PEO Insider Sells 459 Shares; Retains 2.88M Stake – Form 4 Review

Form 4 filing for Adams Natural Resources Fund, Inc. (PEO) shows that Saba Capital Management, L.P. and its managing member Boaz Weinstein, both classified as 10% owners, reported a single open-market transaction dated 06/26/2025.

Rhea-AI Filing Summary

Form 4 filing for Adams Natural Resources Fund, Inc. (PEO) shows that Saba Capital Management, L.P. and its managing member Boaz Weinstein, both classified as 10% owners, reported a single open-market transaction dated 06/26/2025.

• Type of security: Common Stock
• Transaction code: S (open-market sale)
• Shares sold: 459
• Sale price: $21.54 per share
• Shares beneficially owned after sale: 2,877,339 (indirect ownership)

The disposal represents a very small portion of the reporting person’s total holdings and does not alter their 10%-owner status. No derivative transactions were reported, and no 10b5-1 trading plan box was checked.

Positive

• Saba Capital retains 2,877,339 shares, indicating continued large insider ownership.

Negative

• Insider sale of 459 shares at $21.54, albeit minor, is technically a disposition.

Insights

Securities Analyst

TL;DR: Minor insider sale; immaterial to overall stake—neutral impact.

The Form 4 records a 459-share sale at $21.54, leaving Saba Capital with 2.88 million shares. That equates to less than 0.02% of its post-sale holdings, indicating no meaningful shift in insider sentiment or ownership concentration. Because the filer remains a 10% owner and no derivatives or 10b5-1 plan were disclosed, the event carries low informational value for valuation or governance risk. I classify the filing as routine and not materially impactful to PEO’s investment thesis.

Insider Trade Summary

Net Seller: 459 shares

Net Sell 1 txn

Insider Saba Capital Management, L.P., Weinstein Boaz

Role 10% Owner | 10% Owner

Sold 459 shs ($10K)

Type	Security	Shares	Price	Value
Sale	Common Stock	459	$21.54	$10K

Holdings After Transaction: Common Stock — 2,877,339 shares (Indirect, -)

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many PEO shares did Saba Capital sell on 06/26/2025?

The Form 4 shows a sale of 459 common shares.

What price did the insider receive for the PEO shares sold?

Shares were sold at $21.54 per share.

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

Post-transaction, the insider beneficially owns 2,877,339 shares.

Does the filing indicate use of a Rule 10b5-1 trading plan?

No. The 10b5-1 checkbox was not marked in this filing.

Is the transaction material to Saba Capital’s overall stake in PEO?

Given the sale represents only 459 of 2.88 million shares, it appears immaterial.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/30/2025 - 09:51 AM Learn about SEC filing dates

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).

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)
06/26/2025

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	06/26/2025		S		459	D	$21.54	2,877,339	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	06/30/2025
	Boaz Weinstein	06/30/2025
	** 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.