Adams Natural Resources Fund Reports Nine Month Results - Seite 2

The Fund’s net asset value at September 30, 2023, compared with the year earlier, was:

	9/30/2023		9/30/2022
Net assets	$	678,249,981	$	552,664,703
Shares outstanding		25,024,860		24,485,314
Net asset value per share	$	27.10	$	22.57

TEN LARGEST EQUITY PORTFOLIO HOLDINGS (9/30/2023)

	% of Net Assets
Exxon Mobil Corporation	23.3	%
Chevron Corporation	13.5	%
ConocoPhillips	7.4	%
Schlumberger N.V.	4.1	%
Marathon Petroleum Corporation	3.9	%
Linde plc	3.7	%
Pioneer Natural Resources Company	3.3	%
Phillips 66	3.2	%
Hess Corporation	2.8	%
EOG Resources, Inc.	2.5	%
Total	67.7	%

INDUSTRY WEIGHTINGS (9/30/2023)

	% of Net Assets
Energy
Integrated Oil & Gas	37.6	%
Exploration & Production	23.8	%
Refining & Marketing	8.9	%
Equipment & Services	7.6	%
Storage & Transportation	5.1	%
Materials
Chemicals	12.0	%
Metals & Mining	2.1	%
Construction Materials	1.2	%
Containers & Packaging	0.9	%

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