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Form NPORT-P ADAMS NATURAL RESOURCES For: Sep 30

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November 29, 2021 4:14 PM EST 

  
    NPORT-P
    false
    
      
      
        
          0000216851
          XXXXXXXX
        
      
      
      
      
    
  
  
    
      Adams Natural Resources Fund, Inc.
      811-02736
      0000216851
      549300LPTQAH0G3NGD42
      500 East Pratt Street
      Suite 1300
      Baltimore
      
      21202
      410-752-5900
      N/A
      N/A
      2021-12-31
      2021-09-30
      N
    
    
      437424693
      2640845
      434783848
      0
      0
      0
      0
      0
      0
      0
      0
      0
      0
      0
      0
      0
      150529.000000000000
      N
      
        
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        APA Corporation
        72ZZ1XRHOOU9P9X16K08
        APA Corporation
        03743Q108
        
          
        
        59700
        NS
        USD
        1279371
        0.2943
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Baker Hughes Company
        549300XU3XH6F05YEQ93
        Baker Hughes Company
        05722G100
        
          
        
        171900
        NS
        USD
        4251087
        0.9777
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Cabot Oil & Gas Corporation
        FCNMH6O7VWU7LHXMK351
        Cabot Oil & Gas Corporation
        127097103
        
          
        
        102300
        NS
        USD
        2226048
        0.512
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Canadian Natural Resources Limited
        N/A
        Canadian Natural Resources Limited
        136385101
        
          
        
        47800
        NS
        USD
        1746612
        0.4017
        Long
        EC
        CORP
        CA
        N
        1
        
          N
          N
          N
        
      
      
        Cenovus Energy Inc.
        N/A
        Cenovus Energy Inc.
        15135U109
        
          
        
        196700
        NS
        USD
        1978802
        0.4551
        Long
        EC
        CORP
        CA
        N
        1
        
          N
          N
          N
        
      
      
        Chevron Corporation
        N/A
        Chevron Corporation
        166764100
        
          
        
        561191
        NS
        USD
        56932826.95
        13.0945
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        ConocoPhillips
        WPTL2Z3FIYTHSP5V2253
        ConocoPhillips
        20825C104
        
          
        
        482726
        NS
        USD
        32714341.02
        7.5243
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Devon Energy Corporation
        54930042348RKR3ZPN35
        Devon Energy Corporation
        25179M103
        
          
        
        270300
        NS
        USD
        9598353
        2.2076
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Diamondback Energy, Inc.
        549300R22LSX6OHWEN64
        Diamondback Energy, Inc.
        25278X109
        
          
        
        105800
        NS
        USD
        10016086
        2.3037
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        EOG Resources, Inc.
        XWTZDRYZPBUHIQBKDB46
        EOG Resources, Inc.
        26875P101
        
          
        
        229100
        NS
        USD
        18389857
        4.2297
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Exxon Mobil Corporation
        J3WHBG0MTS7O8ZVMDC91
        Exxon Mobil Corporation
        30231G102
        
          
        
        1273630
        NS
        USD
        74914916.6
        17.2304
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Halliburton Company
        ENYF8GB5SMQZ25S06U51
        Halliburton Company
        406216101
        
          
        
        170270
        NS
        USD
        3681237.4
        0.8467
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Hess Corporation
        UASVRYNXNK17ULIGK870
        Hess Corporation
        42809H107
        
          
        
        85600
        NS
        USD
        6686216
        1.5378
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Kinder Morgan, Inc.
        549300WR7IX8XE0TBO16
        Kinder Morgan, Inc.
        49456B101
        
          
        
        464400
        NS
        USD
        7769412
        1.787
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Marathon Oil Corporation
        1FRVQX2CRLGC1XLP5727
        Marathon Oil Corporation
        565849106
        
          
        
        401500
        NS
        USD
        5488505
        1.2624
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Marathon Petroleum Corporation
        3BNYRYQHD39K4LCKQF12
        Marathon Petroleum Corporation
        56585A102
        
          
        
        267985
        NS
        USD
        16564152.85
        3.8097
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Occidental Petroleum Corporation
        IM7X0T3ECJW4C1T7ON55
        Occidental Petroleum Corporation
        674599105
        
