ADX Adams Diversified Equity Fund Inc

The Board of Directors of Adams Natural Resources Fund, Inc. (NYSE: PEO) today declared a distribution of $.10 per share from net investment income, payable September 1, 2023, to shareholders of record August 18, 2023. This distribution represents the third payment this year toward the Fund’s annual 6% minimum distribution rate commitment, which can be found at adamsfunds.com.

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 -3.1%. This compares to a total return of -3.3% for the Fund’s benchmark, which is comprised of the S&P 500 Energy Sector (83% weight) and the S&P 500 Materials Sector (17% weight), over the same period. The total return on the market price of the Fund’s shares for the period was -3.6%.

For the twelve months ended June 30th, the total return on Adams Natural Resources’ net asset value, with dividends and capital gains reinvested, was 19.1%. This compares to a total return of 18.3% 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 15.2%.

The Semi-Annual Report to Shareholders is expected to be available on or about July 27, 2023.

ANNUALIZED COMPARATIVE RETURNS (6/30/2023)

	1 Year	3 Year	5 Year
Adams Natural Resources Fund (NAV)	19.1%	31.9%	7.7%
Adams Natural Resources Fund (market price)	15.2%	30.1%	7.5%
S&P 500 Energy Sector	18.8%	35.4%	6.6%
S&P 500 Materials Sector	15.1%	16.0%	9.8%

NET ASSET VALUE ANNOUNCED

The Fund’s net asset value at June 30, 2023, compared with the year earlier, was:

	6/30/2023		6/30/2022
Net assets	$620,953,602		$549,582,157
Shares outstanding		25,033,377		24,485,265
Net asset value per share	$24.81		$22.45

TEN LARGEST EQUITY PORTFOLIO HOLDINGS (06/30/2023)

	% of Net Assets
Exxon Mobil Corporation	23.1%
Chevron Corporation	13.6%
ConocoPhilips	7.1%
Schlumberger N.V.	4.4%
Linde plc	4.0%
Marathon Petroleum Corporation	3.5%
Pioneer Natural Resources Company	3.4%
Phillips 66	2.9%
Hess Corporation	2.7%
EOG Resources	2.4%
Total	67.1%

INDUSTRY WEIGHTINGS (6/30/2023)

	% of Net Assets
Energy	80.8%
Integrated Oil & Gas	36.7%
Exploration & Production	23.3%
Refining & Marketing	8.0%
Equipment & Services	7.1%
Storage & Transportation	5.7%
Materials	18.5%
Chemicals	13.5%
Metals & Mining	3.2%
Containers & Packaging	1.0%
Construction Materials	0.8%

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 an annual distribution rate of 6% 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