Saba Capital reports 8.31% stake in Adams Natural Resources

Saba Capital Management and related parties filed an amended ownership report on ADAMS NATURAL RESOURCES FUND, INC.

Rhea-AI Filing Summary

Saba Capital Management and related parties filed an amended ownership report on ADAMS NATURAL RESOURCES FUND, INC. They report beneficial ownership of 2,285,362 common shares, representing 8.31% of the company’s 27,501,854 shares outstanding as of 12/31/25.

The filing shows Saba Capital, its general partner Saba Capital Management GP, LLC, and Boaz R. Weinstein sharing voting and dispositive power over these shares. Approximately $49,584,918 was paid to acquire the position, funded by investor subscriptions, capital appreciation and ordinary-course margin borrowings. Recent open-market trades over the 60 days before 3/26/26 are referenced in Schedule A.

Insights

Equity ownership & governance analyst

Saba and affiliates report an 8.31% stake in Adams Natural Resources Fund.

The filing shows Saba Capital, its general partner, and Boaz R. Weinstein jointly reporting beneficial ownership of 2,285,362 common shares, or 8.31% of outstanding shares as of 12/31/25. Voting and dispositive power are reported on a shared, not sole, basis.

A total of about $49,584,918 was paid to acquire the position, using investor capital, related appreciation and margin borrowings in the ordinary course. The document also notes that all transactions in the past sixty days before 3/26/26 were open-market trades summarized in Schedule A.

The stake size exceeds typical disclosure thresholds, so future company communications and ownership updates could clarify how this position evolves, but the filing itself does not describe any specific plans or proposals regarding the fund.

Key Figures

Beneficially owned shares: 2,285,362 shares Ownership percentage: 8.31% Shares outstanding: 27,501,854 shares +4 more

7 metrics

Beneficially owned shares 2,285,362 shares Common shares of Adams Natural Resources Fund reported by Saba and affiliates

Ownership percentage 8.31% Percent of common shares outstanding as of 12/31/25

Shares outstanding 27,501,854 shares Common stock outstanding as of 12/31/25 from N-CSR

Cost of acquired shares $49,584,918 Approximate total paid to acquire reported common shares

Sole voting power 0 shares Each reporting person reports no sole voting power

Shared voting power 2,285,362 shares Voting power shared among reporting persons

Event date 03/26/2026 Date of event requiring the amended Schedule 13D filing

Key Terms

beneficial owner, margin account borrowings, shared voting power, shared dispositive power, +2 more

6 terms

beneficial owner financial

"the beneficial owner of the Common Shares reported herein"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

margin account borrowings financial

"and margin account borrowings made in the ordinary course of business"

shared voting power financial

"Shared Voting Power 2,285,362.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"Shared Dispositive Power 2,285,362.00"

Schedule 13D regulatory

"If the filing person has previously filed a statement on Schedule 13G"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

N-CSR regulatory

"as disclosed in the company's N-CSR filed 2/20/26"

A Form N-CSR is a regulatory filing that mutual funds and other registered investment companies send to the U.S. Securities and Exchange Commission and make available to shareholders; it includes the fund’s certified shareholder report with audited financial statements, performance data and management discussion. For investors, it’s like a fund’s official report card and financial statement combined — it helps you verify how the fund is performing, what risks and fees exist, and whether the manager’s explanations match the numbers.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake in Adams Natural Resources Fund (PEO) does Saba Capital report?

Saba Capital and related reporting persons disclose beneficial ownership of 2,285,362 common shares of Adams Natural Resources Fund, Inc., representing 8.31% of the fund’s outstanding shares based on 27,501,854 shares reported outstanding as of December 31, 2025 in the fund’s N-CSR.

How much did Saba Capital pay for its PEO shares according to the filing?

The filing states that approximately $49,584,918 was paid to acquire the reported common shares. Funds came from investor subscription proceeds, related capital appreciation, and ordinary-course margin account borrowings, where positions in the accounts serve as collateral for any debit balances.

Who are the reporting persons in Saba Capital’s Schedule 13D/A on PEO?

The Schedule 13D/A is jointly filed by Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein. Saba Capital acts as investment manager to funds and accounts, Saba GP is its general partner, and Weinstein is managing member of the general partner.

