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

Rhea-AI Filing Summary

Adams Natural Resources Fund (PEO) – Form 4 filing dated 06/24/2025

Saba Capital Management, L.P. and its managing member Boaz Weinstein, both classified as 10% owners of Adams Natural Resources Fund, reported a single open-market sale (transaction code “S”) on 06/23/2025.

• Shares sold: 2,396 common shares
• Sale price: $22.11 per share
• Gross proceeds: ≈ $53,000 (calculated from stated data)
• Post-transaction beneficial ownership: 2,884,196 shares, held indirectly

No derivative transactions were reported, and no additional insider activity is disclosed in this filing.

The sale reduces the insider’s stake by less than 0.1%, suggesting a minor portfolio adjustment rather than a strategic shift. No other material information—such as earnings data, option exercises, or new holdings—was provided in this Form 4.

Positive

• None.

Negative

• Insider sale by a 10% owner—even though modest, dispositions by large holders can be perceived negatively by some investors.

Insights

Securities Analyst

TL;DR: Small sale (2,396 shares) by 10% owner; immaterial to 2.9 M-share stake, limited impact on PEO.

The reported sale represents roughly 0.08 % of Saba Capital’s 2.88 million-share position. At ~$22 per share, proceeds are immaterial relative to the overall holding and PEO’s daily trading volume, implying little signal about the insider’s long-term view. Because no derivatives or multiple transactions accompany the filing, this appears to be routine liquidity management. The ownership classification remains above 10%, so reporting obligations continue. From a market perspective, the filing is informational with neutral sentiment and is not expected to influence valuation or liquidity meaningfully.

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
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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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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)
06/23/2025

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	06/23/2025		S		2,396	D	$22.11	2,884,196	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	06/24/2025
	Boaz Weinstein	06/24/2025
	** 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 on 06/23/2025?

2,396 common shares were sold.

What price did the insider receive for the PEO shares?

The shares were sold at $22.11 per share.

How many PEO shares does Saba Capital still own after the transaction?

It now beneficially owns 2,884,196 shares indirectly.

Does Saba Capital remain a 10% owner of Adams Natural Resources Fund after the sale?

Yes, its ownership remains well above the 10% threshold.

Were any derivative securities involved in this Form 4 filing?

No; the filing lists no options, warrants, or other derivatives.