Adams Natural Resources Fund (PEO) NPORT-P N/a (Mar 2022 report)

Schedule of Investments

March 31, 2022
(unaudited)

​	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

Schedule of Investments (continued)

March 31, 2022
(unaudited)

​	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

Schedule of Investments (continued)

March 31, 2022
(unaudited)

​	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

(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.