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ADAMS NATURAL RESOURCES FUND, INC.

Schedule of Investments

March 31, 2019
(unaudited)

	Shares		Value (a)
Common Stocks — 99.2%
Energy — 80.0%
Equipment & Services — 6.4%
Baker Hughes, a GE company Class A		133,100		$	3,689,532
Halliburton Company		277,870			8,141,591
Helmerich & Payne, Inc.		33,600			1,866,816
National Oilwell Varco, Inc.		109,000			2,903,760
Schlumberger Limited		430,600			18,761,242
TechnipFMC plc		115,100			2,707,152
					38,070,093
Exploration & Production — 24.5%
Anadarko Petroleum Corporation		188,200			8,559,336
Apache Corporation		107,300			3,719,018
Cabot Oil & Gas Corporation		113,400			2,959,740
Cheniere Energy, Inc. (b)		90,500			6,186,580
Cimarex Energy Company		26,900			1,880,310
Concho Resources Inc.		54,440			6,040,662
ConocoPhillips		378,200			25,241,068
Devon Energy Corporation		139,900			4,415,244
Diamondback Energy, Inc.		102,100			10,366,213
EOG Resources, Inc.		281,600			26,802,688
Hess Corporation		71,100			4,282,353
Marathon Oil Corporation		543,800			9,086,898
Noble Energy, Inc.		139,700			3,454,781
Occidental Petroleum Corporation		369,200			24,441,040
Pioneer Natural Resources Company		46,600			7,096,248
Whiting Petroleum Corporation (b)		50,675			1,324,645
					145,856,824
Integrated Oil & Gas — 33.8%
Chevron Corporation		607,100			74,782,578
Exxon Mobil Corporation		1,489,930			120,386,344
Total S.A. ADR		104,900			5,837,685
					201,006,607
Refining & Marketing — 8.4%
HollyFrontier Corporation		50,300			2,478,281
Marathon Petroleum Corporation		355,785			21,293,732
Phillips 66		168,375			16,024,249
Valero Energy Corporation		116,900			9,916,627
					49,712,889
Storage & Transportation — 6.9%
Kinder Morgan, Inc.		960,200			19,213,602
ONEOK, Inc.		114,000			7,961,760
Williams Companies, Inc.		488,000			14,015,360
					41,190,722

Schedule of Investments (continued)

March 31, 2019
(unaudited)

	Shares		Value (a)
Materials — 19.2%
Chemicals — 12.4%
Air Products and Chemicals, Inc.		69,800		$	13,329,008
Albemarle Corporation		15,100			1,237,898
Celanese Corporation Class A		17,500			1,725,675
CF Industries Holdings, Inc.		26,200			1,071,056
DowDuPont Inc.		416,235			22,189,488
Eastman Chemical Company		55,200			4,188,576
Ecolab Inc.		33,900			5,984,706
FMC Corporation		16,300			1,252,166
International Flavors & Fragrances Inc.		10,400			1,339,416
Linde plc		79,100			13,916,063
LyondellBasell Industries N.V.		37,800			3,178,224
Mosaic Company		38,701			1,056,924
PPG Industries, Inc.		28,000			3,160,360
					73,629,560
Construction Materials — 2.9%
Martin Marietta Materials, Inc.		7,000			1,408,260
Sherwin-Williams Company		23,600			10,164,756
Vulcan Materials Company		50,400			5,967,360
					17,540,376
Containers & Packaging — 2.2%
Avery Dennison Corporation		12,800			1,446,400
Ball Corporation		104,700			6,057,942
International Paper Company		49,900			2,308,873
Packaging Corporation of America		11,700			1,162,746
Sealed Air Corporation		18,300			842,898
WestRock Company		30,600			1,173,510
					12,992,369
Metals & Mining — 1.7%
Freeport-McMoRan, Inc.		177,100			2,282,819
Newmont Mining Corporation		73,500			2,629,095
Nucor Corporation		90,500			5,280,675
					10,192,589
Total Common Stocks
(Cost $497,061,308)					590,192,029

Schedule of Investments (continued)

March 31, 2019
(unaudited)

	Shares		Value (a)
Short-Term Investments — 0.7%
Money Market Funds — 0.7%
Fidelity Investments Money Market Funds - Prime Money Market Portfolio (Institutional Class), 2.50% (c)		3,498,601		$	3,500,000
Northern Institutional Treasury Portfolio, 2.32% (c)		775,777			775,777
Total Short-Term Investments
(Cost $4,275,777)					4,275,777
Total — 99.9%
(Cost $501,337,085)					594,467,806
Other Assets Less Liabilities — 0.1%					588,339
Net Assets — 100.0%				$	595,056,145

Total Return Swap Agreements — 0.0%

Description							Value and Unrealized Appreciation (Assets)			Value and Unrealized Depreciation (Liabilities)
Terms	Contract Type	Underlying Security	Termination Date	Notional Amount			Value and Unrealized Appreciation (Assets)			Value and Unrealized Depreciation (Liabilities)
Receive total return on underlying security and pay financing amount based on notional amount and daily U.S. Federal Funds rate plus 0.55%.	Long	Anadarko Petroleum Corporation (33,300 shares)	4/16/2020		$	1,476,745		$	35,921		$	—
Pay total return on underlying security and receive financing amount based on notional amount and daily U.S. Federal Funds rate less 0.45%.	Short	Energy Select Sector SPDR Fund (22,200 shares)	4/16/2020			(1,466,392)			—			(11,679)

Receive total return on underlying security and pay financing amount based on notional amount and daily U.S. Federal Funds rate plus 0.55%.	Long	WestRock Company (79,900 shares)	4/29/2020			2,918,427			144,299			—
Pay total return on underlying security and receive financing amount based on notional amount and daily U.S. Federal Funds rate less 0.45%.	Short	Materials Select Sector SPDR Fund (53,900 shares)	4/29/2020			(2,926,824)			—			(63,672)

Gross unrealized gain (loss) on open total return swap agreements								$	180,220		$	(75,351)
Net unrealized gain on open total return swap agreements (d)								$	104,869

(a)

Common stocks are listed on the New York Stock Exchange or NASDAQ and are valued at the last reported sale price on the day of valuation.

(b)

Presently non-dividend paying.

(c)

Rate presented is as of period-end and represents the annualized yield earned over the previous seven days.

(d)

Counterparty for all open swap agreements is Morgan Stanley.

Information regarding transactions in equity securities during the quarter can be found on our website at: www.adamsfunds.com.