# EDGAR Filing Document

**Accession Number:** 0000216851
**File Stem:** 0001104659-26-053159
**Filing Date:** 2026-4
**Character Count:** 39413
**Document Hash:** ecc041fe93aff927ad94ca278c231279
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-053159.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001104659-26-053159

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**PERIOD START**: 20261231

**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
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02736
- **FILM NUMBER:** 26927115

**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

March 31, 2026

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value (a)** |
| **Common Stocks — 99.3%** | **Common Stocks — 99.3%** | **Common Stocks — 99.3%** |
| &nbsp;&nbsp;&nbsp; **Energy — 83.1%** | &nbsp;&nbsp;&nbsp; **Energy — 83.1%** | &nbsp;&nbsp;&nbsp; **Energy — 83.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Energy Related — 0.0%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Energy Related — 0.0%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Energy Related — 0.0%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eos Energy Enterprises, Inc. (b) | 62600 | $310496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Equipment & Services — 6.8%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Equipment & Services — 6.8%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Equipment & Services — 6.8%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Company | 225900 | 13791195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halliburton Company | 344853 | 13445818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLB Ltd. | 552633 | 28399810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC plc | 48600 | 3359718 |
|  |  | 58996541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Exploration & Production — 15.7%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Exploration & Production — 15.7%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Exploration & Production — 15.7%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APA Corporation | 56000 | 2376640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chord Energy Corporation | 225 | 31991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 377203 | 49790796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy Inc. | 120800 | 4244912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corporation | 372400 | 18739168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 74200 | 14676018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 141367 | 20437427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQT Corporation | 223900 | 14248996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corporation | 46400 | 5093792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corporation | 13350 | 6335376 |
|  |  | 135975116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Integrated Oil & Gas — 42.6%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Integrated Oil & Gas — 42.6%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Integrated Oil & Gas — 42.6%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cenovus Energy Inc. | 209900 | 5568647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron Corporation | 614724 | 127186396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corporation | 1334555 | 226420601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corporation | 165951 | 10786815 |
|  |  | 369962459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Refining & Marketing — 8.4%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Refining & Marketing — 8.4%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Refining & Marketing — 8.4%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corporation | 85012 | 20758230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 155475 | 28324435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corporation | 95000 | 23472600 |
|  |  | 72555265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Storage & Transportation — 9.6%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Storage & Transportation — 9.6%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Storage & Transportation — 9.6%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 433292 | 14528281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. | 141800 | 12817302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 92500 | 23192525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams Companies, Inc. | 457450 | 33293211 |
|  |  | 83831319 |

---

------

Schedule of Investments (continued)

March 31, 2026

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value (a)** |
| &nbsp;&nbsp;&nbsp; **Materials — 16.2%** | &nbsp;&nbsp;&nbsp; **Materials — 16.2%** | &nbsp;&nbsp;&nbsp; **Materials — 16.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Chemicals — 8.2%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Chemicals — 8.2%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Chemicals — 8.2%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | 18100 | $5257869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corporation | 7200 | 1292616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 46569 | 6046519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corteva Inc. | 57945 | 4850576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc. | 52945 | 2205159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 78626 | 3601071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecolab Inc. | 31400 | 8353028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances Inc. | 20206 | 1465945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Linde plc | 53700 | 26622312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries N.V. | 15600 | 1256736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mosaic Company | 21201 | 540626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 18100 | 1934528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Company | 24100 | 7725255 |
|  |  | 71152240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Construction Materials — 2.0%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Construction Materials — 2.0%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Construction Materials — 2.0%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRH public limited company | 64000 | 6727680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 5400 | 3178872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Company | 27700 | 7542710 |
|  |  | 17449262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Containers & Packaging — 1.4%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Containers & Packaging — 1.4%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Containers & Packaging — 1.4%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amcor plc | 34880 | 1386480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corporation | 5400 | 932472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ball Corporation | 16300 | 963493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 29600 | 2967400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Paper Company | 40900 | 1460130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Packaging Corporation of America | 12700 | 2695194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smurfit Westrock plc | 41300 | 1645805 |
|  |  | 12050974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Metals & Mining — 4.6%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Metals & Mining — 4.6%*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Metals & Mining — 4.6%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cameco Corporation | 18000 | 1954980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 233200 | 13707496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newmont Corporation | 128400 | 13899300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nucor Corporation | 52000 | 8793200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 11026 | 1984680 |
|  |  | 40339656 |
| **Total Common Stocks** | **Total Common Stocks** | **Total Common Stocks** |
| &nbsp;&nbsp;&nbsp; (Cost $522,642,493) |  | 862623328 |

