<SEC-DOCUMENT>0000216851-17-000021.txt : 20170428
<SEC-HEADER>0000216851-17-000021.hdr.sgml : 20170428
<ACCEPTANCE-DATETIME>20170428120010
ACCESSION NUMBER:		0000216851-17-000021
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170331
FILED AS OF DATE:		20170428
DATE AS OF CHANGE:		20170428
EFFECTIVENESS DATE:		20170428

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ADAMS NATURAL RESOURCES FUND, INC.
		CENTRAL INDEX KEY:			0000216851
		IRS NUMBER:				135506797
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-02736
		FILM NUMBER:		17793078

	BUSINESS ADDRESS:	
		STREET 1:		500 EAST PRATT STREET
		STREET 2:		SUITE 1300
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202
		BUSINESS PHONE:		4107525900

	MAIL ADDRESS:	
		STREET 1:		500 EAST PRATT STREET
		STREET 2:		SUITE 1300
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADAMS NATURAL RESOURCES FUND
		DATE OF NAME CHANGE:	20150331

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PETROLEUM & RESOURCES CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>peonq03312017.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>ADAMS NATURAL RESOURCES FUND, INC. - FORM N-Q - MARCH 31, 2017</TITLE>
</HEAD>

<BODY>

<FONT FACE="Times New Roman"><P ALIGN="CENTER"><strong>FORM N-Q</strong></P>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P ALIGN="CENTER"><strong>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED MANAGEMENT INVESTMENT COMPANY<BR></strong>



<P ALIGN="CENTER"><strong>Investment Company Act file number: 811-02736</strong><BR>
-------------------------------------------------------------------------</P>

<P>&nbsp;</P>
<P ALIGN="CENTER"><strong>ADAMS NATURAL RESOURCES FUND, INC.</strong><BR>
-------------------------------------------------------------------------<BR>
(Exact name of registrant as specified in charter)</P>

<P>&nbsp;</P>
<P>&nbsp;</P>
<P ALIGN="CENTER"><strong>500 East Pratt Street, Suite 1300, Baltimore, Maryland 21202</strong><BR>
-------------------------------------------------------------------------<BR>
(Address of principal executive offices)</P>

<P>&nbsp;</P>
<P>&nbsp;</P>
<P ALIGN="CENTER"><strong>Lawrence L. Hooper, Jr.<BR>
Adams Natural Resources Fund, Inc.<BR>
500 East Pratt Street, Suite 1300<BR>
Baltimore, Maryland  21202</strong><BR>
-------------------------------------------------------------------------<BR>
(Name and address of agent for service)</P>

<P>&nbsp;</P>
<P>&nbsp;</P>
<P><strong>Registrant's telephone number, including area code:</strong> (410) 752-5900<BR>
  <strong>Date of fiscal year end:</B></strong> December 31<BR>
<strong>Date of reporting period:</B></strong> March 31, 2017</P>

