ADAM NAT RES FD INC

CUSIP: 00548F105 Class: Equities

Note: Option positions (PUT/CALL) are excluded.

InstitutionSharesValue ($000)
Saba Capital Management, L.P.2,698,250$58,660
ADAMS DIVERSIFIED EQUITY FUND, INC.2,572,684$55,930
MORGAN STANLEY978,343$21,269
ROYAL BANK OF CANADA519,439$11,293
LAZARD ASSET MANAGEMENT LLC508,966$11,065
Penserra Capital Management LLC300,143$7
Pathstone Holdings, LLC253,677$5,515
RAYMOND JAMES FINANCIAL INC226,771$4,930
Basepoint Wealth LLC166,957$3,630
INTREPID FAMILY OFFICE LLC153,379$3,334
COHEN & STEERS, INC.149,985$3
Verition Fund Management LLC149,075$3,241
BANK OF AMERICA CORP /DE/123,166$2,678
BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC115,997$2,522
CAPSTONE INVESTMENT ADVISORS, LLC113,761$2,473
FCA CORP /TX112,487$2,445
CSS LLC/IL99,468$2,162
WHITENER CAPITAL MANAGEMENT, INC.87,546$1,903
Advisors Asset Management, Inc.78,223$1,701
FIRST TRUST ADVISORS LP71,295$1,550
LPL Financial LLC68,135$1,481
D.A. DAVIDSON & CO.67,962$1,478
SPROTT INC.67,520$1,468
UHLMANN PRICE SECURITIES, LLC66,180$1,439
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC60,628$1,334
Uncommon Cents Investing LLC58,884$1,280
NATIONS FINANCIAL GROUP INC, /IA/ /ADV50,090$1,089
WOLVERINE ASSET MANAGEMENT LLC45,551$990
PRINCIPAL SECURITIES, INC.43,243$940
STIFEL FINANCIAL CORP43,181$939
WELLS FARGO & COMPANY/MN42,583$926
JONES FINANCIAL COMPANIES LLLP36,438$792
Wealthcare Advisory Partners LLC36,182$787
ROBERTS GLORE & CO INC /IL/34,100$741
BURNEY CO/33,765$734
Baird Financial Group, Inc.32,397$704
Kestra Advisory Services, LLC31,639$688
HighTower Advisors, LLC31,430$683
UBS Group AG31,272$680
Cambridge Investment Research Advisors, Inc.30,207$1
Concurrent Investment Advisors, LLC29,253$636
COMMONWEALTH EQUITY SERVICES, LLC28,277$615
CULLEN INVESTMENT GROUP, LTD.27,399$614
Cetera Investment Advisers27,010$587
EVOLVE PRIVATE WEALTH, LLC25,333$551
Kovack Advisors, Inc.23,712$515
OSAIC HOLDINGS, INC.22,442$488
Allspring Global Investments Holdings, LLC18,967$412
ALTA CAPITAL MANAGEMENT LLC/16,000$348
PFG Investments, LLC14,750$321
Moors & Cabot, Inc.14,286$311
GUGGENHEIM CAPITAL LLC14,184$308
NewEdge Advisors, LLC14,183$308
MILLENNIUM MANAGEMENT LLC13,310$289
SeaCrest Wealth Management, LLC12,600$273
LEVEL FOUR ADVISORY SERVICES, LLC12,496$272
Vantage Financial Partners, LLC10,301$224
SEARLE & CO.9,874$215
JANE STREET GROUP, LLC9,606$209
JFS WEALTH ADVISORS, LLC9,369$204
CIBC Private Wealth Group, LLC8,091$176
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO4,386$95
JPMORGAN CHASE & CO4,060$88
Farther Finance Advisors, LLC2,930$64
CWM, LLC2,239$0
COMERICA BANK2,174$47
PNC Financial Services Group, Inc.1,950$42
EverSource Wealth Advisors, LLC1,873$41
Geneos Wealth Management Inc.1,870$41
Hilltop National Bank1,695$37
Global Retirement Partners, LLC1,589$35
HIGHLINE WEALTH PARTNERS LLC1,500$33
NBC SECURITIES, INC.1,228$27
LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS LLP/MA1,108$27
ZAZOVE ASSOCIATES LLC950$21
BARRETT & COMPANY, INC.800$17
Parkside Financial Bank & Trust682$15
Pinnacle Wealth Planning Services, Inc.603$13
Cape Investment Advisory, Inc.493$11
Indiana Trust & Investment Management CO472$10
Atlantic Union Bankshares Corp300$7
WPG Advisers, LLC252$5
FIFTH THIRD BANCORP82$2
Total (83 institutions)10,785,678$224,037