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ADAMS NATURAL RESOURCES FUND, INC.
 
Schedule of Investments
​
September 30, 2020
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Common Stocks — 99.5% ​
Energy — 65.3%
 ​
Equipment & Services — 5.4%
 ​
Baker Hughes Company
 ​ ​ ​ ​ 202,100 ​ ​ ​ ​ $ 2,685,909 ​ ​
Halliburton Company
 ​ ​ ​ ​ 264,970 ​ ​ ​ ​ ​ 3,192,889 ​ ​
National Oilwell Varco, Inc.
​ ​ ​ ​ 115,900 ​ ​ ​ ​ ​ 1,050,054 ​ ​
Schlumberger Limited
 ​ ​ ​ ​ 456,400 ​ ​ ​ ​ ​ 7,101,584 ​ ​
TechnipFMC plc
 ​ ​ ​ ​ 132,900 ​ ​ ​ ​ ​ 838,599 ​ ​
​ ​ ​ ​ 14,869,035 ​ ​
Exploration & Production — 15.3%
 ​
Apache Corporation
 ​ ​ ​ ​ 124,000 ​ ​ ​ ​ ​ 1,174,280 ​ ​
Cabot Oil & Gas Corporation
 ​ ​ ​ ​ 158,700 ​ ​ ​ ​ ​ 2,755,032 ​ ​
Concho Resources Inc.
 ​ ​ ​ ​ 83,240 ​ ​ ​ ​ ​ 3,672,549 ​ ​
ConocoPhillips
 ​ ​ ​ ​ 373,400 ​ ​ ​ ​ ​ 12,262,456 ​ ​
Devon Energy Corporation
 ​ ​ ​ ​ 126,200 ​ ​ ​ ​ ​ 1,193,852 ​ ​
Diamondback Energy, Inc.
 ​ ​ ​ ​ 76,400 ​ ​ ​ ​ ​ 2,301,168 ​ ​
EOG Resources, Inc.
 ​ ​ ​ ​ 136,400 ​ ​ ​ ​ ​ 4,902,216 ​ ​
Hess Corporation
 ​ ​ ​ ​ 83,600 ​ ​ ​ ​ ​ 3,421,748 ​ ​
Marathon Oil Corporation
 ​ ​ ​ ​ 261,100 ​ ​ ​ ​ ​ 1,067,899 ​ ​
Noble Energy, Inc.
 ​ ​ ​ ​ 156,100 ​ ​ ​ ​ ​ 1,334,655 ​ ​
Occidental Petroleum Corporation
 ​ ​ ​ ​ 258,651 ​ ​ ​ ​ ​ 2,589,097 ​ ​
Occidental Petroleum Corporation warrants,
strike price $22.00, expires 8/3/27 (b)
 ​ ​ ​ ​ 43,381 ​ ​ ​ ​ ​ 130,143 ​ ​
Pioneer Natural Resources Company
 ​ ​ ​ ​ 62,900 ​ ​ ​ ​ ​ 5,408,771 ​ ​
Whiting Petroleum Corporation (b)
 ​ ​ ​ ​ 576 ​ ​ ​ ​ ​ 9,959 ​ ​
Whiting Petroleum Corporation warrants,
strike price $73.44, expires 9/1/24 (b)
 ​ ​ ​ ​ 2,654 ​ ​ ​ ​ ​ 6,502 ​ ​
Whiting Petroleum Corporation warrants,
strike price $83.45, expires 9/1/25 (b)
 ​ ​ ​ ​ 1,327 ​ ​ ​ ​ ​ 3,118 ​ ​
​ ​ ​ ​ ​ 42,233,445 ​ ​
Integrated Oil & Gas — 31.3%
 ​
Chevron Corporation
 ​ ​ ​ ​ 603,500 ​ ​ ​ ​ ​ 43,452,000 ​ ​
Exxon Mobil Corporation
 ​ ​ ​ ​ 1,247,030 ​ ​ ​ ​ ​ 42,810,540 ​ ​
​ ​ ​ ​ ​ 86,262,540 ​ ​
Refining & Marketing — 7.2%
 ​
HollyFrontier Corporation
 ​ ​ ​ ​ 47,700 ​ ​ ​ ​ ​ 940,167 ​ ​
Marathon Petroleum Corporation
 ​ ​ ​ ​ 206,485 ​ ​ ​ ​ ​ 6,058,270 ​ ​
Phillips 66
 ​ ​ ​ ​ 138,375 ​ ​ ​ ​ ​ 7,173,360 ​ ​
Valero Energy Corporation
 ​ ​ ​ ​ 129,700 ​ ​ ​ ​ ​ 5,618,604 ​ ​
​ ​ ​ ​ ​ 19,790,401 ​ ​
​
Schedule of Investments (continued)
​
September 30, 2020
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Storage & Transportation — 6.1%
 ​
Kinder Morgan, Inc.
 ​ ​ ​ ​ 568,100 ​ ​ ​ ​ $ 7,004,673 ​ ​
ONEOK, Inc.
 ​ ​ ​ ​ 111,500 ​ ​ ​ ​ ​ 2,896,770 ​ ​
Williams Companies, Inc.
 ​ ​ ​ ​ 347,700 ​ ​ ​ ​ ​ 6,832,305 ​ ​
​ ​ ​ ​ ​ 16,733,748 ​ ​
Materials — 33.4%
 ​
Chemicals — 21.7%
 ​
Air Products and Chemicals, Inc.
