out - none - 1.746s

ADAMS NATURAL RESOURCES FUND, INC.

Schedule of Investments

September 30, 2019
(unaudited)

	Shares		Value (a)
Common Stocks — 99.6%
Energy — 77.5%
Equipment & Services — 6.3%
Baker Hughes, a GE company Class A		133,100		$	3,087,920
Halliburton Company		277,870			5,237,850
Helmerich & Payne, Inc.		33,600			1,346,352
National Oilwell Varco, Inc.		109,000			2,310,800
Schlumberger Limited		430,600			14,713,602
TechnipFMC plc		339,600			8,197,944
					34,894,468
Exploration & Production — 19.9%
Apache Corporation		107,300			2,746,880
Cabot Oil & Gas Corporation		113,400			1,992,438
Cheniere Energy, Inc. (b)		90,500			5,706,930
Cimarex Energy Company		26,900			1,289,586
Concho Resources Inc.		54,440			3,696,476
ConocoPhillips		442,800			25,230,744
Continental Resources, Inc.		92,900			2,860,391
Devon Energy Corporation		120,000			2,887,200
Diamondback Energy, Inc.		102,100			9,179,811
EOG Resources, Inc.		250,200			18,569,844
Hess Corporation		71,100			4,300,128
Marathon Oil Corporation		234,400			2,876,088
Noble Energy, Inc.		139,700			3,137,662
Occidental Petroleum Corporation		307,951			13,694,581
Parsley Energy, Inc. Class A		155,600			2,614,080
Pioneer Natural Resources Company		72,200			9,080,594
Whiting Petroleum Corporation (b)		50,675			406,920
					110,270,353
Integrated Oil & Gas — 35.6%
BP plc Sponsored ADR		101,200			3,844,588
Chevron Corporation		724,200			85,890,120
Exxon Mobil Corporation		1,472,030			103,940,038
Total S.A. Sponsored ADR		79,500			4,134,000
					197,808,746
Refining & Marketing — 8.3%
HollyFrontier Corporation		50,300			2,698,092
Marathon Petroleum Corporation		190,385			11,565,889
Phillips 66		138,175			14,149,120
Valero Energy Corporation		206,400			17,593,536
					46,006,637

Schedule of Investments (continued)

September 30, 2019
(unaudited)

	Shares		Value (a)
Storage & Transportation — 7.4%
Kinder Morgan, Inc.		960,200		$	19,789,722
ONEOK, Inc.		174,700			12,873,643
Williams Companies, Inc.		338,800			8,151,528
					40,814,893
Materials — 22.1%
Chemicals — 13.5%
Air Products and Chemicals, Inc.		59,600			13,222,856
Albemarle Corporation		15,100			1,049,752
Celanese Corporation		46,400			5,674,256
CF Industries Holdings, Inc.		72,200			3,552,240
Corteva Inc		76,945			2,154,460
Dow, Inc.		84,945			4,047,629
DuPont de Nemours, Inc.		130,745			9,323,426
Eastman Chemical Company		16,300			1,203,429
Ecolab Inc.		28,300			5,604,532
FMC Corporation		16,300			1,429,184
International Flavors & Fragrances Inc.		10,400			1,275,976
Linde plc		79,100			15,323,252
LyondellBasell Industries N.V.		79,600			7,121,812
Mosaic Company		38,701			793,371
PPG Industries, Inc.		28,000			3,318,280
					75,094,455
Construction Materials — 4.2%
Martin Marietta Materials, Inc.		7,000			1,918,700
Sherwin-Williams Company		23,100			12,701,997
Vulcan Materials Company		57,400			8,681,176
					23,301,873
Containers & Packaging — 2.8%
Amcor plc		180,700			1,761,825
Avery Dennison Corporation		12,800			1,453,696
Ball Corporation		101,100			7,361,091
International Paper Company		49,900			2,086,818
Packaging Corporation of America		11,700			1,241,370
Sealed Air Corporation		16,400			680,764
WestRock Company		30,600			1,115,370
					15,700,934
Metals & Mining — 1.6%
Freeport-McMoRan, Inc.		177,100			1,694,847
Newmont Goldcorp Corporation		89,700			3,401,424
Nucor Corporation		73,000			3,716,430
					8,812,701
Total Common Stocks
(Cost $512,637,301)					552,705,060

Schedule of Investments (continued)

September 30, 2019
(unaudited)

	Shares		Value (a)
Short-Term Investments — 0.5%
Money Market Funds — 0.5%
Fidelity Investments Money Market Funds - Prime Money Market Portfolio (Institutional Class), 1.99% (c)		1,899,080		$	1,899,650
Northern Institutional Treasury Portfolio, 1.93% (c)		884,547			884,547
Total Short-Term Investments
(Cost $2,784,247)					2,784,197
Total — 100.1%
(Cost $515,421,548)					555,489,257
Other Assets Less Liabilities — (0.1)%					(601,780	)
Net Assets — 100.0%				$	554,887,477

Schedule of Investments (continued)

September 30, 2019
(unaudited)

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	Cabot Oil & Gas Corporation (159,400 shares)	10/29/2020		$	2,798,267		$	13,938		$	—
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 (46,800 shares)	10/29/2020			(2,784,389)			2,203			—

Gross unrealized gain (loss) on open total return swap agreements								$	16,141		$	—
Net unrealized gain on open total return swap agreements (d)								$	16,141

(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 total return swap agreements is Morgan Stanley.

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