Adams Natural Resources Fund, Inc.
US ˙ NYSE ˙ US00548F1057

SecurityPEO / Adams Natural Resources Fund, Inc.
InstitutionKovack Advisors, Inc.
Latest Disclosed Ownership24,152 shares
Latest Disclosed Value $ 641,304
Kovack Advisors, Inc. reports 1.86% increase in ownership of PEO / Adams Natural Resources Fund, Inc.

On May 12, 2026 - Kovack Advisors, Inc. filed a 13F-HR form disclosing ownership of 24,152 shares of Adams Natural Resources Fund, Inc. (US:PEO) valued at $671,426 USD as of March 31, 2026. The entity filed a previous 13F-HR/A on February 17, 2026 disclosing 23,712 shares of Adams Natural Resources Fund, Inc.. This represents a change in shares of 1.86% during the quarter. The current value of the position is $640,994 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-12 2026-03-31 13F ADAM NAT RES FD COM 00548F105 24,152 440 1.86 641 24.47 0.0342
2026-02-17 2025-12-31 13F/A-1 ADAM NAT RES FD COM 00548F105 23,712 1,258 5.60 515 6.63 0.0240
2026-02-12 2025-12-31 13F ADAM NAT RES FD COM 00548F105 23,712 1,258 511 0.0391
2025-11-10 2025-09-30 13F ADAM NAT RES FD COM 00548F105 22,454 -3,004 -11.80 483 -11.21 0.0455
2025-08-04 2025-06-30 13F ADAM NAT RES FD COM 00548F105 25,458 616 2.48 544 -3.89 0.0533
2025-05-06 2025-03-31 13F ADAM NAT RES FD COM 00548F105 24,842 2,102 9.24 567 14.57 0.0600
2025-02-05 2024-12-31 13F ADAM NAT RES FD COM 00548F105 22,740 991 4.56 494 -2.18 0.0485
2024-11-05 2024-09-30 13F ADAM NAT RES FD COM 00548F105 21,749 -1,216 -5.30 505 -6.83 0.0535
2024-08-05 2024-06-30 13F ADAM NAT RES FD COM 00548F105 22,965 0 0.00 542 2.46 0.0597
2024-04-19 2024-03-31 13F ADAM NAT RES FD COM 00548F105 22,965 -1,117 -4.64 530 6.65 0.0641
2024-02-02 2023-12-31 13F ADAM NAT RES FD COM 00548F105 24,082 1,191 5.20 497 -6.24 0.0590
2023-10-19 2023-09-30 13F ADAM NAT RES FD COM 00548F105 22,891 -2,731 -10.66 529 -0.75 0.0738
2023-07-21 2023-06-30 13F ADAM NAT RES FD COM 00548F105 25,622 0 0.00 533 1.33 0.0684
2023-04-21 2023-03-31 13F ADAM NAT RES FD COM 00548F105 25,622 -2,913 -10.21 527 -15.43 0.0718
2023-02-22 2022-12-31 13F ADAMS NATURAL RESOURCES CF CF 00548F105 28,535 -720 -2.46 622 9.31 0.0909
2022-11-14 2022-09-30 13F ADAMS NATURAL RESOURCES CF CF 00548F105 29,255 0 0.00 569 -0.18 0.0836
2022-08-10 2022-06-30 13F ADAMS NATURAL RESOURCES CF CF 00548F105 29,255 8,536 41.20 570 31.64 0.0752
2022-05-16 2022-03-31 13F ADAMS NATURAL RESOURCES CF ORD 00548F105 20,719 -1,036 -4.76 433 20.61 0.0445
2022-01-18 2021-12-31 13F ADAMS NATURAL RESOURCES CF CF 00548F105 21,755 -243 -1.10 359 4.06 0.0347
2021-11-03 2021-09-30 13F ADAMS NATURAL RESOURCES CF CF 00548F105 21,998 -2,036 -8.47 345 -11.31 0.0375
2021-07-29 2021-06-30 13F ADAMS NATURAL RESOURCES CF CF 00548F105 24,034 24,034 389 0.0443
2019-08-14 2019-06-30 13F ADAM NAT RES FD INC COM COM 00548F105 0 -24,014 -100.00 0 -100.00
2019-05-03 2019-03-31 13F ADAM NAT RES FD INC COM COM 00548F105 24,014 12,448 107.63 403 138.46 0.1005
2019-02-06 2018-12-31 13F ADAM NAT RES FD INC COM COM 00548F105 11,566 11,566 169 0.0494
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.