---

------

Schedule of Investments (continued)

March 31, 2026

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value (a)** |
| **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** |
| &nbsp;&nbsp;&nbsp; **Money Market Funds — 0.6%** | &nbsp;&nbsp;&nbsp; **Money Market Funds — 0.6%** | &nbsp;&nbsp;&nbsp; **Money Market Funds — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Institutional Liquidity Funds Prime Portfolio, Institutional Class, 3.70% (c) | 4501029 | $4501029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds Treasury Portfolio, Premier Class, 3.53% (c) | 544636 | 544636 |
| **Total Short-Term Investments** | **Total Short-Term Investments** | **Total Short-Term Investments** |
| &nbsp;&nbsp;&nbsp; (Cost $5,046,485) |  | 5045665 |
| **Total — 99.9% of Net Assets** | **Total — 99.9% of Net Assets** | **Total — 99.9% of Net Assets** |
| &nbsp;&nbsp;&nbsp; (Cost $527,688,978) |  | 867668993 |
| Other Assets Less Liabilities — 0.1% |  | 738397 |
| **Net Assets — 100.0%** |  | $868407390 |

---

#### Total Return Swap Agreements — 0.1%

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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  | APA Corporation <br>(65,800 shares) | 3/03/2027 | $1707536 | $1073685 | $— |
|  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  | State Street Energy Select<br>Sector SPDR ETF <br>(42,300 shares) | 3/03/2027 | (2120520) |  | &nbsp;&nbsp;&nbsp;&nbsp;(476357) |
| 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 | $1073685 | $(476357) |
| Net unrealized gain on open total return swap agreements (d) | Net unrealized gain on open total return swap agreements (d) | Net unrealized gain on open total return swap agreements (d) | Net unrealized gain on open total return swap agreements (d) | Net unrealized gain on open total return swap agreements (d) | $597328 |  |

---

(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks 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; Presently non-dividend paying.

(c) &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.

(d) &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:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $870652956.00

