# EDGAR Filing Document

**Accession Number:** 0000216851
**File Stem:** 0001104659-23-026397
**Filing Date:** 2023-2
**Character Count:** 27135
**Document Hash:** 8e8f7be20f17b668ecc186a14e8ed620
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-026397.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001104659-23-026397

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20221231

**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:** 23678543

**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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Adams Natural Resources Fund, Inc.

- **b. Investment Company Act file number:** 811-02736

- **c. CIK number of Registrant:** 0000216851

- **d. LEI of Registrant:** 549300LPTQAH0G3NGD42

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 500 East Pratt Street

  - **City:** Baltimore

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 21202

  - **Telephone number:** 410-752-5900

**Item A.2. Information about the Series.**

- **a. Name of Series:** N/A

- **c. LEI of Series:** N/A

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $659172413.00

**Total Liabilities:** $7835972.00

**Net Assets:** $651336441.00

**Cash Not Reported:** $150645.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | 21.10%               | 2.30%                | -3.90%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-297001.03              | $122484236.33                              |
| Month 2  | $2600471.00              | $10834178.56                               |
| Month 3  | $-789809.53              | $-23609310.33                              |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                             | Title                                                                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Chord Energy Corporation                         | Chord Energy Corporation warrants, strike price $166.37, 1 warrant for .5774 share, expires 9/1/24 | CUSIP: 674215124<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2654 | NS      | $54115.06     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corporation                         | Chord Energy Corporation warrants, strike price $133.70, 1 warrant for .5774 share, expires 9/1/25 | CUSIP: 674215132<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1327 | NS      | $24138.13     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corporation                         | Chord Energy Corporation                                                                           | CUSIP: 674215207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       225 | NS      | $30782.25     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                   | ConocoPhillips                                                                                     | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    461826 | NS      | $54495468.00  | 8.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc.                              | Coterra Energy Inc.                                                                                | CUSIP: 127097103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    300700 | NS      | $7388199.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corporation                         | Devon Energy Corporation                                                                           | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |    153700 | NS      | $9454087.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy, Inc.                         | Diamondback Energy, Inc.                                                                           | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     92100 | NS      | $12597438.00  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources, Inc.                              | EOG Resources, Inc.                                                                                | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    143400 | NS      | $18573168.00  | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corporation                                  | EQT Corporation                                                                                    | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     61400 | NS      | $2077162.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corporation                          | Exxon Mobil Corporation                                                                            | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |   1343630 | NS      | $148202389.00 | 22.75%            |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Company                              | Halliburton Company                                                                                | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |    306970 | NS      | $12079269.50  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corporation                                 | Hess Corporation                                                                                   | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |    129700 | NS      | $18394054.00  | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan, Inc.                              | Kinder Morgan, Inc.                                                                                | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    384100 | NS      | $6944528.00   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Oil Corporation                         | Marathon Oil Corporation                                                                           | CUSIP: 565849106<br>LEI: 1FRVQX2CRLGC1XLP5727 | Long             | EC               | CORP              | US        |    127000 | NS      | $3437890.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corporation                   | Marathon Petroleum Corporation                                                                     | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |    219385 | NS      | $25534220.15  | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corporation                 | Occidental Petroleum Corporation                                                                   | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |    326651 | NS      | $20575746.49  | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK, Inc.                                      | ONEOK, Inc.                                                                                        | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |     87500 | NS      | $5748750.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                                      | Phillips 66                                                                                        | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |    186575 | NS      | $19418726.00  | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Natural Resources Company                | Pioneer Natural Resources Company                                                                  | CUSIP: 723787107<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | EC               | CORP              | US        |     93200 | NS      | $21285948.00  | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger N.V.                                | Schlumberger N.V.                                                                                  | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CU        |    423800 | NS      | $22656348.00  | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp.                            | Targa Resources Corp.                                                                              | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     33600 | NS      | $2469600.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corporation                        | Valero Energy Corporation                                                                          | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     86000 | NS      | $10909960.00  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Companies, Inc.                         | Williams Companies, Inc.                                                                           | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    271800 | NS      | $8942220.00   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals, Inc.                 | Air Products and Chemicals, Inc.                                                                   | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |     26800 | NS      | $8261368.00   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corporation                            | Albemarle Corporation                                                                              | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |      9000 | NS      | $1951740.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Amcor plc                                        | Amcor plc                                                                                          | CUSIP: G0250X107<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | JE        |    125100 | NS      | $1489941.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corporation                       | Avery Dennison Corporation                                                                         | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |      5500 | NS      | $995500.