Adams Natural Resources Fund (PEO) Form 4 ADAMS NATURAL RESOURCES FUND / KATHLEEN T MCGAHRAN ownership change

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

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X

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^*

MCGAHRAN KATHLEEN T

(Last) (First) (Middle)

ADAMS FUNDS

500 EAST PRATT STREET, SUITE 1300

(Street)

BALTIMORE MD 21202

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
01/03/2023

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

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

X	Form filed by One Reporting Person
	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	01/03/2023		A	V(1)	240(2)	A	$21.47	7,997.488	I	By Trust(3)
Common Stock	01/05/2023		A	V(1)	415(4)	A	$21.29	8,812.488	I	By Trust(3)
Common Stock								2,201.5786	D
Common Stock								2,576.2255	I	By Spouse(5)

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

Explanation of Responses:

1. Director Retirement

2. Of these shares, 240 accrued as dividend equivalents on 400 deferred stock units granted in 2013 and issued on 01/03/2023 (shares received in lieu of director retainer fees). The Issuer's stock traded in a range of $18.93 - $23.17 during the period of January 1, 2023 to April 20, 2023.

3. Kathleen T. McGahran and Myra Koutzen TTEES of the McGahran/Koutzen TR U/A DTD 06/23/2016.

4. Of these shares, 415 accrued as dividend equivalents on 400 deferred stock units granted in 2008 and issued on 01/05/2023 (shares received in lieu of director retainer fees). The Issuer's stock traded in a range of $18.83 - $23.17 during the period of January 1, 2023 to April 20, 2023.

5. Myra Koutzen IRA

	Gail L. Valenti as Attorney-in-Fact for Kathleen T. McGahran	05/01/2023
	** 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).
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