 ​ ​ ​ ​ 23,100 ​ ​ ​ ​ ​ 6,880,566 ​ ​
Albemarle Corporation
 ​ ​ ​ ​ 9,000 ​ ​ ​ ​ ​ 803,520 ​ ​
Celanese Corporation
 ​ ​ ​ ​ 30,000 ​ ​ ​ ​ ​ 3,223,500 ​ ​
CF Industries Holdings, Inc.
 ​ ​ ​ ​ 23,600 ​ ​ ​ ​ ​ 724,756 ​ ​
Corteva Inc.
 ​ ​ ​ ​ 66,245 ​ ​ ​ ​ ​ 1,908,518 ​ ​
Dow, Inc.
 ​ ​ ​ ​ 65,745 ​ ​ ​ ​ ​ 3,093,302 ​ ​
DuPont de Nemours, Inc.
 ​ ​ ​ ​ 114,945 ​ ​ ​ ​ ​ 6,377,149 ​ ​
Eastman Chemical Company
 ​ ​ ​ ​ 8,900 ​ ​ ​ ​ ​ 695,268 ​ ​
Ecolab Inc.
 ​ ​ ​ ​ 31,600 ​ ​ ​ ​ ​ 6,314,944 ​ ​
FMC Corporation
 ​ ​ ​ ​ 10,500 ​ ​ ​ ​ ​ 1,112,055 ​ ​
International Flavors & Fragrances Inc.
 ​ ​ ​ ​ 13,600 ​ ​ ​ ​ ​ 1,665,320 ​ ​
Linde plc
 ​ ​ ​ ​ 79,000 ​ ​ ​ ​ ​ 18,812,270 ​ ​
LyondellBasell Industries N.V.
 ​ ​ ​ ​ 60,800 ​ ​ ​ ​ ​ 4,285,792 ​ ​
Mosaic Company
 ​ ​ ​ ​ 31,301 ​ ​ ​ ​ ​ 571,869 ​ ​
PPG Industries, Inc.
 ​ ​ ​ ​ 27,600 ​ ​ ​ ​ ​ 3,369,408 ​ ​
​ ​ ​ ​ ​ 59,838,237 ​ ​
Construction Materials — 4.4%
 ​
Martin Marietta Materials, Inc.
 ​ ​ ​ ​ 4,800 ​ ​ ​ ​ ​ 1,129,728 ​ ​
Sherwin-Williams Company
 ​ ​ ​ ​ 13,900 ​ ​ ​ ​ ​ 9,684,686 ​ ​
Vulcan Materials Company
 ​ ​ ​ ​ 9,900 ​ ​ ​ ​ ​ 1,341,846 ​ ​
​ ​ ​ ​ ​ 12,156,260 ​ ​
Containers & Packaging — 2.9%
 ​
Amcor plc
 ​ ​ ​ ​ 125,100 ​ ​ ​ ​ ​ 1,382,355 ​ ​
Avery Dennison Corporation
 ​ ​ ​ ​ 5,500 ​ ​ ​ ​ ​ 703,120 ​ ​
Ball Corporation
 ​ ​ ​ ​ 29,100 ​ ​ ​ ​ ​ 2,418,792 ​ ​
International Paper Company
 ​ ​ ​ ​ 32,900 ​ ​ ​ ​ ​ 1,333,766 ​ ​
Packaging Corporation of America
 ​ ​ ​ ​ 7,600 ​ ​ ​ ​ ​ 828,780 ​ ​
Sealed Air Corporation
 ​ ​ ​ ​ 13,300 ​ ​ ​ ​ ​ 516,173 ​ ​
WestRock Company
 ​ ​ ​ ​ 22,200 ​ ​ ​ ​ ​ 771,228 ​ ​
​ ​ ​ ​ ​ 7,954,214 ​ ​
Metals & Mining — 4.4%
 ​
Freeport-McMoRan, Inc.
​ ​ ​ ​ 293,600 ​ ​ ​ ​ ​ 4,591,904 ​ ​
Newmont Corporation
 ​ ​ ​ ​ 102,300 ​ ​ ​ ​ ​ 6,490,935 ​ ​
Nucor Corporation
 ​ ​ ​ ​ 23,400 ​ ​ ​ ​ ​ 1,049,724 ​ ​
​ ​ ​ ​ 12,132,563 ​ ​
Utilities — 0.8%
 ​
Utilities Select Sector SPDR Fund
 ​ ​ ​ ​ 39,200 ​ ​ ​ ​ ​ 2,327,696 ​ ​
​
​
​
Schedule of Investments (continued)
​
September 30, 2020
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Total Common Stocks ​
(Cost $444,907,254)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 274,298,139
​ ​
Short-Term Investments — 0.9% ​
Money Market Funds — 0.9%
 ​
Morgan Stanley Institutional Liquidity Funds Prime Portfolio, 0.16% (c)
 ​ ​ ​ ​ 2,099,440 ​ ​ ​ ​ ​ 2,099,650
Northern Institutional Treasury Portfolio, 0.04% (c)
 ​ ​ ​ ​ 506,962 ​ ​ ​ ​ ​ 506,962
Total Short-Term Investments ​
(Cost $2,606,732)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,606,612
Total — 100.4% of Net Assets ​
(Cost $447,513,986)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 276,904,751
Other Assets Less Liabilities — (0.4)% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,112,124 )
Net Assets — 100.0% ​ ​ ​ ​ ​ ​ ​ ​ ​
$
275,792,627
​
​
(a)
Common stocks and warrants 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.
​
Information regarding transactions in equity securities during the quarter can be found on our website at: www.adamsfunds.com.
 
 
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