<P><strong>Item 1.  Schedule of Investments.</strong></P>
<center>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>S<SMALL>CHEDULE</SMALL> <SMALL>OF</SMALL> I<SMALL>NVESTMENTS</SMALL></B></FONT></P>
  <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #d13239">&nbsp;</P>
  <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>March 31, 2017 (unaudited) </I></FONT></P>
  <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
  <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">
    <TR>
      <TD WIDTH="73%"></TD>
      <TD VALIGN="bottom" WIDTH="3%"></TD>
      <TD></TD>
      <TD></TD>
      <TD></TD>
      <TD VALIGN="bottom" WIDTH="3%"></TD>
      <TD></TD>
      <TD></TD>
      <TD></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Shares</B></FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Value&nbsp;(A)</B></FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top" COLSPAN="4"><P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#d13239"><B>Common Stocks&nbsp;&#151;&nbsp;99.1%</B></FONT></P></TD>
      <TD VALIGN="top"><P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#d13239"><B>&nbsp;</B></FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top" COLSPAN="8"><P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Energy&nbsp;&#151;&nbsp;78.7%</B></FONT></P></TD>
      <TD VALIGN="top"><P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></P></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top" COLSPAN="8"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B><I>Exploration &amp; Production&nbsp;&#151;&nbsp;25.6%</I></B></FONT></P></TD>
      <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B><I>&nbsp;</I></B></FONT></P></TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Anadarko Petroleum Corp.</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">322,000</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19,964,000</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Callon Petroleum Co. (B)</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">273,500</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,599,260</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cimarex Energy Co.</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">81,400</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,726,486</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-top:0px;margin-bottom:1px; margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Concho Resources Inc. (B)</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">89,100</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,435,094</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">ConocoPhillips</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">547,500</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">27,303,825</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">EOG Resources, Inc.</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">195,500</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19,071,025</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">EQT Corp.</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">113,100</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,910,410</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Noble Energy, Inc.</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">392,600</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13,481,884</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Occidental Petroleum Corp.</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">378,800</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">24,000,768</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Pioneer Natural Resources Co.</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">82,700</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15,401,221</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Range Resources Corp.</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">322,100</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,373,110</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">RSP Permian, Inc. (B)</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">145,000</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,007,350</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Whiting Petroleum Corp. (B)</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">251,500</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,379,190</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="font-size:1px">
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top"></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">168,653,623</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="font-size:1px">
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top" COLSPAN="8"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B><I>Integrated Oil &amp; Gas&nbsp;&#151;&nbsp;27.0%</I></B></FONT></P></TD>
      <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B><I>&nbsp;</I></B></FONT></P></TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Chevron Corp. (D)</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">548,700</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">58,913,919</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Exxon Mobil Corp. (D)</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,454,530</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">119,286,005</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="font-size:1px">
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">178,199,924</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="font-size:1px">
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top"></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top" COLSPAN="8"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B><I>Oil Equipment &amp; Services&nbsp;&#151;&nbsp;14.1%</I></B></FONT></P></TD>
      <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B><I>&nbsp;</I></B></FONT></P></TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Baker Hughes, Inc.</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">90,100</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,389,782</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Forum Energy Technologies, Inc. (B)</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">167,700</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,471,390</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Halliburton Co.</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">472,770</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">23,265,012</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">National Oilwell Varco, Inc.</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">141,900</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,688,771</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Oil States International Inc. (B)</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">180,100</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,970,315</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Schlumberger Ltd. (D)</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">525,400</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">41,033,740</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Weatherford International plc (B)</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,190,100</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,914,165</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="font-size:1px">
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top"></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">92,733,175</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="font-size:1px">
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top" COLSPAN="8"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B><I>Pipelines&nbsp;&#151;&nbsp;5.4%</I></B></FONT></P></TD>
      <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B><I>&nbsp;</I></B></FONT></P></TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Enbridge Inc.</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">136,673</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,718,398</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Kinder Morgan Inc.</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">362,300</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,876,402</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Targa Resources Corp.</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">149,800</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,973,020</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Williams Companies, Inc.</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">440,600</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13,037,354</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="font-size:1px">
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">35,605,174</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="font-size:1px">
