PEO - Adams Natural Resources Fund

What this means for you

Saba has told the regulator it may push for changes at this fund. That usually means asking the fund to buy back shares at close to the full value of its holdings, to change who runs it, or to close down and pay holders out.

Nothing is required of you now. If the fund itself announces a buy-back or a vote, it appears in the box above with the date by which you would need to act.

Large investors can also sell down and walk away. We show every notice they file, the day it is filed.

Email me if this changes

What happened, and when

1. March 30, 2026

   Saba cut its stake to 8.3% (from 10%). It has said it may push for changes.

   Original document →

2. Aug 4, 2025

   Saba cut its stake to 10% (from 11.3%). It has said it may push for changes.

   Original document →

3. Sept 12, 2024

   Saba raised its stake to 11.3% (from 10.3%). It has said it may push for changes.

   Original document →

4. June 21, 2024

   Saba raised its stake to 10.3% (from 9.3%). It has said it may push for changes.

   Original document →

5. May 28, 2024

   Saba raised its stake to 9.3% (from 8.2%). It has said it may push for changes.

   Original document →

About this fund

• Run by Adams Funds. Part of the Adams Funds fund family. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $769 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund does not borrow. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0% a year in management fees; 0.6% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $2.05 a share. $0.56 of that was income; $1.49 came from gains. As of Dec 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $24.09. The shares traded at $21.74, about 9.8% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: down 9.4% over the last three months we have (April-June 2026), before the share price is taken into account. Over the last 12 months: +25.7%. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• How the holdings did over the fiscal year (ended Dec 31, 2025): the value of the holdings returned +9.4%. How the share price did: the shares returned +9.9% over the same year, counting payouts and the change in the market price. As of Dec 31, 2025, from the fund's annual report. Original document →
• Shares outstanding: 27.5 million. As of Dec 31, 2025, from the fund's annual report. Original document →
• First reported to the regulator in 1996.

What the fund holds

Almost all shares (99%). About 92% issued in the U.S.

1. Exxon Mobil Corporation - 23.9%
2. Chevron Corporation - 12.6%
3. ConocoPhillips - 6%
4. Williams Companies, Inc. - 4.1%
5. Valero Energy Corporation - 3.8%
6. Linde plc - 3.6%
7. SLB Ltd. - 3.3%
8. Targa Resources Corp. - 3.2%
9. Phillips 66 - 3.1%
10. Marathon Petroleum Corporation - 2.7%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →