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	6,235,860	21,500	SH		SOLE		21,500	0	0
Albemarle Corporation	COM	012653101	619,776	7,200	SH		SOLE		7,200	0	0
Amcor plc	COM	G0250X107	869,484	92,400	SH		SOLE		92,400	0	0
APA Corporation	COM	03743Q108	1,293,040	56,000	SH		SOLE		56,000	0	0
Avery Dennison Corporation	COM	053611109	1,178,919	6,300	SH		SOLE		6,300	0	0
Baker Hughes Company	COM	05722G100	17,560,662	428,100	SH		SOLE		428,100	0	0
Ball Corporation	COM	058498106	1,284,529	23,300	SH		SOLE		23,300	0	0
Celanese Corporation	COM	150870103	475,957	6,877	SH		SOLE		6,877	0	0
CF Industries Holdings, Inc.	COM	125269100	2,505,763	29,369	SH		SOLE		29,369	0	0
Chevron Corporation	COM	166764100	73,893,168	510,171	SH		SOLE		510,171	0	0
Chord Energy Corporation	COM	674215207	26,307	225	SH		SOLE		225	0	0
ConocoPhillips	COM	20825C104	40,531,076	408,703	SH		SOLE		408,703	0	0
Corteva Inc.	COM	22052L104	5,237,187	91,945	SH		SOLE		91,945	0	0
Coterra Energy Inc.	COM	127097103	3,215,486	125,900	SH		SOLE		125,900	0	0
Crown Holdings, Inc.	COM	228368106	3,489,518	42,200	SH		SOLE		42,200	0	0
Devon Energy Corporation	COM	25179M103	4,130,526	126,200	SH		SOLE		126,200	0	0
Diamondback Energy, Inc.	COM	25278X109	13,008,102	79,400	SH		SOLE		79,400	0	0
Dow, Inc.	COM	260557103	2,566,113	63,945	SH		SOLE		63,945	0	0
DuPont de Nemours, Inc.	COM	26614N102	2,815,608	36,926	SH		SOLE		36,926	0	0
Eastman Chemical Company	COM	277432100	4,821,696	52,800	SH		SOLE		52,800	0	0
Ecolab Inc.	COM	278865100	11,341,088	48,400	SH		SOLE		48,400	0	0
EOG Resources, Inc.	COM	26875P101	26,681,621	217,667	SH		SOLE		217,667	0	0
EQT Corporation	COM	26884L109	4,117,623	89,300	SH		SOLE		89,300	0	0
Expand Energy Corporation	COM	165167735	6,480,705	65,100	SH		SOLE		65,100	0	0
Exxon Mobil Corporation	COM	30231G102	154,250,539	1,433,955	SH		SOLE		1,433,955	0	0
FMC Corporation	COM	302491303	352,665	7,255	SH		SOLE		7,255	0	0
Freeport-McMoRan, Inc.	COM	35671D857	9,877,952	259,400	SH		SOLE		259,400	0	0
Halliburton Company	COM	406216101	4,822,228	177,353	SH		SOLE		177,353	0	0
Hess Corporation	COM	42809H107	18,380,519	138,189	SH		SOLE		138,189	0	0
International Flavors & Fragrances Inc.	COM	459506101	4,786,037	56,606	SH		SOLE		56,606	0	0
International Paper Company	COM	460146103	1,157,130	21,500	SH		SOLE		21,500	0	0
Itron, Inc.	COM	465741106	3,072,814	28,300	SH		SOLE		28,300	0	0
Kinder Morgan, Inc.	COM	49456B101	12,203,741	445,392	SH		SOLE		445,392	0	0
Linde plc	COM	G54950103	29,055,698	69,400	SH		SOLE		69,400	0	0
LyondellBasell Industries N.V.	COM	N53745100	1,529,962	20,600	SH		SOLE		20,600	0	0
Marathon Petroleum Corporation	COM	56585A102	15,179,274	108,812	SH		SOLE		108,812	0	0
Martin Marietta Materials, Inc.	COM	573284106	2,789,100	5,400	SH		SOLE		5,400	0	0
Mosaic Company	COM	61945C103	521,121	21,201	SH		SOLE		21,201	0	0
Newmont Corporation	COM	651639106	5,698,382	153,100	SH		SOLE		153,100	0	0
Nucor Corporation	COM	670346105	2,637,646	22,600	SH		SOLE		22,600	0	0
Occidental Petroleum Corporation	COM	674599105	7,414,020	150,051	SH		SOLE		150,051	0	0
ONEOK, Inc.	COM	682680103	18,855,120	187,800	SH		SOLE		187,800	0	0
Packaging Corporation of America	COM	695156109	1,665,962	7,400	SH		SOLE		7,400	0	0
Phillips 66	COM	718546104	15,742,278	138,175	SH		SOLE		138,175	0	0
PPG Industries, Inc.	COM	693506107	2,162,045	18,100	SH		SOLE		18,100	0	0
Schlumberger N.V.	COM	806857108	14,489,951	377,933	SH		SOLE		377,933	0	0
Sherwin-Williams Company	COM	824348106	7,818,390	23,000	SH		SOLE		23,000	0	0
Smurfit Westrock plc	COM	G8267P108	2,224,418	41,300	SH		SOLE		41,300	0	0
Steel Dynamics, Inc.	COM	858119100	1,428,841	12,526	SH		SOLE		12,526	0	0
Targa Resources Corp.	COM	87612G101	14,869,050	83,300	SH		SOLE		83,300	0	0
TechnipFMC plc	COM	G87110105	3,168,930	109,500	SH		SOLE		109,500	0	0
Texas Pacific Land Corporation	COM	88262P102	6,138,078	5,550	SH		SOLE		5,550	0	0
Williams Companies, Inc.	COM	969457100	19,772,742	365,350	SH		SOLE		365,350	0	0
Valero Energy Corporation	COM	91913Y100	9,954,308	81,200	SH		SOLE		81,200	0	0
Vulcan Materials Company	COM	929160109	6,533,642	25,400	SH		SOLE		25,400	0	0