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top" COLSPAN="8"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B><I>Refiners&nbsp;&#151;&nbsp;6.6%</I></B></FONT></P></TD>
      <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B><I>&nbsp;</I></B></FONT></P></TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Holly Frontier Corp.</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">177,250</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,023,265</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Marathon Petroleum Corp.</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">289,400</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">14,626,276</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Phillips 66</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">92,575</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,333,792</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Valero Energy Corp.</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">252,800</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16,758,112</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="font-size:1px">
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">43,741,445</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="font-size:1px">
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD>&nbsp;</TD>
    </TR>
  </TABLE>
  <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
  <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4 </FONT></P>
  <p Style='page-break-before:always'>
  <HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>S<SMALL>CHEDULE</SMALL> <SMALL>OF</SMALL> I<SMALL>NVESTMENTS</SMALL> (<SMALL>CONTINUED</SMALL>) </B></FONT></P>
  <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #d13239">&nbsp;</P>
  <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>March 31, 2017
    (unaudited) </I></FONT></P>
  <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
  <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">
    <TR>
      <TD WIDTH="74%"></TD>
      <TD VALIGN="bottom" WIDTH="2%"></TD>
      <TD></TD>
      <TD></TD>
      <TD></TD>
      <TD VALIGN="bottom" WIDTH="2%"></TD>
      <TD></TD>
      <TD></TD>
      <TD></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Shares</B></FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Value&nbsp;(A)</B></FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Basic Materials&nbsp;&#151;&nbsp;20.4%</B></FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top" COLSPAN="8"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B><I>Chemicals&nbsp;&#151;&nbsp;17.1%</I></B></FONT></P></TD>
      <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B><I>&nbsp;</I></B></FONT></P></TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-top:0px;margin-bottom:1px; margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Air Products and Chemicals, Inc.</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">26,300</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,558,127</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Dow Chemical Co.</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">445,456</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">28,304,274</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">E.I. du Pont de Nemours &amp; Co.</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">147,800</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,872,774</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Eastman Chemical Co.</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">115,300</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,316,240</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">H.B. Fuller Co.</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">164,900</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,502,244</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">LyondellBasell Industries N.V. (Class A)</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">228,600</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">20,846,034</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Monsanto Co.</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">150,400</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17,025,280</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">PPG Industries, Inc.</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">125,800</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13,219,064</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="font-size:1px">
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">112,644,037</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="font-size:1px">
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top" COLSPAN="8"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B><I>General Industrials&nbsp;&#151;&nbsp;0.8%</I></B></FONT></P></TD>
      <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B><I>&nbsp;</I></B></FONT></P></TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Packaging Corp. of America</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">52,800</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,837,536</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="font-size:1px">
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top" COLSPAN="8"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B><I>Gold &amp; Precious Metals&nbsp;&#151;&nbsp;0.6%</I></B></FONT></P></TD>
      <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B><I>&nbsp;</I></B></FONT></P></TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">SPDR Gold Shares (B)</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">35,200</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,178,944</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="font-size:1px">
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top" COLSPAN="8"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B><I>Industrial Metals&nbsp;&#151;&nbsp;1.9%</I></B></FONT></P></TD>
      <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B><I>&nbsp;</I></B></FONT></P></TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Freeport-McMoRan Inc. (B)</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">398,700</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,326,632</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Reliance Steel &amp; Aluminum Co.</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">34,100</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,728,682</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Steel Dynamics, Inc.</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">133,900</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,654,364</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="font-size:1px">
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top"></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12,709,678</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="font-size:1px">
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top" COLSPAN="4"><P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Total&nbsp;Common Stocks<BR>
      </B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(Cost&nbsp;$480,482,610)</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"><B></B></FONT></P></TD>
      <TD VALIGN="top"><P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B></B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;</B></FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">653,303,536</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="font-size:1px">
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top" COLSPAN="4"><P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#d13239"><B>Short-Term Investments&nbsp;&#151;&nbsp;1.9%</B></FONT></P></TD>
      <TD VALIGN="top"><P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#d13239"><B>&nbsp;</B></FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top" COLSPAN="4"><P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Money Market Funds&nbsp;&#151;&nbsp;1.9%</B></FONT></P></TD>
      <TD VALIGN="top"><P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Fidelity Institutional Money Market &#150; Money Market Portfolio (Institutional&nbsp;Class), 0.99% (C)</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,000,000</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,000,000</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Northern Institutional Treasury Portfolio, 0.64% (C)</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,558,023</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,558,023</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="font-size:1px">
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Total Short-Term Investments<BR>
      </B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(Cost $12,558,023)</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"><B></B></FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12,558,023</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="font-size:1px">
