<SEC-DOCUMENT>0001104659-20-027238.txt : 20200228
<SEC-HEADER>0001104659-20-027238.hdr.sgml : 20200228
<ACCEPTANCE-DATETIME>20200228171331
ACCESSION NUMBER:		0001104659-20-027238
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200228
PERIOD START:           	20191231

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:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-02736
		FILM NUMBER:		20672138

	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>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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      <repPdEnd>2019-12-31</repPdEnd>
      <repPdDate>2019-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Halliburton Company</name>
        <lei>ENYF8GB5SMQZ25S06U51</lei>
        <title>Halliburton Company</title>
        <cusip>406216101</cusip>
        <identifiers>
          <ticker value="HAL"/>
        </identifiers>
        <balance>312170</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7638799.9</valUSD>
        <pctVal>0.013605</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Helmerich &amp; Payne, Inc.</name>
        <lei>254900NAOGHJ88RZ4C73</lei>
        <title>Helmerich &amp; Payne, Inc.</title>
        <cusip>423452101</cusip>
        <identifiers>
          <ticker value="HP"/>
        </identifiers>
        <balance>27300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1240239</valUSD>
        <pctVal>0.002209</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hess Corporation</name>
        <lei>UASVRYNXNK17ULIGK870</lei>
        <title>Hess Corporation</title>
        <cusip>42809H107</cusip>
        <identifiers>
          <ticker value="HES"/>
        </identifiers>
        <balance>87900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5872599</valUSD>
        <pctVal>0.010459</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HollyFrontier Corporation</name>
        <lei>549300J3U2WK73C9ZK26</lei>
        <title>HollyFrontier Corporation</title>
        <cusip>436106108</cusip>
        <identifiers>
          <ticker value="HFC"/>
        </identifiers>
        <balance>72600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3681546</valUSD>
        <pctVal>0.006557</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kinder Morgan, Inc.</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>Kinder Morgan, Inc.</title>
        <cusip>49456B101</cusip>
        <identifiers>
          <ticker value="KMI"/>
        </identifiers>
        <balance>787000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16660790</valUSD>
        <pctVal>0.029674</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Marathon Oil Corporation</name>
        <lei>1FRVQX2CRLGC1XLP5727</lei>
        <title>Marathon Oil Corporation</title>
        <cusip>565849106</cusip>
        <identifiers>
          <ticker value="MRO"/>
        </identifiers>
        <balance>234400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3183152</valUSD>
        <pctVal>0.005669</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Marathon Petroleum Corporation</name>
        <lei>3BNYRYQHD39K4LCKQF12</lei>
        <title>Marathon Petroleum Corporation</title>
        <cusip>56585A102</cusip>
        <identifiers>
          <ticker value="MPC"/>
        </identifiers>
        <balance>288785</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17399296.25</valUSD>
        <pctVal>0.030989</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>National Oilwell Varco, Inc.</name>
        <lei>549300EHF3IW1AR6U008</lei>
        <title>National Oilwell Varco, Inc.</title>
        <cusip>637071101</cusip>
        <identifiers>
          <ticker value="NOV"/>
        </identifiers>
        <balance>120200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3011010</valUSD>
        <pctVal>0.005363</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Noble Energy, Inc.</name>
        <lei>02VFQXG2D1LR5ZH3K186</lei>
        <title>Noble Energy, Inc.</title>
        <cusip>655044105</cusip>
        <identifiers>
          <ticker value="NBL"/>
        </identifiers>
        <balance>139700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3470148</valUSD>
        <pctVal>0.00618</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Occidental Petroleum Corporation</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
        <title>Occidental Petroleum Corporation</title>
        <cusip>674599105</cusip>
        <identifiers>
          <ticker value="OXY"/>
        </identifiers>
        <balance>307951</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12690660.71</valUSD>
        <pctVal>0.022603</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ONEOK, Inc.</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK, Inc.</title>
        <cusip>682680103</cusip>
        <identifiers>
          <ticker value="OKE"/>
        </identifiers>
        <balance>167300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12659591</valUSD>
        <pctVal>0.022547</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Phillips 66</name>
        <lei>5493005JBO5YSIGK1814</lei>
        <title>Phillips 66</title>
        <cusip>718546104</cusip>
        <identifiers>
          <ticker value="PSX"/>
        </identifiers>
        <balance>193275</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21532767.75</valUSD>
        <pctVal>0.038351</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pioneer Natural Resources Company</name>
        <lei>FY8JBF7CCL2VE4F1B628</lei>
        <title>Pioneer Natural Resources Company</title>
        <cusip>723787107</cusip>
        <identifiers>
          <ticker value="PXD"/>
        </identifiers>
        <balance>59400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8991378</valUSD>
        <pctVal>0.016014</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Schlumberger Limited</name>
        <lei>213800ZUA17OK3QLGM62</lei>
        <title>Schlumberger Limited</title>
        <cusip>806857108</cusip>
        <identifiers>
