PEO Adams Natural Resources Fund Inc

The Board of Directors of Adams Diversified Equity Fund, Inc. (NYSE: ADX) today declared a distribution of $.05 per share from net investment income payable September 1, 2022, to shareholders of record August 18, 2022. This represents the third payment this year toward the Fund’s annual 6% minimum distribution rate commitment. Details regarding the Fund’s annual 6% minimum distribution rate commitment can be found at adamsfunds.com.

FIRST-HALF PERFORMANCE

“In the first half of 2022, the arrival of a bear market offered both challenges and opportunities for our Fund. Our investments in Industrials, Health Care, and Consumer Discretionary were the primary contributors to our relative performance,” said Mark Stoeckle, CEO of Adams Funds.

For the six months ended June 30, 2022, the total return on Adams Diversified Equity’s net asset value, with dividends and capital gains reinvested, was -19.7%. This compares to a -20.0% total return for both the S&P 500 and the Morningstar U.S. Large Blend category. The total return on the market price of the Fund’s shares for the period was -20.5%.

For the twelve months ended June 30, 2022, the total return on Adams Diversified Equity’s net asset value, with dividends and capital gains reinvested, was -9.4%. Comparable figures for the S&P 500 and the Morningstar U.S. Large Blend category were -10.6% and -11.6%, respectively. The Fund’s total return on market price for the period was -10.2%.

NET ASSET VALUE

	6/30/2022	6/30/2021
Net assets	$2,118,629,378	$2,548,945,247
Shares outstanding	117,873,571	111,027,121
Net asset value per share	$17.97	$22.96

The Semi-Annual Report to Shareholders is expected to be released on or about July 27, 2022.

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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 80 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.

Contact:

800.638.2479 │ investorrelations@adamsfunds.com