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Total Investments&nbsp;&#151;&nbsp;101.0% of Net Assets<BR>
        </B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(Cost
          $493,040,632)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><B></B></FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">665,861,559</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="font-size:1px">
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"><P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
      <TD VALIGN="bottom"><P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
      <TD>&nbsp;</TD>
    </TR>
  </TABLE>
  <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
  <P align="left" STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">5 </FONT></P>
  <p Style='page-break-before:always'>
  <HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>S<SMALL>CHEDULE</SMALL> <SMALL>OF</SMALL> I<SMALL>NVESTMENTS</SMALL> (<SMALL>CONTINUED</SMALL>) </B></FONT></P>
  <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #d13239">&nbsp;</P>
  <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>March 31, 2017
    (unaudited) </I></FONT></P>
  <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
  <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
  <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">
    <TR>
      <TD WIDTH="39%"></TD>
      <TD VALIGN="bottom" WIDTH="2%"></TD>
      <TD></TD>
      <TD></TD>
      <TD></TD>
      <TD VALIGN="bottom" WIDTH="2%"></TD>
      <TD></TD>
      <TD></TD>
      <TD></TD>
      <TD VALIGN="bottom" WIDTH="2%"></TD>
      <TD></TD>
      <TD></TD>
      <TD></TD>
      <TD VALIGN="bottom" WIDTH="2%"></TD>
      <TD></TD>
      <TD></TD>
      <TD></TD>
      <TD VALIGN="bottom" WIDTH="2%"></TD>
      <TD></TD>
      <TD></TD>
      <TD></TD>
      <TD VALIGN="bottom" WIDTH="2%"></TD>
      <TD></TD>
      <TD></TD>
      <TD></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#d13239"><B>Total Return Swap<BR>
        Agreements&nbsp;&#151;&nbsp;(0.2)%</B></FONT></TD>
      <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Type of<BR>
        Contract</B></FONT></TD>
      <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Counterparty</B></FONT></TD>
      <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Termination<BR>
        Date</B></FONT></TD>
      <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Notional<BR>
        Amount</B></FONT></TD>
      <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Unrealized<BR>
        Appreciation<BR>
        (Assets)</B></FONT></TD>
      <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Unrealized<BR>
        Depreciation<BR>
        (Liabilities)</B></FONT></TD>
      <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Receive positive total return (pay negative total return) on 131,700 shares of Apache Corp. common stock and pay financing amount based on
        notional amount and daily U.S. Federal Funds rate plus 0.55%.</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Long</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Morgan&nbsp;Stanley</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2/24/2018</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,271,945</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
      <TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#151;</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,524,164</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top"><P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Receive negative total return (pay positive total return) on 110,400 shares of Energy Select Sector SPDR Fund and receive financing amount
        based on notional amount and daily U.S. Federal Funds rate less 0.81%.</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Short</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Morgan Stanley</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2/24/2018</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,254,299</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">490,198</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#151;</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="font-size:1px">
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD>&nbsp;</TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
      <TD VALIGN="top" COLSPAN="12"><P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gross unrealized gain (loss) on open total return swap agreements</FONT></P></TD>
      <TD VALIGN="top"><P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">490,198</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,524,164</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="font-size:1px">
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD>&nbsp;</TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR STYLE="page-break-inside:avoid">
      <TD VALIGN="top" COLSPAN="12"><P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net unrealized loss on open total return swap agreements</FONT></P></TD>
      <TD VALIGN="top"><P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></P></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
      <TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
      <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,033,966</FONT></TD>
      <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
    </TR>
    <TR STYLE="font-size:1px">
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom"></TD>
      <TD VALIGN="bottom">&nbsp;</TD>
      <TD VALIGN="bottom"><P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
      <TD VALIGN="bottom"><P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
      <TD>&nbsp;</TD>
    </TR>
  </TABLE>
<div align="left">________________ </div>
  <P align="left" STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes: </FONT>  </P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
    <TR style = "page-break-inside:avoid">
      <TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">(A)</FONT></TD>
      <TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Common stocks are listed on the New York Stock Exchange or the NASDAQ and are valued at the last reported sale price on the day of valuation. </FONT></TD>
    </TR>
  </TABLE>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
    <TR style = "page-break-inside:avoid">
      <TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">(B)</FONT></TD>
      <TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Presently non-dividend paying. </FONT></TD>
    </TR>
  </TABLE>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
    <TR style = "page-break-inside:avoid">
      <TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">(C)</FONT></TD>
      <TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Rate presented is as of period-end and represents the annualized yield earned over the previous seven days. </FONT></TD>
    </TR>
  </TABLE>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
    <TR style = "page-break-inside:avoid">
      <TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">(D)</FONT></TD>
      <TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">A portion of the position is pledged as collateral for open swap agreements. The aggregate market value of pledged securities is $2,887,650, which provides $1,443,825 in
        collateral value after required valuation allowance is applied. </FONT></TD>
    </TR>
  </TABLE>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
  <P align="left" STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">5 </FONT></P>
<P align="left" STYLE="margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P align="left" style="margin-top: 0px; margin-bottom: 0px;"><font size="1"><em>See accompanying notes.</em></font></P>
  <P align="left" style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</P>
</center>
<p><FONT size=4><strong>NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)</strong></FONT></p>
  <P><strong>--------------------------------------------------------------------------------</strong></P>
  <P>Adams Natural Resources Fund, Inc. (the &quot;Fund&quot;) is registered under the Investment Company Act of 1940 (&quot;1940 Act&quot;) as a non-diversified investment company. The Fund is an internally-managed closed-end fund specializing in energy and other natural resources stocks. The investment objectives of the Fund are preservation of capital, the attainment of reasonable income from investments, and an opportunity for capital appreciation.</P>
  <P><strong>1.  SIGNIFICANT ACCOUNTING POLICIES</strong></P>
<P><strong>Investment Transactions</strong> - The Fund's investment decisions are made by the portfolio management team with recommendations from the research staff. Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments are recorded on the basis of specific identification.</P>