          <ticker value="SLB"/>
        </identifiers>
        <balance>582200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23404440</valUSD>
        <pctVal>0.041684</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TechnipFMC plc</name>
        <lei>549300D5I93QWCJTCK36</lei>
        <title>TechnipFMC plc</title>
        <cusip>G87110105</cusip>
        <identifiers>
          <ticker value="FTI"/>
        </identifiers>
        <balance>128900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2763616</valUSD>
        <pctVal>0.004922</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Valero Energy Corporation</name>
        <lei>549300XTO5VR8SKV1V74</lei>
        <title>Valero Energy Corporation</title>
        <cusip>91913Y100</cusip>
        <identifiers>
          <ticker value="VLO"/>
        </identifiers>
        <balance>184400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17269060</valUSD>
        <pctVal>0.030757</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Whiting Petroleum Corporation</name>
        <lei>52990028CHK9KUB1B293</lei>
        <title>Whiting Petroleum Corporation</title>
        <cusip>966387409</cusip>
        <identifiers>
          <ticker value="WLL"/>
        </identifiers>
        <balance>50675</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>371954.5</valUSD>
        <pctVal>0.000662</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Williams Companies, Inc.</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
        <title>Williams Companies, Inc.</title>
        <cusip>969457100</cusip>
        <identifiers>
          <ticker value="WMB"/>
        </identifiers>
        <balance>410100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9727572</valUSD>
        <pctVal>0.017325</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Air Products and Chemicals, Inc.</name>
        <lei>7QEON6Y1RL5XR3R1W237</lei>
        <title>Air Products and Chemicals, Inc.</title>
        <cusip>009158106</cusip>
        <identifiers>
          <ticker value="APD"/>
        </identifiers>
        <balance>21200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4981788</valUSD>
        <pctVal>0.008873</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Albemarle Corporation</name>
        <lei>HDBLS2Q6GV1LSKQPBS54</lei>
        <title>Albemarle Corporation</title>
        <cusip>012653101</cusip>
        <identifiers>
          <ticker value="ALB"/>
        </identifiers>
        <balance>11200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>818048</valUSD>
        <pctVal>0.001457</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Amcor plc</name>
        <lei>549300GSODGFCDQ3DI89</lei>
        <title>Amcor plc</title>
        <cusip>G0250X107</cusip>
        <identifiers>
          <ticker value="AMCR"/>
        </identifiers>
        <balance>154700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1676948</valUSD>
        <pctVal>0.002987</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Avery Dennison Corporation</name>
        <lei>549300PW7VPFCYKLIV37</lei>
        <title>Avery Dennison Corporation</title>
        <cusip>053611109</cusip>
        <identifiers>
          <ticker value="AVY"/>
        </identifiers>
        <balance>10700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1399774</valUSD>
        <pctVal>0.002493</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ball Corporation</name>
        <lei>0BGI85ALH27ZJP15DY16</lei>
        <title>Ball Corporation</title>
        <cusip>058498106</cusip>
        <identifiers>
          <ticker value="BLL"/>
        </identifiers>
        <balance>31900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2062973</valUSD>
        <pctVal>0.003674</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Celanese Corporation</name>
        <lei>549300FHJQTDPPN41627</lei>
        <title>Celanese Corporation</title>
        <cusip>150870103</cusip>
        <identifiers>
          <ticker value="CE"/>
        </identifiers>
        <balance>44300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5454216</valUSD>
        <pctVal>0.009714</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CF Industries Holdings, Inc.</name>
        <lei>529900CG8YAQFZ2JMV97</lei>
        <title>CF Industries Holdings, Inc.</title>
        <cusip>125269100</cusip>
        <identifiers>
          <ticker value="CF"/>
        </identifiers>
        <balance>72200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3446828</valUSD>
        <pctVal>0.006139</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Corteva Inc.</name>
        <lei>549300WZN9I2QKLS0O94</lei>
        <title>Corteva Inc.</title>
        <cusip>22052L104</cusip>
        <identifiers>
          <ticker value="CTVA"/>
        </identifiers>
        <balance>76945</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2274494.2</valUSD>
        <pctVal>0.004051</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dow, Inc.</name>
        <lei>5493003S21INSLK2IP73</lei>
        <title>Dow, Inc.</title>
        <cusip>260557103</cusip>
        <identifiers>
          <ticker value="DOW"/>
        </identifiers>
        <balance>74645</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4085320.85</valUSD>
        <pctVal>0.007276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DuPont de Nemours, Inc.</name>
        <lei>N/A</lei>
        <title>DuPont de Nemours, Inc.</title>
        <cusip>26614N102</cusip>
        <identifiers>
          <ticker value="DD"/>
        </identifiers>
        <balance>145245</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9324729</valUSD>
        <pctVal>0.016608</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eastman Chemical Company</name>
        <lei>FDPVHDGJ1IQZFK9KH630</lei>
        <title>Eastman Chemical Company</title>
        <cusip>277432100</cusip>
        <identifiers>
          <ticker value="EMN"/>
        </identifiers>
        <balance>16300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1291938</valUSD>