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corporation                                 | Ball Corporation                                                                                   | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |     29100 | NS      | $1488174.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corporation                             | Celanese Corporation                                                                               | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |     18400 | NS      | $1881216.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings, Inc.                     | CF Industries Holdings, Inc.                                                                       | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     45100 | NS      | $3842520.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc.                                     | Corteva Inc.                                                                                       | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     66245 | NS      | $3893881.10   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow, Inc.                                        | Dow, Inc.                                                                                          | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |     65745 | NS      | $3312890.55   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours, Inc.                          | DuPont de Nemours, Inc.                                                                            | CUSIP: 26614N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42087 | NS      | $2888430.81   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Company                         | Eastman Chemical Company                                                                           | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |      8900 | NS      | $724816.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                                      | Ecolab Inc.                                                                                        | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |     22800 | NS      | $3318768.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corporation                                  | FMC Corporation                                                                                    | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |     35300 | NS      | $4405440.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan, Inc.                           | Freeport-McMoRan, Inc.                                                                             | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    213500 | NS      | $8113000.00   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| International Flavors & Fragrances Inc.          | International Flavors & Fragrances Inc.                                                            | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |     21006 | NS      | $2202269.04   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Company                      | International Paper Company                                                                        | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |     28200 | NS      | $976566.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde plc                                        | Linde plc                                                                                          | CUSIP: G5494J103<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     62400 | NS      | $20353632.00  | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries N.V.                   | LyondellBasell Industries N.V.                                                                     | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |     18400 | NS      | $1527752.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials, Inc.                  | Martin Marietta Materials, Inc.                                                                    | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |     14500 | NS      | $4900565.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Materials Select Sector SPDR Fund                | Materials Select Sector SPDR Fund                                                                  | CUSIP: 81369Y100<br>LEI: 549300N81BAQ1XPGBT65 | Long             | EC               | RF                | US        |     42000 | NS      | $3262560.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Company                                   | Mosaic Company                                                                                     | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |     25601 | NS      | $1123115.87   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                              | Newmont Corporation                                                                                | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     77600 | NS      | $3662720.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corporation                                | Nucor Corporation                                                                                  | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |     40000 | NS      | $5272400.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corporation of America                 | Packaging Corporation of America                                                                   | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |      7600 | NS      | $972116.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries, Inc.                             | PPG Industries, Inc.                                                                               | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     19700 | NS      | $2477078.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Sealed Air Corporation                           | Sealed Air Corporation                                                                             | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |      8900 | NS      | $443932.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Company                         | Sherwin-Williams Company                                                                           | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |     37700 | NS      | $8947341.00   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics, Inc.                             | Steel Dynamics, Inc.                                                                               | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     28000 | NS      | $2735600.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Company                         | Vulcan Materials Company                                                                           | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |      9800 | NS      | $1716078.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| WestRock Company                                 | WestRock Company                                                                                   | CUSIP: 96145D105<br>LEI: 549300JEB576INN13W07 | Long             | EC               | CORP              | US        |     15400 | NS      | $541464.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Asset Institutional Liquid Reserves Fund | Western Asset Institutional Liquid Reserves Fund                                                   | CUSIP: 52470G882<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   3903971 | NS      | $3903971.42   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corporation                                  | APA Corporation                                                                                    | CUSIP: 03743Q108<br>LEI: 72ZZ1XRHOOU9P9X16K08 | Long             | EC               | CORP              | US        |     56000 | NS      | $2614080.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Company                             | Baker Hughes Company                                                                               | CUSIP: 05722G100<br>LEI: 549300XU3XH6F05YEQ93 | Long             | EC               | CORP              | US        |    202800 | NS      | $5988684.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy, Inc.                            | Cheniere Energy, Inc.                                                                              | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |     22000 | NS      | $3299120.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corporation                              | Chevron Corporation                                                                                | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    538071 | NS      | $96578363.79  | 14.83%            |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Treasury Portfolio        | Northern Institutional Treasury Portfolio                                                          | CUSIP: 665279808<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    995790 | NS      | $995790.40    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

**Name of Applicant:** Adams Natural Resources Fund, Inc.

**Signature:** Christy Sloan

**Name of Signer:** Christy Sloan

**Title:** Assistant Treasurer