FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-02736
ADAMS NATURAL RESOURCES FUND, INC.
(Exact name of registrant as specified in charter)
500 East Pratt Street, Suite 1300, Baltimore, Maryland 21202
(Address of principal executive offices)
Janis F. Kerns
Adams Natural Resources Fund, Inc.
500 East Pratt Street, Suite 1300
Baltimore, Maryland 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 752-5900
Date of fiscal year end: December 31
Date of reporting period: June 30, 2021
Item 1. Reports to Stockholders.
| | |
Market Value
|
| |
Percent of
Net Assets |
| ||||||
Exxon Mobil Corporation | | | | $ | 79,173,600 | | | | | | 17.8% | | |
Chevron Corporation | | | | | 58,779,145 | | | | | | 13.2 | | |
ConocoPhillips | | | | | 30,238,433 | | | | | | 6.8 | | |
Schlumberger N.V. | | | | | 17,493,465 | | | | | | 3.9 | | |
Marathon Petroleum Corporation | | | | | 16,191,654 | | | | | | 3.6 | | |
Linde plc | | | | | 16,131,780 | | | | | | 3.6 | | |
EOG Resources, Inc. | | | | | 14,293,272 | | | | | | 3.2 | | |
Valero Energy Corporation | | | | | 13,297,024 | | | | | | 3.0 | | |
Hess Corporation | | | | | 11,124,568 | | | | | | 2.5 | | |
Phillips 66 | | | | | 10,141,778 | | | | | | 2.3 | | |
| | | | $ | 266,864,719 | | | | | | 59.9% | | |
|
Assets
|
| | | | | | | | | | | | |
| Investments at value*: | | | | | | | | | | | | | |
|
Common stocks (cost $440,320,901)
|
| | | $ | 443,344,290 | | | | | | | | |
|
Short-term investments (cost $3,245,995)
|
| | | | 3,245,995 | | | | | $ | 446,590,285 | | |
| Cash | | | | | | | | | | | 150,692 | | |
| Dividends receivable | | | | | | | | | | | 230,896 | | |
| Prepaid expenses and other assets | | | | | | | | | | | 1,633,210 | | |
|
Total Assets
|
| | | | | | | | | | 448,605,083 | | |
| | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | | |
|
Net unrealized loss on open total return swap
agreements* (note 4) |
| | | | | | | | | | 23,332 | | |
| Due to officers and directors (note 8) | | | | | | | | | | | 966,051 | | |
| Accrued expenses and other liabilities | | | | | | | | | | | 1,786,581 | | |
|
Total Liabilities
|
| | | | | | | | | | 2,775,964 | | |
|
Net Assets
|
| | | | | | | | | $ | 445,829,119 | | |
| | | | | | | | | | | | | | |
| Net Assets | | | | | | | | | | | | | |
|
Common Stock at par value $0.001 per share, authorized
50,000,000 shares; issued and outstanding 24,084,879 shares (includes 17,421 deferred stock units) (note 7) |
| | | | | | | | | $ | 24,085 | | |
| Additional capital surplus | | | | | | | | | | | 440,221,961 | | |
| Total distributable earnings (loss) | | | | | | | | | | | 5,583,073 | | |
|
Net Assets Applicable to Common Stock
|
| | | | | | | | | $ | 445,829,119 | | |
|
Net Asset Value Per Share of Common Stock
|
| | | | | | | | | $ | 18.51 | | |
| Investment Income | | | | | | ||
|
Income:
|
| | | | | ||
|
Dividends (net of $4,991 in foreign taxes)
|
| | | $ | 7,603,006 | ||
|
Other income
|
| | | | 132,775 | ||
|
Total Income
|
| | | | 7,735,781 | ||
|
Expenses:
|
| | | | | ||
|
Investment research compensation and benefits
|
| | | | 1,345,581 | ||
|
Administration and operations compensation and benefits
|
| | | | 343,974 | ||
|
Occupancy and other office expenses
|
| | | | 62,663 | ||
|
Investment data services
|
| | | | 62,039 | ||
|
Directors’ compensation
|
| | | | 263,667 | ||
|
Shareholder reports and communications
|
| | | | 83,878 | ||
|
Transfer agent, custody, and listing fees
|
| | | | 64,383 | ||
|
Accounting, recordkeeping and other professional fees
|
| | | | 35,608 | ||
|
Insurance
|
| | | | 13,504 | ||
|
Audit and tax services
|
| | | | 57,761 | ||
|
Legal services
|
| | | | 3,511 | ||
|
Total Expenses
|
| | | | 2,336,569 | ||
|
Net Investment Income
|
| | | | 5,399,212 | ||
| | | | | | | ||
