[Form 4] Adams Natural Resources Fund, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 – Adams Natural Resources Fund, Inc. (PEO)

10% owners Saba Capital Management, L.P. and Boaz Weinstein disclosed two open-market sales of the fund’s common stock:

• 07/24/2025: 59,983 shares sold at $22.02
• 07/25/2025: 13,627 shares sold at $22.03

Total shares disposed: 73,610 (≈2.6% of their prior position), generating roughly $1.62 million in proceeds. After the transactions, the reporting persons own 2,706,786 shares indirectly, continuing to exceed the 10% ownership threshold. No derivative securities were involved.

The filing represents a modest trim rather than an exit, signalling continued, but slightly reduced, exposure to PEO.

Positive

• Saba Capital continues to hold 2.7 million PEO shares, maintaining its 10%+ ownership and influence.

Negative

• Sale of 73,610 shares by a key insider may be perceived as a slight reduction in confidence.

Insights

Financial Analyst

TL;DR: Minor insider sell; position still large—market impact likely muted.

The sale equals ~2.6% of Saba’s stake and < 1% of PEO’s shares outstanding, so liquidity is unlikely affected. Insider selling can hint at lower conviction, but Saba retains >2.7 million shares, maintaining strategic influence as a 10%+ holder. With no accompanying fundamental data, the transaction alone does not materially alter PEO’s investment thesis.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Saba Capital Management, L.P.

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ADAMS NATURAL RESOURCES FUND, INC. [ PEO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/24/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/24/2025		S		59,983	D	$22.02	2,720,413	I	-
Common Stock	07/25/2025		S		13,627	D	$22.03	2,706,786	I	-

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Saba Capital Management, L.P.

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Weinstein Boaz

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

	Saba Capital Management, L.P. By: Zachary Gindes	07/28/2025
	Boaz Weinstein	07/28/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many PEO shares did Saba Capital sell?

They sold 73,610 shares across two trades on 07/24/2025 and 07/25/2025.

What were the sale prices for the PEO insider transactions?

Shares were sold at $22.02 and $22.03 per share.

How many PEO shares does Saba Capital own after the sale?

Post-transaction beneficial ownership stands at 2,706,786 shares.

Does Saba Capital remain a 10% owner of Adams Natural Resources Fund (PEO)?

Yes. Even after the sale, its 2.7 million-share stake keeps it above the 10% threshold.

Were any derivative securities reported in this Form 4?

No. No derivative positions were disclosed.

When were the insider sales executed?

On July 24, 2025 and July 25, 2025.