<SEC-DOCUMENT>0001104659-20-033476.txt : 20200316
<SEC-HEADER>0001104659-20-033476.hdr.sgml : 20200316
<ACCEPTANCE-DATETIME>20200313202317
ACCESSION NUMBER:		0001104659-20-033476
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200316
DATE AS OF CHANGE:		20200313
EFFECTIVENESS DATE:		20200316

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:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-02736
		FILM NUMBER:		20714974

	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>
<DOCUMENT>
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<SEQUENCE>1
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<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>peo-pwcletter.htm
<TEXT>
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     <TITLE></TITLE>
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<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"></P>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"></P>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #110F13"><B>Report
of Independent Registered Public Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; color: #110F13">To the Board of Directors and Shareholders
of Adams Natural Resources Fund, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: #110F13">In
planning and performing our audit of the financial statements of Adams Natural Resources Fund, Inc. (&ldquo;the Fund&rdquo;) as
of and for the year ended December 31, 2019, in accordance with the standards of the Public Company Accounting Oversight Board
(United States) (&ldquo;PCAOB&rdquo;), we considered the Fund'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-CEN, but not for the purpose of expressing an opinion on the
effectiveness of the Fund&rsquo;s internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness
of the Fund&rsquo;s internal control over financial reporting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: #110F13">The
management of the Fund is responsible for establishing and mainta</FONT><FONT STYLE="color: #2F2D2F">i</FONT><FONT STYLE="color: #110F13">ning
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&rsquo;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&rsquo;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&rsquo;s assets that could have a material effect on the financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: #110F13">Because of its inherent
limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of an</FONT><FONT STYLE="color: #2F2D2F">y</FONT>
<FONT STYLE="color: #110F13">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; color: #110F13">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&rsquo;s annual or interim
financial statements will not be prevented or detected on a timely basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; color: #110F13">Our consideration
of the Fund&rsquo;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 PCAOB. However, we noted no deficiencies in the Fund&rsquo;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, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; color: #110F13">This report
is intended solely for the information and use of 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">/s/ PricewaterhouseCoopers LLP</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; color: #110F13">Baltimore, MD <BR>
February 14,
2020</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: #110F13"><I>Pric</I></FONT><I><FONT STYLE="color: #2F2D2F">e</FONT><FONT STYLE="color: #110F13">waterhouseCoopers
LLP</FONT><FONT STYLE="color: #2F2D2F">,</FONT> <FONT STYLE="color: #110F13">100 East Pratt Street</FONT><FONT STYLE="color: #2F2D2F">,</FONT>
<FONT STYLE="color: #110F13">Suite 2600</FONT><FONT STYLE="color: #2F2D2F">,</FONT> <FONT STYLE="color: #110F13">Baltimore</FONT><FONT STYLE="color: #2F2D2F">,</FONT>
<FONT STYLE="color: #110F13">MD 21202</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: #110F13"><I>T:
(410) 783-7600</I></FONT><I><FONT STYLE="color: #2F2D2F">,</FONT> <FONT STYLE="color: #110F13">F: (410) 783-7680</FONT><FONT STYLE="color: #2F2D2F">,
</FONT></I><FONT STYLE="color: #110F13">www.pwc.com</FONT><FONT STYLE="color: #2F2D2F">/</FONT><FONT STYLE="color: #110F13">us&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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