# EDGAR Filing Document

**Accession Number:** 0001145255
**File Stem:** 0001567619-23-001073
**Filing Date:** 2023-1
**Character Count:** 28397
**Document Hash:** ae34168ce4d5f673afdecb301bd86870
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001567619-23-001073.hdr.sgml**: 20230120

**ACCESSION NUMBER**: 0001567619-23-001073

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230120

**DATE AS OF CHANGE**: 20230120

**EFFECTIVENESS DATE**: 20230120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HENNESSY ADVISORS INC
- **CENTRAL INDEX KEY:** 0001145255
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **IRS NUMBER:** 680176227
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-06715
- **FILM NUMBER:** 23540732

**BUSINESS ADDRESS:**
- **STREET 1:** 7250 REDWOOD BLVD.
- **STREET 2:** SUITE 200
- **CITY:** NOVATO
- **STATE:** CA
- **ZIP:** 94945
- **BUSINESS PHONE:** 415-899-1555

**MAIL ADDRESS:**
- **STREET 1:** 7250 REDWOOD BLVD.
- **STREET 2:** SUITE 200
- **CITY:** NOVATO
- **STATE:** CA
- **ZIP:** 94945

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** HENNESSY ADVISORS INC<br>**Address:** 7250 REDWOOD BLVD.<br>SUITE 200<br>NOVATO, CA 94945

**Form 13F File Number:** 028-06715

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Teresa M. Nilsen<br>**Title:** President and Chief Operating Officer<br>**Phone:** 415-899-1555

**Signature, Place, and Date of Signing:**

/s/ Teresa M. Nilsen  Novato, CA  01-20-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 263

