​
Schedule of Investments
​
March 31, 2024
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Common Stocks — 99.5% ​
Energy — 80.3%
 ​
Equipment & Services — 5.9%
 ​
Baker Hughes Company
 ​ ​ ​ ​ 296,400 ​ ​ ​ ​ $ 9,929,400 ​ ​
Halliburton Company
 ​ ​ ​ ​ 177,353 ​ ​ ​ ​ ​ 6,991,255 ​ ​
Schlumberger N.V.
 ​ ​ ​ ​ 377,933 ​ ​ ​ ​ ​ 20,714,508 ​ ​
TechnipFMC plc
 ​ ​ ​ ​ 173,800 ​ ​ ​ ​ ​ 4,364,118 ​ ​
​ ​ ​ ​ ​ 41,999,281 ​ ​
Exploration & Production — 24.9%
 ​
APA Corporation
 ​ ​ ​ ​ 56,000 ​ ​ ​ ​ ​ 1,925,280 ​ ​
Chesapeake Energy Corporation
 ​ ​ ​ ​ 40,200 ​ ​ ​ ​ ​ 3,570,966 ​ ​
Chord Energy Corporation
 ​ ​ ​ ​ 225 ​ ​ ​ ​ ​ 40,104 ​ ​
Chord Energy Corporation warrants, strike price $166.37, 1 warrant for .5774 share, expires 9/1/24 (b)
 ​ ​ ​ ​ 2,654 ​ ​ ​ ​ ​ 94,323 ​ ​
Chord Energy Corporation warrants, strike price $133.70, 1 warrant for .5774 share, expires 9/1/25 (b)
 ​ ​ ​ ​ 1,327 ​ ​ ​ ​ ​ 34,130 ​ ​
ConocoPhillips
 ​ ​ ​ ​ 341,876 ​ ​ ​ ​ ​ 43,513,977 ​ ​
Coterra Energy Inc.
 ​ ​ ​ ​ 125,900 ​ ​ ​ ​ ​ 3,510,092 ​ ​
Devon Energy Corporation
 ​ ​ ​ ​ 284,700 ​ ​ ​ ​ ​ 14,286,246 ​ ​
Diamondback Energy, Inc.
 ​ ​ ​ ​ 97,900 ​ ​ ​ ​ ​ 19,400,843 ​ ​
EOG Resources, Inc.
 ​ ​ ​ ​ 220,467 ​ ​ ​ ​ ​ 28,184,501 ​ ​
EQT Corporation
 ​ ​ ​ ​ 61,400 ​ ​ ​ ​ ​ 2,276,098 ​ ​
Hess Corporation
 ​ ​ ​ ​ 141,989 ​ ​ ​ ​ ​ 21,673,201 ​ ​
Marathon Oil Corporation
 ​ ​ ​ ​ 95,400 ​ ​ ​ ​ ​ 2,703,636 ​ ​
Occidental Petroleum Corporation
 ​ ​ ​ ​ 151,951 ​ ​ ​ ​ ​ 9,875,296 ​ ​
Pioneer Natural Resources Company
 ​ ​ ​ ​ 101,500 ​ ​ ​ ​ ​ 26,643,750 ​ ​
​ ​ ​ ​ 177,732,443 ​ ​
Integrated Oil & Gas — 32.0%
 ​
Cenovus Energy Inc.
 ​ ​ ​ ​ 293,300 ​ ​ ​ ​ ​ 5,863,067 ​ ​
Chevron Corporation
 ​ ​ ​ ​ 541,671 ​ ​ ​ ​ ​ 85,443,184 ​ ​
Exxon Mobil Corporation
 ​ ​ ​ ​ 1,173,430 ​ ​ ​ ​ ​ 136,399,503 ​ ​
​ ​ ​ ​ ​ 227,705,754 ​ ​
Refining & Marketing — 10.3%
 ​
Marathon Petroleum Corporation
 ​ ​ ​ ​ 167,812 ​ ​ ​ ​ ​ 33,814,118 ​ ​
Phillips 66
 ​ ​ ​ ​ 154,475 ​ ​ ​ ​ ​ 25,231,947 ​ ​
Valero Energy Corporation
 ​ ​ ​ ​ 86,000 ​ ​ ​ ​ ​ 14,679,340 ​ ​
​ ​ ​ ​ 73,725,405 ​ ​
5
​
Schedule of Investments (continued)
​
March 31, 2024
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Storage & Transportation — 7.2%
 ​
Kinder Morgan, Inc.
