Adams Natural Resources Fund (PEO) NPORT-P N/a (Sep 2020 report)

ADAMS NATURAL RESOURCES FUND, INC.

Schedule of Investments

September 30, 2020
(unaudited)

​	Shares		Value (a)
Common Stocks — 99.5%
Energy — 65.3%
Equipment & Services — 5.4%
Baker Hughes Company	​	202,100	​	$	2,685,909
Halliburton Company	​	264,970	​	​	3,192,889
National Oilwell Varco, Inc.	​	115,900	​	​	1,050,054
Schlumberger Limited	​	456,400	​	​	7,101,584
TechnipFMC plc	​	132,900	​	​	838,599
			​	​	14,869,035
Exploration & Production — 15.3%
Apache Corporation	​	124,000	​	​	1,174,280
Cabot Oil & Gas Corporation	​	158,700	​	​	2,755,032
Concho Resources Inc.	​	83,240	​	​	3,672,549
ConocoPhillips	​	373,400	​	​	12,262,456
Devon Energy Corporation	​	126,200	​	​	1,193,852
Diamondback Energy, Inc.	​	76,400	​	​	2,301,168
EOG Resources, Inc.	​	136,400	​	​	4,902,216
Hess Corporation	​	83,600	​	​	3,421,748
Marathon Oil Corporation	​	261,100	​	​	1,067,899
Noble Energy, Inc.	​	156,100	​	​	1,334,655
Occidental Petroleum Corporation	​	258,651	​	​	2,589,097
Occidental Petroleum Corporation warrants, strike price $22.00, expires 8/3/27 (b)	​	43,381	​	​	130,143
Pioneer Natural Resources Company	​	62,900	​	​	5,408,771
Whiting Petroleum Corporation (b)	​	576	​	​	9,959
Whiting Petroleum Corporation warrants, strike price $73.44, expires 9/1/24 (b)	​	2,654	​	​	6,502
Whiting Petroleum Corporation warrants, strike price $83.45, expires 9/1/25 (b)	​	1,327	​	​	3,118
​			​	​	42,233,445
Integrated Oil & Gas — 31.3%
Chevron Corporation	​	603,500	​	​	43,452,000
Exxon Mobil Corporation	​	1,247,030	​	​	42,810,540
​			​	​	86,262,540
Refining & Marketing — 7.2%
HollyFrontier Corporation	​	47,700	​	​	940,167
Marathon Petroleum Corporation	​	206,485	​	​	6,058,270
Phillips 66	​	138,375	​	​	7,173,360
Valero Energy Corporation	​	129,700	​	​	5,618,604
​			​	​	19,790,401

Schedule of Investments (continued)

September 30, 2020
(unaudited)

​	Shares		Value (a)
Storage & Transportation — 6.1%
Kinder Morgan, Inc.	​	568,100	​	$	7,004,673
ONEOK, Inc.	​	111,500	​	​	2,896,770
Williams Companies, Inc.	​	347,700	​	​	6,832,305
​			​	​	16,733,748
Materials — 33.4%
Chemicals — 21.7%
Air Products and Chemicals, Inc.	​	23,100	​	​	6,880,566
Albemarle Corporation	​	9,000	​	​	803,520
Celanese Corporation	​	30,000	​	​	3,223,500
CF Industries Holdings, Inc.	​	23,600	​	​	724,756
Corteva Inc.	​	66,245	​	​	1,908,518
Dow, Inc.	​	65,745	​	​	3,093,302
DuPont de Nemours, Inc.	​	114,945	​	​	6,377,149
Eastman Chemical Company	​	8,900	​	​	695,268
Ecolab Inc.	​	31,600	​	​	6,314,944
FMC Corporation	​	10,500	​	​	1,112,055
International Flavors & Fragrances Inc.	​	13,600	​	​	1,665,320
Linde plc	​	79,000	​	​	18,812,270
LyondellBasell Industries N.V.	​	60,800	​	​	4,285,792
Mosaic Company	​	31,301	​	​	571,869
PPG Industries, Inc.	​	27,600	​	​	3,369,408
​			​	​	59,838,237
Construction Materials — 4.4%
Martin Marietta Materials, Inc.	​	4,800	​	​	1,129,728
Sherwin-Williams Company	​	13,900	​	​	9,684,686
Vulcan Materials Company	​	9,900	​	​	1,341,846
​			​	​	12,156,260
Containers & Packaging — 2.9%
Amcor plc	​	125,100	​	​	1,382,355
Avery Dennison Corporation	​	5,500	​	​	703,120
Ball Corporation	​	29,100	​	​	2,418,792
International Paper Company	​	32,900	​	​	1,333,766
Packaging Corporation of America	​	7,600	​	​	828,780
Sealed Air Corporation	​	13,300	​	​	516,173
WestRock Company	​	22,200	​	​	771,228
​			​	​	7,954,214
Metals & Mining — 4.4%
Freeport-McMoRan, Inc.	​	293,600	​	​	4,591,904
Newmont Corporation	​	102,300	​	​	6,490,935
Nucor Corporation	​	23,400	​	​	1,049,724
			​	​	12,132,563
Utilities — 0.8%
Utilities Select Sector SPDR Fund	​	39,200	​	​	2,327,696

Schedule of Investments (continued)

September 30, 2020
(unaudited)

​	Shares		Value (a)
Total Common Stocks
(Cost $444,907,254)	​	​	​	$	274,298,139
Short-Term Investments — 0.9%
Money Market Funds — 0.9%
Morgan Stanley Institutional Liquidity Funds Prime Portfolio, 0.16% (c)	​	2,099,440	​	​	2,099,650
Northern Institutional Treasury Portfolio, 0.04% (c)	​	506,962	​	​	506,962
Total Short-Term Investments
(Cost $2,606,732)	​	​	​	​	2,606,612
Total — 100.4% of Net Assets
(Cost $447,513,986)	​	​	​	​	276,904,751
Other Assets Less Liabilities — (0.4)%	​	​	​	​	(1,112,124	)
Net Assets — 100.0%	​	​	​	$	275,792,627

(a)

Common stocks and warrants 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.

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