**Form 13F Information Table Value Total:** $1522081

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M CO | COM | 88579Y101 |  | 10853 | 90500 | SH |  | SOLE |  | 90500 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 8808 | 54500 | SH |  | SOLE |  | 54500 | 0 | 0 |
| ACADEMY SPORTS  OUTDOORS INC COM | COM | 00402L107 |  | 14874 | 283100 | SH |  | SOLE |  | 283100 | 0 | 0 |
| AFLAC INC | COM | 001055102 |  | 6690 | 93000 | SH |  | SOLE |  | 93000 | 0 | 0 |
| ALCOA CORP | COM | 013872106 |  | 3460 | 76100 | SH |  | SOLE |  | 76100 | 0 | 0 |
| ALGONQUIN PWR UTILS CORP | ADR | 015857105 |  | 754 | 115664 | SH |  | SOLE |  | 115664 | 0 | 0 |
| ALLIANCE RESOURCE PARTNERS L P UT LTD PART | UT LTD PART | 01877R108 |  | 5082 | 250100 | SH |  | SOLE |  | 250100 | 0 | 0 |
| ALLIANT ENERGY CORP | COM | 018802108 |  | 2004 | 36300 | SH |  | SOLE |  | 36300 | 0 | 0 |
| ALPHA METALLURGICAL RESOUR INC COM | COM | 020764106 |  | 5285 | 36100 | SH |  | SOLE |  | 36100 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 5156 | 112800 | SH |  | SOLE |  | 112800 | 0 | 0 |
| AMEREN CORP | COM | 023608102 |  | 4183 | 47040 | SH |  | SOLE |  | 47040 | 0 | 0 |
| AMERICAN INTL GROUP INC | COM | 026874784 |  | 3307 | 52300 | SH |  | SOLE |  | 52300 | 0 | 0 |
| AMERIPRISE FINL INC | COM | 03076C106 |  | 2927 | 9400 | SH |  | SOLE |  | 9400 | 0 | 0 |
| AMERISOURCEBERGEN CORP | COM | 03073E105 |  | 3049 | 18400 | SH |  | SOLE |  | 18400 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 9127 | 34750 | SH |  | SOLE |  | 34750 | 0 | 0 |
| ANDERSONS INC | COM | 034164103 |  | 2887 | 82500 | SH |  | SOLE |  | 82500 | 0 | 0 |
| ANTERO MIDSTREAM CORP | COM | 03676B102 |  | 4231 | 392100 | SH |  | SOLE |  | 392100 | 0 | 0 |
| ANTERO RESOURCES CORP | COM | 03674X106 |  | 5662 | 182700 | SH |  | SOLE |  | 182700 | 0 | 0 |
| APA CORPORATION | COM | 03743Q108 |  | 3324 | 71200 | SH |  | SOLE |  | 71200 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 210 | 1618 | SH |  | SOLE |  | 1618 | 0 | 0 |
| ARCH RESOURCES INC | CL A | 03940R107 |  | 4070 | 28500 | SH |  | SOLE |  | 28500 | 0 | 0 |
| ASSOCIATED BANC CORP | COM | 045487105 |  | 5195 | 225000 | SH |  | SOLE |  | 225000 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 4686 | 254560 | SH |  | SOLE |  | 254560 | 0 | 0 |
| ATMOS ENERGY CORP | COM | 049560105 |  | 25539 | 227886 | SH |  | SOLE |  | 227886 | 0 | 0 |
| AUTONATION INC | COM | 05329W102 |  | 10483 | 97700 | SH |  | SOLE |  | 97700 | 0 | 0 |
| AVANGRID INC | COM | 05351W103 |  | 4173 | 97100 | SH |  | SOLE |  | 97100 | 0 | 0 |
| AVIS BUDGET GROUP | COM | 053774105 |  | 1541 | 9400 | SH |  | SOLE |  | 9400 | 0 | 0 |
| AVISTA CORP | COM | 05379B107 |  | 1200 | 27072 | SH |  | SOLE |  | 27072 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 5144 | 113000 | SH |  | SOLE |  | 113000 | 0 | 0 |
| BANKUNITED INC | COM | 06652K103 |  | 3227 | 95000 | SH |  | SOLE |  | 95000 | 0 | 0 |
| BANNER CORP | COM | 06652V208 |  | 2844 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| BATH  BODY WORKS INC | COM | 070830104 |  | 2427 | 57600 | SH |  | SOLE |  | 57600 | 0 | 0 |
| BCE INC | ADR | 05534B760 |  | 4795 | 109100 | SH |  | SOLE |  | 109100 | 0 | 0 |
| BERKSHIRE HATHAWAY INC - CL A | CL A | 084670108 |  | 27185 | 58 | SH |  | SOLE |  | 58 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B | 084670702 |  | 2008 | 6500 | SH |  | SOLE |  | 6500 | 0 | 0 |
| BEST BUY INC | COM | 086516101 |  | 2270 | 28300 | SH |  | SOLE |  | 28300 | 0 | 0 |
| BJS WHSL CLUB HLDGS INC | COM | 05550J101 |  | 14218 | 214900 | SH |  | SOLE |  | 214900 | 0 | 0 |