 ​ ​ ​ ​ 694,492 ​ ​ ​ ​ $ 12,736,983 ​ ​
ONEOK, Inc.
 ​ ​ ​ ​ 137,900 ​ ​ ​ ​ ​ 11,055,443 ​ ​
Targa Resources Corp.
 ​ ​ ​ ​ 73,300 ​ ​ ​ ​ ​ 8,208,867 ​ ​
Williams Companies, Inc.
 ​ ​ ​ ​ 491,750 ​ ​ ​ ​ ​ 19,163,498 ​ ​
​ ​ ​ ​ ​ 51,164,791 ​ ​
Materials — 19.2%
 ​
Chemicals — 13.5%
 ​
Air Products and Chemicals, Inc.
 ​ ​ ​ ​ 21,700 ​ ​ ​ ​ ​ 5,257,259 ​ ​
Albemarle Corporation
 ​ ​ ​ ​ 7,200 ​ ​ ​ ​ ​ 948,528 ​ ​
Celanese Corporation
 ​ ​ ​ ​ 35,777 ​ ​ ​ ​ ​ 6,148,635 ​ ​
CF Industries Holdings, Inc.
 ​ ​ ​ ​ 13,369 ​ ​ ​ ​ ​ 1,112,435 ​ ​
Corteva Inc.
 ​ ​ ​ ​ 93,145 ​ ​ ​ ​ ​ 5,371,672 ​ ​
Dow, Inc.
 ​ ​ ​ ​ 63,945 ​ ​ ​ ​ ​ 3,704,334 ​ ​
DuPont de Nemours, Inc.
 ​ ​ ​ ​ 33,526 ​ ​ ​ ​ ​ 2,570,438 ​ ​
Eastman Chemical Company
 ​ ​ ​ ​ 7,700 ​ ​ ​ ​ ​ 771,694 ​ ​
Ecolab Inc.
 ​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 11,545,000 ​ ​
FMC Corporation
 ​ ​ ​ ​ 7,255 ​ ​ ​ ​ ​ 462,144 ​ ​
International Flavors & Fragrances Inc.
 ​ ​ ​ ​ 21,006 ​ ​ ​ ​ ​ 1,806,306 ​ ​
Linde plc
 ​ ​ ​ ​ 71,000 ​ ​ ​ ​ ​ 32,966,720 ​ ​
LyondellBasell Industries N.V.
 ​ ​ ​ ​ 68,700 ​ ​ ​ ​ ​ 7,026,636 ​ ​
Mosaic Company
 ​ ​ ​ ​ 21,201 ​ ​ ​ ​ ​ 688,184 ​ ​
PPG Industries, Inc.
 ​ ​ ​ ​ 55,000 ​ ​ ​ ​ ​ 7,969,500 ​ ​
Sherwin-Williams Company
 ​ ​ ​ ​ 23,100 ​ ​ ​ ​ ​ 8,023,323 ​ ​
​ ​ ​ ​ ​ 96,372,808 ​ ​
Construction Materials — 1.7%
 ​
Martin Marietta Materials, Inc.
