PEO ADAMS NATURAL RESOURCES FUND, INC. Insider Trading

Saba Capital sold 73,610 shares at avg $22.02 in 2 transactions, reducing stake 2.6%; remains 2.71M shares

Saba Capital Management, L.P., a 10% owner, executed 2 separate sales totaling 73,610 shares for $1,621,028.47 at a blended average price of $22.02 per share on July 24–25, 2025. The sale reduced the insider's holdings by 2.6% to 2,706,786 shares remaining. The transaction price of $22.02 is marginally above the current price of $21.75 and well below the 52-week high of $23.89, positioning this sale neither at peak valuations nor at distressed levels. Saba's cross-ticker track record shows 18 prior buys (average 30-day return +0.7%) and only 2 prior sells, signaling that this represents an uncommon selling activity for this insider; the modest share reduction and absence of a clear near-term catalyst suggest this is a discrete liquidity or rebalancing event rather than a crisis-driven exit.

EVP Buckley buys 1,450 PEO shares at $23.30; follows pattern of prior buys mostly well-timed at 90 days.

Buckley Gregory W. (E.V.P.) purchased 1,450 shares of Adams Natural Resources Fund at $23.30 on 2025-01-22, increasing his holdings by 9.0% from 16,154 to 17,604 shares. Examining his same-ticker history, Buckley has made 3 prior buys at PEO: 2 of those 3 prior trades posted positive 90-day returns (+1.1% and +9.9%), indicating 2 out of 3 were well-timed. This fourth purchase follows a pattern where the insider's prior two of three acquisitions at this ticker ultimately captured upside over the three-month window. The current price sits at $23.08, down 3.4% from the 52-week high of $23.89 but up 8.2% over the past 30 days, suggesting the insider is purchasing into a recent price recovery phase.

EVP Buckley buys 1,000 shares of PEO at $23.98; third consecutive buy, aligns with 90-day timing pattern

Buckley Gregory W., an executive vice president, purchased 1,000 shares at $23.98 on 2024-10-18, increasing his holdings to 15,053 shares. This marks his third open-market buy of the fund across his insider trading history. His prior two purchases at PEO (on 2024-05-01 and 2024-01-29) each delivered positive 90-day returns of 1.1% and 9.9% respectively, establishing a pattern of well-timed entry points at the 90-day horizon. The current stock price of $23.04 sits 1.8% below the 52-week high of $23.47, indicating the purchase occurred near recent valuation levels. The consistency of his buying activity and the historical success of prior entries at this ticker merit monitoring of whether this purchase again precedes positive price momentum.

10% owner Saba Capital purchased 16,514 shares of PEO at $22.85, raising stake to 2,888,924 shares (+0.6%).

Saba Capital Management, the fund's 10% owner, purchased 16,514 shares at $22.85 on 2024-09-26, expanding its position from 2,872,410 shares to 2,888,924 shares. The purchase occurred near the upper end of the 52-week range of $19.04–$23.47, with the current market price of $22.34 trading -4.8% from the 52-week high. Across all open-market activity, Saba has executed 15 prior buys and 5 prior sells, indicating a net accumulation posture, though this particular tranche represents a modest +0.6% increase to the existing position. The transaction signals continued confidence in the fund's asset base, though the modest incremental size and recent price softness warrant observation of broader positioning trends.

Saba Capital Management bought 7,751 shares of PEO at $21.76 on 2024-09-11, adding to recent acquisitions within 10 days.

Saba Capital Management, a 10% owner, purchased 7,751 shares at $21.76, bringing holdings to 2,872,410 shares post-transaction. This represents the fifth open-market buy at PEO within six days (purchases on 2024-08-28, 2024-09-04, 2024-09-05, 2024-09-06, and 2024-09-11), indicating sustained accumulation activity. The transaction occurred as the stock trades at $21.19, approximately -9.7% from its 52-week high of $23.47, and has declined -3.9% over the past 30 days. Across the insider's cross-ticker track record, there are 20 prior buys, though outcomes on the five recent same-ticker purchases at PEO are not yet measurable at the 30-day or 90-day horizons.