| BLACK HILLS CORP | COM | 092113109 |  | 4744 | 67447 | SH |  | SOLE |  | 67447 | 0 | 0 |
| BLACKROCK INC | COM | 09247X101 |  | 354 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| BLUELINX HLDGS INC | COM | 09624H208 |  | 2674 | 37600 | SH |  | SOLE |  | 37600 | 0 | 0 |
| BOISE CASCADE CO DEL | COM | 09739D100 |  | 2685 | 39100 | SH |  | SOLE |  | 39100 | 0 | 0 |
| BP PLC | ADR | 055622104 |  | 6909 | 197800 | SH |  | SOLE |  | 197800 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 5972 | 83000 | SH |  | SOLE |  | 83000 | 0 | 0 |
| BRITISH AMERN TOB PLC | ADR | 110448107 |  | 5633 | 140900 | SH |  | SOLE |  | 140900 | 0 | 0 |
| BUILD-A-BEAR WORKSHOP INC | COM | 120076104 |  | 3674 | 154100 | SH |  | SOLE |  | 154100 | 0 | 0 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 |  | 5288 | 81500 | SH |  | SOLE |  | 81500 | 0 | 0 |
| C H ROBINSON WORLDWIDE INC | COM | 12541W209 |  | 2472 | 27000 | SH |  | SOLE |  | 27000 | 0 | 0 |
| CABOT CORP | COM | 127055101 |  | 2908 | 43500 | SH |  | SOLE |  | 43500 | 0 | 0 |
| CADENCE BANK | COM | 12740C103 |  | 1800 | 73000 | SH |  | SOLE |  | 73000 | 0 | 0 |
| CANADIAN NAT RES LTD | ADR | 136385101 |  | 5231 | 94200 | SH |  | SOLE |  | 94200 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 1952 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| CARDINAL HEALTH INC | COM | 14149Y108 |  | 3774 | 49100 | SH |  | SOLE |  | 49100 | 0 | 0 |
| CARLYLE GROUP INC | COM | 14316J108 |  | 1775 | 59500 | SH |  | SOLE |  | 59500 | 0 | 0 |
| CASEYS GEN STORES INC | COM | 147528103 |  | 12474 | 55600 | SH |  | SOLE |  | 55600 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 3042 | 12700 | SH |  | SOLE |  | 12700 | 0 | 0 |
| CELANESE CORP DEL | COM | 150870103 |  | 2014 | 19700 | SH |  | SOLE |  | 19700 | 0 | 0 |
| CENOVUS ENERGY INC | ADR | 15135U109 |  | 4074 | 209900 | SH |  | SOLE |  | 209900 | 0 | 0 |
| CENTERPOINT ENERGY INC | COM | 15189T107 |  | 14339 | 478128 | SH |  | SOLE |  | 478128 | 0 | 0 |
| CF INDS HLDGS INC | COM | 125269100 |  | 2590 | 30400 | SH |  | SOLE |  | 30400 | 0 | 0 |
| CHENIERE ENERGY INC | COM | 16411R208 |  | 25181 | 167917 | SH |  | SOLE |  | 167917 | 0 | 0 |
| CHESAPEAKE ENERGY CORP | COM | 165167735 |  | 4624 | 49000 | SH |  | SOLE |  | 49000 | 0 | 0 |
| CHESAPEAKE UTILS CORP | COM | 165303108 |  | 2619 | 22158 | SH |  | SOLE |  | 22158 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 12093 | 67375 | SH |  | SOLE |  | 67375 | 0 | 0 |
| CINCINNATI FINL CORP | COM | 172062101 |  | 2171 | 21200 | SH |  | SOLE |  | 21200 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 7951 | 166900 | SH |  | SOLE |  | 166900 | 0 | 0 |
| CITIGROUP INC | COM | 172967424 |  | 6219 | 137500 | SH |  | SOLE |  | 137500 | 0 | 0 |
| CITIZENS FINL GROUP INC | COM | 174610105 |  | 2244 | 57000 | SH |  | SOLE |  | 57000 | 0 | 0 |
| CLEAN HARBORS INC COM | COM | 184496107 |  | 11560 | 101300 | SH |  | SOLE |  | 101300 | 0 | 0 |
| CLEVELAND-CLIFFS INC NEW | COM | 185899101 |  | 1646 | 102200 | SH |  | SOLE |  | 102200 | 0 | 0 |
| CMS ENERGY CORP | COM | 125896100 |  | 11919 | 188198 | SH |  | SOLE |  | 188198 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 9942 | 156300 | SH |  | SOLE |  | 156300 | 0 | 0 |
| COCA COLA CONS INC | COM | 191098102 |  | 2869 | 5600 | SH |  | SOLE |  | 5600 | 0 | 0 |
| COINBASE GLOBAL INC | COM | 19260Q107 |  | 559 | 15800 | SH |  | SOLE |  | 15800 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 6264 | 79500 | SH |  | SOLE |  | 79500 | 0 | 0 |