<P><strong> Valuation</strong> - The Fund's financial instruments are reported at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Fund has a Valuation Committee (&quot;Committee&quot;) to ensure that financial instruments are appropriately priced at fair value in accordance with accounting principles generally accepted in the United States (&quot;GAAP&quot;) and the 1940 Act. Subject to oversight by the Board of Directors, the Committee establishes methodologies and procedures to value securities for which market quotations are not readily available.</P>
<P>GAAP establishes the following fair value hierarchy that categorizes inputs used to measure fair value:</P>
<UL>

  <LI><strong>Level 1</strong> -- fair value is determined based on market data obtained from independent sources;  for example, quoted prices in active markets for identical investments;</LI>

  <LI><strong>Level 2</strong> -- fair value is determined using other assumptions obtained from independent sources;  for example, quoted prices for similar investments;</LI>

  <LI><strong>Level 3</strong> -- fair value is determined using the Fund's own assumptions, developed based on the best information available in the circumstances.
    <br>
  </LI>
</UL>
<P>Investments in securities traded on national security exchanges are valued at the last reported sale price on the day of valuation. Over-the-counter and listed securities for which a sale price is not available are valued at the last quoted bid price. Money market funds are valued at net asset value. These securities are generally categorized as Level 1 in the hierarchy.</P>
<p>Short-term investments (excluding money market funds) are valued at amortized cost, which approximates fair value. Total return swap agreements are valued using independent, observable inputs, including underlying security prices, dividends, and interest rates. These securities are generally categorized as Level 2 in the hierarchy.</p>
<p>At March 31, 2017, the Fund's financial instruments were classified as follows:</p>
<TABLE WIDTH=888 BORDER=0 CELLPADDING=1 CELLSPACING=0>
  <TR>
    <TD WIDTH="27%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="CENTER" STYLE="border-bottom:1px solid #000000"><strong><font size="2">Level 1</font></strong></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="CENTER" STYLE="border-bottom:1px solid #000000"><strong><font size="2">Level 2</font></strong></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="CENTER" STYLE="border-bottom:1px solid #000000"><strong><font size="2">Level 3</font></strong></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="CENTER" STYLE="border-bottom:1px solid #000000"><strong><font size="2">Total</font></strong></TD>
  </TR>
  <TR>
    <TD VALIGN="TOP"><font size="2"><strong>Assets:</strong></font></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR>
    <TD WIDTH="27%" VALIGN="TOP"><P><font size="2">Common stocks</font></TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT"><font size="2">$653,303,536</font></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT"><font size="2">$--</font></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT"><font size="2">$--</font></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT"><font size="2">$653,303,536</font></TD>
  </TR>
  <TR>
    <TD WIDTH="27%" VALIGN="TOP"><P><font size="2">Short-term investments</font></TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT" STYLE="border-bottom:1px solid #000000"><font size="2">12,558,023</font></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT" STYLE="border-bottom:1px solid #000000"><font size="2">--</font></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT" STYLE="border-bottom:1px solid #000000"><font size="2">--</font></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT" STYLE="border-bottom:1px solid #000000"><font size="2">12,558,023</font></TD>
  </TR>
  <TR>
    <TD WIDTH="27%" VALIGN="TOP"><P><font size="2">Total investments</font></TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT" STYLE="border-bottom:3px double #000000"><font size="2">$665,861,559</font></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT" STYLE="border-bottom:3px double #000000"><font size="2">$--</font></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT" STYLE="border-bottom:3px double #000000"><font size="2">$--</font></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT" STYLE="border-bottom:3px double #000000"><font size="2">$665,861,559</font></TD>
  </TR>
  <TR>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR>
    <TD WIDTH="27%" VALIGN="TOP"><font size="2"><strong>Liabilities:</strong></font></TD>
    <TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR>
    <TD WIDTH="27%" VALIGN="TOP"><P><font size="2">Total return swap agreements*</font></TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT" STYLE="border-bottom:3px double #000000"><font size="2">$--</font></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT" STYLE="border-bottom:3px double #000000"><font size="2">$(1,033,966)</font></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT" STYLE="border-bottom:3px double #000000"><font size="2">$--</font></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT" STYLE="border-bottom:3px double #000000"><font size="2">$(1,033,966)</font></TD>
  </TR>
</TABLE>
<P><font size="2">*Unrealized appreciation (depreciation)</font></P>
<P>There were no transfers between levels during the period ended March 31, 2017.</P>
<P><strong>2.  FEDERAL INCOME TAXES</strong></P>
<P>As of March 31, 2017, the identified cost of securities for federal income tax purposes was $493,040,632 and net unrealized appreciation aggregated $172,820,927, consisting of gross unrealized appreciation of $206,468,112 and gross unrealized depreciation of $33,647,185.</P>
<P><strong>3.  INVESTMENT TRANSACTIONS</strong></P>
<P>Purchases and sales of portfolio investments, other than short-term investments and derivative transactions, during the period ended March 31, 2017 were $36,838,760 and $29,818,182, respectively.</P>
<P><strong>4.  DERIVATIVES</strong></P>
<P>During the period ended March 31, 2017, the Fund invested in derivative instruments. The Fund may use derivatives for a variety of purposes, including, but not limited to, the ability to obtain leverage, to gain or limit exposure to particular market sectors or securities, to provide additional income, and/or to limit equity price risk in the normal course of pursuing its investment objectives. The financial derivative instruments outstanding as of period-end are indicative of the volume of financial derivative activity for the period.</P>