What voting and dispositive powers over PEO shares does Saba Capital report?

Each reporting person discloses 0 shares with sole voting or dispositive power and 2,285,362 shares with shared voting and shared dispositive power. This indicates decisions to vote or sell the shares are exercised jointly under the structures described in the filing.

How was the 8.31% ownership percentage in PEO calculated in the Saba filing?

The filing explains that the 8.31% ownership figure is based on 27,501,854 common shares outstanding as of December 31, 2025. That share count comes from Adams Natural Resources Fund’s N-CSR filed on February 20, 2026, which the reporting persons specifically reference.

Does Saba Capital’s Schedule 13D/A on PEO describe recent trading activity?

Yes. The filing states that all transactions in Adams Natural Resources Fund common shares within the sixty days before March 26, 2026 were open-market trades. Details of these trades are listed in Schedule A, which is incorporated by reference as Exhibit 3.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/30/2026 - 06:03 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 8)

ADAMS NATURAL RESOURCES FUND, INC.

(Name of Issuer)

Common Shares, $0.001 par value

(Title of Class of Securities)

00548F105

(CUSIP Number)

Saba Capital Management, L.P.
405 Lexington Avenue, 58th Floor, Attention: Michael D'Angelo
New York, NY, 10174
(212) 542-4635

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

03/26/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 00548F105

1

Name of reporting person

Saba Capital Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,285,362.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,285,362.00

11

Aggregate amount beneficially owned by each reporting person

2,285,362.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.31 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 27,501,854 shares of common stock outstanding as of 12/31/25, as disclosed in the company's N-CSR filed 2/20/26.

SCHEDULE 13D

CUSIP Number(s): 00548F105

1

Name of reporting person

Boaz R. Weinstein

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,285,362.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,285,362.00

11

Aggregate amount beneficially owned by each reporting person

2,285,362.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.31 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 27,501,854 shares of common stock outstanding as of 12/31/25, as disclosed in the company's N-CSR filed 2/20/26.

SCHEDULE 13D

CUSIP Number(s): 00548F105

1

Name of reporting person

Saba Capital Management GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,285,362.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,285,362.00

11

Aggregate amount beneficially owned by each reporting person

2,285,362.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.31 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 27,501,854 shares of common stock outstanding as of 12/31/25, as disclosed in the company's N-CSR filed 2/20/26.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, $0.001 par value
(b)	Name of Issuer: ADAMS NATURAL RESOURCES FUND, INC.
(c)	Address of Issuer's Principal Executive Offices: 500 East Pratt Street, Suite 1300, Baltimore, MARYLAND , 21202.
Item 1 Comment: This Amendment No. 8 amends Items 3, 5, and 7.
Item 2.	Identity and Background
(a)	This Schedule 13D/A is being jointly filed by: (i) Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital"); (ii) Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"); and (iii) Mr. Boaz R. Weinstein ("Mr. Weinstein"), (together, the "Reporting Persons"). Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The filing of this statement should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the Common Shares reported herein.
(b)	The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.
(c)	The principal business of: (i) Saba Capital is to serve as investment manager to private and public investment funds and/or accounts, (ii) Saba GP is to serve as general partner of the Saba Capital and other affiliated entities, and (iii) Mr. Weinstein, an individual, is managing member of the general partner of Saba Capital and other affiliated entities.
(d)	The Reporting Persons have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	The Reporting Persons have not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws.
(f)	Saba Capital is organized as a limited partnership under the laws of the State of Delaware. Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time. Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $49,584,918 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	Not Applicable.
Item 5.	Interest in Securities of the Issuer
(a)	See the Reporting Persons section of this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 27,501,854 shares of common stock outstanding as of 12/31/25, as disclosed in the company's N-CSR filed 2/20/26.
(b)	See the Reporting Persons section of this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	The transactions in the Common Shares effected by the Reporting Persons within the past sixty days prior to 3/26/26, the date of the event which required filing of this Schedule 13D/A, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference.
(d)	The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares.
(e)	Not Applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Not Applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 3 - Schedule A

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Saba Capital Management, L.P.

Signature:	/s/ Michael D'Angelo
Name/Title:	General Counsel
Date:	03/30/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	03/30/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	03/30/2026

Comments accompanying signature:

Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823