| Realized Gain (Loss) and Change in Unrealized Appreciation | | | | | | ||
|
Net realized gain (loss) on investments
|
| | | | 7,218,572 | ||
|
Change in unrealized appreciation on investments
|
| | | | 106,586,749 | ||
|
Change in unrealized appreciation on total return swap agreements
|
| | | | (23,332 | ) | |
|
Net Gain (Loss)
|
| | |
|
113,781,989
|
||
| Change in Net Assets from Operations | | | |
$
|
119,181,201
|
| | |
(unaudited)
Six Months Ended June 30, 2021 |
| |
Year Ended
December 31, 2020 |
| ||||||
From Operations: | | | | | | | | | | | | | |
Net investment income
|
| | | $ | 5,399,212 | | | | | $ | 12,339,059 | | |
Net realized gain (loss)
|
| | | | 7,218,572 | | | | | | 1,704,028 | | |
Change in unrealized appreciation
|
| | | | 106,563,417 | | | | | | (156,043,175) | | |
Change in Net Assets from Operations
|
| | | | 119,181,201 | | | | | | (142,000,088) | | |
| | | | | | | | | | | | | |
Distributions to Shareholders from: | | | | | | | | | | | | | |
Total distributable earnings
|
| | | | (4,818,051) | | | | | | (19,186,921) | | |
| | | | | | | | | | | | | |
From Capital Share Transactions: | | | | | | | | | | | | | |
Value of shares issued in payment of dividends (note 5)
|
| | | | 2,500 | | | | | | 4,282,275 | | |
Cost of shares purchased (note 5)
|
| | | | (478,299) | | | | | | (72,622,255) | | |
Change in Net Assets from Capital Share Transactions
|
| | | | (475,799) | | | | | | (68,339,980) | | |
Total Change in Net Assets
|
| | | | 113,887,351 | | | | | | (229,526,989) | | |
| | | | | | | | | | | | | |
Net Assets: | | | | | | | | | | | | | |
Beginning of period
|
| | | | 331,941,768 | | | | | | 561,468,757 | | |
End of period
|
| | | $ | 445,829,119 | | | | | $ | 331,941,768 | | |
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | ||
Common stocks | | | | $ | 443,344,290 | | | | | $ | — | | | | | $ | — | | | | | $ | 443,344,290 | ||
Short-term investments | | | | | 3,245,995 | | | | | | — | | | | | | — | | | | | | 3,245,995 | ||
Total investments | | | | $ | 446,590,285 | | | | | $ | — | | | | | $ | — | | | | | $ | 446,590,285 | ||
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | ||
Total return swap agreements*
|
| | | $ | — | | | | | $ | (23,332) | | | | | $ | — | | | | | $ | (23,332 | ) |
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||
| | |
Six months
ended June 30, 2021 |
| |
Year ended
December 31, 2020 |
| |
Six months
ended June 30, 2021 |
| |
Year ended
December 31, 2020 |
| ||||||||||||
Shares issued in payment of distributions
|
| | | | 165 | | | | | | 362,154 | | | | | $ | 2,500 | | | | | $ | 4,282,275 | ||
Shares purchased in tender
offer (at a weighted average discount from net asset value of 5.0% in 2020) |
| | | | — | | | | | | (5,955,676) | | | | | | — | | | | | | (71,170,328 | ) | |
Shares purchased (at a weighted average discount from net asset value of 15.6% and 17.0%, respectively)
|
| | | | (37,000) | | | | | | (159,342) | | | | | | (478,299) | | | | | | (1,451,927 | ) | |
Net change | | | | | (36,835) | | | | | | (5,752,864) | | | | | $ | 475,799 | | | | | $ | (68,339,980 | ) |
Awards
|
| |
Units
|
| |
Weighted Average
Grant-Date Fair Value |
| ||||||
Balance at December 31, 2020 | | | | | 17,256 | | | | | $ | 26.68 | | |
Reinvested dividend equivalents | | | | | 165 | | | | | | 15.10 | | |
Balance at June 30, 2021 | | | | | 17,421 | | | | | $ | 26.57 | | |
| | |
(unaudited)
Six Months Ended |
| | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||
| | |
June 30,
2021 |
| |
June 30,
2020 |
| |
Year Ended December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||||||||||||||
Per Share Operating Performance
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period
|
