# EDGAR Filing Document

**Accession Number:** 0000216851
**File Stem:** 0001104659-26-019628
**Filing Date:** 2026-2
**Character Count:** 25943
**Document Hash:** 43fd537ebe05c93f2931545c1c9ac9f3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-019628.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0001104659-26-019628

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**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
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02736
- **FILM NUMBER:** 26678168

**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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-12-31

**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:** $674001234.00

**Total Liabilities:** $11582615.00

**Net Assets:** $662418619.00

**Cash Not Reported:** $149593.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | -0.30%               | 3.10%                | 0.50%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1025225.59             | $-11354389.18                              |
| Month 2  | $4442378.34              | $7821626.42                                |
| Month 3  | $8321591.31              | $-6702749.08                               |

**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      | $1369760.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Company                                            | Baker Hughes Company                                            | CUSIP: 05722G100<br>LEI: 549300XU3XH6F05YEQ93 | Long             | EC               | CORP              | US        |    376900 | NS      | $17164026.00  | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Limited                              | Canadian Natural Resources Limited                              | CUSIP: 136385101<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     51200 | NS      | $1733120.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy Inc.                                             | Cenovus Energy Inc.                                             | CUSIP: 15135U109<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    228100 | NS      | $3859452.00   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corporation                                             | Chevron Corporation                                             | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    623724 | NS      | $95061774.84  | 14.35%            |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corporation                                        | Chord Energy Corporation                                        | CUSIP: 674215207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       225 | NS      | $20857.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                                  | ConocoPhillips                                                  | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    377203 | NS      | $35309972.83  | 5.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc.                                             | Coterra Energy Inc.                                             | CUSIP: 127097103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    120800 | NS      | $3179456.00   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corporation                                        | Devon Energy Corporation                                        | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |    299200 | NS      | $10959696.00  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy, Inc.                                        | Diamondback Energy, Inc.                                        | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     79500 | NS      | $11951235.00  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources, Inc.                                             | EOG Resources, Inc.                                             | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    141367 | NS      | $14844948.67  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corporation                                                 | EQT Corporation                                                 | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |    262600 | NS      | $14075360.00  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corporation                                       | Expand Energy Corporation                                       | CUSIP: 165167735<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46400 | NS      | $5120704.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corporation                                         | Exxon Mobil Corporation                                         | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |   1318055 | NS      | $158614738.70 | 23.94%            |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Company                                             | Halliburton Company                                             | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |    275153 | NS      | $7775823.78   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan, Inc.                                             | Kinder Morgan, Inc.                                             | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    689092 | NS      | $18943139.08  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corporation                                  | Marathon Petroleum Corporation                                  | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |     92612 | NS      | $15061489.56  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corporation                                | Occidental Petroleum Corporation                                | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |    190651 | NS      | $7839569.12   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK, Inc.                                                     | ONEOK, Inc.                                                     | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |    166600 | NS      | $12245100.00  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                                                     | Phillips 66                                                     | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |    155475 | NS      | $20062494.00  | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB Ltd.                                                        | SLB Ltd.                                                        | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CU        |    336433 | NS      | $12912298.54  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp.                                           | Targa Resources Corp.                                           | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     69400 | NS      | $12804300.00  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnipFMC plc                                                  | TechnipFMC plc                                                  | CUSIP: G87110105<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | GB        |     62800 | NS      | $2798368.00   | 0.42%             |  |  |  | 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      | $3834387.00   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corporation                                       | Valero Energy Corporation                                       | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     87900 | NS      | $14309241.00  | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Companies, Inc.                                        | Williams Companies, Inc.                                        | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    435550 | NS      | $26180910.50  | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals, Inc.                                | Air Products and Chemicals, Inc.                                | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |     18100 | NS      | $4471062.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corporation                                           | Albemarle Corporation                                           | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |      7200 | NS      | $1018368.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Amcor plc                                                       | Amcor plc                                                       | CUSIP: G0250X149<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | JE        |    174400 | NS      | $1454496.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corporation                                      | Avery Dennison Corporation                                      | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |      5400 | NS      | $982152.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corporation                                                | Ball Corporation                                                | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |     16300 | NS      | $863411.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corporation                                              | Cameco Corporation                                              | CUSIP: 13321L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18000 | NS      | $1646820.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings, Inc.                                    | CF Industries Holdings, Inc.                                    | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     46569 | NS      | $3601646.46   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc.                                                    | Corteva Inc.                                                    | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     57945 | NS      | $3884053.35   | 0.59%             |  |  |  | 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      | $7987200.00   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Holdings, Inc.                                            | Crown Holdings, Inc.                                            | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |     29600 | NS      | $3047912.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow, Inc.                                                       | Dow, Inc.                                                       | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |     52945 | NS      | $1237854.10   | 0.19%             |  |  |  | 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      | $3160765.20   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                                                     | Ecolab Inc.                                                     | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |     42400 | NS      | $11130848.00  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan, Inc.                                          | Freeport-McMoRan, Inc.                                          | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    233200 | NS      | $11844228.00  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| International Flavors & Fragrances Inc.                         | International Flavors & Fragrances Inc.                         | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |     20206 | NS      | $1361682.34   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Company                                     | International Paper Company                                     | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |     40900 | NS      | $1611051.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde plc                                                       | Linde plc                                                       | CUSIP: G54950103<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     53700 | NS      | $22897143.00  | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries N.V.                                  | LyondellBasell Industries N.V.                                  | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |     15600 | NS      | $675480.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials, Inc.                                 | Martin Marietta Materials, Inc.                                 | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |      5400 | NS      | $3362364.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Company                                                  | Mosaic Company                                                  | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |     21201 | NS      | $510732.09    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                                             | Newmont Corporation                                             | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    128400 | NS      | $12820740.00  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corporation                                               | Nucor Corporation                                               | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |     52000 | NS      | $8481720.00   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corporation of America                                | Packaging Corporation of America                                | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |      7400 | NS      | $1526102.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries, Inc.                                            | PPG Industries, Inc.                                            | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     18100 | NS      | $1854526.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Company                                        | Sherwin-Williams Company                                        | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |     24100 | NS      | $7809123.00   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit Westrock plc                                            | Smurfit Westrock plc                                            | CUSIP: G8267P108<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     41300 | NS      | $1597071.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics, Inc.                                            | Steel Dynamics, Inc.                                            | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     11026 | NS      | $1868355.70   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Company                                        | Vulcan Materials Company                                        | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     27700 | NS      | $7900594.00   | 1.19%             |  |  |  | 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      | $717396.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Inst Liquidity Funds Prime Portfolio, Inst Class | Morgan Stanley Inst Liquidity Funds Prime Portfolio, Inst Class | CUSIP: 61747C715<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   4000629 | NS      | $4001829.37   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc.                                                 | Total Return Swap                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |      4100 | NS      | $398913.19    | 0.06%             |  |  |  | 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        |    -51600 | NS      | $-29801.58    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds Treasury Portfolio, Premier Class  | Northern Institutional Funds Treasury Portfolio, Premier Class  | CUSIP: 665279808<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    673834 | NS      | $673833.68    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-25

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

**Signature:** Christy Sloan

**Name of Signer:** Christy Sloan

**Title:** Treasurer