Adams Natural Resources Fund (PEO) NPORT-P N/a (Sep 2024 report)

Schedule of Investments

March 31, 2024
(unaudited)

​	Shares		Value (a)
Common Stocks — 99.5%
Energy — 80.3%
Equipment & Services — 5.9%
Baker Hughes Company	​	296,400	​	$	9,929,400
Halliburton Company	​	177,353	​	​	6,991,255
Schlumberger N.V.	​	377,933	​	​	20,714,508
TechnipFMC plc	​	173,800	​	​	4,364,118
​			​	​	41,999,281
Exploration & Production — 24.9%
APA Corporation	​	56,000	​	​	1,925,280
Chesapeake Energy Corporation	​	40,200	​	​	3,570,966
Chord Energy Corporation	​	225	​	​	40,104
Chord Energy Corporation warrants, strike price $166.37, 1 warrant for .5774 share, expires 9/1/24 (b)	​	2,654	​	​	94,323
Chord Energy Corporation warrants, strike price $133.70, 1 warrant for .5774 share, expires 9/1/25 (b)	​	1,327	​	​	34,130
ConocoPhillips	​	341,876	​	​	43,513,977
Coterra Energy Inc.	​	125,900	​	​	3,510,092
Devon Energy Corporation	​	284,700	​	​	14,286,246
Diamondback Energy, Inc.	​	97,900	​	​	19,400,843
EOG Resources, Inc.	​	220,467	​	​	28,184,501
EQT Corporation	​	61,400	​	​	2,276,098
Hess Corporation	​	141,989	​	​	21,673,201
Marathon Oil Corporation	​	95,400	​	​	2,703,636
Occidental Petroleum Corporation	​	151,951	​	​	9,875,296
Pioneer Natural Resources Company	​	101,500	​	​	26,643,750
			​	​	177,732,443
Integrated Oil & Gas — 32.0%
Cenovus Energy Inc.	​	293,300	​	​	5,863,067
Chevron Corporation	​	541,671	​	​	85,443,184
Exxon Mobil Corporation	​	1,173,430	​	​	136,399,503
​			​	​	227,705,754
Refining & Marketing — 10.3%
Marathon Petroleum Corporation	​	167,812	​	​	33,814,118
Phillips 66	​	154,475	​	​	25,231,947
Valero Energy Corporation	​	86,000	​	​	14,679,340
			​	​	73,725,405

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Schedule of Investments (continued)

March 31, 2024
(unaudited)

​	Shares		Value (a)
Storage & Transportation — 7.2%
Kinder Morgan, Inc.	​	694,492	​	$	12,736,983
ONEOK, Inc.	​	137,900	​	​	11,055,443
Targa Resources Corp.	​	73,300	​	​	8,208,867
Williams Companies, Inc.	​	491,750	​	​	19,163,498
​			​	​	51,164,791
Materials — 19.2%
Chemicals — 13.5%
Air Products and Chemicals, Inc.	​	21,700	​	​	5,257,259
Albemarle Corporation	​	7,200	​	​	948,528
Celanese Corporation	​	35,777	​	​	6,148,635
CF Industries Holdings, Inc.	​	13,369	​	​	1,112,435
Corteva Inc.	​	93,145	​	​	5,371,672
Dow, Inc.	​	63,945	​	​	3,704,334
DuPont de Nemours, Inc.	​	33,526	​	​	2,570,438
Eastman Chemical Company	​	7,700	​	​	771,694
Ecolab Inc.	​	50,000	​	​	11,545,000
FMC Corporation	​	7,255	​	​	462,144
International Flavors & Fragrances Inc.	​	21,006	​	​	1,806,306
Linde plc	​	71,000	​	​	32,966,720
LyondellBasell Industries N.V.	​	68,700	​	​	7,026,636
Mosaic Company	​	21,201	​	​	688,184
PPG Industries, Inc.	​	55,000	​	​	7,969,500
Sherwin-Williams Company	​	23,100	​	​	8,023,323
​			​	​	96,372,808
Construction Materials — 1.7%
Martin Marietta Materials, Inc.	​	5,000	​	​	3,069,700
Vulcan Materials Company	​	32,100	​	​	8,760,732
​			​	​	11,830,432
Containers & Packaging — 0.9%
Amcor plc	​	92,400	​	​	878,724
Avery Dennison Corporation	​	5,500	​	​	1,227,875
Ball Corporation	​	23,300	​	​	1,569,488
International Paper Company	​	21,500	​	​	838,930
Packaging Corporation of America	​	5,900	​	​	1,119,702
WestRock Company	​	15,400	​	​	761,530
​			​	​	6,396,249
Metals & Mining — 3.1%
Freeport-McMoRan, Inc.	​	256,300	​	​	12,051,226
Newmont Corporation	​	107,100	​	​	3,838,464
Nucor Corporation	​	22,600	​	​	4,472,540
Steel Dynamics, Inc.	​	12,526	​	​	1,856,729
​			​	​	22,218,959
Total Common Stocks
(Cost $476,056,749)	​	​	​	​	709,146,122

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Schedule of Investments (continued)

March 31, 2024
(unaudited)

​	Shares		Value (a)
Short-Term Investments — 0.5%
Money Market Funds — 0.5%
Morgan Stanley Institutional Liquidity Funds Prime Portfolio, 5.38% (c)	​	2,900,659	​	$	2,900,949
Northern Institutional Treasury Premier Portfolio, 5.15% (c)	​	517,842	​	​	517,842
Total Short-Term Investments
(Cost $3,419,371)	​	​	​	​	3,418,791
Total — 100.0% of Net Assets
(Cost $479,476,120)	​	​	​	​	712,564,913
Other Assets Less Liabilities — 0.0%	​	​	​	​	143,896
Net Assets — 100.0%	​	​	​	$	712,708,809

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

Avery Dennison Corporation (15,500 shares)

4/16/2025

​

$

3,356,530

​

$

93,428

​

$

—

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

Materials Select Sector SPDR Fund (37,100 shares)

4/16/2025

​

​

(3,349,926)

​

​

—

​

​

(99,718)

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

HF Sinclair Corporation (59,100 shares)

4/30/2025

​

​

3,515,002

​

​

50,566

​

​

—

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 (37,800 shares)

4/30/2025

​

​

(3,514,614)

​

​

—

​

​

(52,175)

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

​

$

143,994

​

$

(151,893)

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

​

​

​

​

$

(7,899)

(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.

(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.

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