| COMERICA INC | COM | 200340107 |  | 1203 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| COMMERCIAL METALS CO | COM | 201723103 |  | 18460 | 382200 | SH |  | SOLE |  | 382200 | 0 | 0 |
| COMSTOCK RES INC | COM | 205768302 |  | 243 | 17700 | SH |  | SOLE |  | 17700 | 0 | 0 |
| CONNECTONE BANCORP INC | COM | 20786W107 |  | 3389 | 140000 | SH |  | SOLE |  | 140000 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 7746 | 65645 | SH |  | SOLE |  | 65645 | 0 | 0 |
| CONSOLIDATED EDISON INC | COM | 209115104 |  | 14166 | 148636 | SH |  | SOLE |  | 148636 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 4983 | 156000 | SH |  | SOLE |  | 156000 | 0 | 0 |
| COTERRA ENERGY INC | COM | 127097103 |  | 283 | 11510 | SH |  | SOLE |  | 11510 | 0 | 0 |
| CUSTOMERS BANCORP INC | COM | 23204G100 |  | 2976 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| CVR ENERGY INC | COM | 12662P108 |  | 11198 | 357300 | SH |  | SOLE |  | 357300 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 2945 | 31600 | SH |  | SOLE |  | 31600 | 0 | 0 |
| D R HORTON INC | COM | 23331A109 |  | 3004 | 33700 | SH |  | SOLE |  | 33700 | 0 | 0 |
| DARDEN RESTAURANTS INC | COM | 237194105 |  | 2974 | 21500 | SH |  | SOLE |  | 21500 | 0 | 0 |
| DASEKE INC | COM | 23753F107 |  | 1614 | 283700 | SH |  | SOLE |  | 283700 | 0 | 0 |
| DCP MIDSTREAM LP | COM | 23311P100 |  | 1486 | 38300 | SH |  | SOLE |  | 38300 | 0 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 5905 | 96000 | SH |  | SOLE |  | 96000 | 0 | 0 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 837 | 6120 | SH |  | SOLE |  | 6120 | 0 | 0 |
| DICKS SPORTING GOODS INC | COM | 253393102 |  | 13605 | 113100 | SH |  | SOLE |  | 113100 | 0 | 0 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 21007 | 342577 | SH |  | SOLE |  | 342577 | 0 | 0 |
| DOW INC | COM | 260557103 |  | 11141 | 221100 | SH |  | SOLE |  | 221100 | 0 | 0 |
| DT MIDSTREAM INC | COM | 23345M107 |  | 9858 | 178400 | SH |  | SOLE |  | 178400 | 0 | 0 |
| DTE ENERGY CO | COM | 233331107 |  | 6523 | 55504 | SH |  | SOLE |  | 55504 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM | 26441C204 |  | 12584 | 122187 | SH |  | SOLE |  | 122187 | 0 | 0 |
| EAGLE BULK SHIPPING INC | COM | Y2187A150 |  | 2981 | 59700 | SH |  | SOLE |  | 59700 | 0 | 0 |
| EASTERN BANKSHARES INC | COM | 27627N105 |  | 2846 | 165000 | SH |  | SOLE |  | 165000 | 0 | 0 |
| ENBRIDGE INC | ADR | 29250N105 |  | 26434 | 676065 | SH |  | SOLE |  | 676065 | 0 | 0 |
| ENCORE CAP GROUP INC | COM | 292554102 |  | 2157 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| ENERGY TRANSFER L P | COM | 29273V100 |  | 9566 | 805900 | SH |  | SOLE |  | 805900 | 0 | 0 |
| ENLINK MIDSTREAM LLC | COM | 29336T100 |  | 6037 | 490800 | SH |  | SOLE |  | 490800 | 0 | 0 |
| ENTERGY CORP NEW | COM | 29364G103 |  | 423 | 3760 | SH |  | SOLE |  | 3760 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS L P COM | COM | 293792107 |  | 4399 | 182400 | SH |  | SOLE |  | 182400 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 7270 | 56130 | SH |  | SOLE |  | 56130 | 0 | 0 |
| EQT CORP | COM | 26884L109 |  | 22284 | 658700 | SH |  | SOLE |  | 658700 | 0 | 0 |
| EQUINOR ASA | ADR | 29446M102 |  | 3850 | 107500 | SH |  | SOLE |  | 107500 | 0 | 0 |
| ERICSSON | ADR | 294821608 |  | 81 | 13950 | SH |  | SOLE |  | 13950 | 0 | 0 |
| ESSENTIAL UTILS INC | COM | 29670G102 |  | 9026 | 189100 | SH |  | SOLE |  | 189100 | 0 | 0 |
| EVERSOURCE ENERGY | COM | 30040W108 |  | 5414 | 64575 | SH |  | SOLE |  | 64575 | 0 | 0 |
| EXELON CORP | COM | 30161N101 |  | 5016 | 116031 | SH |  | SOLE |  | 116031 | 0 | 0 |