Saba Capital (10% owner) bought 10,476 shares of PEO at $22.19 on 2024-09-10; stock now $21.13, -10.0% from 52-week high.

Saba Capital purchased 10,476 shares at $22.19, representing a 0.4% increase to holdings of 2,864,659 shares post-transaction. The stock has declined 10.0% from its 52-week high of $23.47, and the current price of $21.13 is below the transaction price. The insider has executed five separate purchases at PEO within a 13-day window (August 28 through September 11, 2024), all trading outcomes currently remain unmeasurable as they fall outside the measurable 90-day and 30-day windows. The pattern of repeated small purchases during a period of modest price pressure is factual, but no timing assessment is possible given the recent transaction date.

Saba Capital (10% holder) purchased 496 shares across 2 transactions totaling $11,065.06 at blended average $22.31

Saba Capital Management, L.P. executed two open-market purchases of PEO on 2024-09-05 and 2024-09-06, buying 326 shares at $22.36 and 170 shares at $22.21 respectively, for a combined $11,065.06. The purchases represent a minimal 496-share addition to an existing 2,854,183-share position (0.0% net change). The timing occurs as the stock trades 8.6% below its 52-week high of $23.47 and has declined 3.2% over the prior 30 days. The insider's same-ticker history shows four prior buys within a 14-day window (2024-08-22, 2024-08-23, 2024-08-28, 2024-09-04), all too recent to have measurable 30-day or 90-day outcomes. This filing adds another data point to an emerging pattern of consistent incremental accumulation by this major shareholder.

10% owner Saba Capital purchased 13,785 shares of PEO at $22.76; fourth buy in 13 days amid recent -3.3% 90-day decline.

Saba Capital Management, a 10% stakeholder, executed its fourth purchase of Adams Natural Resources Fund shares in 13 days, acquiring 13,785 shares at $22.76 on 2024-09-04 for $313,746.60. The stock has declined 3.3% over the past 90 days and is trading 8.3% below its 52-week high of $23.47, though the current price of $21.52 remains above the transaction execution price. The pattern of four rapid purchases (2024-08-22, 2024-08-23, 2024-08-28, and 2024-09-04) within two weeks suggests sustained acquisition activity by a major shareholder during a period of modest price weakness, but these recent trades remain unmeasurable on a 30-day and 90-day outcome basis, and no prior trades in Saba's same-ticker history at PEO have been measurable at the 90-day mark.

Saba Capital (10% owner) bought 100 shares of PEO at $22.98 on 2024-08-28; stock now at $22.51, down 3.5% in 30 days.

Saba Capital Management, L.P. purchased 100 shares at $22.98, a modest addition to an already substantial 2.84M share position. The current price of $22.51 sits 4.1% below the 52-week high and down 3.5% over the past 30 days, placing the transaction in a period of modest price weakness. This marks the third purchase in as many days (prior buys on 2024-08-23 and 2024-08-22), suggesting consistent acquisition activity during this window. Without measurable 90-day outcomes on the prior same-ticker trades and with only a small 100-share addition relative to total holdings, this transaction reflects continued accumulation by the significant existing shareholder but offers limited signal about broader conviction or market timing patterns.

Saba Capital (10% owner) bought 2,796 shares of PEO at $22.84 on 2024-08-23, adding to position near 52-week highs.

Saba Capital purchased 2,796 shares at $22.84, a price near the 52-week high of $23.47 and above the current price of $22.39. The transaction represents a marginal addition of +0.1% to an already substantial 2.84M share position, consistent with routine portfolio activity by a major holder. The timing coincides with prior same-ticker activity on 2024-08-22 (outcome not yet measurable), suggesting a consolidation phase rather than a tactical market call. Across the insider's broader cross-ticker track record of 20 prior open-market buys, no pattern of well-timed entries emerges, providing no additional conviction signal.