​
Schedule of Investments
​
September 30, 2023
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Common Stocks — 99.2% ​
Energy — 83.0%
 ​
Equipment & Services — 7.6%
 ​
Baker Hughes Company
 ​ ​ ​ ​ 367,600 ​ ​ ​ ​ $ 12,983,632 ​ ​
Halliburton Company
 ​ ​ ​ ​ 177,353 ​ ​ ​ ​ ​ 7,182,797 ​ ​
Schlumberger N.V.
 ​ ​ ​ ​ 473,433 ​ ​ ​ ​ ​ 27,601,144 ​ ​
TechnipFMC plc
 ​ ​ ​ ​ 173,800 ​ ​ ​ ​ ​ 3,535,092 ​ ​
​ ​ ​ ​ ​ 51,302,665 ​ ​
Exploration & Production — 23.8%
 ​
APA Corporation
 ​ ​ ​ ​ 56,000 ​ ​ ​ ​ ​ 2,301,600 ​ ​
Canadian Natural Resources Limited
 ​ ​ ​ ​ 69,200 ​ ​ ​ ​ ​ 4,475,164 ​ ​
Chord Energy Corporation
 ​ ​ ​ ​ 225 ​ ​ ​ ​ ​ 36,466 ​ ​
Chord Energy Corporation warrants, strike price $166.37, 1 warrant for .5774 share, expires 9/1/24 (b)
 ​ ​ ​ ​ 2,654 ​ ​ ​ ​ ​ 72,826 ​ ​
Chord Energy Corporation warrants, strike price $133.70, 1 warrant for .5774 share, expires 9/1/25 (b)
 ​ ​ ​ ​ 1,327 ​ ​ ​ ​ ​ 23,554 ​ ​
ConocoPhillips
 ​ ​ ​ ​ 419,576 ​ ​ ​ ​ ​ 50,265,205 ​ ​
Coterra Energy Inc.
 ​ ​ ​ ​ 150,100 ​ ​ ​ ​ ​ 4,060,205 ​ ​
Devon Energy Corporation
 ​ ​ ​ ​ 126,000 ​ ​ ​ ​ ​ 6,010,200 ​ ​
Diamondback Energy, Inc.
 ​ ​ ​ ​ 95,600 ​ ​ ​ ​ ​ 14,806,528 ​ ​
EOG Resources, Inc.
 ​ ​ ​ ​ 132,267 ​ ​ ​ ​ ​ 16,766,165 ​ ​
EQT Corporation
 ​ ​ ​ ​ 61,400 ​ ​ ​ ​ ​ 2,491,612 ​ ​
Hess Corporation
 ​ ​ ​ ​ 122,789 ​ ​ ​ ​ ​ 18,786,717 ​ ​
Marathon Oil Corporation
 ​ ​ ​ ​ 315,900 ​ ​ ​ ​ ​ 8,450,325 ​ ​
Occidental Petroleum Corporation
 ​ ​ ​ ​ 166,251 ​ ​ ​ ​ ​ 10,786,365 ​ ​
Pioneer Natural Resources Company
 ​ ​ ​ ​ 96,900 ​ ​ ​ ​ ​ 22,243,395 ​ ​
​ ​ ​ ​ 161,576,327 ​ ​
Integrated Oil & Gas — 37.6%
 ​
Cenovus Energy Inc.
 ​ ​ ​ ​ 257,700 ​ ​ ​ ​ ​ 5,365,314 ​ ​
Chevron Corporation
 ​ ​ ​ ​ 542,271 ​ ​ ​ ​ ​ 91,437,736 ​ ​
Exxon Mobil Corporation
 ​ ​ ​ ​ 1,344,330 ​ ​ ​ ​ ​ 158,066,321 ​ ​
​ ​ ​ ​ ​ 254,869,371 ​ ​
Refining & Marketing — 8.9%
 ​
Marathon Petroleum Corporation
 ​ ​ ​ ​ 173,312 ​ ​ ​ ​ ​ 26,229,038 ​ ​
Phillips 66
 ​ ​ ​ ​ 180,975 ​ ​ ​ ​ ​ 21,744,146 ​ ​
Valero Energy Corporation
 ​ ​ ​ ​ 86,000 ​ ​ ​ ​ ​ 12,187,060 ​ ​
​ ​ ​ ​ 60,160,244 ​ ​
​
​
Schedule of Investments (continued)
​
September 30, 2023
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Storage & Transportation — 5.1%
 ​
Kinder Morgan, Inc.
