SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES 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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1. Name and Address of Reporting Person* Bulldog Investors, LLC (Last) (First) (Middle) PARK 80 WEST - PLAZA TWO 250 PEHLE AVE. SUITE 708 (Street) SADDLE BROOK NJ 07663 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 07/02/2020	3. Issuer Name and Ticker or Trading Symbol ADAMS NATURAL RESOURCES FUND, INC. [ PEO ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) X Other (specify below) See Explanation of Response	5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock(1)(2)(3)	31,246	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* Bulldog Investors, LLC (Last) (First) (Middle) PARK 80 WEST - PLAZA TWO 250 PEHLE AVE. SUITE 708 (Street) SADDLE BROOK NJ 07663 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) X Other (specify below) See Explanation of Response

1. Name and Address of Reporting Person* GOLDSTEIN PHILLIP (Last) (First) (Middle) 60 HERITAGE DRIVE (Street) PLEASANTVILLE NY 10570 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) X Other (specify below) See Explanation of Response

1. Name and Address of Reporting Person* Dakos Andrew (Last) (First) (Middle) PARK 80 WEST 250 PEHLE AVE. STE 708 (Street) SADDLE BROOK NJ 07663 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) X Other (specify below) See Explanation of Response

Explanation of Responses:

1. Andrew Dakos and Phillip Goldstein are the members of Bulldog Investors, LLC. Each Reporting Person is a member of a Section 13(d) group that owns in the aggregate more than 10% of the Issuer's outstanding shares of Common Stock as disclosed in a Schedule 13D, filed on behalf of the Reporting Persons and certain other stockholders of the Issuer on July 7, 2020. As such, each Reporting Person may be deemed to beneficially own more than 10% of the Issuer's outstanding shares of Common Stock. The securities reported herein do not include any securities held by any group member other than the Reporting Persons, as such shares are being reported in a separate Form 3 filing.

2. Each Reporting Person disclaims beneficial ownership of the shares of Common Stock reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such shares of Common Stock for purposes of Section 16 or for any other purpose.

3. Shares are held by Phillip Goldstein and/or his spouse.

	/s/ Phillip Goldstein on behalf of Bulldog Investors, LLC	07/09/2020
	/s/ Phillip Goldstein	07/09/2020
	/s/ Andrew Dakos	07/09/2020
	** 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 5 (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).
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