PEO Adams Natural Resources Fund Inc

The Board of Directors of Adams Natural Resources Fund, Inc. (NYSE: PEO) today declared a distribution of $.54 per share, payable August 30, 2024, in newly issued shares unless shareholders elect to receive cash, to shareholders of record August 5, 2024. This distribution represents the initial payment under the Fund’s Managed Distribution Policy to pay at least 2% of average net asset value each quarter. You should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution or from the terms of the Fund’s MDP.

FIRST HALF PERFORMANCE

For the six months ended June 30th, the total return on Adams Natural Resources’ net asset value, with dividends and capital gains reinvested, was 10.2%. This compares to a total return of 9.6% for the Fund’s benchmark, which is comprised of the S&P 500 Energy Sector (80% weight) and the S&P 500 Materials Sector (20% weight), over the same period. The total return on the market price of the Fund’s shares for the period was 15.5%.

For the twelve months ended June 30th, the total return on Adams Natural Resources’ net asset value, with dividends and capital gains reinvested, was 16.5%. This compares to a total return of 14.4% for the Fund’s benchmark over the same period. The total return on the market price of the Fund’s shares for the period was 20.9%.

The Semi-Annual Report to Shareholders is expected to be available on or about July 24, 2024.

ANNUALIZED COMPARATIVE RETURNS (6/30/2024)
	1 Year	3 Year	5 Year
Adams Natural Resources Fund (NAV)	16.5%	21.0%	13.5%
Adams Natural Resources Fund (market price)	20.9%	20.8%	14.5%
S&P 500 Energy Sector	15.9%	24.4%	13.0%
S&P 500 Materials Sector	8.7%	4.5%	10.9%

NET ASSET VALUE ANNOUNCED

The Fund’s net asset value at June 30, 2024, compared with the year earlier, was:

	6/30/2024	6/30/2023
Net assets	$689,986,546	$620,953,602
Shares outstanding	25,453,641	25,033,377
Net asset value per share	$27.11	$24.81

TEN LARGEST EQUITY PORTFOLIO HOLDINGS (6/30/2024)
	% of Net Assets
Exxon Mobil Corporation	24.7%
Chevron Corporation	11.9%
ConocoPhilips	5.7%
Linde plc	4.4%
Marathon Petroleum Corporation	4.2%
EOG Resources, Inc.	4.0%
Phillips 66	3.2%
Hess Corporation	3.0%
Diamondback Energy, Inc.	2.8%
Williams Companies, Inc.	2.8%
Total	66.7%

INDUSTRY WEIGHTINGS (6/30/2024)
	% of Net Assets
Energy	80.5%
Integrated Oil & Gas	37.4%
Exploration & Production	20.9%
Refining & Marketing	9.3%
Storage & Transportation	7.3%
Equipment & Services	5.6%
Materials	18.8%
Chemicals	12.3%
Metals & Mining	3.6%
Construction Materials	1.5%
Containers & Packaging	1.4%

About Adams Funds

Since 1929, Adams Funds has consistently helped generations of investors reach their investment goals. Adams Funds is comprised of two closed-end funds, Adams Diversified Equity Fund, Inc. (NYSE: ADX) and Adams Natural Resources Fund, Inc. (NYSE: PEO). The Funds are actively managed by an experienced team with a disciplined approach and have paid dividends for more than 85 years across many market cycles. The Funds are committed to paying a minimum annual distribution rate of 8% of NAV or more, providing reliable income to long-term investors. Shares can be purchased through our transfer agent or through a broker.

For more information about Adams Funds, please visit: adamsfunds.com. For further information please contact: adamsfunds.com/about/contact or 800.638.2479