| EXPEDITORS INTL WASH INC | COM | 302130109 |  | 2754 | 26500 | SH |  | SOLE |  | 26500 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 8902 | 80710 | SH |  | SOLE |  | 80710 | 0 | 0 |
| FIDELITY NATIONAL FINANCIAL IN FNF GROUP COM | COM | 31620R303 |  | 2144 | 57000 | SH |  | SOLE |  | 57000 | 0 | 0 |
| FIFTH THIRD BANCORP | COM | 316773100 |  | 1575 | 48000 | SH |  | SOLE |  | 48000 | 0 | 0 |
| FIRST BANCORP P R | ADR | 318672706 |  | 3498 | 275000 | SH |  | SOLE |  | 275000 | 0 | 0 |
| FIRST CTZNS BANCSHARES INC N C CL A | COM | 31946M103 |  | 4929 | 6500 | SH |  | SOLE |  | 6500 | 0 | 0 |
| FLUSHING FINL CORP | COM | 343873105 |  | 2558 | 132000 | SH |  | SOLE |  | 132000 | 0 | 0 |
| FORTIS INC | ADR | 349553107 |  | 5533 | 138176 | SH |  | SOLE |  | 138176 | 0 | 0 |
| FREEPORT-MCMORAN INC | COM | 35671D857 |  | 3083 | 81120 | SH |  | SOLE |  | 81120 | 0 | 0 |
| GENERAL MLS INC | COM | 370334104 |  | 7874 | 93900 | SH |  | SOLE |  | 93900 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 12551 | 146200 | SH |  | SOLE |  | 146200 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 1545 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| GREEN PLAINS INC | COM | 393222104 |  | 10297 | 337600 | SH |  | SOLE |  | 337600 | 0 | 0 |
| GRINDROD SHIPPING HOLDINGS LTD SHS | ADR | Y28895103 |  | 2683 | 143400 | SH |  | SOLE |  | 143400 | 0 | 0 |
| HALLIBURTON CO | COM | 406216101 |  | 1068 | 27150 | SH |  | SOLE |  | 27150 | 0 | 0 |
| HANCOCK WHITNEY CORPORATION | COM | 410120109 |  | 4839 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 2520 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| HEWLETT PACKARD ENTERPRISE CO COM | COM | 42824C109 |  | 5628 | 352655 | SH |  | SOLE |  | 352655 | 0 | 0 |
| HINGHAM INSTN SVGS MASS | COM | 433323102 |  | 4139 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| HOLOGIC INC | COM | 436440101 |  | 2843 | 38000 | SH |  | SOLE |  | 38000 | 0 | 0 |
| HOMETRUST BANCSHARES INC | COM | 437872104 |  | 3021 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| HP INC | COM | 40434L105 |  | 6408 | 238500 | SH |  | SOLE |  | 238500 | 0 | 0 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 1551 | 110000 | SH |  | SOLE |  | 110000 | 0 | 0 |
| IMPERIAL OIL LTD | ADR | 453038408 |  | 3621 | 74300 | SH |  | SOLE |  | 74300 | 0 | 0 |
| INDEPENDENT BK CORP MASS | COM | 453836108 |  | 4644 | 55000 | SH |  | SOLE |  | 55000 | 0 | 0 |
| INGLES MKTS INC | COM | 457030104 |  | 3685 | 38200 | SH |  | SOLE |  | 38200 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 5902 | 223311 | SH |  | SOLE |  | 223311 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS COM | COM | 459200101 |  | 10905 | 77400 | SH |  | SOLE |  | 77400 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 12170 | 90750 | SH |  | SOLE |  | 90750 | 0 | 0 |
| KEARNY FINL CORP MD | COM | 48716P108 |  | 2132 | 210000 | SH |  | SOLE |  | 210000 | 0 | 0 |
| KEYCORP | COM | 493267108 |  | 1307 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 28378 | 1569591 | SH |  | SOLE |  | 1569591 | 0 | 0 |
| KRAFT HEINZ CO | COM | 500754106 |  | 6379 | 156700 | SH |  | SOLE |  | 156700 | 0 | 0 |
| LAKELAND BANCORP INC | COM | 511637100 |  | 4226 | 240000 | SH |  | SOLE |  | 240000 | 0 | 0 |
| LAM RESEARCH CORP | COM | 512807108 |  | 2320 | 5520 | SH |  | SOLE |  | 5520 | 0 | 0 |
| M  T BK CORP | COM | 55261F104 |  | 1886 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP | COM | 559080106 |  | 2967 | 59100 | SH |  | SOLE |  | 59100 | 0 | 0 |
| MAGNOLIA OIL  GAS CORP | COM | 559663109 |  | 605 | 25800 | SH |  | SOLE |  | 25800 | 0 | 0 |