          
        
        161051
        NS
        USD
        4763888.58
        1.0957
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        ONEOK, Inc.
        2T3D6M0JSY48PSZI1Q41
        ONEOK, Inc.
        682680103
        
          
        
        186100
        NS
        USD
        10791939
        2.4821
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Phillips 66
        5493005JBO5YSIGK1814
        Phillips 66
        718546104
        
          
        
        112775
        NS
        USD
        7897633.25
        1.8165
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Pioneer Natural Resources Company
        FY8JBF7CCL2VE4F1B628
        Pioneer Natural Resources Company
        723787107
        
          
        
        52700
        NS
        USD
        8775077
        2.0183
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Schlumberger N.V.
        213800ZUA17OK3QLGM62
        Schlumberger N.V.
        806857108
        
          
        
        566000
        NS
        USD
        16776240
        3.8585
        Long
        EC
        CORP
        CU
        N
        1
        
          N
          N
          N
        
      
      
        Valero Energy Corporation
        549300XTO5VR8SKV1V74
        Valero Energy Corporation
        91913Y100
        
          
        
        170300
        NS
        USD
        12018071
        2.7641
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Whiting Petroleum Corporation
        N/A
        Whiting Petroleum Corporation
        966387508
        
          
        
        476
        NS
        USD
        27803.16
        0.0064
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Whiting Petroleum Corporation warrants, strike price $73.44, expires 9/1/24
        N/A
        Whiting Petroleum Corporation warrants, strike price $73.44, expires 9/1/24
        966387110
        
          
        
        2654
        NS
        USD
        18976.1
        0.0044
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Whiting Petroleum Corporation warrants, strike price $83.45, expires 9/1/25
        N/A
        Whiting Petroleum Corporation warrants, strike price $83.45, expires 9/1/25
        966387128
        
          
        
        1327
        NS
        USD
        9580.94
        0.0022
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Williams Companies, Inc.
        D71FAKCBLFS2O0RBPG08
        Williams Companies, Inc.
        969457100
        
          
        
        362100
        NS
        USD
        9392874
        2.1604
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Air Products and Chemicals, Inc.
        7QEON6Y1RL5XR3R1W237
        Air Products and Chemicals, Inc.
        009158106
        
          
        
        34300
        NS
        USD
        8784573
        2.0204
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Albemarle Corporation
        HDBLS2Q6GV1LSKQPBS54
        Albemarle Corporation
        012653101
        
          
        
        9000
        NS
        USD
        1970730
        0.4533
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Amcor plc
        549300GSODGFCDQ3DI89
        Amcor plc
        G0250X107
        
          
        
        125100
        NS
        USD
        1449909
        0.3335
        Long
        EC
        CORP
        JE
        N
        1
        
          N
          N
          N
        
      
      
        Avery Dennison Corporation
        549300PW7VPFCYKLIV37
        Avery Dennison Corporation
        053611109
        
          
        
        5500
        NS
        USD
        1139655
        0.2621
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Ball Corporation
        0BGI85ALH27ZJP15DY16
        Ball Corporation
        058498106
        
          
        
        29100
        NS
        USD
        2618127
        0.6022
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Celanese Corporation
        549300FHJQTDPPN41627
        Celanese Corporation
        150870103
        
          
        
        29600
        NS
        USD
        4458944
        1.0256
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        CF Industries Holdings, Inc.
        529900CG8YAQFZ2JMV97
        CF Industries Holdings, Inc.
        125269100
        
          
        
        44300
        NS
        USD
        2472826
        0.5687
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Corteva Inc.
        549300WZN9I2QKLS0O94
        Corteva Inc.
        22052L104
        
          
        
        66245
        NS
        USD
        2787589.6
        0.6411
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Dow, Inc.
        5493003S21INSLK2IP73
        Dow, Inc.
        260557103
        
          
        
        65745
        NS
        USD
        3784282.2
        0.8704
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        DuPont de Nemours, Inc.
        N/A
        DuPont de Nemours, Inc.
        26614N102
        
          
        
        44487
        NS
        USD
        3024671.13
        0.6957
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Eastman Chemical Company
        FDPVHDGJ1IQZFK9KH630
        Eastman Chemical Company
        277432100
        
