0001446114-20-000054.txt : 20200902 0001446114-20-000054.hdr.sgml : 20200902 20200902092338 ACCESSION NUMBER: 0001446114-20-000054 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20200902 DATE AS OF CHANGE: 20200902 GROUP MEMBERS: BULLDOG INVESTORS, LLC SUBJECT COMPANY: 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: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-12857 FILM NUMBER: 201155836 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 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Ancora Advisors, LLC CENTRAL INDEX KEY: 0001446114 IRS NUMBER: 331033773 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 6060 PARKLAND BOULEVARD, SUITE 200 CITY: CLEVELAND STATE: OH ZIP: 44124 BUSINESS PHONE: 2168254000 MAIL ADDRESS: STREET 1: 6060 PARKLAND BOULEVARD, SUITE 200 CITY: CLEVELAND STATE: OH ZIP: 44124 SC 13D/A 1 peo08302020.htm Schedule 13D

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934
(Amendment No. _10_)*

ADAMS NATURAL RESOURCES FUND, INC

(Name of Issuer)

Common Shares

(Title of Class of Securities)

00548F105

(CUSIP Number)

Fredrick DiSanto
C/O Ancora Advisors, LLC
6060 Parkland Boulevard, Suite 200
Cleveland, Ohio 44124
(216) 825-4000

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

8/28/2020

(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. ¨

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

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).

  13D  
     
1.  

NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

Ancora Advisors, LLC

33-1099773

   
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a)    x
(b)    ¨
   
3.   SEC USE ONLY
 
   
4.   SOURCE OF FUNDS (see instructions)
 
OO, AF
   
5.   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)     ¨    
6.   CITIZENSHIP OR PLACE OF ORGANIZATION
 
State of Nevada, United States of America
   
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH   7.   SOLE VOTING POWER
 
3,592,594
  8.   SHARED VOTING POWER
 
00,000
  9.   SOLE DISPOSITIVE POWER
 
3,592,594
  10.   SHARED DISPOSITIVE POWER
 
00,000
11.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

3,592,594
   
12.  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES


(see instructions)    ¨

   
13.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

12.06%
   
14.   TYPE OF REPORTING PERSON (see instructions)

OO, AF
   
  13D  
     
1.  

NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

Bulldog Investors, LLC

   
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a)    x
(b)    ¨
   
3.   SEC USE ONLY
 
   
4.   SOURCE OF FUNDS (see instructions)
 
WC
   
5.   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)     ¨    
6.   CITIZENSHIP OR PLACE OF ORGANIZATION
 
State of Delaware, United States of America
   
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH   7.   SOLE VOTING POWER
 
31,246*
  8.   SHARED VOTING POWER
 
445,194
  9.   SOLE DISPOSITIVE POWER
 
31,246*
  10.   SHARED DISPOSITIVE POWER
 
445,194
11.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

476,440*
   
12.  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES


(see instructions)    ¨

   
13.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

1.60%
   
14.   TYPE OF REPORTING PERSON (see instructions)

IA
   
*Includes 31,246 shares owned directly by Phillip Goldstein.  
  13D  
     
1.  

NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

Phillip Goldstein

   
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a)    x
(b)    ¨
   
3.   SEC USE ONLY
 
   
4.   SOURCE OF FUNDS (see instructions)
 
WC
   
5.   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)     ¨    
6.   CITIZENSHIP OR PLACE OF ORGANIZATION
 
United States of America
   
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH   7.   SOLE VOTING POWER
 
31,246*
  8.   SHARED VOTING POWER
 
445,194
  9.   SOLE DISPOSITIVE POWER
 
31,246*
  10.   SHARED DISPOSITIVE POWER
 
445,194
11.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
476,440*
   
12.  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES


(see instructions)    ¨

   
13.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

1.60%
   
14.   TYPE OF REPORTING PERSON (see instructions)

IN
   
*Includes 31,246 shares owned directly by Phillip Goldstein.  
  13D  
     
1.  

NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

Andrew Dakos

   
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a)    x
(b)    ¨
   
3.   SEC USE ONLY
 
   
4.   SOURCE OF FUNDS (see instructions)
 
WC
   
5.   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)     ¨    
6.   CITIZENSHIP OR PLACE OF ORGANIZATION
 
United States of America
   
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH   7.   SOLE VOTING POWER
 
31,246*
  8.   SHARED VOTING POWER
 
445,194
  9.   SOLE DISPOSITIVE POWER
 
31,246*
  10.   SHARED DISPOSITIVE POWER
 
445,194
11.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
476,440*
   
12.  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES


(see instructions)    ¨

   
13.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

1.60%
   
14.   TYPE OF REPORTING PERSON (see instructions)

IN
   
*Includes 31,246 shares owned directly by Phillip Goldstein.  
  13D  
     

Item 1.  Security and Issuer.

This statement relates to the shares of the (PEO) ADAMS NATURAL RESOURCES FUND, INC. The address of the issuer is Adams Natural Resources Fund, Inc. 500 East Pratt Street, Suite 1300, Baltimore, Maryland 21202.

Item 2.  Identity and Background.

Ancora Holdings Inc. is the parent company of three investment advisors registered with the SEC under the Investment Advisors Act, as amended: Ancora Advisors LLC, Ancora Family Wealth Advisors, & Ancora Retirement Plan Advisors (collectively, the "Ancora RIAs"). This statement is filed by Ancora Advisors, LLC and includes, if applicable, Shares that may be deemed to be beneficially owned by the other Ancora RIAs. Ancora Advisors, LLC is the investment advisor to the Ancora Trust, which includes the Ancora Income Fund, Ancora Dividend Value Equity Fund, Ancora/Thelen Small-Mid Cap Fund, and Ancora MicroCap Fund (Ancora Family of Mutual Funds), which are registered with the SEC as investment companies under the Investment Company Act, as amended. The address of the principal office of Ancora Advisors, LLC is 6060 Parkland Boulevard, Suite 200, Cleveland, Ohio 44124.

Ancora Advisors, LLC has the power to dispose of the shares owned by the investment clients for which it acts as advisor, including Ancora’s private Funds, Merlin Partners, AAMAF LP, Ancora Catalyst LP, their related SPV, series and managed accounts, as well as the Ancora Family of Mutual Funds. Ancora Advisors disclaims beneficial ownership of such shares, except to the extent of its pecuniary interest therein.

Other than as disclosed immediately below, during the last five years the Reporting Person has not been convicted in a criminal proceeding, nor been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction, as a result of which he 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. On December 18, 2018, Ancora Advisors LLC entered into a settlement with the SEC regarding the violation of Section 206(4) under the Investment Advisers Act of 1940 ("Advisers Act") and Rule 206(4)-5 thereunder, due to the contributing of more than the allowable $350 contribution to certain political campaigns. Ancora consented to the Order and paid a penalty in the amount of $100,000.

Bulldog Investors, LLC ("Bulldog Investors") is a Delaware limited liability company registered as an investment adviser with the SEC. Andrew Dakos and Phillip Goldstein are members of Bulldog Investors. The address of the principal office of Bulldog Investors and its members is Park 80 West - Plaza Two, 250 Pehle Ave., Suite 708, Saddle Brook, NJ 07663. Each of Messrs. Dakos and Goldstein is a citizen of the United States.

Item 3.  Source or Amount of Funds or Other Consideration.

Ancora Advisors owns no Shares directly but Ancora Advisors may be deemed to beneficially own (within the meaning of Rule 13(d)(3) of the Securities Exchange Act of 1934) Shares purchased for or transferred to the accounts of investment management clients. Ancora Advisors disclaims beneficial ownership of such shares, except to the extent of its pecuniary interest therein.

Ancora’s private Funds, Merlin Partners, AAMAF LP, Ancora Catalyst LP, their related SPV, series and managed accounts, Ancora Family of Mutual Funds, Employees of Ancora Advisors, LLC and Owners of Ancora Advisors, LLC. have used available and uncommitted cash to purchase shares of the Issuer.

Shares of the Issuer have been accumulated on behalf of clients of Bulldog Investors and Mr. Goldstein.

 

Item 4.  Purpose of Transaction.

The reporting persons have changed their beneficial ownership by 1% or more therefore requiring a 13d amended disclosure.

Item 5.  Interest in Securities of the Issuer.