| MANULIFE FINL CORP | ADR | 56501R106 |  | 5117 | 286800 | SH |  | SOLE |  | 286800 | 0 | 0 |
| MARATHON PETE CORP | COM | 56585A102 |  | 14258 | 122500 | SH |  | SOLE |  | 122500 | 0 | 0 |
| MASTERCARD INCORPORATED | COM | 57636Q104 |  | 1317 | 3786 | SH |  | SOLE |  | 3786 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 4464 | 11900 | SH |  | SOLE |  | 11900 | 0 | 0 |
| MDU RES GROUP INC | COM | 552690109 |  | 4721 | 155607 | SH |  | SOLE |  | 155607 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 10518 | 94800 | SH |  | SOLE |  | 94800 | 0 | 0 |
| META PLATFORMS INC | COM | 30303M102 |  | 1625 | 13500 | SH |  | SOLE |  | 13500 | 0 | 0 |
| METLIFE INC | COM | 59156R108 |  | 6202 | 85700 | SH |  | SOLE |  | 85700 | 0 | 0 |
| MGE ENERGY INC | COM | 55277P104 |  | 794 | 11279 | SH |  | SOLE |  | 11279 | 0 | 0 |
| MODERNA INC | COM | 60770K107 |  | 3000 | 16700 | SH |  | SOLE |  | 16700 | 0 | 0 |
| MORGAN STANLEY | COM | 617446448 |  | 6691 | 78700 | SH |  | SOLE |  | 78700 | 0 | 0 |
| MOVADO GROUP INC | COM | 624580106 |  | 2661 | 82500 | SH |  | SOLE |  | 82500 | 0 | 0 |
| MPLX LP | COM | 55336V100 |  | 4396 | 133853 | SH |  | SOLE |  | 133853 | 0 | 0 |
| MR COOPER GROUP INC | COM | 62482R107 |  | 2528 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| MURPHY USA INC | COM | 626755102 |  | 11880 | 42500 | SH |  | SOLE |  | 42500 | 0 | 0 |
| NABORS INDUSTRIES LTD | COM | G6359F137 |  | 3949 | 25500 | SH |  | SOLE |  | 25500 | 0 | 0 |
| NATIONAL FUEL GAS CO | COM | 636180101 |  | 6028 | 95224 | SH |  | SOLE |  | 95224 | 0 | 0 |
| NATIONAL GRID PLC | ADR | 636274409 |  | 14679 | 243344 | SH |  | SOLE |  | 243344 | 0 | 0 |
| NEW JERSEY RES CORP | COM | 646025106 |  | 6775 | 136534 | SH |  | SOLE |  | 136534 | 0 | 0 |
| NEW YORK CMNTY BANCORP INC | COM | 649445103 |  | 2537 | 295000 | SH |  | SOLE |  | 295000 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 399 | 4770 | SH |  | SOLE |  | 4770 | 0 | 0 |
| NISOURCE INC | COM | 65473P105 |  | 12377 | 451381 | SH |  | SOLE |  | 451381 | 0 | 0 |
| NORTHEAST CMNTY BANCORP INC | COM | 664121100 |  | 3805 | 255000 | SH |  | SOLE |  | 255000 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 3546 | 6500 | SH |  | SOLE |  | 6500 | 0 | 0 |
| NORTHWEST NAT HLDG CO | COM | 66765N105 |  | 2894 | 60803 | SH |  | SOLE |  | 60803 | 0 | 0 |
| NORTHWESTERN CORP | COM | 668074305 |  | 1228 | 20698 | SH |  | SOLE |  | 20698 | 0 | 0 |
| NUCOR CORP | COM | 670346105 |  | 2742 | 20800 | SH |  | SOLE |  | 20800 | 0 | 0 |
| NVR INC | COM | 62944T105 |  | 2768 | 600 | SH |  | SOLE |  | 600 | 0 | 0 |
| OCEANEERING INTL INC | COM | 675232102 |  | 3883 | 222000 | SH |  | SOLE |  | 222000 | 0 | 0 |
| OCEANFIRST FINL CORP | COM | 675234108 |  | 4994 | 235000 | SH |  | SOLE |  | 235000 | 0 | 0 |
| OLD NATL BANCORP IND | COM | 680033107 |  | 4945 | 275000 | SH |  | SOLE |  | 275000 | 0 | 0 |
| OLD REP INTL CORP | COM | 680223104 |  | 2961 | 122600 | SH |  | SOLE |  | 122600 | 0 | 0 |
| ONE GAS INC | COM | 68235P108 |  | 7275 | 96075 | SH |  | SOLE |  | 96075 | 0 | 0 |
| ONEOK INC NEW | COM | 682680103 |  | 24751 | 376726 | SH |  | SOLE |  | 376726 | 0 | 0 |
| PACWEST BANCORP DEL | COM | 695263103 |  | 3672 | 160000 | SH |  | SOLE |  | 160000 | 0 | 0 |
| PARAMOUNT GLOBAL | COM | 92556H206 |  | 2735 | 162000 | SH |  | SOLE |  | 162000 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 997 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| PBF ENERGY INC | COM | 69318G106 |  | 21684 | 531734 | SH |  | SOLE |  | 531734 | 0 | 0 |