<P><strong>Total Return Swap Agreements </strong>- The Fund may use total return swap agreements to manage exposure to certain risks and/or enhance performance. Total return swap agreements are bilateral contracts between the Fund and a counterparty in which the Fund, in the case of a long contract, agrees to receive the positive total return (and pay the negative total return) of an underlying equity security and to pay a financing amount, based on a notional amount and a referenced interest rate, over the term of the contract. In the case of a short contract, the Fund agrees to pay the positive total return (and receive the negative total return) of the underlying equity security and to receive or pay a financing rate, based on a notional amount and a referenced interest rate, over the term of the contract. The fair value of each total return swap agreement is determined daily with the change in the fair value recorded as an unrealized gain or loss. Upon termination of a swap agreement, the Fund recognizes a realized gain (loss) on total return swap agreements equal to the net receivable (payable) amount under the terms of the agreement.</P>
<p>Total return swap agreements entail risks associated with counterparty credit, liquidity, and equity price risk. Such risks include that the Fund or the counterparty may default on its obligation, that there is no liquid market for these agreements, and that there may be unfavorable changes in the price of the underlying equity security. To mitigate the Fund's counterparty credit risk, the Fund enters into master netting and collateral arrangements with the counterparty. A master netting agreement allows either party to terminate the contract prior to termination date and to net amounts due across multiple contracts upon settlement, providing for a single net settlement with a counterparty. The Fund's policy is to net all derivative instruments subject to a netting agreement. The fair value of each outstanding total return swap contract is presented on the Schedule of Investments.</p>
<p>A collateral arrangement requires each party to provide collateral with a value, adjusted daily and subject to a minimum transfer amount, equal to the net amount owed to the other party under the contract. The counterparty provides cash collateral to the Fund and the Fund provides collateral by segregating portfolio securities, subject to a valuation allowance, into a tri-party account at its custodian. As of March 31, 2017, securities with a value of $2,887,650 were pledged as collateral for open total return swap agreements, providing $1,443,825 in collateral value after the required valuation allowance was applied.</p>
<P><strong>Item 2. Controls and Procedures.</strong></P>
<P>(a)  The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing date of this report.</P>
<P>(b)  There have been no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.</P>
<P><strong>Item 3. Exhibits.</strong></P>
<P>The certifications of the principal executive officer and principal financial officer pursuant to Rule 30a-2(a) under the 1940 Act are attached hereto as Form N-Q Certifications.</P>
<TABLE border=0 width=576 cellspacing=1 cellpadding=0>
  <TR valign="bottom">
    <TD width=6% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=2><div align="center"><FONT size=3><strong>SIGNATURES</strong></font></div></TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT size=3>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=99% nowrap colspan=2 align=left><FONT size=3>of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto </FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=99% nowrap colspan=2 align=left><FONT size=3>duly authorized.</FONT>&nbsp; </TD>
  </TR>
  <TR></TD>
    <FONT size=3></FONT>
      </TD>
  </TR>
  <TR>
    <TD colspan=2></TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2><font size="3">Adams Natural Resources Fund, Inc.</font></TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left><FONT size=3>By:</FONT>&nbsp; </TD>
    <TD width=93% nowrap align=left><FONT size=3><u>/s/ Mark E. Stoeckle</u></FONT><u>&nbsp;</u></TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT size=3>Mark E. Stoeckle</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT size=3>Chief Executive Officer</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT size=3>(Principal Executive Officer)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left><FONT size=3>Date:</FONT>&nbsp; </TD>
    <TD width=93% nowrap align=left><font size="3">April 28, 2017</font></TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT size=3>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=99% nowrap colspan=2 align=left><FONT size=3>of 1940, this report has been signed below by the following persons on behalf of the registrant and in the</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=99% nowrap colspan=2 align=left><FONT size=3>capacities and on the dates indicated.</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left><FONT size=3>By:</FONT>&nbsp; </TD>
    <TD width=93% nowrap align=left><FONT size=3><u>/s/ Mark E. Stoeckle</u></FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT size=3>Mark E. Stoeckle</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT size=3>Chief Executive Officer</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT size=3>(Principal Executive Officer)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left><FONT size=3>Date:</FONT>&nbsp; </TD>
    <TD width=93% nowrap align=left><font size="3">April 28, 2017</font></TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left><FONT size=3>By:</FONT>&nbsp; </TD>
    <TD width=93% nowrap align=left><FONT size=3><u>/s/ Brian S. Hook</u></FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT size=3>Brian S. Hook</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT size=3>Vice President, Chief Financial Officer and Treasurer</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT size=3>(Principal Financial Officer)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left><FONT size=3>Date:</FONT>&nbsp; </TD>
    <TD width=93% nowrap align=left><font size="3">April 28, 2017</font></TD>
  </TR>
</TABLE>
<p Style='page-break-before:always'>
<TR>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>peonqcert03312017.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>ADAMS NATURAL RESOURCES FUND, INC. - FORM N-Q CERTIFICATION - MARCH 31, 2017</TITLE>
</HEAD>
<BODY LINK="#0000ff" VLINK="#800080">