The following list sets forth the aggregate number and percentage (based on 29,778,381 Shares of Common Stock outstanding on 6/30/2020 owned beneficially by the Reporting Persons:

Name No. Of Shares Percent of Class
Ancora Owners/Employees (1) 0 0
Ancora Funds & Partnerships (2) 2,561,517 8.60
Ancora SMA (3) 1,031,077 3.46
Bulldog Investors, LLC (4) 476,440 1.60
TOTAL 4,069,034 13.66

(1) These Shares are owned by the owners and employees of Ancora Advisors, LLC.

(2) These Shares are owned by the Ancora Family of Mutual Funds and/or Investment Partnerships, including Merlin Partners, the AAMAF LP, and Ancora Catalyst Fund LP, and their related SPV series, for which it is also the General Partner, of which Ancora Advisors acts as the discretionary portfolio manager.

(3) These Shares are owned by investment clients of Ancora Advisors, LLC and include, if applicable, Shares owned by investment clients of the other Ancora RIAs. The Ancora RIAs do not own these Shares directly, but by virtue of the investment management agreements between the Ancora RIAs and their investment clients, each Ancora RIA may be deemed to beneficially own Shares by reason of its power to vote and dispose of such Shares. Each applicable Ancora RIA disclaims beneficial ownership of such Shares.

(4) Clients of Bulldog Investors own 445,194 of these shares. Bulldog Investors does not own these Shares directly, but by virtue of the investment management agreements between Bulldog Investors and its clients, Bulldog Investors may be deemed to beneficially own Shares by reason of its power to vote and dispose of such Shares. Bulldog Investors disclaims beneficial ownership of such Shares. Mr. Goldstein directly owns 31,246 shares. Each member of Bulldog Investors disclaims beneficial ownership in any shares not owned directly by him.

The transactions in the Shares by the Reporting Persons since the last filing are set forth in Exhibit A and B and are incorporated herein by reference. No person other than the persons referenced herein is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares. All transactions in the Shares were made in the open market. 

Item 6.  Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

None

Item 7.  Material to Be Filed as Exhibits.

Exhibit A: ANCORA "Relevant Transactions

Exhibit B: Bulldog Investors "Relevant Transactions

 

Exhibit A: ANCORA "Relevant Transactions in Shares" (Since last filing). 

Date of Transaction Buy/Sell Amount of Security Price Per Shares
8/5/2020 SELL 10,560 $ 12.04
8/7/2020 SELL 899 $ 11.81
8/11/2020 SELL 2,961 $ 12.38
8/17/2020 SELL 5,487 $ 12.04
8/19/2020 SELL 23,243 $ 11.81
8/20/2020 SELL 5,036 $ 11.60
8/21/2020 SELL 1,815 $ 11.38
8/24/2020 SELL 24,728 $ 11.71
8/25/2020 SELL 34,553 $ 11.70
8/26/2020 SELL 9,460 $ 11.58
8/27/2020 SELL 65,183 $ 11.50
8/28/2020 SELL 85,360 $ 11.61
8/31/2020 SELL 8,191 $ 11.51

Exhibit B: Bulldog Investors LLC "Relevant Transactions in Shares" (Since last filing). 

Date of Transaction Buy/Sell Amount of Security Price Per Shares
8/5/2020 SELL 1,440 $ 12.04
8/7/2020 SELL 123 $ 11.81
8/11/2020 SELL 404 $ 12.38
8/17/2020 SELL 748 $ 12.04
8/19/2020 SELL 3,170 $ 11.81
8/20/2020 SELL 687 $ 11.60
8/21/2020 SELL 247 $ 11.38
8/24/2020 SELL 3,372 $ 11.71
8/25/2020 SELL 4,712 $ 11.70
8/26/2020 SELL 1,290 $ 11.58
8/27/2020 SELL 8,889 $ 11.50
8/28/2020 SELL 11,640 $ 11.61
8/31/2020 SELL 1,117 $ 11.51

 

 

  13D  
     

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.

Ancora Advisors, LLC

/s/ Fredrick DiSanto

Fredrick DiSanto

Chairman and Chief Executive Officer

Fredrick DiSanto

BULLDOG INVESTORS, LLC

By: /s/ Phillip Goldstein

Phillip Goldstein

Title: Member 

/s/ Andrew Dakos

Andrew Dakos

 

/s/ Phillip Goldstein

Phillip Goldstein

 

 

Dated : September 2, 2020