| PDC ENERGY INC | COM | 69327R101 |  | 767 | 12090 | SH |  | SOLE |  | 12090 | 0 | 0 |
| PENSKE AUTOMOTIVE GRP INC | COM | 70959W103 |  | 11826 | 102900 | SH |  | SOLE |  | 102900 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 6558 | 36300 | SH |  | SOLE |  | 36300 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 5575 | 108800 | SH |  | SOLE |  | 108800 | 0 | 0 |
| PG CORP | COM | 69331C108 |  | 15035 | 924649 | SH |  | SOLE |  | 924649 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 9382 | 92700 | SH |  | SOLE |  | 92700 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 885 | 8500 | SH |  | SOLE |  | 8500 | 0 | 0 |
| PIONEER NAT RES CO | COM | 723787107 |  | 1016 | 4450 | SH |  | SOLE |  | 4450 | 0 | 0 |
| PLAINS ALL AMERN PIPELINE L P UNIT LTD PARTN | COM | 726503105 |  | 16466 | 1400136 | SH |  | SOLE |  | 1400136 | 0 | 0 |
| PLAINS GP HLDGS L P | COM | 72651A207 |  | 12262 | 985700 | SH |  | SOLE |  | 985700 | 0 | 0 |
| PPL CORP | COM | 69351T106 |  | 3203 | 109619 | SH |  | SOLE |  | 109619 | 0 | 0 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 2083 | 19100 | SH |  | SOLE |  | 19100 | 0 | 0 |
| PRUDENTIAL FINL INC | COM | 744320102 |  | 2815 | 28300 | SH |  | SOLE |  | 28300 | 0 | 0 |
| PUBLIC SVC ENTERPRISE GRP INC COM | COM | 744573106 |  | 12180 | 198790 | SH |  | SOLE |  | 198790 | 0 | 0 |
| PULTE GROUP INC | COM | 745867101 |  | 2700 | 59300 | SH |  | SOLE |  | 59300 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 2099 | 19088 | SH |  | SOLE |  | 19088 | 0 | 0 |
| RANGER OIL CORPORATION | COM | 70788V102 |  | 4476 | 110700 | SH |  | SOLE |  | 110700 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 2958 | 4100 | SH |  | SOLE |  | 4100 | 0 | 0 |
| RELIANCE STEEL  ALUMINUM CO COM | COM | 759509102 |  | 2976 | 14700 | SH |  | SOLE |  | 14700 | 0 | 0 |
| RGC RES INC | COM | 74955L103 |  | 425 | 19254 | SH |  | SOLE |  | 19254 | 0 | 0 |
| SASOL LTD | ADR | 803866300 |  | 2330 | 148300 | SH |  | SOLE |  | 148300 | 0 | 0 |
| SCHLUMBERGER LTD | COM | 806857108 |  | 1300 | 24310 | SH |  | SOLE |  | 24310 | 0 | 0 |
| SCHOLASTIC CORP | COM | 807066105 |  | 2960 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| SEALED AIR CORP NEW | COM | 81211K100 |  | 2050 | 41100 | SH |  | SOLE |  | 41100 | 0 | 0 |
| SEMPRA | COM | 816851109 |  | 25923 | 167740 | SH |  | SOLE |  | 167740 | 0 | 0 |
| SHORE BANCSHARES INC | COM | 825107105 |  | 1220 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| SIGNATURE BK NEW YORK N Y | COM | 82669G104 |  | 1786 | 15500 | SH |  | SOLE |  | 15500 | 0 | 0 |
| SILVERGATE CAP CORP | CL A | 82837P408 |  | 609 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| SIRIUS XM HOLDINGS INC | COM | 82968B103 |  | 2622 | 449000 | SH |  | SOLE |  | 449000 | 0 | 0 |
| SNAP ON INC | COM | 833034101 |  | 3039 | 13300 | SH |  | SOLE |  | 13300 | 0 | 0 |
| SOLARIS OILFIELD INFRASTRUCTUR COM CL A | COM | 83418M103 |  | 873 | 87920 | SH |  | SOLE |  | 87920 | 0 | 0 |
| SONOCO PRODS CO | COM | 835495102 |  | 11450 | 188600 | SH |  | SOLE |  | 188600 | 0 | 0 |
| SOUTH JERSEY INDS INC | COM | 838518108 |  | 6803 | 191471 | SH |  | SOLE |  | 191471 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 |  | 25301 | 354300 | SH |  | SOLE |  | 354300 | 0 | 0 |
| SOUTHWEST GAS HLDGS INC | COM | 844895102 |  | 4574 | 73917 | SH |  | SOLE |  | 73917 | 0 | 0 |
| SPIRE INC | COM | 84857L101 |  | 4682 | 67991 | SH |  | SOLE |  | 67991 | 0 | 0 |
| STATE STR CORP | COM | 857477103 |  | 1551 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 3380 | 34600 | SH |  | SOLE |  | 34600 | 0 | 0 |
