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

SecurityPEO / Adams Natural Resources Fund, Inc.
InstitutionMorgan Stanley
Latest Disclosed Ownership1,274,212 shares
Latest Disclosed Value $ 35,423,110
Morgan Stanley reports 30.24% increase in ownership of PEO / Adams Natural Resources Fund, Inc.

On May 15, 2026 - Morgan Stanley filed a 13F-HR form disclosing ownership of 1,274,212 shares of Adams Natural Resources Fund, Inc. (US:PEO) valued at $35,423,094 USD as of March 31, 2026. The entity filed a previous 13F-HR/A on May 27, 2026 disclosing 978,343 shares of Adams Natural Resources Fund, Inc.. This represents a change in shares of 30.24% during the quarter. The current value of the position is $33,817,586 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)
2026-05-15 2026-03-31 13F ADAM NAT RES FD COM 00548F105 1,274,212 295,869 30.24 35,423 66.55 0.0021
2026-05-27 2025-12-31 13F/A-1 ADAM NAT RES FD COM 00548F105 978,343 63,180 6.90 21,269 8.00 0.0013
2026-02-13 2025-12-31 13F ADAM NAT RES FD COM 00548F105 978,343 63,180 21,269 0.0013
2026-05-27 2025-09-30 13F/A-1 ADAM NAT RES FD COM 00548F105 915,163 120,838 15.21 19,694 16.02 0.0012
2025-11-14 2025-09-30 13F ADAM NAT RES FD COM 00548F105 915,163 120,838 19,694 0.0012
2025-08-15 2025-06-30 13F ADAM NAT RES FD COM 00548F105 794,325 98,244 14.11 16,975 6.91 0.0011
2025-05-15 2025-03-31 13F ADAM NAT RES FD COM 00548F105 696,081 29,503 4.43 15,878 9.56 0.0011
2025-05-15 2024-12-31 13F/A-1 ADAM NAT RES FD COM 00548F105 666,578 -44,043 -6.20 14,491 -12.18 0.0010
2025-02-14 2024-12-31 13F ADAM NAT RES FD COM 00548F105 666,578 -44,043 14,491 0.0010
2025-05-14 2024-09-30 13F/A-2 ADAM NAT RES FD COM 00548F105 710,621 36,256 5.38 16,501 3.64 0.0012
2025-02-14 2024-09-30 13F/A-1 ADAM NAT RES FD COM 00548F105 710,621 36,256 16,501 0.0012
2024-11-14 2024-09-30 13F ADAM NAT RES FD COM 00548F105 710,621 36,256 16,501 0.0001
2025-05-14 2024-06-30 13F/A-2 ADAM NAT RES FD COM 00548F105 674,365 10,272 1.55 15,922 3.97 0.0012
2024-10-17 2024-06-30 13F/A-1 ADAM NAT RES FD COM 00548F105 674,365 10,272 15,922 0.0012
2024-08-14 2024-06-30 13F ADAM NAT RES FD COM 00548F105 674,365 10,272 15,922 0.0012
2024-10-17 2024-03-31 13F/A-2 ADAM NAT RES FD COM 00548F105 664,093 25,624 4.01 15,314 16.26 0.0012
2024-08-16 2024-03-31 13F/A-1 ADAM NAT RES FD COM 00548F105 664,093 25,624 15,314 0.0001
2024-05-15 2024-03-31 13F ADAM NAT RES FD COM 00548F105 664,093 25,624 15,314 0.0012
2024-08-16 2023-12-31 13F/A-1 ADAM NAT RES FD COM 00548F105 638,469 -44,688 -6.54 13,172 -16.61 0.0012
2024-02-13 2023-12-31 13F ADAM NAT RES FD COM 00548F105 638,469 -44,688 13,172 0.0012
2023-11-15 2023-09-30 13F ADAM NAT RES FD COM 00548F105 683,157 -39,855 -5.51 15,795 4.92 0.0016
2023-08-14 2023-06-30 13F ADAM NAT RES FD COM 00548F105 723,012 104,071 16.81 15,053 18.29 0.0015
2023-05-15 2023-03-31 13F ADAM NAT RES FD COM 00548F105 618,941 128,510 26.20 12,725 19.03 0.0014
2023-02-14 2022-12-31 13F ADAM NAT RES FD COM 00548F105 490,431 270,399 122.89 10,691 149.67 0.0012
2022-11-14 2022-09-30 13F ADAM NAT RES FD COM 00548F105 220,032 -45,297 -17.07 4,282 -17.11 0.0006
2022-10-27 2022-06-30 13F/A-1 ADAM NAT RES FD COM 00548F105 265,329 -97,766 -26.93 5,166 -32.03 0.0007
2022-08-15 2022-06-30 13F ADAM NAT RES FD COM 00548F105 265,329 -97,766 5,166 0.0001
2022-10-27 2022-03-31 13F/A-1 ADAM NAT RES FD COM 00548F105 363,095 37,739 11.60 7,600 41.40 0.0010
2022-05-13 2022-03-31 13F ADAM NAT RES FD COM 00548F105 363,095 37,739 7,600 0.0010