| | | | $13.76 | | | | | | $18.79 | | | | | | $18.79 | | | | | | $17.71 | | | | | | $23.26 | | | | | | $24.02 | | | | | | $20.74 | | |
Net investment income
|
| | | | 0.22 | | | | | | 0.23 | | | | | | 0.45 | | | | | | 0.80 (a) | | | | | | 0.42 | | | | | | 0.46 | | | | | | 0.41 | | |
Net realized gain (loss) and change in unrealized appreciation
|
| | | | 4.73 | | | | | | (5.84) | | | | | | (4.85) | | | | | | 1.41 | | | | | | (4.77) | | | | | | 0.02 | | | | | | 4.07 | | |
Total from operations | | | | | 4.95 | | | | | | (5.61) | | | | | | (4.40) | | | | | | 2.21 | | | | | | (4.35) | | | | | | 0.48 | | | | | | 4.48 | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income
|
| | | | (0.17) | | | | | | (0.17) | | | | | | (0.47) | | | | | | (0.78) | | | | | | (0.45) | | | | | | (0.46) | | | | | | (0.41) | | |
Net realized gain
|
| | | | (0.03) | | | | | | (0.03) | | | | | | (0.26) | | | | | | (0.32) | | | | | | (0.40) | | | | | | (0.72) | | | | | | (0.73) | | |
Return of capital
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.32) | | | | | | — | | | | | | — | | |
Total distributions | | | | | (0.20) | | | | | | (0.20) | | | | | | (0.73) | | | | | | (1.10) | | | | | | (1.17) | | | | | | (1.18) | | | | | | (1.14) | | |
Capital share repurchases (note 5)
|
| | | | — | | | | | | 0.01 | | | | | | 0.14 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Reinvestment of distributions
|
| | | | — | | | | | | — | | | | | | (0.04) | | | | | | (0.03) | | | | | | (0.03) | | | | | | (0.06) | | | | | | (0.06) | | |
Total capital share transactions | | | | | — | | | | | | 0.01 | | | | | | 0.10 | | | | | | (0.03) | | | | | | (0.03) | | | | | | (0.06) | | | | | | (0.06) | | |
Net asset value, end of period
|
| | | | $18.51 | | | | | | $12.99 | | | | | | $13.76 | | | | | | $18.79 | | | | | | $17.71 | | | | | | $23.26 | | | | | | $24.02 | | |
Market price, end of period | | | | | $16.20 | | | | | | $11.36 | | | | | | $11.37 | | | | | | $16.46 | | | | | | $14.57 | | | | | | $19.84 | | | | | | $20.17 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Investment Return (b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on market price
|
| | | | 44.4% | | | | | | -29.8% | | | | | | -26.6% | | | | | | 21.1% | | | | | | -21.4% | | | | | | 4.6% | | | | | | 20.2% | | |
Based on net asset value
|
| | | | 36.3% | | | | | | -29.7% | | | | | | -22.2% | | | | | | 13.7% | | | | | | -18.5% | | | | | | 3.0% | | | | | | 22.5% | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios/Supplemental Data (c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in millions)
|
| | | | $446 | | | | | | $387 | | | | | | $332 | | | | | | $561 | | | | | | $523 | | | | | | $674 | | | | | | $686 | | |
Ratio of expenses to average net
assets |
| | | | 1.19% | | | | | | 1.22% | | | | | | 1.47% | | | | | | 0.97% | | | | | | 0.79% | | | | | | 0.78% | | | | | | 0.82% | | |
Ratio of net investment income to
average net assets |
| | | | 2.75% | | | | | | 3.31% | | | | | | 3.27% | | | | | | 4.18% | | | | | | 1.89% | | | | | | 2.05% | | | | | | 1.85% | | |
Portfolio turnover
|
| | | | 27.9% | | | | | | 34.2% | | | | | | 31.8% | | | | | | 29.5% | | | | | | 47.0% | | | | | | 24.4% | | | | | | 19.0% | | |
Number of shares outstanding at
end of period (in 000’s) |
| | | | 24,085 | | | | | | 29,778 | | | | | | 24,122 | | | | | | 29,875 | | | | | | 29,534 | | | | | | 28,999 | | | | | | 28,555 | | |
| | |
Shares
|
| |
Value (a)
|
| ||||||
Common Stocks — 99.5% | | ||||||||||||
Energy — 74.4%
|
| ||||||||||||
Equipment & Services — 6.2%
|
| ||||||||||||
Baker Hughes Company
|
| | | | 171,900 | | | | | $ | 3,931,353 | | |
Halliburton Company
|
| | | | 224,570 | | | | | | 5,192,058 | | |
National Oilwell Varco, Inc. (b)
|
| | | | 69,900 | | | | | | 1,070,868 | | |
Schlumberger N.V.