**Total Liabilities:** $2245566.00

**Net Assets:** $868407390.00

**Cash Not Reported:** $147510.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | 14.80%               | 6.90%                | 6.20%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6743238.02              | $81244800.94                               |
| Month 2  | $1993273.98              | $61758532.00                               |
| Month 3  | $4729851.99              | $51226305.11                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Air Products and Chemicals, Inc.                                        | Air Products and Chemicals, Inc.                                        | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |     18100 | NS      | $5257869.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corporation                                                   | Albemarle Corporation                                                   | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |      7200 | NS      | $1292616.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Amcor plc                                                               | Amcor plc                                                               | CUSIP: G0250X149<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | JE        |     34880 | NS      | $1386480.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corporation                                                         | APA Corporation                                                         | CUSIP: 03743Q108<br>LEI: 72ZZ1XRHOOU9P9X16K08 | Long             | EC               | CORP              | US        |     56000 | NS      | $2376640.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corporation                                              | Avery Dennison Corporation                                              | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |      5400 | NS      | $932472.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Company                                                    | Baker Hughes Company                                                    | CUSIP: 05722G100<br>LEI: 549300XU3XH6F05YEQ93 | Long             | EC               | CORP              | US        |    225900 | NS      | $13791195.00  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corporation                                                        | Ball Corporation                                                        | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |     16300 | NS      | $963493.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corporation                                                      | Cameco Corporation                                                      | CUSIP: 13321L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18000 | NS      | $1954980.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy Inc.                                                     | Cenovus Energy Inc.                                                     | CUSIP: 15135U109<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    209900 | NS      | $5568647.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings, Inc.                                            | CF Industries Holdings, Inc.                                            | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     46569 | NS      | $6046518.96   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corporation                                                     | Chevron Corporation                                                     | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    614724 | NS      | $127186395.60 | 14.65%            |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corporation                                                | Chord Energy Corporation                                                | CUSIP: 674215207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       225 | NS      | $31990.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                                          | ConocoPhillips                                                          | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    377203 | NS      | $49790796.00  | 5.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc.                                                            | Corteva Inc.                                                            | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     57945 | NS      | $4850575.95   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc.                                                     | Coterra Energy Inc.                                                     | CUSIP: 127097103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    120800 | NS      | $4244912.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH public limited company                                              | CRH public limited company                                              | CUSIP: G25508105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64000 | NS      | $6727680.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Holdings, Inc.                                                    | Crown Holdings, Inc.                                                    | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |     29600 | NS      | $2967400.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corporation                                                | Devon Energy Corporation                                                | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |    372400 | NS      | $18739168.00  | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy, Inc.                                                | Diamondback Energy, Inc.                                                | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     74200 | NS      | $14676018.00  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow, Inc.                                                               | Dow, Inc.                                                               | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |     52945 | NS      | $2205159.25   | 0.25%             |  |  |  | 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      | $3601070.80   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                                                             | Ecolab Inc.                                                             | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |     31400 | NS      | $8353028.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources, Inc.                                                     | EOG Resources, Inc.                                                     | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    141367 | NS      | $20437427.19  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Eos Energy Enterprises, Inc.                                            | Eos Energy Enterprises, Inc.                                            | CUSIP: 29415C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62600 | NS      | $310496.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corporation                                                         | EQT Corporation                                                         | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |    223900 | NS      | $14248996.00  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corporation                                               | Expand Energy Corporation                                               | CUSIP: 165167735<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46400 | NS      | $5093792.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corporation                                                 | Exxon Mobil Corporation                                                 | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |   1334555 | NS      | $226420601.30 | 26.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan, Inc.                                                  | Freeport-McMoRan, Inc.                                                  | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    233200 | NS      | $13707496.00  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Company                                                     | Halliburton Company                                                     | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |    344853 | NS      | $13445818.47  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| International Flavors & Fragrances Inc.                                 | International Flavors & Fragrances Inc.                                 | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |     20206 | NS      | $1465945.30   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Company                                             | International Paper Company                                             | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |     40900 | NS      | $1460130.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan, Inc.                                                     | Kinder Morgan, Inc.                                                     | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    433292 | NS      | $14528280.76  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde plc                                                               | Linde plc                                                               | CUSIP: G54950103<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     53700 | NS      | $26622312.00  | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries N.V.                                          | LyondellBasell Industries N.V.                                          | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |     15600 | NS      | $1256736.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corporation                                          | Marathon Petroleum Corporation                                          | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |     85012 | NS      | $20758230.16  | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials, Inc.                                         | Martin Marietta Materials, Inc.                                         | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |      5400 | NS      | $3178872.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Company                                                          | Mosaic Company                                                          | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |     21201 | NS      | $540625.50    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                                                     | Newmont Corporation                                                     | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    128400 | NS      | $13899300.00  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corporation                                                       | Nucor Corporation                                                       | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |     52000 | NS      | $8793200.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corporation                                        | Occidental Petroleum Corporation                                        | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |    165951 | NS      | $10786815.00  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK, Inc.                                                             | ONEOK, Inc.                                                             | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |    141800 | NS      | $12817302.00  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corporation of America                                        | Packaging Corporation of America                                        | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |     12700 | NS      | $2695194.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                                                             | Phillips 66                                                             | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |    155475 | NS      | $28324435.50  | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries, Inc.                                                    | PPG Industries, Inc.                                                    | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     18100 | NS      | $1934528.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Company                                                | Sherwin-Williams Company                                                | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |     24100 | NS      | $7725255.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB Ltd.                                                                | SLB Ltd.                                                                | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CU        |    552633 | NS      | $28399809.87  | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit Westrock plc                                                    | Smurfit Westrock plc                                                    | CUSIP: G8267P108<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     41300 | NS      | $1645805.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics, Inc.                                                    | Steel Dynamics, Inc.                                                    | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     11026 | NS      | $1984680.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp.                                                   | Targa Resources Corp.                                                   | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     92500 | NS      | $23192525.00  | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnipFMC plc                                                          | TechnipFMC plc                                                          | CUSIP: G87110105<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | GB        |     48600 | NS      | $3359718.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corporation                                          | Texas Pacific Land Corporation                                          | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13350 | NS      | $6335376.00   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corporation                                               | Valero Energy Corporation                                               | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     95000 | NS      | $23472600.00  | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Company                                                | Vulcan Materials Company                                                | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     27700 | NS      | $7542710.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Companies, Inc.                                                | Williams Companies, Inc.                                                | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    457450 | NS      | $33293211.00  | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Institutional Liquidity Funds Prime Portfolio, Ins Class | Morgan Stanley Institutional Liquidity Funds Prime Portfolio, Ins Class | CUSIP: 61747C715<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   4501029 | NS      | $4501029.01   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Apache Corp                                                             | Total Return Swap                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     65800 | NS      | $1073684.92   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Energy Select Sector SPDR ETF                              | Total Return Swap                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | RF                | US        |    -42300 | NS      | $-476357.22   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds Treasury Portfolio, Premier Class          | Northern Institutional Funds Treasury Portfolio, Premier Class          | CUSIP: 665279873<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    544636 | NS      | $544635.68    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

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

**Signature:** Christy Sloan

**Name of Signer:** Christy Sloan

**Title:** Treasurer