Adams Natural Resources Fund (PEO) NPORT-P/A N/a (Sep 2019 report)

ADAMS NATURAL RESOURCES FUND, INC.

Schedule of Investments

September 30, 2019
(unaudited)

​	Shares		Value (a)
Common Stocks — 99.6%
Energy — 77.5%
Equipment & Services — 6.3%
Baker Hughes, a GE company Class A	​	133,100	​	$	3,087,920
Halliburton Company	​	277,870	​	​	5,237,850
Helmerich & Payne, Inc.	​	33,600	​	​	1,346,352
National Oilwell Varco, Inc.	​	109,000	​	​	2,310,800
Schlumberger Limited	​	430,600	​	​	14,713,602
TechnipFMC plc	​	339,600	​	​	8,197,944
​			​	​	34,894,468
Exploration & Production — 19.9%
Apache Corporation	​	107,300	​	​	2,746,880
Cabot Oil & Gas Corporation	​	113,400	​	​	1,992,438
Cheniere Energy, Inc. (b)	​	90,500	​	​	5,706,930
Cimarex Energy Company	​	26,900	​	​	1,289,586
Concho Resources Inc.	​	54,440	​	​	3,696,476
ConocoPhillips	​	442,800	​	​	25,230,744
Continental Resources, Inc.	​	92,900	​	​	2,860,391
Devon Energy Corporation	​	120,000	​	​	2,887,200
Diamondback Energy, Inc.	​	102,100	​	​	9,179,811
EOG Resources, Inc.	​	250,200	​	​	18,569,844
Hess Corporation	​	71,100	​	​	4,300,128
Marathon Oil Corporation	​	234,400	​	​	2,876,088
Noble Energy, Inc.	​	139,700	​	​	3,137,662
Occidental Petroleum Corporation	​	307,951	​	​	13,694,581
Parsley Energy, Inc. Class A	​	155,600	​	​	2,614,080
Pioneer Natural Resources Company	​	72,200	​	​	9,080,594
Whiting Petroleum Corporation (b)	​	50,675	​	​	406,920
​			​	​	110,270,353
Integrated Oil & Gas — 35.6%
BP plc Sponsored ADR	​	101,200	​	​	3,844,588
Chevron Corporation	​	724,200	​	​	85,890,120
Exxon Mobil Corporation	​	1,472,030	​	​	103,940,038
Total S.A. Sponsored ADR	​	79,500	​	​	4,134,000
			​	​	197,808,746
Refining & Marketing — 8.3%
HollyFrontier Corporation	​	50,300	​	​	2,698,092
Marathon Petroleum Corporation	​	190,385	​	​	11,565,889
Phillips 66	​	138,175	​	​	14,149,120
Valero Energy Corporation	​	206,400	​	​	17,593,536
			​	​	46,006,637

Schedule of Investments (continued)

September 30, 2019
(unaudited)

​	Shares		Value (a)
Storage & Transportation — 7.4%
Kinder Morgan, Inc.	​	960,200	​	$	19,789,722
ONEOK, Inc.	​	174,700	​	​	12,873,643
Williams Companies, Inc.	​	338,800	​	​	8,151,528
​			​	​	40,814,893
Materials — 22.1%
Chemicals — 13.5%
Air Products and Chemicals, Inc.	​	59,600	​	​	13,222,856
Albemarle Corporation	​	15,100	​	​	1,049,752
Celanese Corporation	​	46,400	​	​	5,674,256
CF Industries Holdings, Inc.	​	72,200	​	​	3,552,240
Corteva Inc	​	76,945	​	​	2,154,460
Dow, Inc.	​	84,945	​	​	4,047,629
DuPont de Nemours, Inc.	​	130,745	​	​	9,323,426
Eastman Chemical Company	​	16,300	​	​	1,203,429
Ecolab Inc.	​	28,300	​	​	5,604,532
FMC Corporation	​	16,300	​	​	1,429,184
International Flavors & Fragrances Inc.	​	10,400	​	​	1,275,976
Linde plc	​	79,100	​	​	15,323,252
LyondellBasell Industries N.V.	​	79,600	​	​	7,121,812
Mosaic Company	​	38,701	​	​	793,371
PPG Industries, Inc.	​	28,000	​	​	3,318,280
​			​	​	75,094,455
Construction Materials — 4.2%
Martin Marietta Materials, Inc.	​	7,000	​	​	1,918,700
Sherwin-Williams Company	​	23,100	​	​	12,701,997
Vulcan Materials Company	​	57,400	​	​	8,681,176
​			​	​	23,301,873
Containers & Packaging — 2.8%
Amcor plc	​	180,700	​	​	1,761,825
Avery Dennison Corporation	​	12,800	​	​	1,453,696
Ball Corporation	​	101,100	​	​	7,361,091
International Paper Company	​	49,900	​	​	2,086,818
Packaging Corporation of America	​	11,700	​	​	1,241,370
Sealed Air Corporation	​	16,400	​	​	680,764
WestRock Company	​	30,600	​	​	1,115,370
​			​	​	15,700,934
Metals & Mining — 1.6%
Freeport-McMoRan, Inc.	​	177,100	​	​	1,694,847
Newmont Goldcorp Corporation	​	89,700	​	​	3,401,424
Nucor Corporation	​	73,000	​	​	3,716,430
​			​	​	8,812,701
Total Common Stocks
(Cost $512,637,301)	​	​	​	​	552,705,060

Schedule of Investments (continued)

September 30, 2019
(unaudited)

​	Shares		Value (a)
Short-Term Investments — 0.5%
Money Market Funds — 0.5%
Fidelity Investments Money Market Funds - Prime Money Market Portfolio (Institutional Class), 1.99% (c)	​	1,899,080	​	$	1,899,650
Northern Institutional Treasury Portfolio, 1.93% (c)	​	884,547	​	​	884,547
Total Short-Term Investments
(Cost $2,784,247)	​	​	​	​	2,784,197
Total — 100.1%
(Cost $515,421,548)	​	​	​	​	555,489,257
Other Assets Less Liabilities — (0.1)%	​	​	​	​	(601,780	)
Net Assets — 100.0%	​	​	​	$	554,887,477

Schedule of Investments (continued)

September 30, 2019
(unaudited)

Total Return Swap Agreements — 0.0%

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

Cabot Oil & Gas Corporation (159,400 shares)

10/29/2020

​

$

2,798,267

​

$

13,938

​

$

—

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

Energy Select Sector SPDR Fund (46,800 shares)

10/29/2020

​

​

(2,784,389)

​

​

2,203

​

​

—

Gross unrealized gain (loss) on open total return swap agreements

​

$

16,141

​

$

—

Net unrealized gain on open total return swap agreements (d)

​

$

16,141

​

​

​

(a)

Common stocks are listed on the New York Stock Exchange or NASDAQ and are valued at the last reported sale price on the day of valuation.

(b)

Presently non-dividend paying.

(c)

Rate presented is as of period-end and represents the annualized yield earned over the previous seven days.

(d)

Counterparty for all open total return swap agreements is Morgan Stanley.

Information regarding transactions in equity securities during the quarter can be found on our website at: www.adamsfunds.com.