<B><FONT SIZE=4><P ALIGN="CENTER"><u>CERTIFICATIONS</u>  <FONT SIZE=2></FONT></P>
</B>
<P><font size="2">I, Mark E. Stoeckle, certify that: </font></P>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=669>
<TR><TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>1.</FONT></TD>
<TD VALIGN="TOP" COLSPAN=4>
<P><font size="2">I have reviewed this report on Form N-Q of Adams Natural Resources Fund, Inc.;</font></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>2.</FONT></TD>
<TD VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>3.</FONT></TD>
<TD VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>4.</FONT></TD>
<TD VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT"> (a)</FONT></TD>
<TD VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">(b)</FONT></TD>
<TD VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">(c)</FONT></TD>
<TD VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">(d)</FONT></TD>
<TD VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>5.</FONT></TD>
<TD VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT"> (a)</FONT></TD>
<TD VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">(b)</FONT></TD>
<TD VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</FONT></TD>
</TR>
<TR>
  <TD VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
  <TD VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=3>
  <P><font size="2">Date: April 28, 2017</font></P>  <FONT SIZE=2>&nbsp;</FONT></TD>
  <TD WIDTH="16%" VALIGN="TOP">
  <P>&nbsp;</P></TD>
  <TD WIDTH="54%" VALIGN="TOP"><FONT SIZE=2><u>/s/ Mark E. Stoeckle</u><BR>
    Mark E. Stoeckle<BR>
    Chief Executive Officer<BR>
(Principal Executive Officer)</FONT></TD>
</TR>
</TABLE>

