FORM 4
[X] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response...
0.5
                      
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * ARZAC ENRIQUE R 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)
(Last)          (First)          (Middle)
ADAMS FUNDS, 500 EAST PRATT STREET, SUITE 1300
3. Date of Earliest Transaction (MM/DD/YYYY)
4/21/2022
(Street)
BALTIMORE, MD 21202
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
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. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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  4/21/2022    A   V 43.83 (1) A $0  7421.72 (2) D   
Common Stock  4/21/2022    J   V 42.684 (3) A $0  43.41  I  By Trust (4)
Common Stock  4/21/2022    A   V 566 (5)(6) A $21.96  4261.41 (2) I  By Trust (4)
Common Stock                 8428  I  By Trust (4)
Common Stock                 3025  I  Indirect/Other 

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 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 of Derivative Security: 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)  These shares accrued as dividend equivalents on deferred stock units (shares received in lieu of director retainer fees). The Issuer's stock traded in a range of $16.52 - $22.36 during 2022.
(2)  Dr. Arzac's cumulative beneficial ownership reflects the exempt transactions reported herein and also certain changes in direct and indirect ownership balances resulting from transfers among accounts.
(3)  This fractional share was acquired in exempt transactions as a result of dividend reinvestment. The Issuer's stock traded in a range of $16.52 - $22.36 during 2022.
(4)  By the Enrique R. Arzac TTEE The Enrique R. Arzac TR UA DTD 12/28/2012 Trust.
(5)  Of these shares, 359 shares accrued as dividend equivalents on 400 restricted stock units, which were granted in 2007 and deferred until retirement on 04/21/2022. Another 207 shares accrued as dividend equivalents on 400 restricted stock units, which were granted in 2013 and deferred until retirement on 04/21/2022. The Issuer's stock average trading price on 04/21/2022 was $21.96.
(6)  A fractional share in the amount of 0.02 was issued as part of DSUs (granted in lieu of a 2007 deferred cash retainer) & DE shares earned. An additional fractional share in the amount of 0.26 was issued as part of DSUs (granted in lieu of a 2013 deferred cash retainer) & DE shares earned. The fractional shares were surrendered as non-transferrable to a registered account.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
ARZAC ENRIQUE R
ADAMS FUNDS
500 EAST PRATT STREET, SUITE 1300
BALTIMORE, MD 21202
X



Signatures
Gail L. Valenti as Attorney-in-Fact for Enrique R. Arzac 4/26/2022
**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 control number.
Adams Natural Resources (NYSE:PEO)
Historical Stock Chart
Von Mai 2022 bis Jun 2022 Click Here for more Adams Natural Resources Charts.
Adams Natural Resources (NYSE:PEO)
Historical Stock Chart
Von Jun 2021 bis Jun 2022 Click Here for more Adams Natural Resources Charts.