 ​ ​ ​ ​ 401,592 ​ ​ ​ ​ $ 6,658,395 ​ ​
ONEOK, Inc.
 ​ ​ ​ ​ 137,900 ​ ​ ​ ​ ​ 8,746,997 ​ ​
Targa Resources Corp.
 ​ ​ ​ ​ 116,100 ​ ​ ​ ​ ​ 9,952,092 ​ ​
Williams Companies, Inc.
 ​ ​ ​ ​ 282,950 ​ ​ ​ ​ ​ 9,532,586 ​ ​
​ ​ ​ ​ ​ 34,890,070 ​ ​
Materials — 16.2%
 ​
Chemicals — 12.0%
 ​
Air Products and Chemicals, Inc.
 ​ ​ ​ ​ 19,900 ​ ​ ​ ​ ​ 5,639,660 ​ ​
Albemarle Corporation
 ​ ​ ​ ​ 9,000 ​ ​ ​ ​ ​ 1,530,360 ​ ​
Celanese Corporation
 ​ ​ ​ ​ 36,177 ​ ​ ​ ​ ​ 4,540,937 ​ ​
CF Industries Holdings, Inc.
 ​ ​ ​ ​ 24,769 ​ ​ ​ ​ ​ 2,123,694 ​ ​
Corteva Inc.
 ​ ​ ​ ​ 66,245 ​ ​ ​ ​ ​ 3,389,094 ​ ​
Dow, Inc.
 ​ ​ ​ ​ 65,745 ​ ​ ​ ​ ​ 3,389,812 ​ ​
DuPont de Nemours, Inc.
 ​ ​ ​ ​ 95,926 ​ ​ ​ ​ ​ 7,155,120 ​ ​
Eastman Chemical Company
 ​ ​ ​ ​ 8,900 ​ ​ ​ ​ ​ 682,808 ​ ​
Ecolab Inc.
 ​ ​ ​ ​ 45,600 ​ ​ ​ ​ ​ 7,724,640 ​ ​
FMC Corporation
 ​ ​ ​ ​ 10,055 ​ ​ ​ ​ ​ 673,383 ​ ​
International Flavors & Fragrances Inc.
 ​ ​ ​ ​ 21,006 ​ ​ ​ ​ ​ 1,431,979 ​ ​
Linde plc
 ​ ​ ​ ​ 67,300 ​ ​ ​ ​ ​ 25,059,155 ​ ​
LyondellBasell Industries N.V.
 ​ ​ ​ ​ 61,800 ​ ​ ​ ​ ​ 5,852,460 ​ ​
Mosaic Company
 ​ ​ ​ ​ 25,601 ​ ​ ​ ​ ​ 911,396 ​ ​
PPG Industries, Inc.
 ​ ​ ​ ​ 47,800 ​ ​ ​ ​ ​ 6,204,440 ​ ​
Sherwin-Williams Company
 ​ ​ ​ ​ 21,200 ​ ​ ​ ​ ​ 5,407,060 ​ ​
​ ​ ​ ​ ​ 81,715,998 ​ ​
Construction Materials — 1.2%
 ​
Martin Marietta Materials, Inc.
 ​ ​ ​ ​ 5,200 ​ ​ ​ ​ ​ 2,134,496 ​ ​
Vulcan Materials Company
 ​ ​ ​ ​ 30,300 ​ ​ ​ ​ ​ 6,121,206 ​ ​
​ ​ ​ ​ ​ 8,255,702 ​ ​
Containers & Packaging — 0.9%
 ​
Amcor plc
 ​ ​ ​ ​ 125,100 ​ ​ ​ ​ ​ 1,145,916 ​ ​
Avery Dennison Corporation
 ​ ​ ​ ​ 5,500 ​ ​ ​ ​ ​ 1,004,685 ​ ​
Ball Corporation
 ​ ​ ​ ​ 23,300 ​ ​ ​ ​ ​ 1,159,874 ​ ​
International Paper Company
 ​ ​ ​ ​ 21,500 ​ ​ ​ ​ ​ 762,605 ​ ​
Packaging Corporation of America
 ​ ​ ​ ​ 5,900 ​ ​ ​ ​ ​ 905,945 ​ ​
Sealed Air Corporation
 ​ ​ ​ ​ 8,900 ​ ​ ​ ​ ​ 292,454 ​ ​
WestRock Company
 ​ ​ ​ ​ 15,400 ​ ​ ​ ​ ​ 551,320 ​ ​
​ ​ ​ ​ ​ 5,822,799 ​ ​
​
Schedule of Investments (continued)
​
September 30, 2023
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Metals & Mining — 2.1%
 ​
Freeport-McMoRan, Inc.
