Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein filed Amendment No. 9 to a beneficial ownership statement with the SEC on October 28, 2026, disclosing a combined 7.26% position in Adams Natural Resources Fund, Inc. as of an event date of October 26, 2026.

Key Highlights

  • Aggregate position: The three reporting persons each report beneficial ownership of 2,054,351 common shares of Adams Natural Resources Fund, Inc.
  • Ownership percentage: The 2,054,351 shares represent 7.26% of the class, calculated against 28,303,647 shares outstanding as of September 30, 2026.
  • Total consideration paid: According to the filing, approximately $44,572,731 was paid to acquire the reported common shares.
  • Voting and dispositive power: All three reporting persons report zero sole voting or dispositive power; all 2,054,351 shares are held with shared voting and shared dispositive power.
  • Amendment number: This filing is Amendment No. 9, amending Items 3, 4, 5, and 7 of the prior statement.
  • Stated investment view: The reporting persons state they believe the common shares "are undervalued and represent an attractive investment opportunity," as disclosed in Item 4 of the filing.

Saba Capital's Disclosed Position and Intentions in Adams Natural Resources Fund

Adams Natural Resources Fund, Inc. (NYSE:PEO) is a closed-end fund headquartered at 500 East Pratt Street, Suite 1300, Baltimore, Maryland 21202. The fund's common shares carry a par value of $0.001 and are identified by CUSIP number 00548F105. The reporting persons note in Item 4 of the filing that among the topics they may raise with management, the Board of Directors, and other shareholders is the trading of the common shares "at a discount to the Issuer's net asset value," which is a common consideration for investors in closed-end fund structures.

According to the filing, funds for the share purchases were sourced from investor subscription proceeds, capital appreciation thereon, and margin account borrowings made in the ordinary course of business. The filing notes that because other securities are also held in the margin accounts, it is not possible to determine the exact amounts of margin, if any, used to purchase the reported shares. The three reporting persons are Saba Capital Management, L.P. (a Delaware limited partnership serving as investment manager), Saba Capital Management GP, LLC (a Delaware limited liability company serving as general partner), and Boaz R. Weinstein, who the filing identifies as managing member of the general partner.

The filing states that the reporting persons may engage in discussions concerning board appointments, governance, management, capitalization, and "matters relating to the open or closed end nature of the Issuer and timing of any potential liquidation of the Issuer." They may also solicit proxies or nominate individuals for election to the Board. The filing indicates the reporting persons intend to review their investment on a continuing basis and that future actions will depend on factors including price levels, the issuer's financial position, and actions taken by management or the Board.

What Was Disclosed

Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein jointly filed Amendment No. 9 disclosing 2,054,351 common shares, or 7.26%, of Adams Natural Resources Fund, Inc., with approximately $44,572,731 paid in total consideration, and outlined a range of potential engagement activities with the issuer.