|
| | | | 546,500 | | | | | | 17,493,465 | | |
| | | | | 27,687,744 | | | ||||||
Exploration & Production — 21.5%
|
| ||||||||||||
Apache Corporation
|
| | | | 59,700 | | | | | | 1,291,311 | | |
Cabot Oil & Gas Corporation
|
| | | | 102,300 | | | | | | 1,786,158 | | |
Canadian Natural Resources Limited
|
| | | | 32,200 | | | | | | 1,168,216 | | |
ConocoPhillips
|
| | | | 496,526 | | | | | | 30,238,433 | | |
Devon Energy Corporation
|
| | | | 299,600 | | | | | | 8,745,324 | | |
Diamondback Energy, Inc.
|
| | | | 96,800 | | | | | | 9,088,552 | | |
EOG Resources, Inc.
|
| | | | 171,300 | | | | | | 14,293,272 | | |
Hess Corporation
|
| | | | 127,400 | | | | | | 11,124,568 | | |
Marathon Oil Corporation
|
| | | | 196,400 | | | | | | 2,674,968 | | |
Occidental Petroleum Corporation
|
| | | | 190,651 | | | | | | 5,961,657 | | |
Occidental Petroleum Corporation warrants,
strike price $22.00, expires 8/3/27 (b) |
| | | | 43,381 | | | | | | 603,430 | | |
Pioneer Natural Resources Company
|
| | | | 52,700 | | | | | | 8,564,804 | | |
Whiting Petroleum Corporation (b)
|
| | | | 476 | | | | | | 25,966 | | |
Whiting Petroleum Corporation warrants,
strike price $73.44, expires 9/1/24 (b) |
| | | | 2,654 | | | | | | 16,561 | | |
Whiting Petroleum Corporation warrants,
strike price $83.45, expires 9/1/25 (b) |
| | | | 1,327 | | | | | | 7,657 | | |
| | | | | 95,590,877 | | | ||||||
Integrated Oil & Gas — 31.5%
|
| ||||||||||||
Cenovus Energy Inc.
|
| | | | 135,900 | | | | | | 1,301,922 | | |
Chevron Corporation
|
| | | | 561,191 | | | | | | 58,779,145 | | |
Exxon Mobil Corporation
|
| | | | 1,255,130 | | | | | | 79,173,600 | | |
Suncor Energy Inc.
|
| | | | 46,900 | | | | | | 1,124,193 | | |
| | | | 140,378,860 | | | |||||||
Refining & Marketing — 8.9%
|
| ||||||||||||
Marathon Petroleum Corporation
|
| | | | 267,985 | | | | | | 16,191,654 | | |
Phillips 66
|
| | | | 118,175 | | | | | | 10,141,778 | | |
Valero Energy Corporation
|
| | | | 170,300 | | | | | | 13,297,024 | | |
| | | | | 39,630,456 | | | ||||||
Storage & Transportation — 6.3%
|
| ||||||||||||
Kinder Morgan, Inc.
|
| | | | 526,100 | | | | | | 9,590,803 | | |
ONEOK, Inc.
|
| | | | 175,900 | | | | | | 9,787,076 | | |
Williams Companies, Inc.
|
| | | | 324,300 | | | | | | 8,610,165 | | |
| | | | | 27,988,044 | | |
| | |
Shares
|
| |
Value (a)
|
| ||||||
Materials — 25.1%
|
| ||||||||||||
Chemicals — 15.6%
|
| ||||||||||||
Air Products and Chemicals, Inc.
|
| | | | 33,200 | | | | | $ | 9,550,976 | | |
Albemarle Corporation
|
| | | | 9,000 | | | | | | 1,516,140 | | |
Celanese Corporation
|
| | | | 30,000 | | | | | | 4,548,000 | | |
CF Industries Holdings, Inc.
|
| | | | 68,800 | | | | | | 3,539,760 | | |
Corteva Inc.
|
| | | | 66,245 | | | | | | 2,937,966 | | |
Dow, Inc.
|
| | | | 65,745 | | | | | | 4,160,344 | | |
DuPont de Nemours, Inc.
|
| | | | 90,087 | | | | | | 6,973,635 | | |
Eastman Chemical Company
|
| | | | 8,900 | | | | | | 1,039,075 | | |
Ecolab Inc.
|
| | | | 26,300 | | | | | | 5,417,011 | | |
FMC Corporation
|
| | | | 10,500 | | | | | | 1,136,100 | | |
International Flavors & Fragrances Inc.
|
| | | | 21,006 | | | | | | 3,138,296 | | |
Linde plc
|
| | | | 55,800 | | | | | | 16,131,780 | | |
LyondellBasell Industries N.V.
|
| | | | 54,400 | | | | | | 5,596,128 | | |
Mosaic Company
|
| | | | 21,001 | | | | | | 670,142 | | |
PPG Industries, Inc.
|
| | | | 19,700 | | | | | | 3,344,469 | | |
| | | | | 69,699,822 | | | ||||||
Construction Materials — 3.0%
|
| ||||||||||||
Martin Marietta Materials, Inc.
|
| | | | 4,500 | | | | | | 1,583,145 | | |
Sherwin-Williams Company
|
| | | | 36,300 | | | | | | 9,889,935 | | |
Vulcan Materials Company
|
| | | | 9,800 | | | | | | 1,705,886 | | |
| | | | | 13,178,966 | | | ||||||
Containers & Packaging — 2.1%
|
| ||||||||||||
Amcor plc
|
| | | | 125,100 | | | | | | 1,433,646 | | |
Avery Dennison Corporation
|
| | | | 5,500 | | | | | | 1,156,320 | | |
Ball Corporation
|
| | | | 29,100 | | | | | | 2,357,682 | | |
International Paper Company
|
| | | | 28,200 | | | | | | 1,728,942 | | |
Packaging Corporation of America
|
| | | | 7,600 | | | | | | 1,029,192 | | |
Sealed Air Corporation
|
| | | | 9,400 | | | | | | 556,950 | | |
WestRock Company
|
| | | | 22,200 | | | | | | 1,181,484 | | |
| | | | | 9,444,216 | | | ||||||
Metals & Mining — 4.4%
|
| ||||||||||||
Freeport-McMoRan, Inc.
|
| | | | 222,600 | | | | | | 8,260,686 | | |
Newmont Corporation
|
| | | | 117,200 | | | | | | 7,428,136 | | |
Nucor Corporation
|
| | | | 21,100 | | | | | | 2,024,123 | | |
Steel Dynamics, Inc.
|
| | | | 34,100 | | | | | | 2,032,360 | | |
| | | | | 19,745,305 | | | ||||||
Total Common Stocks | | ||||||||||||
(Cost $440,320,901)
|
| | | | | | | | | | 443,344,290 | | |
|
| | |
Shares
|
| |
Value (a)
|
| ||||||
Short-Term Investments — 0.7% | | ||||||||||||
Money Market Funds — 0.7%
|
| ||||||||||||
Northern Institutional Treasury Portfolio, 0.01% (c)
|
| | | | 3,245,995 | | | | | $ | 3,245,995 | ||
(Cost $3,245,995)
|
| | | | | | | | | | 3,245,995 | ||
Total — 100.2% of Net Assets | | ||||||||||||
(Cost $443,566,896)
|
| | | | | | | | | | 446,590,285 | ||
Other Assets Less Liabilities — (0.2)% | | | | | | | | | | | (761,166 | ) | |
Net Assets — 100.0% | | | | | | | | | |
$
|
445,829,119
|
||
|
Description
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Value and
Unrealized Appreciation (Assets) |
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Value and
Unrealized Depreciation (Liabilities) |
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Terms
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Contract
Type |
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Underlying
Security |
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Termination
Date |
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Notional
Amount |
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Receive total return on underlying
security and pay financing amount based on notional amount and daily U.S. Federal Funds rate plus 0.55%. |
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Long
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Chevron Corporation
(21,200 shares)
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7/11/2022
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| | | $ | 2,284,781 | | | | | $ | — | | | | | $ | (65,209) | | |
Pay total return on underlying security and receive financing amount based on notional amount and daily U.S. Federal Funds rate less 0.45%.
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Short
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Energy Select Sector SPDR
Fund (41,100 shares)
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7/11/2022
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| | | | (2,278,268) | | | | | | 41,877 | | | | | | — | | |
Gross unrealized gain (loss) on open total return swap agreements | | | | $ | 41,877 | | | | | $ | (65,209) | | | |||||||||||||||
Net unrealized loss on open total return swap agreements (d) | | | | | | | | | | $ | (23,332) | | |
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Purchases
(Cost) |
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Sales
(Proceeds) |
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Market
Value Held at June 30, 2021 |
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Air Products and Chemicals, Inc. | | | | $ | 1,904,777 | | | | | | | | | | | $ | 9,550,976 | ||
Apache Corporation | | | | | 1,742,677 | | | | | $ | 2,934,743 | | | | | | 1,291,311 | ||
CF Industries Holdings, Inc. | | | | | 3,019,545 | | | | | | 465,757 | | | | | | 3,539,760 | ||
Chevron Corporation | | | | | 3,535,919 | | | | | | 2,473,206 | | | | | | 58,779,145 | ||
Devon Energy Corporation | | | | | 4,182,748 | | | | | | | | | | | | 8,745,324 | ||
Diamondback Energy, Inc. | | | | | 4,972,113 | | | | | | 812,586 | | | | | | 9,088,552 | ||
Energy Select Sector SPDR Fund | | | | | 578,138 | | | | | | 1,758,110 | | | | | | — | ||
Exxon Mobil Corporation | | | | | 767,594 | | | | | | 6,927,374 | | | | | | 79,173,600 | ||
Hess Corporation | | | | | 2,972,101 | | | | | | | | | | | | 11,124,568 | ||
HollyFrontier Corporation | | | | | 564,956 | | | | | | 2,207,881 | | | | | | — | ||
Kinder Morgan, Inc. | | | | | 1,687,747 | | | | | | 2,331,751 | | | | | | 9,590,803 | ||
Marathon Petroleum Corporation | | | | | 4,262,449 | | | | | | 820,322 | | | | | | 16,191,654 | ||
Mosaic Company | | | | | 665,024 | | | | | | 2,580,098 | | | | | | 670,142 | ||
Newmont Corporation | | | | | 1,999,715 | | | | | | | | | | | | 7,428,136 | ||
Occidental Petroleum Corporation | | | | | 233,387 | | | | | | 1,669,840 | | | | | | 5,961,657 | ||
ONEOK, Inc. | | | | | 4,532,958 | | | | | | 1,781,484 | | | | | | 9,787,076 | ||
Phillips 66 | | | | | 1,541,157 | | | | | | 3,362,921 | | | | | | 10,141,778 | ||
Valero Energy Corporation | | | | | 3,890,700 | | | | | | 820,224 | | | | | | 13,297,024 | ||
Vulcan Materials Company | | | | | 3,269,200 | | | | | | 3,522,429 | | | | | | 1,705,886 | ||
Williams Companies, Inc. | | | | | 1,776,089 | | | | | | 2,354,352 | | | | | | 8,610,165 | ||
Baker Hughes Company | | | | | | | | | | | 1,369,813 | | | | | | 3,931,353 | ||
EOG Resources, Inc. | | | | | | | | | | | 2,667,813 | | | | | | 14,293,272 | ||
Halliburton Company | | | | | | | | | | | 1,541,807 | | | | | | 5,192,058 | ||
Linde plc | | | | | | | | | | | 2,607,221 | | | | | | 16,131,780 | ||
National Oilwell Varco, Inc. | | | | | | | | | | | 1,346,725 | | | | | | 1,070,868 | ||
Pioneer Natural Resources Company | | | | | | | | | | | 1,779,626 | | | | | | 8,564,804 | ||
TechnipFMC plc | | | | | | | | | | | 1,694,378 | | | | | | — |
Year
|
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(000’s)
Value Of Net Assets |
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(000’s)
Shares Outstanding |
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Net Asset
Value Per Share |
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Market
Value Per Share |
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Income
Dividends Per Share |
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Capital
Distributions Per Share |
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Return of
Capital Distributions Per Share |
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Total
Dividends and Distributions Per Share |
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Annual
Distribution Rate* |
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2011 | | | | $ | 732,811 | | | | | | 25,641 | | | | | $ | 28.58 | | | | | $ | 24.48 | | | | | $ | .39 | | | | | $ | 1.58 | | | | | $ | — | | | | | $ | 1.97 | | | | | | 7.1% | | |
2012 | | | | | 732,988 | | | | | | 26,326 | | | | | | 27.84 | | | | | | 23.92 | | | | | | .42 | | | | | | 1.18 | | | | | | — | | | | | | 1.60 | | | | | | 6.4 | | |
2013 | | | | | 863,690 | | | | | | 26,775 | | | | | | 32.26 | | | | | | 27.38 | | | | | | .46 | | | | | | 1.42 | | | | | | — | | | | | | 1.88 | | | | | | 7.2 | | |
2014 | | | | | 754,506 | | | | | | 27,381 | | | | | | 27.56 | | | | | | 23.84 | | | | | | .51 | | | | | | 1.38 | | | | | | — | | | | | | 1.89 | | | | | | 6.6 | | |
2015 | | | | | 582,677 | | | | | | 28,097 | | | | | | 20.74 | | | | | | 17.74 | | | | | | .38 | | | | | | 1.00 | | | | | | — | | | | | | 1.38 | | | | | | 6.2 | | |
2016 | | | | | 685,882 | | | | | | 28,555 | | | | | | 24.02 | | | | | | 20.17 | | | | | | .41 | | | | | | .73 | | | | | | — | | | | | | 1.14 | | | | | | 6.1 | | |
2017 | | | | | 674,388 | | | | | | 28,999 | | | | | | 23.26 | | | | | | 19.84 | | | | | | .46 | | | | | | .72 | | | | | | — | | | | | | 1.18 | | | | | | 6.1 | | |
2018 | | | | | 522,997 | | | | | | 29,534 | | | | | | 17.71 | | | | | | 14.57 | | | | | | .45 | | | | | | .40 | | | | | | .32 | | | | | | 1.17 | | | | | | 6.0 | | |
2019 | | | | | 561,469 | | | | | | 29,875 | | | | | | 18.79 | | | | | | 16.46 | | | | | | .78 | | | | | | .32 | | | | | | — | | | | | | 1.10 | | | | | | 6.9 | | |
2020 | | | | | 331,942 | | | | | | 24,122 | | | | | | 13.76 | | | | | | 11.37 | | | | | | .47 | | | | | | .26 | | | | | | — | | | | | | 0.73 | | | | | | 6.1 | | |
June 30, 2021
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| | | | 445,829 | | | | | | 24,085 | | | | | | 18.51 | | | | | | 16.20 | | | | | | .27** | | | | | | .03 | | | | | | — | | | | | | .30** | | | | | | — | | |
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Votes For
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Votes Withheld
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Enrique R. Arzac | | | | | 17,743,413 | | | | | | 738,394 | | |
Kenneth J. Dale | | | | | 17,801,138 | | | | | | 680,669 | | |
Frederic A. Escherich | | | | | 17,796,478 | | | | | | 685,329 | | |
Roger W. Gale | | | | | 17,737,267 | | | | | | 744,540 | | |
Mary Chris Jammet | | | | | 17,823,659 | | | | | | 658,148 | | |
Lauriann C. Kloppenburg | | | | | 17,808,201 | | | | | | 673,606 | | |
Kathleen T. McGahran | | | | | 17,799,533 | | | | | | 682,244 | | |
Mark E. Stoeckle | | | | | 17,811,780 | | | | | | 670,027 | | |
| Enrique R. Arzac (2)(4) | | | Roger W. Gale (2) (3) | | |
Kathleen T. McGahran(1)(5)
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| Kenneth J. Dale(1)(2) (3) | | | Mary Chris Jammet (2) (4) | | |
Mark E. Stoeckle (1)
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Frederic A. Escherich (1) (3) (4)
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Lauriann C. Kloppenburg(1)(3) (4)
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Mark E. Stoeckle
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| | Chief Executive Officer | |
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James P. Haynie, CFA
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| | President | |
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Brian S. Hook, CFA, CPA
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| | Vice President, Chief Financial Officer and Treasurer | |
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Janis F. Kerns
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Vice President, General Counsel, Secretary and Chief Compliance Officer
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| Gregory W. Buckley | | |
Vice President—Research
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| Michael A. Kijesky, CFA | | |
Vice President—Research
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| Michael E. Rega, CFA | | |
Vice President—Research
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| Jeffrey R. Schollaert, CFA | | |
Vice President—Research
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Christine M. Sloan, CPA
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| | Assistant Treasurer and Director of Human Resources | |
Item 2. Code of Ethics.
Item not applicable to semi-annual report.
Item 3. Audit Committee Financial Expert.
Item not applicable to semi-annual report.
Item 4. Principal Accountant Fees and Services.
Item not applicable to semi-annual report.
Item 5. Audit Committee of Listed Registrants.
Item not applicable to semi-annual report.
Item 6. Investments.
(a) This schedule is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Item not applicable to semi-annual report.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Item not applicable to semi-annual report.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Total Number of Shares (or Units) Purchased |
Average Price Paid per Share (or Unit) |
Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs |
Maximum Number of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs | |||||||||||
1/1/ 21-1/31/21 | 26,000 | $ | 12.33 | 26,000 | 1,146,658 | |||||||||
2/1/21-2/28/21 | 10,000 | 14.27 | 10,000 | 1,136,658 | ||||||||||
3/1/21-3/31/21 | 1,000 | 15.03 | 1,000 | 1,135,658 | ||||||||||
4/1/21-4/30/21 | 0 | -- | 0 | 1,135,658 | ||||||||||
5/1/21-5/31/21 | 0 | -- | 0 | 1,135,658 | ||||||||||
6/1/21-6/30/21 | 0 | -- | 0 | 1,135,658 | ||||||||||
Total | 37,000 | $ | 12.93 | 37,000 |
(1) There were no shares purchased other than through a publicly announced plan or program.
(2a) The share repurchase plan was announced on December 11, 2014. On September 22, 2020, the Fund announced an enhanced discount management and liquidity program whereby purchases will occur when fund shares trade at prices below 15% of net asset value for at least 30 consecutive trading days.
(2b) The share amount approved in 2014 was 5% of then-outstanding shares, or 1,332,000 shares.
(2c) The share repurchase plan has no expiration date.
(2d) None.
(2e) None.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Directors made or implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (as required by Item 22(b)(15) of Schedule 14A), or this Item.
Item 11. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing date of this report.
(b) There have been no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 12. Disclosures of Securities Lending Activities for Closed-End Management Investment Companies.
Item not applicable to semi-annual report.
Item 13. Exhibits.
(a) | (1) | Not applicable; see registrant's response to Item 2 above. |
(2) | Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached. | |
(3) | Written solicitation to purchase securities: not applicable. | |
(4) | Change in independent public accountant: not applicable. | |
(b) A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached. |
SIGNATURES | ||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. | ||
Adams Natural Resources Fund, Inc. | ||
By: | /s/ Mark E. Stoeckle | |
Mark E. Stoeckle | ||
Chief Executive Officer | ||
(Principal Executive Officer) | ||
Date: | July 23, 2021 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | ||
By: | /s/ Mark E. Stoeckle | |
Mark E. Stoeckle | ||
Chief Executive Officer | ||
(Principal Executive Officer) | ||
Date: | July 23, 2021 | |
By: | /s/ Brian S. Hook | |
Brian S. Hook | ||
Vice President, Chief Financial Officer & Treasurer | ||
(Principal Financial Officer) | ||
Date: | July 23, 2021 |