        <pctVal>0.002301</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ecolab Inc.</name>
        <lei>82DYEISM090VG8LTLS26</lei>
        <title>Ecolab Inc.</title>
        <cusip>278865100</cusip>
        <identifiers>
          <ticker value="ECL"/>
        </identifiers>
        <balance>23900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4612461</valUSD>
        <pctVal>0.008215</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FMC Corporation</name>
        <lei>CKDHZ2X64EEBQCSP7013</lei>
        <title>FMC Corporation</title>
        <cusip>302491303</cusip>
        <identifiers>
          <ticker value="FMC"/>
        </identifiers>
        <balance>13500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1347570</valUSD>
        <pctVal>0.0024</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Freeport-McMoRan, Inc.</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>Freeport-McMoRan, Inc.</title>
        <cusip>35671D857</cusip>
        <identifiers>
          <ticker value="FCX"/>
        </identifiers>
        <balance>155700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2042784</valUSD>
        <pctVal>0.003638</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>International Flavors &amp; Fragrances Inc.</name>
        <lei>BZLRL03D3GPGMOGFO832</lei>
        <title>International Flavors &amp; Fragrances Inc.</title>
        <cusip>459506101</cusip>
        <identifiers>
          <ticker value="IFF"/>
        </identifiers>
        <balance>10400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1341808</valUSD>
        <pctVal>0.00239</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>International Paper Company</name>
        <lei>824LMFJDH41EY779Q875</lei>
        <title>International Paper Company</title>
        <cusip>460146103</cusip>
        <identifiers>
          <ticker value="IP"/>
        </identifiers>
        <balance>100100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4609605</valUSD>
        <pctVal>0.00821</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Linde plc</name>
        <lei>N/A</lei>
        <title>Linde plc</title>
        <cusip>G5494J103</cusip>
        <identifiers>
          <ticker value="LIN-USA"/>
        </identifiers>
        <balance>104300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22205470</valUSD>
        <pctVal>0.039549</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LyondellBasell Industries N.V.</name>
        <lei>BN6WCCZ8OVP3ITUUVN49</lei>
        <title>LyondellBasell Industries N.V.</title>
        <cusip>N53745100</cusip>
        <identifiers>
          <ticker value="LYB"/>
        </identifiers>
        <balance>88900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8399272</valUSD>
        <pctVal>0.014959</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Martin Marietta Materials, Inc.</name>
        <lei>5299005MZ4WZECVATV08</lei>
        <title>Martin Marietta Materials, Inc.</title>
        <cusip>573284106</cusip>
        <identifiers>
          <ticker value="MLM"/>
        </identifiers>
        <balance>6000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1677840</valUSD>
        <pctVal>0.002988</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mosaic Company</name>
        <lei>2YD5STGSJNMUB7H76907</lei>
        <title>Mosaic Company</title>
        <cusip>61945C103</cusip>
        <identifiers>
          <ticker value="MOS"/>
        </identifiers>
        <balance>38701</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>837489.64</valUSD>
        <pctVal>0.001492</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Newmont Goldcorp Corporation</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Goldcorp Corporation</title>
        <cusip>651639106</cusip>
        <identifiers>
          <ticker value="NEM"/>
        </identifiers>
        <balance>114500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4975025</valUSD>
        <pctVal>0.008861</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nucor Corporation</name>
        <lei>549300GGJCRSI2TIEJ46</lei>
        <title>Nucor Corporation</title>
        <cusip>670346105</cusip>
        <identifiers>
          <ticker value="NUE"/>
        </identifiers>
        <balance>30500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1716540</valUSD>
        <pctVal>0.003057</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Packaging Corporation of America</name>
        <lei>549300XZP8MFZFY8TJ84</lei>
        <title>Packaging Corporation of America</title>
        <cusip>695156109</cusip>
        <identifiers>
          <ticker value="PKG"/>
        </identifiers>
        <balance>9200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1030308</valUSD>
        <pctVal>0.001835</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PPG Industries, Inc.</name>
        <lei>549300BKPEP01R3V6C59</lei>
        <title>PPG Industries, Inc.</title>
        <cusip>693506107</cusip>
        <identifiers>
          <ticker value="PPG"/>
        </identifiers>
        <balance>23700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3163713</valUSD>
        <pctVal>0.005635</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sealed Air Corporation</name>
        <lei>Q0M0CZB4YN6JZ65WXI09</lei>
        <title>Sealed Air Corporation</title>
        <cusip>81211K100</cusip>
        <identifiers>
          <ticker value="SEE"/>
        </identifiers>
        <balance>16400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>653212</valUSD>
        <pctVal>0.001163</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sherwin-Williams Company</name>
        <lei>Z15BMIOX8DDH0X2OBP21</lei>
        <title>Sherwin-Williams Company</title>
        <cusip>824348106</cusip>
        <identifiers>
          <ticker value="SHW"/>
        </identifiers>
        <balance>18600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10853844</valUSD>
        <pctVal>0.019331</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vulcan Materials Company</name>
        <lei>549300Q8LSNHAVWBNI21</lei>
        <title>Vulcan Materials Company</title>
        <cusip>929160109</cusip>
        <identifiers>
          <ticker value="VMC"/>
        </identifiers>
        <balance>39600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5702004</valUSD>
        <pctVal>0.010156</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WestRock Company</name>
        <lei>549300JEB576INN13W07</lei>
        <title>WestRock Company</title>
        <cusip>96145D105</cusip>
        <identifiers>
          <ticker value="WRK"/>
        </identifiers>
        <balance>24100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1034131</valUSD>
        <pctVal>0.001842</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley Institutional Liquidity Funds Prime Portfolio</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Institutional Liquidity Funds Prime Portfolio</title>
        <cusip>61747C715</cusip>
        <identifiers>
          <ticker value="MPFXX"/>
        </identifiers>
        <balance>2598440.935</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2600259.843654</valUSD>
        <pctVal>0.004631</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Devon Energy Corporation</name>
        <lei>N/A</lei>
        <title>Total Return Swap</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DVN.S"/>
        </identifiers>
        <balance>40200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>227210.4</valUSD>
        <pctVal>0.000405</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>IGJSJL3JD5P30I6NJZ34</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Receive total return on underlying security</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">Pay financing rate based on notional amount and daily U.S. Federal Funds rate plus 0.55%</otherPmntDesc>
            <terminationDt>2020-12-02</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>817366.5</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>227210.4</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Energy Select Sector SPDR Fund</name>
        <lei>N/A</lei>
        <title>Total Return Swap</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="XLE6.S"/>
        </identifiers>
        <balance>-14000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-59103.799999</valUSD>
        <pctVal>-0.000105</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>IGJSJL3JD5P30I6NJZ34</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Receive financing amount based on notional amount and daily U.S. Federal Funds rate less 0.45%</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">Pay total return on underlying security</otherPmntDesc>
            <terminationDt>2020-12-02</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-813246</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-59103.8</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Energy Select Sector SPDR Fund</name>
        <lei>N/A</lei>
        <title>Total Return Swap</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="XLE7.S"/>
        </identifiers>
        <balance>-14000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-59103.799999</valUSD>
        <pctVal>-0.000105</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>IGJSJL3JD5P30I6NJZ34</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Receive financing amount based on notional amount and daily U.S. Federal Funds rate less 0.45%</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">Pay total return on underlying security</otherPmntDesc>
            <terminationDt>2020-12-02</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-813246</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-59103.8</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Energy Select Sector SPDR Fund</name>
        <lei>N/A</lei>
        <title>Total Return Swap</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="XLE8.S"/>
        </identifiers>
        <balance>-14000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-59103.799999</valUSD>
        <pctVal>-0.000105</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>IGJSJL3JD5P30I6NJZ34</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Receive financing amount based on notional amount and daily U.S. Federal Funds rate less 0.45%</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">Pay total return on underlying security</otherPmntDesc>
            <terminationDt>2020-12-02</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-813246</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-59103.8</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Energy Select Sector SPDR Fund</name>
        <lei>N/A</lei>
        <title>Total Return Swap</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="XLE9.S"/>
        </identifiers>
        <balance>-14000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-59103.799999</valUSD>
        <pctVal>-0.000105</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>IGJSJL3JD5P30I6NJZ34</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Receive financing amount based on notional amount and daily U.S. Federal Funds rate less 0.45%</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">Pay total return on underlying security</otherPmntDesc>
            <terminationDt>2020-12-02</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-813246</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-59103.8</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hess Corporation</name>
        <lei>N/A</lei>
        <title>Total Return Swap</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HES.S"/>
        </identifiers>
        <balance>12600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23931.179999</valUSD>
        <pctVal>0.000043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>IGJSJL3JD5P30I6NJZ34</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Receive total return on underlying security</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">Pay financing rate based on notional amount and daily U.S. Federal Funds rate plus 0.55%</otherPmntDesc>