<P></P>
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<P><font size="2">I, Brian S. Hook, certify that: </font></P>
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<FONT SIZE=2><P>1.</FONT></TD>
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<P><font size="2">I have reviewed this report on Form N-Q of Adams Natural Resources Fund, Inc.;</font></TD>
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<FONT SIZE=2><P>2.</FONT></TD>
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<FONT SIZE=2><P>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </FONT></TD>
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<FONT SIZE=2><P>3.</FONT></TD>
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<FONT SIZE=2><P>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT></TD>
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<FONT SIZE=2><P>4.</FONT></TD>
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<FONT SIZE=2><P>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></TD>
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<FONT SIZE=2><P ALIGN="RIGHT"> (a)</FONT></TD>
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<FONT SIZE=2><P>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></TD>
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<FONT SIZE=2><P ALIGN="RIGHT">(b)</FONT></TD>
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<FONT SIZE=2><P>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></TD>
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<FONT SIZE=2><P ALIGN="RIGHT">(c)</FONT></TD>
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<FONT SIZE=2><P>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></TD>
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<FONT SIZE=2><P ALIGN="RIGHT">(d)</FONT></TD>
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<FONT SIZE=2><P>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></TD>
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<FONT SIZE=2><P>5.</FONT></TD>
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<FONT SIZE=2><P>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</FONT></TD>
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<FONT SIZE=2><P ALIGN="RIGHT"> (a)</FONT></TD>
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<FONT SIZE=2><P>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</FONT></TD>
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<FONT SIZE=2><P ALIGN="RIGHT">(b)</FONT></TD>
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<FONT SIZE=2><P>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</FONT></TD>
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  <TD VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
  <TD VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
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  <TD VALIGN="TOP" COLSPAN=3><P><font size="2">Date: April 28, 2017</font></P>
    <FONT SIZE=2>&nbsp;</FONT></TD>
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  <TD WIDTH="54%" VALIGN="TOP"><FONT SIZE=2><u>/s/ Brian S. Hook</u><BR>
Brian S. Hook<BR>
Vice President, Chief Financial Officer and Treasurer<BR>
(Principal Financial Officer)</FONT></TD>
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