Adams Natural Resources Fund (PEO) 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
Air Products and Chemicals, Inc.	COM	009158106	6,192,992	20,800	SH		SOLE		20,800	0	0
Albemarle Corporation	COM	012653101	681,912	7,200	SH		SOLE		7,200	0	0
Amcor plc	COM	G0250X107	1,046,892	92,400	SH		SOLE		92,400	0	0
APA Corporation	COM	03743Q108	1,369,760	56,000	SH		SOLE		56,000	0	0
Avery Dennison Corporation	COM	053611109	1,390,788	6,300	SH		SOLE		6,300	0	0
Baker Hughes Company	COM	05722G100	14,416,620	398,800	SH		SOLE		398,800	0	0
Ball Corporation	COM	058498106	1,582,303	23,300	SH		SOLE		23,300	0	0
Celanese Corporation	COM	150870103	934,997	6,877	SH		SOLE		6,877	0	0
Cenovus Energy Inc.	COM	15135U109	4,097,177	244,900	SH		SOLE		244,900	0	0
CF Industries Holdings, Inc.	COM	125269100	1,147,060	13,369	SH		SOLE		13,369	0	0
Chesapeake Energy Corporation	COM	165167735	4,564,875	55,500	SH		SOLE		55,500	0	0
Chevron Corporation	COM	166764100	76,296,316	518,071	SH		SOLE		518,071	0	0
Chord Energy Corporation	COM	674215207	29,302	225	SH		SOLE		225	0	0
ConocoPhillips	COM	20825C104	36,803,361	349,576	SH		SOLE		349,576	0	0
Corteva Inc.	COM	22052L104	5,405,447	91,945	SH		SOLE		91,945	0	0
Coterra Energy Inc.	COM	127097103	3,015,305	125,900	SH		SOLE		125,900	0	0
Devon Energy Corporation	COM	25179M103	4,936,944	126,200	SH		SOLE		126,200	0	0
Diamondback Energy, Inc.	COM	25278X109	16,015,960	92,900	SH		SOLE		92,900	0	0
Dow, Inc.	COM	260557103	3,493,315	63,945	SH		SOLE		63,945	0	0
DuPont de Nemours, Inc.	COM	26614N102	2,987,502	33,526	SH		SOLE		33,526	0	0
Eastman Chemical Company	COM	277432100	6,022,910	53,800	SH		SOLE		53,800	0	0
Ecolab Inc.	COM	278865100	12,613,302	49,400	SH		SOLE		49,400	0	0
EOG Resources, Inc.	COM	26875P101	26,757,804	217,667	SH		SOLE		217,667	0	0
EQT Corporation	COM	26884L109	2,000,544	54,600	SH		SOLE		54,600	0	0
Exxon Mobil Corporation	COM	30231G102	174,652,525	1,489,955	SH		SOLE		1,489,955	0	0
First Solar, Inc.	COM	336433107	3,766,544	15,100	SH		SOLE		15,100	0	0
FMC Corporation	COM	302491303	478,395	7,255	SH		SOLE		7,255	0	0
Freeport-McMoRan, Inc.	COM	35671D857	12,699,648	254,400	SH		SOLE		254,400	0	0
Halliburton Company	COM	406216101	5,152,105	177,353	SH		SOLE		177,353	0	0
Hess Corporation	COM	42809H107	19,037,666	140,189	SH		SOLE		140,189	0	0
International Flavors & Fragrances Inc.	COM	459506101	6,884,038	65,606	SH		SOLE		65,606	0	0
International Paper Company	COM	460146103	1,050,275	21,500	SH		SOLE		21,500	0	0
Itron, Inc.	COM	465741106	3,022,723	28,300	SH		SOLE		28,300	0	0
Kinder Morgan, Inc.	COM	49456B101	9,838,709	445,392	SH		SOLE		445,392	0	0
Linde plc	COM	G54950103	32,235,736	67,600	SH		SOLE		67,600	0	0
LyondellBasell Industries N.V.	COM	N53745100	1,975,540	20,600	SH		SOLE		20,600	0	0
Marathon Oil Corporation	COM	565849106	2,540,502	95,400	SH		SOLE		95,400	0	0
Marathon Petroleum Corporation	COM	56585A102	22,695,318	139,312	SH		SOLE		139,312	0	0
Martin Marietta Materials, Inc.	COM	573284106	2,637,425	4,900	SH		SOLE		4,900	0	0
Mosaic Company	COM	61945C103	567,763	21,201	SH		SOLE		21,201	0	0
Newmont Corporation	COM	651639106	9,091,845	170,100	SH		SOLE		170,100	0	0
Nucor Corporation	COM	670346105	3,397,684	22,600	SH		SOLE		22,600	0	0
Occidental Petroleum Corporation	COM	674599105	7,733,629	150,051	SH		SOLE		150,051	0	0
ONEOK, Inc.	COM	682680103	17,114,214	187,800	SH		SOLE		187,800	0	0
Packaging Corporation of America	COM	695156109	1,270,860	5,900	SH		SOLE		5,900	0	0
Phillips 66	COM	718546104	12,957,684	98,575	SH		SOLE		98,575	0	0
PPG Industries, Inc.	COM	693506107	6,503,786	49,100	SH		SOLE		49,100	0	0
Schlumberger N.V.	COM	806857108	15,854,289	377,933	SH		SOLE		377,933	0	0
Sherwin-Williams Company	COM	824348106	8,473,074	22,200	SH		SOLE		22,200	0	0
Smurfit Westrock plc	COM	G8267P108	2,041,046	41,300	SH		SOLE		41,300	0	0
Steel Dynamics, Inc.	COM	858119100	1,579,278	12,526	SH		SOLE		12,526	0	0
Targa Resources Corp.	COM	87612G101	8,717,789	58,900	SH		SOLE		58,900	0	0
TechnipFMC plc	COM	G87110105	4,501,068	171,600	SH		SOLE		171,600	0	0
Williams Companies, Inc.	COM	969457100	20,330,228	445,350	SH		SOLE		445,350	0	0
Valero Energy Corporation	COM	91913Y100	16,352,133	121,100	SH		SOLE		121,100	0	0
Vulcan Materials Company	COM	929160109	6,360,922	25,400	SH		SOLE		25,400	0	0