          
        
        8900
        NS
        USD
        896586
        0.2062
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Ecolab Inc.
        82DYEISM090VG8LTLS26
        Ecolab Inc.
        278865100
        
          
        
        31600
        NS
        USD
        6592392
        1.5162
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        FMC Corporation
        CKDHZ2X64EEBQCSP7013
        FMC Corporation
        302491303
        
          
        
        10500
        NS
        USD
        961380
        0.2211
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Freeport-McMoRan, Inc.
        549300IRDTHJQ1PVET45
        Freeport-McMoRan, Inc.
        35671D857
        
          
        
        225300
        NS
        USD
        7329009
        1.6857
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        International Flavors & Fragrances Inc.
        BZLRL03D3GPGMOGFO832
        International Flavors & Fragrances Inc.
        459506101
        
          
        
        21006
        NS
        USD
        2808922.32
        0.6461
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        International Paper Company
        824LMFJDH41EY779Q875
        International Paper Company
        460146103
        
          
        
        28200
        NS
        USD
        1576944
        0.3627
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Linde plc
        N/A
        Linde plc
        G5494J103
        
          
        
        59500
        NS
        USD
        17456110
        4.0149
        Long
        EC
        CORP
        IE
        N
        1
        
          N
          N
          N
        
      
      
        LyondellBasell Industries N.V.
        BN6WCCZ8OVP3ITUUVN49
        LyondellBasell Industries N.V.
        N53745100
        
          
        
        53300
        NS
        USD
        5002205
        1.1505
        Long
        EC
        CORP
        NL
        N
        1
        
          N
          N
          N
        
      
      
        Martin Marietta Materials, Inc.
        5299005MZ4WZECVATV08
        Martin Marietta Materials, Inc.
        573284106
        
          
        
        4500
        NS
        USD
        1537560
        0.3536
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Mosaic Company
        2YD5STGSJNMUB7H76907
        Mosaic Company
        61945C103
        
          
        
        21001
        NS
        USD
        750155.72
        0.1725
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Newmont Corporation
        549300VSP3RIX7FGDZ51
        Newmont Corporation
        651639106
        
          
        
        94700
        NS
        USD
        5142210
        1.1827
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Nucor Corporation
        549300GGJCRSI2TIEJ46
        Nucor Corporation
        670346105
        
          
        
        21100
        NS
        USD
        2078139
        0.478
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Packaging Corporation of America
        549300XZP8MFZFY8TJ84
        Packaging Corporation of America
        695156109
        
          
        
        7600
        NS
        USD
        1044544
        0.2402
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        PPG Industries, Inc.
        549300BKPEP01R3V6C59
        PPG Industries, Inc.
        693506107
        
          
        
        19700
        NS
        USD
        2817297
        0.648
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Sealed Air Corporation
        Q0M0CZB4YN6JZ65WXI09
        Sealed Air Corporation
        81211K100
        
          
        
        59200
        NS
        USD
        3243568
        0.746
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Sherwin-Williams Company
        Z15BMIOX8DDH0X2OBP21
        Sherwin-Williams Company
        824348106
        
          
        
        37400
        NS
        USD
        10461902
        2.4062
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Steel Dynamics, Inc.
        549300HGGKEL4FYTTQ83
        Steel Dynamics, Inc.
        858119100
        
          
        
        36000
        NS
        USD
        2105280
        0.4842
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Vulcan Materials Company
        549300Q8LSNHAVWBNI21
        Vulcan Materials Company
        929160109
        
          
        
        9800
        NS
        USD
        1657768
        0.3813
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        WestRock Company
        549300JEB576INN13W07
        WestRock Company
        96145D105
        
          
        
        22200
        NS
        USD
        1106226
        0.2544
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Northern Institutional Treasury Portfolio
        N/A
        Northern Institutional Treasury Portfolio
        665279808
        
          
        
        3555411.91
        NS
        USD
        3555411.91
        0.8177
        Long
        STIV
        RF
        US
        N
        1
        
          N
          N
          N
        
      
    
    
      2021-11-29
      Adams Natural Resources Fund, Inc.
      Christy Sloan
      Christy Sloan
      Assistant Treasurer
    
  
  XXXX
​
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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