            <terminationDt>2020-12-02</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>817990.74</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>23931.18</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Marathon Oil Corporation</name>
        <lei>N/A</lei>
        <title>Total Return Swap</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MRO.S"/>
        </identifiers>
        <balance>70800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>140969.88</valUSD>
        <pctVal>0.000251</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>IGJSJL3JD5P30I6NJZ34</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Receive total return on underlying security</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">Pay financing rate based on notional amount and daily U.S. Federal Funds rate plus 0.55%</otherPmntDesc>
            <terminationDt>2020-12-02</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>820982.64</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>140969.88</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Noble Energy, Inc.</name>
        <lei>N/A</lei>
        <title>Total Return Swap</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NBL.S"/>
        </identifiers>
        <balance>42200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>229044.72</valUSD>
        <pctVal>0.000408</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>IGJSJL3JD5P30I6NJZ34</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Receive total return on underlying security</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">Pay financing rate based on notional amount and daily U.S. Federal Funds rate plus 0.55%</otherPmntDesc>
            <terminationDt>2020-12-02</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>821220.44</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>229044.72</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BHP Group Ltd.</name>
        <lei>N/A</lei>
        <title>Total Return Swap</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BHP.S"/>
        </identifiers>
        <balance>27100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>84188.86</valUSD>
        <pctVal>0.00015</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>IGJSJL3JD5P30I6NJZ34</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Receive total return on underlying security</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">Pay financing rate based on notional amount and daily U.S. Federal Funds rate plus 0.55%</otherPmntDesc>
            <terminationDt>2020-12-09</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>1393893.92</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>84188.86</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Material Select Sector SPDR Fund</name>
        <lei>N/A</lei>
        <title>Total Return Swap</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="XLB4.S"/>
        </identifiers>
        <balance>-23600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-51068.039999</valUSD>
        <pctVal>-0.000091</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>IGJSJL3JD5P30I6NJZ34</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Receive financing amount based on notional amount and daily U.S. Federal Funds rate less 0.45%</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">Pay total return on underlying security</otherPmntDesc>
            <terminationDt>2020-12-09</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-1403916.8</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-51068.04</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Apache Corporation</name>
        <lei>72ZZ1XRHOOU9P9X16K08</lei>
        <title>Apache Corporation</title>
        <cusip>037411105</cusip>
        <identifiers>
          <ticker value="APA"/>
        </identifiers>
        <balance>107300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2745807</valUSD>
        <pctVal>0.00489</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Baker Hughes Company Class A</name>
        <lei>549300XU3XH6F05YEQ93</lei>
        <title>Baker Hughes Company Class A</title>
        <cusip>05722G100</cusip>
        <identifiers>
          <ticker value="BKR"/>
        </identifiers>
        <balance>224900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5764187</valUSD>
        <pctVal>0.010266</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cabot Oil &amp; Gas Corporation</name>
        <lei>FCNMH6O7VWU7LHXMK351</lei>
        <title>Cabot Oil &amp; Gas Corporation</title>
        <cusip>127097103</cusip>
        <identifiers>
          <ticker value="COG"/>
        </identifiers>
        <balance>113400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1974294</valUSD>
        <pctVal>0.003516</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chevron Corporation</name>
        <lei>N/A</lei>
        <title>Chevron Corporation</title>
        <cusip>166764100</cusip>
        <identifiers>
          <ticker value="CVX"/>
        </identifiers>
        <balance>747800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>90117378</valUSD>
        <pctVal>0.160503</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northern Institutional Treasury Portfolio</name>
        <lei>N/A</lei>
        <title>Northern Institutional Treasury Portfolio</title>
        <cusip>665279808</cusip>
        <identifiers>
          <ticker value="NITXX"/>
        </identifiers>
        <balance>459105</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>459105</valUSD>
        <pctVal>0.000818</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-02-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Adams Natural Resources Fund, Inc.</ncom:nameOfApplicant>
      <ncom:signature>Christy Sloan</ncom:signature>
      <ncom:signerName>Christy Sloan</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
