,344,330 | | | | | | 158,066,321 | | |
| | | | | 254,869,371 | | | ||||||
Refining & Marketing — 8.9%
|
| ||||||||||||
Marathon Petroleum Corporation
|
| | | | 173,312 | | | | | | 26,229,038 | | |
Phillips 66
|
| | | | 180,975 | | | | | | 21,744,146 | | |
Valero Energy Corporation
|
| | | | 86,000 | | | | | | 12,187,060 | | |
| | | | 60,160,244 | | |
| | |
Shares
|
| |
Value (a)
|
| ||||||
Storage & Transportation — 5.1%
|
| ||||||||||||
Kinder Morgan, Inc.
|
| | | | 401,592 | | | | | $ | 6,658,395 | | |
ONEOK, Inc.
|
| | | | 137,900 | | | | | | 8,746,997 | | |
Targa Resources Corp.
|
| | | | 116,100 | | | | | | 9,952,092 | | |
Williams Companies, Inc.
|
| | | | 282,950 | | | | | | 9,532,586 | | |
| | | | | 34,890,070 | | | ||||||
Materials — 16.2%
|
| ||||||||||||
Chemicals — 12.0%
|
| ||||||||||||
Air Products and Chemicals, Inc.
|
| | | | 19,900 | | | | | | 5,639,660 | | |
Albemarle Corporation
|
| | | | 9,000 | | | | | | 1,530,360 | | |
Celanese Corporation
|
| | | | 36,177 | | | | | | 4,540,937 | | |
CF Industries Holdings, Inc.
|
| | | | 24,769 | | | | | | 2,123,694 | | |
Corteva Inc.
|
| | | | 66,245 | | | | | | 3,389,094 | | |
Dow, Inc.
|
| | | | 65,745 | | | | | | 3,389,812 | | |
DuPont de Nemours, Inc.
|
| | | | 95,926 | | | | | | 7,155,120 | | |
Eastman Chemical Company
|
| | | | 8,900 | | | | | | 682,808 | | |
Ecolab Inc.
|
| | | | 45,600 | | | | | | 7,724,640 | | |
FMC Corporation
|
| | | | 10,055 | | | | | | 673,383 | | |
International Flavors & Fragrances Inc.
|
| | | | 21,006 | | | | | | 1,431,979 | | |
Linde plc
|
| | | | 67,300 | | | | | | 25,059,155 | | |
LyondellBasell Industries N.V.
|
| | | | 61,800 | | | | | | 5,852,460 | | |
Mosaic Company
|
| | | | 25,601 | | | | | | 911,396 | | |
PPG Industries, Inc.
|
| | | | 47,800 | | | | | | 6,204,440 | | |
Sherwin-Williams Company
|
| | | | 21,200 | | | | | | 5,407,060 | | |
| | | | | 81,715,998 | | | ||||||
Construction Materials — 1.2%
|
| ||||||||||||
Martin Marietta Materials, Inc.
|
| | | | 5,200 | | | | | | 2,134,496 | | |
Vulcan Materials Company
|
| | | | 30,300 | | | | | | 6,121,206 | | |
| | | | | 8,255,702 | | | ||||||
Containers & Packaging — 0.9%
|
| ||||||||||||
Amcor plc
|
| | | | 125,100 | | | | | | 1,145,916 | | |
Avery Dennison Corporation
|
| | | | 5,500 | | | | | | 1,004,685 | | |
Ball Corporation
|
| | | | 23,300 | | | | | | 1,159,874 | | |
International Paper Company
|
| | | | 21,500 | | | | | | 762,605 | | |
Packaging Corporation of America
|
| | | | 5,900 | | | | | | 905,945 | | |
Sealed Air Corporation
|
| | | | 8,900 | | | | | | 292,454 | | |
WestRock Company
|
| | | | 15,400 | | | | | | 551,320 | | |
| | | | | 5,822,799 | | |
| | |
Shares
|
| |
Value (a)
|
| ||||||
Metals & Mining — 2.1%
|
| ||||||||||||
Freeport-McMoRan, Inc.
|
| | | | 127,000 | | | | | $ | 4,735,830 | ||
Newmont Corporation
|
| | | | 70,300 | | | | | | 2,597,585 | ||
Nucor Corporation
|
| | | | 22,200 | | | | | | 3,470,970 | ||
Steel Dynamics, Inc.
|
| | | | 12,526 | | | | | | 1,343,038 | ||
Teck Resources Limited
|
| | | | 54,600 | | | | | | 2,352,714 | ||
| | | | | 14,500,137 | ||||||||
Total Common Stocks | | ||||||||||||
(Cost $461,186,068)
|
| | | | | | | | | | 673,093,313 | ||
Short-Term Investments — 0.8% | | ||||||||||||
Money Market Funds — 0.8%
|
| ||||||||||||
Northern Institutional Treasury Premier
Portfolio, 5.20% (c) |
| | | | 178,172 | | | | | | 178,172 | ||
Western Asset Institutional Liquid Reserves
Fund, 5.41% (c) |
| | | | 5,004,751 | | | | | | 5,004,251 | ||
Total Short-Term Investments | | ||||||||||||
(Cost $5,181,692)
|
| | | | | | | | | | 5,182,423 | ||
Total — 100.0% of Net Assets | | ||||||||||||
(Cost $466,367,760)
|
| | | | | | | | | | 678,275,736 | ||
Other Assets Less Liabilities — 0.0% | | | | | | | | | | | (25,755) | | |
Net Assets — 100.0% | | | | | | | | | |
$
|
678,249,981
|
||
|
Description
|
| | | | | | | | |
Value and
Unrealized Appreciation (Assets) |
| |
Value and
Unrealized Depreciation (Liabilities) |
| |||||||||||
Terms
|
| |
Contract
Type |
| |
Underlying
Security |
| |
Termination
Date |
| |
Notional
Amount |
| ||||||||||||
Receive total return on underlying
security and pay financing amount based on notional amount and daily U.S. Federal Funds rate plus 0.55%. |
| |
Long
|
| | Crown Holdings, Inc. (35,900 shares) |
| |
8/1/2024
|
| | | $ | 3,127,059 | | | | | $ | 12,608 | | | |
$ —
|
|
Pay total return on underlying security and receive financing amount based on notional amount and daily U.S. Federal Funds rate less 0.45%.
|
| |
Short
|
| | Materials Select Sector SPDR Fund (37,600 shares) |
| |
8/1/2024
|
| | | | (3,118,364) | | | | | | 187,590 | | | |
—
|
|
Gross unrealized gain on open total return swap agreements | | | | $ | 200,198 | | | |
$ —
|
| |||||||||||||||
Net unrealized gain on open total return swap agreements (d) | | | | $ | 200,198 | | | | | |
| Kenneth J. Dale (1) (2) (5) | | | Mary Chris Jammet (1) (2) (3) (4) | | |
Mark E. Stoeckle (3) (4)
|
|
|
Frederic A. Escherich (1) (2) (3) (4)
|
| |
Lauriann C. Kloppenburg (1) (2) (3) (4)
|
| | | |
|
James P. Haynie (1)
|
| | Jane Musser Nelson (2) (3) (4) | | | |
|
James P. Haynie, CFA
|
| | Chief Executive Officer and President | |
|
Gregory W. Buckley
|
| | Executive Vice President | |
|
Brian S. Hook, CFA, CPA
|
| | Vice President and Chief Financial Officer | |
|
Janis F. Kerns
|
| |
Vice President, General Counsel, Secretary, and Chief Compliance Officer
|
|
| 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 | | |
Treasurer and Director of Human Resources
|
|