 ​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 3,069,700 ​ ​
Vulcan Materials Company
 ​ ​ ​ ​ 32,100 ​ ​ ​ ​ ​ 8,760,732 ​ ​
​ ​ ​ ​ ​ 11,830,432 ​ ​
Containers & Packaging — 0.9%
 ​
Amcor plc
 ​ ​ ​ ​ 92,400 ​ ​ ​ ​ ​ 878,724 ​ ​
Avery Dennison Corporation
 ​ ​ ​ ​ 5,500 ​ ​ ​ ​ ​ 1,227,875 ​ ​
Ball Corporation
 ​ ​ ​ ​ 23,300 ​ ​ ​ ​ ​ 1,569,488 ​ ​
International Paper Company
 ​ ​ ​ ​ 21,500 ​ ​ ​ ​ ​ 838,930 ​ ​
Packaging Corporation of America
 ​ ​ ​ ​ 5,900 ​ ​ ​ ​ ​ 1,119,702 ​ ​
WestRock Company
 ​ ​ ​ ​ 15,400 ​ ​ ​ ​ ​ 761,530 ​ ​
​ ​ ​ ​ ​ 6,396,249 ​ ​
Metals & Mining — 3.1%
 ​
Freeport-McMoRan, Inc.
 ​ ​ ​ ​ 256,300 ​ ​ ​ ​ ​ 12,051,226 ​ ​
Newmont Corporation
 ​ ​ ​ ​ 107,100 ​ ​ ​ ​ ​ 3,838,464 ​ ​
Nucor Corporation
 ​ ​ ​ ​ 22,600 ​ ​ ​ ​ ​ 4,472,540 ​ ​
Steel Dynamics, Inc.
 ​ ​ ​ ​ 12,526 ​ ​ ​ ​ ​ 1,856,729 ​ ​
​ ​ ​ ​ ​ 22,218,959 ​ ​
Total Common Stocks ​
(Cost $476,056,749)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 709,146,122 ​ ​
6​
​
Schedule of Investments (continued)
​
March 31, 2024
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Short-Term Investments — 0.5% ​
Money Market Funds — 0.5%
 ​
Morgan Stanley Institutional Liquidity Funds
Prime Portfolio, 5.38% (c)
 ​ ​ ​ ​ 2,900,659 ​ ​ ​ ​ $ 2,900,949 ​ ​
Northern Institutional Treasury Premier
Portfolio, 5.15% (c)
 ​ ​ ​ ​ 517,842 ​ ​ ​ ​ ​ 517,842 ​ ​
Total Short-Term Investments ​
(Cost $3,419,371)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,418,791 ​ ​
Total — 100.0% of Net Assets ​
(Cost $479,476,120)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 712,564,913 ​ ​
Other Assets Less Liabilities — 0.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 143,896 ​ ​
Net Assets — 100.0%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 712,708,809 ​ ​
​
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
​ ​ Avery Dennison Corporation (15,500 shares) ​ ​
4/16/2025
 ​ ​ ​ $ 3,356,530 ​ ​ ​ ​ $ 93,428 ​ ​ ​ ​ $ — ​ ​
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
(37,100 shares)
 ​ ​
4/16/2025
 ​ ​ ​ ​ (3,349,926) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (99,718) ​ ​
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
​ ​ HF Sinclair Corporation
(59,100 shares) 		​ ​
4/30/2025
 ​ ​ ​ ​ 3,515,002 ​ ​ ​ ​ ​ 50,566 ​ ​ ​ ​ ​    — ​ ​
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
​ ​ Energy Select
Sector SPDR Fund
(37,800 shares)
 ​ ​
4/30/2025
 ​ ​ ​ ​ (3,514,614) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​   (52,175) ​ ​
Gross unrealized gain (loss) on open total return swap agreements ​ ​ ​ $ 143,994 ​ ​ ​ ​ $ (151,893) ​ ​
Net unrealized loss on open total return swap agreements (d) ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (7,899) ​ ​
​
(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.​
7
Adams Natural Resources (NYSE:PEO)
Gráfica de Acción Histórica
De May 2024 a Jun 2024 Haga Click aquí para más Gráficas Adams Natural Resources.
Adams Natural Resources (NYSE:PEO)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024 Haga Click aquí para más Gráficas Adams Natural Resources.