# EDGAR Filing Document

**Accession Number:** 0000216851
**File Stem:** 0001104659-25-124111
**Filing Date:** 2025-12
**Character Count:** 37643
**Document Hash:** 75702972fe9af723171698fb450d6da9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-124111.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001104659-25-124111

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADAMS NATURAL RESOURCES FUND, INC.
- **CENTRAL INDEX KEY:** 0000216851

**ORGANIZATION NAME:**
- **EIN:** 135506797
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02736
- **FILM NUMBER:** 251598704

**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

## Nport-Ex

Schedule of Investments

September 30, 2025

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value (a)** |
| **Common Stocks — 99.5%** | **Common Stocks — 99.5%** | **Common Stocks — 99.5%** |
| &nbsp;&nbsp;&nbsp; **Energy — 79.6%** | &nbsp;&nbsp;&nbsp; **Energy — 79.6%** | &nbsp;&nbsp;&nbsp; **Energy — 79.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Equipment & Services — 5.6%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Equipment & Services — 5.6%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Equipment & Services — 5.6%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Company | 376900 | $18362568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halliburton Company | 158353 | 3895484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schlumberger N.V. | 355233 | 12209358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC plc | 62800 | 2477460 |
|  |  | 36944870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Exploration & Production — 16.0%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Exploration & Production — 16.0%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Exploration & Production — 16.0%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APA Corporation | 56000 | 1359680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources Limited | 97000 | 3100120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chord Energy Corporation | 225 | 22358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 447303 | 42310391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy Inc. | 120800 | 2856920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corporation | 299400 | 10496964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 35500 | 5080050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 141367 | 15850068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQT Corporation | 220500 | 12001815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corporation | 46400 | 4929536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ovintiv Inc. | 72800 | 2939664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corporation | 5150 | 4808246 |
|  |  | 105755812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Integrated Oil & Gas — 39.3%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Integrated Oil & Gas — 39.3%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Integrated Oil & Gas — 39.3%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cenovus Energy Inc. | 228100 | 3875419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron Corporation | 632724 | 98255710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corporation | 1301455 | 146739051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corporation | 250451 | 11833810 |
|  |  | 260703990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Refining & Marketing — 8.8%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Refining & Marketing — 8.8%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Refining & Marketing — 8.8%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corporation | 112512 | 21685563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 159475 | 21691789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corporation | 88900 | 15136114 |
|  |  | 58513466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Storage & Transportation — 9.9%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Storage & Transportation — 9.9%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Storage & Transportation — 9.9%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 17600 | 4135648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 696692 | 19723351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. | 168500 | 12295445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 41600 | 6969664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams Companies, Inc. | 350050 | 22175668 |
|  |  | 65299776 |

---

------

Schedule of Investments (continued)

September 30, 2025

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value (a)** |
| &nbsp;&nbsp;&nbsp; **Materials — 19.9%** | &nbsp;&nbsp;&nbsp; **Materials — 19.9%** | &nbsp;&nbsp;&nbsp; **Materials — 19.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Chemicals — 12.1%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Chemicals — 12.1%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Chemicals — 12.1%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | 20600 | $5618032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corporation | 7200 | 583776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 51569 | 4625739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corteva Inc. | 91945 | 6218240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc. | 63945 | 1466259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 78626 | 6124965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Company | 8400 | 529620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecolab Inc. | 44400 | 12159384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances Inc. | 20206 | 1243477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Linde plc | 61500 | 29212500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries N.V. | 20600 | 1010224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mosaic Company | 21201 | 735251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 18100 | 1902491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Company | 25200 | 8725752 |
|  |  | 80155710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Construction Materials — 1.8%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Construction Materials — 1.8%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Construction Materials — 1.8%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 5400 | 3403512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Company | 26600 | 8182692 |
|  |  | 11586204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Containers & Packaging — 1.8%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Containers & Packaging — 1.8%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Containers & Packaging — 1.8%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amcor plc | 196400 | 1606552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corporation | 5400 | 875718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ball Corporation | 23300 | 1174786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 32400 | 3129516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Paper Company | 40900 | 1897760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Packaging Corporation of America | 7400 | 1612682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smurfit Westrock plc | 41300 | 1758141 |
|  |  | 12055155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Metals & Mining — 4.2%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Metals & Mining — 4.2%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Metals & Mining — 4.2%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 222200 | 8714684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newmont Corporation | 125300 | 10564043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nucor Corporation | 54000 | 7313220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 11026 | 1537355 |
|  |  | 28129302 |
| **Total Common Stocks** | **Total Common Stocks** | **Total Common Stocks** |
| &nbsp;&nbsp;&nbsp; (Cost $503,158,377) |  | 659144285 |

---

------

Schedule of Investments (continued)