2022-02-14 2021-12-31 13F ADAM NAT RES FD COM 00548F105 325,356 7,839 2.47 5,375 7.89 0.0007
2021-11-15 2021-09-30 13F ADAM NAT RES FD COM 00548F105 317,517 37,053 13.21 4,982 9.66 0.0007
2021-08-23 2021-06-30 13F/A-1 ADAM NAT RES FD COM 00548F105 280,464 1,717 0.62 4,543 10.80 0.0006
2021-08-16 2021-06-30 13F ADAM NAT RES FD COM 00548F105 280,464 1,717 4,543 0.0001
2021-05-17 2021-03-31 13F ADAM NAT RES FD COM 00548F105 278,747 1,016 0.37 4,100 29.83 0.0006
2021-02-16 2020-12-31 13F ADAM NAT RES FD COM 00548F105 277,731 -17,917 -6.06 3,158 9.24 0.0005
2020-11-13 2020-09-30 13F ADAM NAT RES FD COM 00548F105 295,648 -5,163 -1.72 2,891 -15.39 0.0006
2020-08-14 2020-06-30 13F ADAM NAT RES FD COM 00548F105 300,811 -5,663 -1.85 3,417 34.47 0.0008
2020-05-26 2020-03-31 13F/A-1 ADAM NAT RES FD COM 00548F105 306,474 -15,195 -4.72 2,541 -52.01 0.0007
2020-05-15 2020-03-31 13F ADAM NAT RES FD COM 00548F105 306,474 -15,195 2,541 195.2018
2020-02-14 2019-12-31 13F ADAM NAT RES FD COM 00548F105 321,669 -32,764 -9.24 5,295 -5.63 0.0012
2019-11-14 2019-09-30 13F ADAM NAT RES FD COM 00548F105 354,433 -28,726 -7.50 5,611 -11.46 0.0015
2019-08-14 2019-06-30 13F ADAM NAT RES FD COM 00548F105 383,159 -9,398 -2.39 6,337 -3.74 0.0017
2019-05-15 2019-03-31 13F ADAM NAT RES FD COM 00548F105 392,557 3,026 0.78 6,583 16.00 0.0019
2019-02-14 2018-12-31 13F ADAM NAT RES FD COM 00548F105 389,531 -128,929 -24.87 5,675 -45.11 0.0017
2019-04-23 2018-09-30 13F/A-2 ADAM NAT RES FD COM 00548F105 518,460 4,078 0.79 10,338 0.04 0.0026
2018-11-20 2018-09-30 13F/A-1 ADAM NAT RES FD COM 00548F105 518,460 0 10,338 0.0026
2018-11-14 2018-09-30 13F ADAM NAT RES FD COM 00548F105 518,460 4,078 10,338
2019-04-23 2018-06-30 13F/A-1 ADAM NAT RES FD COM 00548F105 514,382 57,122 12.49 10,334 24.10 0.0028
2018-08-14 2018-06-30 13F ADAM NAT RES FD COM 00548F105 514,382 57,122 10,334
2019-04-23 2018-03-31 13F/A-1 ADAM NAT RES FD COM 00548F105 457,260 155,466 51.51 8,327 39.06 0.0023
2018-05-14 2018-03-31 13F ADAM NAT RES FD COM 00548F105 457,260 155,466 8,327
2019-04-23 2017-12-31 13F/A-1 ADAM NAT RES FD COM 00548F105 301,794 49,509 19.62 5,988 20.77 0.0016
2018-02-14 2017-12-31 13F ADAM NAT RES FD COM 00548F105 301,794 49,509 5,988
2017-11-14 2017-09-30 13F ADAM NAT RES FD COM 00548F105 252,285 7,203 2.94 4,958 8.18 0.0015
2017-08-11 2017-06-30 13F ADAM NAT RES FD COM 00548F105 245,082 -21,901 -8.20 4,583 -11.61 0.0014
2017-05-22 2017-03-31 13F/A-1 ADAM NAT RES FD COM 00548F105 266,983 17,954 7.21 5,185 3.23 0.0016
2017-05-12 2017-03-31 13F ADAM NAT RES FD COM 00548F105 266,983 5,185
2017-02-22 2016-12-31 13F/A-1 ADAM NAT RES FD COM 00548F105 249,029 -15,607 -5.90 5,023 -4.78 0.0016
2017-02-13 2016-12-31 13F ADAM NAT RES FD COM 00548F105 249,029 5,023
2016-11-10 2016-09-30 13F ADAM NAT RES FD COM 00548F105 264,636 8,440 3.29 5,275 2.39 0.0018
2016-08-12 2016-06-30 13F ADAM NAT RES FD COM 00548F105 256,196 -22,543 -8.09 5,152 2.73 0.0019
2016-05-12 2016-03-31 13F ADAM NAT RES FD COM 00548F105 278,739 -45,672 -14.08 5,015 -12.87 0.0019
2016-02-09 2015-12-31 13F ADAM NAT RES FD COM 00548F105 324,411 63,022 24.11 5,756 21.28 0.0021
2016-02-08 2015-09-30 13F/A-1 ADAM NAT RES FD COM 00548F105 261,389 -36,094 -12.13 4,746 -28.55 0.0018
2015-11-09 2015-09-30 13F ADAM NAT RES FD COM 00548F105 261,389 4,746
2015-08-12 2015-06-30 13F ADAM NAT RES FD COM 00548F105 297,483 -19,458 -6.14 6,642 -9.47 0.0023
2015-05-14 2015-03-31 13F ADAM NAT RES FD COM 00548F105 316,941 316,941 7,337 0.0027
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.