 ​ ​ ​ ​ 127,000 ​ ​ ​ ​ $ 4,735,830
Newmont Corporation
 ​ ​ ​ ​ 70,300 ​ ​ ​ ​ ​ 2,597,585
Nucor Corporation
 ​ ​ ​ ​ 22,200 ​ ​ ​ ​ ​ 3,470,970
Steel Dynamics, Inc.
 ​ ​ ​ ​ 12,526 ​ ​ ​ ​ ​ 1,343,038
Teck Resources Limited
 ​ ​ ​ ​ 54,600 ​ ​ ​ ​ ​ 2,352,714
​ ​ ​ ​ ​ 14,500,137
Total Common Stocks ​
(Cost $461,186,068)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 673,093,313
Short-Term Investments — 0.8% ​
Money Market Funds — 0.8%
 ​
Northern Institutional Treasury Premier
Portfolio, 5.20% (c)
 ​ ​ ​ ​ 178,172 ​ ​ ​ ​ ​ 178,172
Western Asset Institutional Liquid Reserves
Fund, 5.41% (c)
 ​ ​ ​ ​ 5,004,751 ​ ​ ​ ​ ​ 5,004,251
Total Short-Term Investments ​
(Cost $5,181,692)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,182,423
Total — 100.0% of Net Assets ​
(Cost $466,367,760)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 678,275,736
Other Assets Less Liabilities — 0.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (25,755) ​ ​
Net Assets — 100.0% ​ ​ ​ ​ ​ ​ ​ ​ ​
$
678,249,981
​
Total Return Swap Agreements — 0.0%
Description
 ​ ​ ​ ​ ​ ​ ​ ​ ​
Value and
Unrealized
Appreciation
(Assets)
​ ​
Value and
Unrealized
Depreciation
(Liabilities)
​
Terms
 ​ ​
Contract
Type
 ​ ​
Underlying
Security
 ​ ​
Termination
Date
​ ​
Notional
Amount
 ​
Receive total return on underlying
security and pay financing
amount based on notional
amount and daily U.S. Federal
Funds rate plus 0.55%.
 ​ ​
Long
​ ​ Crown Holdings, Inc.
(35,900 shares) 		​ ​
8/1/2024
 ​ ​ ​ $ 3,127,059 ​ ​ ​ ​ $ 12,608 ​ ​ ​
$   —
​
Pay total return on underlying security and receive financing amount based on notional amount and daily U.S. Federal Funds rate less 0.45%.
 ​ ​
Short
​ ​ Materials Select
Sector SPDR Fund
(37,600 shares)
 ​ ​
8/1/2024
 ​ ​ ​ ​ (3,118,364) ​ ​ ​ ​ ​ 187,590 ​ ​ ​
      —
 ​
Gross unrealized gain on open total return swap agreements ​ ​ ​ $ 200,198 ​ ​ ​
$   —
 ​
Net unrealized gain on open total return swap agreements (d) ​ ​ ​ $ 200,198 ​ ​ ​ ​ ​
​
(a)
Common stocks and warrants are listed on the New York Stock Exchange or NASDAQ and are valued at the last reported sale price on the day of valuation.
​
(b)
Presently non-dividend paying.
​
(c)
Rate presented is as of period-end and represents the annualized yield earned over the previous seven days.
​
(d)
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.​
​
Adams Natural Resources (NYSE:PEO)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024 Plus de graphiques de la Bourse Adams Natural Resources
Adams Natural Resources (NYSE:PEO)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024 Plus de graphiques de la Bourse Adams Natural Resources