September 30, 2025

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value (a)** |
| **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** |
| &nbsp;&nbsp;&nbsp; **Money Market Funds — 0.9%** | &nbsp;&nbsp;&nbsp; **Money Market Funds — 0.9%** | &nbsp;&nbsp;&nbsp; **Money Market Funds — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Institutional Liquidity Funds Prime Portfolio, Institutional Class, 4.12% (b) | 5799590 | $5801329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds Treasury Portfolio, Premier Class, 3.95% (b) | 369788 | 369788 |
| **Total Short-Term Investments** | **Total Short-Term Investments** | **Total Short-Term Investments** |
| &nbsp;&nbsp;&nbsp; (Cost $6,171,137) |  | 6171117 |
| **Total — 100.4% of Net Assets** | **Total — 100.4% of Net Assets** | **Total — 100.4% of Net Assets** |
| &nbsp;&nbsp;&nbsp; (Cost $509,329,514) |  | 665315402 |
| Other Assets Less Liabilities — (0.4)% |  | (2666180) |
| **Net Assets — 100.0%** |  | $**662649222**  |

---

#### Total Return Swap Agreements — 0.0%

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Description** | **Description** | | | **Value and<br>Unrealized<br>Appreciation <br>(Assets)**  | **Value and<br>Unrealized<br>Depreciation <br>(Liabilities)**  |
| **Terms**  | **Contract <br>Type**  | **Underlying <br>Security**  | **Termination <br>Date**  | **Notional <br>Amount** | **Value and<br>Unrealized<br>Appreciation <br>(Assets)**  | **Value and<br>Unrealized<br>Depreciation <br>(Liabilities)**  |
|  Receive total return on underlying <br>security and pay financing <br>amount based on notional <br>amount and daily U.S. Federal <br>Funds rate plus 0.55%. | Long  | Eaton Corporation plc <br>(9,400 shares) | 10/6/2026 | $3263277 | $243348 | $—  |
|  Pay total return on underlying security and receive financing amount based on notional amount and daily U.S. Federal Funds rate less 0.45%. | Short  | Materials Select<br>Sector SPDR Fund <br>(35,800 shares) | 10/6/2026 | (3263961) | 49181 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Gross unrealized gain (loss) on open total return swap agreements | Gross unrealized gain (loss) on open total return swap agreements | Gross unrealized gain (loss) on open total return swap agreements | Gross unrealized gain (loss) on open total return swap agreements | Gross unrealized gain (loss) on open total return swap agreements | $292529 | $— |
| Net unrealized gain on open total return swap agreements (c) | Net unrealized gain on open total return swap agreements (c) | Net unrealized gain on open total return swap agreements (c) | Net unrealized gain on open total return swap agreements (c) | Net unrealized gain on open total return swap agreements (c) | $292529 |  |

---

(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate presented is as of period-end and represents the annualized yield earned over the previous seven days.

(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counterparty for all open total return swap agreements is Morgan Stanley.

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

------

## 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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $677170193.00

