<SEC-DOCUMENT>0000216851-18-000020.txt : 20180226
<SEC-HEADER>0000216851-18-000020.hdr.sgml : 20180226
<ACCEPTANCE-DATETIME>20180226134719
ACCESSION NUMBER:		0000216851-18-000020
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20171231
FILED AS OF DATE:		20180226
DATE AS OF CHANGE:		20180226
EFFECTIVENESS DATE:		20180226

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ADAMS NATURAL RESOURCES FUND, INC.
		CENTRAL INDEX KEY:			0000216851
		IRS NUMBER:				135506797
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-02736
		FILM NUMBER:		18639850

	BUSINESS ADDRESS:	
		STREET 1:		500 EAST PRATT STREET
		STREET 2:		SUITE 1300
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202
		BUSINESS PHONE:		4107525900

	MAIL ADDRESS:	
		STREET 1:		500 EAST PRATT STREET
		STREET 2:		SUITE 1300
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADAMS NATURAL RESOURCES FUND
		DATE OF NAME CHANGE:	20150331

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PETROLEUM & RESOURCES CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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SIGNATURE   BRIAN S. HOOK
TITLE       CFO & TREASURER

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>peo_dec2017_acctg_ltr.txt
<TEXT>




Report of Independent Registered Public Accounting Firm




To the Board of Directors and Shareholders of Adams Natural Resources
Fund, Inc.

In planning and performing our audit of the financial statements of
Adams Natural Resources Fund, Inc. ("the Company") as of and for the
year ended December 31, 2017 , in accordance with the standards of the
Public Company Accounting Oversight Board (United States), we
considered the Company's internal control over financial reporting,
including controls over safeguarding securities, as a basis for
designing our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements
of Form N-SAR, but not for the purpose of expressing an opinion on the
effectiveness of the Company's internal control over financial
reporting. Accordingly, we do not express an opinion on the
effectiveness of the Company's internal control over financial
reporting.

The management of the Company is responsible for establishing and
maintaining effective internal control over financial reporting. In
fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of
controls. A company's internal control over financial reporting is a
process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted
accounting principles. A company's internal control over financial
reporting includes those policies and procedures that (1) pertain to
the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that
receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention or
timely detection of unauthorized acquisition, use or disposition of a
company's assets that could have a material effect on the financial
statements.

Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to
the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or
procedures may deteriorate.

A deficiency in internal control over financial reporting exists when
the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions,
to prevent or detect misstatements on a timely basis. A material
weakness is a deficiency, or a combination of deficiencies, in internal
control over financial reporting, such that there is a reasonable
possibility that a material misstatement of the Company's annual or
interim financial statements will not be prevented or detected on a
timely basis.

Our consideration of the Company's internal control over financial
reporting was for the limited purpose described in the first paragraph
and would not necessarily disclose all deficiencies in internal control
over financial reporting that might be material weaknesses under
standards established by the Public Company Accounting Oversight Board
(United States). However, we noted no deficiencies in the Company's
internal control over financial reporting and its operation, including
controls over safeguarding securities that we consider to be material
weaknesses as defined above as of December 31, 2017.

This  report  is  intended  solely  for  the  information  and  use  of
management and the Board of Directors of Adams Natural Resources  Fund,
Inc. and the Securities and Exchange Commission and is not intended  to
be and should not be used by anyone other than these specified parties.

/s/ PricewaterhouseCoopers LLP

Baltimore, MD
February 16, 2018
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q2 ITEM 405
<SEQUENCE>3
<FILENAME>adxpeo_dec2017_77q2_sect16.txt
<TEXT>
Section 16(a) Beneficial Ownership Reporting Compliance

Each director and officer of the Fund who is subject to Section
16 of the Securities Exchange Act of 1934, as amended, and
persons who own more than ten percent of a registered class of
the Fund's securities are required to report to the Securities
and Exchange Commission (the "Commission") by a specified date
his or her beneficial ownership of or transactions in the Fund's
securities. Based upon a review of filings with the Commission,
such forms received by the Fund, and written representations that
no other reports are required, the Fund believes that each
director, officer, and greater than ten percent beneficial owners
filed all requisite reports with the Commission on a timely basis
during 2017, except for Ms. Prue, former Executive Vice President
and Director of Shareholder Communications, who retired in June
2017. Upon her retirement, certain shares granted to her under
the Fund's 2005 Equity Incentive Compensation Plan vested. When
those shares vested, she elected to forfeit shares to cover tax
liabilities and the Form 4 to report the surrender of these
shares was filed late.
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
