# EDGAR Filing Document

**Accession Number:** 0000216851
**File Stem:** 0001104659-25-082966
**Filing Date:** 2025-8
**Character Count:** 27165
**Document Hash:** 50d05be7045dcdb26a03879862bcf215
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-082966.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001104659-25-082966

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**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:** 251255299

**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:** 2025-06-30

**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:** $637106796.00

**Total Liabilities:** $2362931.00

**Net Assets:** $634743865.00

**Cash Not Reported:** $150793.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | -10.40%              | 0.70%                | 6.40%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3473920.71              | $-80668362.32                              |
| Month 2  | $778353.94               | $5005929.94                                |
| Month 3  | $363998.56               | $25152175.03                               |

**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      | $1024240.00   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Company                                                             | Baker Hughes Company                                                             | CUSIP: 05722G100<br>LEI: 549300XU3XH6F05YEQ93 | Long             | EC               | CORP              | US        |    376900 | NS      | $14450346.00  | 0.02%             |  |  |  | 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      | $3045800.00   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy, Inc.                                                            | Cheniere Energy, Inc.                                                            | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |     13300 | NS      | $3238816.00   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corporation                                                              | Chevron Corporation                                                              | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    510771 | NS      | $73137299.49  | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corporation warrants, strike price $133.70, 1 warrant for .57 share | Chord Energy Corporation warrants, strike price $133.70, 1 warrant for .57 share | CUSIP: 674215132<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1327 | NS      | $862.55       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corporation                                                         | Chord Energy Corporation                                                         | CUSIP: 674215207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       225 | NS      | $21791.25     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                                                   | ConocoPhillips                                                                   | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    374903 | NS      | $33643795.22  | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc.                                                              | Coterra Energy Inc.                                                              | CUSIP: 127097103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    233900 | NS      | $5936382.00   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corporation                                                         | Devon Energy Corporation                                                         | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |    302800 | NS      | $9632068.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy, Inc.                                                         | Diamondback Energy, Inc.                                                         | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     35900 | NS      | $4932660.00   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources, Inc.                                                              | EOG Resources, Inc.                                                              | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    199067 | NS      | $23810403.87  | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corporation                                                                  | EQT Corporation                                                                  | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |    111900 | NS      | $6526008.00   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corporation                                                        | Expand Energy Corporation                                                        | CUSIP: 165167735<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    108700 | NS      | $12711378.00  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corporation                                                          | Exxon Mobil Corporation                                                          | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |   1337255 | NS      | $144156089.00 | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Company                                                              | Halliburton Company                                                              | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |    175353 | NS      | $3573694.14   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corporation                                                                 | Hess Corporation                                                                 | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |    134589 | NS      | $18645960.06  | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan, Inc.                                                              | Kinder Morgan, Inc.                                                              | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    636192 | NS      | $18704044.80  | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corporation                                                   | Marathon Petroleum Corporation                                                   | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |    104312 | NS      | $17327266.32  | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corporation                                                 | Occidental Petroleum Corporation                                                 | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |    128951 | NS      | $5417231.51   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK, Inc.                                                                      | ONEOK, Inc.                                                                      | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |    174000 | NS      | $14203620.00  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                                                                      | Phillips 66                                                                      | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |    148175 | NS      | $17677277.50  | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger N.V.                                                                | Schlumberger N.V.                                                                | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CU        |    369233 | NS      | $12480075.40  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp.                                                            | Targa Resources Corp.                                                            | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     83300 | NS      | $14500864.00  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnipFMC plc                                                                   | TechnipFMC plc                                                                   | CUSIP: G87110105<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | GB        |     62800 | NS      | $2162832.00   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corporation                                                   | Texas Pacific Land Corporation                                                   | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5450 | NS      | $5757325.50   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corporation                                                        | Valero Energy Corporation                                                        | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     78300 | NS      | $10525086.00  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Companies, Inc.                                                         | Williams Companies, Inc.                                                         | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    365350 | NS      | $22947633.50  | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals, Inc.                                                 | Air Products and Chemicals, Inc.                                                 | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |     20900 | NS      | $5895054.00   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corporation                                                            | Albemarle Corporation                                                            | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |      7200 | NS      | $451224.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Amcor plc                                                                        | Amcor plc                                                                        | CUSIP: G0250X107<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | JE        |     92400 | NS      | $849156.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corporation                                                       | Avery Dennison Corporation                                                       | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |      6300 | NS      | $1105461.00   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corporation                                                                 | Ball Corporation                                                                 | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |     23300 | NS      | $1306897.00   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings, Inc.                                                     | CF Industries Holdings, Inc.                                                     | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     51569 | NS      | $4744348.00   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc.                                                                     | Corteva Inc.                                                                     | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     91945 | NS      | $6852660.85   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Holdings, Inc.                                                             | Crown Holdings, Inc.                                                             | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |     32400 | NS      | $3336552.00   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow, Inc.                                                                        | Dow, Inc.                                                                        | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |     63945 | NS      | $1693263.60   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours, Inc.                                                          | DuPont de Nemours, Inc.                                                          | CUSIP: 26614N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56726 | NS      | $3890836.34   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Company                                                         | Eastman Chemical Company                                                         | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |     33100 | NS      | $2471246.00   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                                                                      | Ecolab Inc.                                                                      | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |     45000 | NS      | $12124800.00  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan, Inc.                                                           | Freeport-McMoRan, Inc.                                                           | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    248400 | NS      | $10768140.00  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| International Flavors & Fragrances Inc.                                          | International Flavors & Fragrances Inc.                                          | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |     20206 | NS      | $1486151.30   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Company                                                      | International Paper Company                                                      | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |     40900 | NS      | $1915347.00   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde plc                                                                        | Linde plc                                                                        | CUSIP: G54950103<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     63600 | NS      | $29839848.00  | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries N.V.                                                   | LyondellBasell Industries N.V.                                                   | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |     20600 | NS      | $1191916.00   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials, Inc.                                                  | Martin Marietta Materials, Inc.                                                  | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |      5400 | NS      | $2964384.00   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Company                                                                   | Mosaic Company                                                                   | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |     21201 | NS      | $773412.48    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                                                              | Newmont Corporation                                                              | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    126800 | NS      | $7387368.00   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corporation                                                                | Nucor Corporation                                                                | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |     22600 | NS      | $2927604.00   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corporation of America                                                 | Packaging Corporation of America                                                 | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |      7400 | NS      | $1394530.00   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries, Inc.                                                             | PPG Industries, Inc.                                                             | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     18100 | NS      | $2058875.00   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Company                                                         | Sherwin-Williams Company                                                         | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |     38300 | NS      | $13150688.00  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit Westrock plc                                                             | Smurfit Westrock plc                                                             | CUSIP: G8267P108<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     41300 | NS      | $1782095.00   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics, Inc.                                                             | Steel Dynamics, Inc.                                                             | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     12526 | NS      | $1603453.26   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Company                                                         | Vulcan Materials Company                                                         | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     26900 | NS      | $7016058.00   | 0.01%             |  |  |  | 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        |   3299160 | NS      | $3299489.46   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Treasury Portfolio                                        | Northern Institutional Treasury Portfolio                                        | CUSIP: 665279808<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    523795 | NS      | $523795.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-26

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

**Signature:** Christy Sloan

**Name of Signer:** Christy Sloan

**Title:** Treasurer