| SUNCOR ENERGY INC NEW | ADR | 867224107 |  | 6865 | 216360 | SH |  | SOLE |  | 216360 | 0 | 0 |
| SUPER MICRO COMPUTER INC | COM | 86800U104 |  | 15057 | 183400 | SH |  | SOLE |  | 183400 | 0 | 0 |
| TAPESTRY INC | COM | 876030107 |  | 2856 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| TARGA RES CORP | COM | 87612G101 |  | 7284 | 99100 | SH |  | SOLE |  | 99100 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 1893 | 12700 | SH |  | SOLE |  | 12700 | 0 | 0 |
| TC ENERGY CORP | ADR | 87807B107 |  | 25323 | 635300 | SH |  | SOLE |  | 635300 | 0 | 0 |
| TECHNIPFMC PLC | ADR | G87110105 |  | 795 | 65240 | SH |  | SOLE |  | 65240 | 0 | 0 |
| TELLURIAN INC NEW | COM | 87968A104 |  | 1154 | 687190 | SH |  | SOLE |  | 687190 | 0 | 0 |
| TENARIS S A | ADR | 88031M109 |  | 879 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| TENET HEALTHCARE CORP | COM | 88033G407 |  | 1956 | 40100 | SH |  | SOLE |  | 40100 | 0 | 0 |
| TEXAS CAP BANCSHARES INC | COM | 88224Q107 |  | 4825 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 5488 | 33217 | SH |  | SOLE |  | 33217 | 0 | 0 |
| TITAN INTL INC ILL | COM | 88830M102 |  | 4417 | 288300 | SH |  | SOLE |  | 288300 | 0 | 0 |
| TORONTO DOMINION BK ONT | ADR | 891160509 |  | 4676 | 72200 | SH |  | SOLE |  | 72200 | 0 | 0 |
| TOTALENERGIES SE | ADR | 89151E109 |  | 7276 | 117200 | SH |  | SOLE |  | 117200 | 0 | 0 |
| TRIUMPH GROUP INC NEW | COM | 896818101 |  | 1451 | 176700 | SH |  | SOLE |  | 176700 | 0 | 0 |
| TYSON FOODS INC | COM | 902494103 |  | 2179 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| UGI CORP NEW | COM | 902681105 |  | 4017 | 108352 | SH |  | SOLE |  | 108352 | 0 | 0 |
| UNILEVER PLC | ADR | 904767704 |  | 6586 | 130800 | SH |  | SOLE |  | 130800 | 0 | 0 |
| UNITED PARCEL SERVICE INC | COM | 911312106 |  | 6884 | 39600 | SH |  | SOLE |  | 39600 | 0 | 0 |
| UNITIL CORP | COM | 913259107 |  | 904 | 17598 | SH |  | SOLE |  | 17598 | 0 | 0 |
| UNIVAR SOLUTIONS INC | COM | 91336L107 |  | 3501 | 110100 | SH |  | SOLE |  | 110100 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 8607 | 218450 | SH |  | SOLE |  | 218450 | 0 | 0 |
| VISA INC | COM | 92826C839 |  | 1551 | 7464 | SH |  | SOLE |  | 7464 | 0 | 0 |
| WALGREENS BOOTS ALLIANCE INC COM | COM | 931427108 |  | 8548 | 228800 | SH |  | SOLE |  | 228800 | 0 | 0 |
| WEC ENERGY GROUP INC | COM | 92939U106 |  | 19459 | 207540 | SH |  | SOLE |  | 207540 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 2147 | 52000 | SH |  | SOLE |  | 52000 | 0 | 0 |
| WESCO INTL INC | COM | 95082P105 |  | 11619 | 92800 | SH |  | SOLE |  | 92800 | 0 | 0 |
| WESTERN MIDSTREAM PARTNERS LP COM UNIT LP INT | COM | 958669103 |  | 1928 | 71800 | SH |  | SOLE |  | 71800 | 0 | 0 |
| WESTERN NEW ENG BANCORP INC | COM | 958892101 |  | 4162 | 440000 | SH |  | SOLE |  | 440000 | 0 | 0 |
| WILLIAMS COS INC | COM | 969457100 |  | 3502 | 106452 | SH |  | SOLE |  | 106452 | 0 | 0 |
| WILLIAMS SONOMA INC | COM | 969904101 |  | 2011 | 17500 | SH |  | SOLE |  | 17500 | 0 | 0 |
| WINTRUST FINL CORP | COM | 97650W108 |  | 3381 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| WSFS FINL CORP | COM | 929328102 |  | 2947 | 65000 | SH |  | SOLE |  | 65000 | 0 | 0 |
| XCEL ENERGY INC | COM | 98389B100 |  | 8483 | 120999 | SH |  | SOLE |  | 120999 | 0 | 0 |
| ZIM INTEGRATED SHIPPING SERV SHS | ADR | M9T951109 |  | 794 | 46200 | SH |  | SOLE |  | 46200 | 0 | 0 |
| ZIONS BANCORPORATION N A | COM | 989701107 |  | 639 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |

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