**Total Liabilities:** $14520971.00

**Net Assets:** $662649222.00

**Cash Not Reported:** $143959.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | 2.70%                | 3.10%                | -2.60%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7104661.82              | $6318863.25                                |
| Month 2  | $2621245.80              | $19482908.58                               |
| Month 3  | $4909182.73              | $-9960343.16                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| APA Corporation                                         | APA Corporation                                         | CUSIP: 03743Q108<br>LEI: 72ZZ1XRHOOU9P9X16K08 | Long             | EC               | CORP              | US        |     56000 | NS      | $1359680.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Company                                    | Baker Hughes Company                                    | CUSIP: 05722G100<br>LEI: 549300XU3XH6F05YEQ93 | Long             | EC               | CORP              | US        |    376900 | NS      | $18362568.00  | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Limited                      | Canadian Natural Resources Limited                      | CUSIP: 136385101<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     97000 | NS      | $3100120.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy Inc.                                     | Cenovus Energy Inc.                                     | CUSIP: 15135U109<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    228100 | NS      | $3875419.00   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy, Inc.                                   | Cheniere Energy, Inc.                                   | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |     17600 | NS      | $4135648.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corporation                                     | Chevron Corporation                                     | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    632724 | NS      | $98255709.96  | 14.83%            |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corporation                                | Chord Energy Corporation                                | CUSIP: 674215207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       225 | NS      | $22358.25     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                          | ConocoPhillips                                          | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    447303 | NS      | $42310390.77  | 6.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc.                                     | Coterra Energy Inc.                                     | CUSIP: 127097103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    120800 | NS      | $2856920.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corporation                                | Devon Energy Corporation                                | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |    299400 | NS      | $10496964.00  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy, Inc.                                | Diamondback Energy, Inc.                                | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     35500 | NS      | $5080050.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources, Inc.                                     | EOG Resources, Inc.                                     | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    141367 | NS      | $15850068.04  | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corporation                                         | EQT Corporation                                         | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |    220500 | NS      | $12001815.00  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corporation                               | Expand Energy Corporation                               | CUSIP: 165167735<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46400 | NS      | $4929536.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corporation                                 | Exxon Mobil Corporation                                 | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |   1301455 | NS      | $146739051.25 | 22.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Company                                     | Halliburton Company                                     | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |    158353 | NS      | $3895483.80   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan, Inc.                                     | Kinder Morgan, Inc.                                     | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    696692 | NS      | $19723350.52  | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corporation                          | Marathon Petroleum Corporation                          | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |    112512 | NS      | $21685562.88  | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corporation                        | Occidental Petroleum Corporation                        | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |    250451 | NS      | $11833809.75  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK, Inc.                                             | ONEOK, Inc.                                             | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |    168500 | NS      | $12295445.00  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc.                                            | Ovintiv Inc.                                            | CUSIP: 69047Q102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72800 | NS      | $2939664.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                                             | Phillips 66                                             | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |    159475 | NS      | $21691789.50  | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger N.V.                                       | Schlumberger N.V.                                       | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CU        |    355233 | NS      | $12209358.21  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp.                                   | Targa Resources Corp.                                   | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     41600 | NS      | $6969664.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnipFMC plc                                          | TechnipFMC plc                                          | CUSIP: G87110105<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | GB        |     62800 | NS      | $2477460.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corporation                          | Texas Pacific Land Corporation                          | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5150 | NS      | $4808246.00   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corporation                               | Valero Energy Corporation                               | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     88900 | NS      | $15136114.00  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Companies, Inc.                                | Williams Companies, Inc.                                | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    350050 | NS      | $22175667.50  | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals, Inc.                        | Air Products and Chemicals, Inc.                        | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |     20600 | NS      | $5618032.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corporation                                   | Albemarle Corporation                                   | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |      7200 | NS      | $583776.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Amcor plc                                               | Amcor plc                                               | CUSIP: G0250X107<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | JE        |    196400 | NS      | $1606552.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corporation                              | Avery Dennison Corporation                              | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |      5400 | NS      | $875718.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corporation                                        | Ball Corporation                                        | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |     23300 | NS      | $1174786.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings, Inc.                            | CF Industries Holdings, Inc.                            | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     51569 | NS      | $4625739.30   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc.                                            | Corteva Inc.                                            | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     91945 | NS      | $6218240.35   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Holdings, Inc.                                    | Crown Holdings, Inc.                                    | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |     32400 | NS      | $3129516.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow, Inc.                                               | Dow, Inc.                                               | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |     63945 | NS      | $1466258.85   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours, Inc.                                 | DuPont de Nemours, Inc.                                 | CUSIP: 26614N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     78626 | NS      | $6124965.40   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Company                                | Eastman Chemical Company                                | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |      8400 | NS      | $529620.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                                             | Ecolab Inc.                                             | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |     44400 | NS      | $12159384.00  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan, Inc.                                  | Freeport-McMoRan, Inc.                                  | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    222200 | NS      | $8714684.00   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| International Flavors & Fragrances Inc.                 | International Flavors & Fragrances Inc.                 | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |     20206 | NS      | $1243477.24   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Company                             | International Paper Company                             | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |     40900 | NS      | $1897760.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde plc                                               | Linde plc                                               | CUSIP: G54950103<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     61500 | NS      | $29212500.00  | 4.41%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries N.V.                          | LyondellBasell Industries N.V.                          | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |     20600 | NS      | $1010224.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials, Inc.                         | Martin Marietta Materials, Inc.                         | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |      5400 | NS      | $3403512.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Company                                          | Mosaic Company                                          | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |     21201 | NS      | $735250.68    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                                     | Newmont Corporation                                     | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    125300 | NS      | $10564043.00  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corporation                                       | Nucor Corporation                                       | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |     54000 | NS      | $7313220.00   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corporation of America                        | Packaging Corporation of America                        | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |      7400 | NS      | $1612682.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries, Inc.                                    | PPG Industries, Inc.                                    | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     18100 | NS      | $1902491.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Company                                | Sherwin-Williams Company                                | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |     25200 | NS      | $8725752.00   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit Westrock plc                                    | Smurfit Westrock plc                                    | CUSIP: G8267P108<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     41300 | NS      | $1758141.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics, Inc.                                    | Steel Dynamics, Inc.                                    | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     11026 | NS      | $1537355.18   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Company                                | Vulcan Materials Company                                | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     26600 | NS      | $8182692.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Ins Liq Funds Prime Portfolio, Ins Class | Morgan Stanley Ins Liq Funds Prime Portfolio, Ins Class | CUSIP: 61747C715<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   5799590 | NS      | $5801329.47   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Materials select Sector SPDR Fund                       | Total Return Swap                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | RF                | US        |    -35800 | NS      | $49182.04     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Eaton Corporation plc Swap                              | Total Return Swap                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |      9400 | NS      | $243347.20    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Treasury Portfolio               | Northern Institutional Treasury Portfolio               | CUSIP: 665279808<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    369788 | NS      | $369787.58    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-23

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

**Signature:** Christy Sloan

**Name of Signer:** Christy Sloan

**Title:** Treasurer