PEO Adams Natural Resources Fund Inc

Adams Natural Resources Fund, Inc. (NYSE: PEO) announces the Fund’s investment returns for 2023. “In a difficult year for the Energy market, our Fund’s exposure to the Materials sector offset some of the weakness. Good stock selection enabled the Fund to outperform its benchmark,” said Jim Haynie, CEO of Adams Funds.

The total return on the Fund’s net asset value for 2023 was 2.5%, with dividends and capital gains reinvested. The comparable figures for the S&P 500 Energy Sector and the S&P 500 Materials Sector were -1.3% and 12.6%, respectively. Our benchmark, which is comprised of the S&P 500 Energy Sector (83%) and the S&P 500 Materials Sector (17%), returned 1.0%. The total return on the Fund’s market price for the same period was 1.0%.

The Fund paid $1.35 per share in income dividends and realized capital gain distributions to shareholders in 2023, producing an annual distribution rate of 6.2%, exceeding the Fund’s annual 6% minimum distribution rate commitment. Details regarding the annual 6% minimum distribution rate commitment can be found at adamsfunds.com.

The 2023 Annual Report is expected to be released on or about February 15, 2024.

ANNUALIZED ONE, THREE, AND FIVE-YEAR COMPARATIVE RETURNS (12/31/23)

	1 Year	3 Year	5 Year
Adams Natural Resources Fund (NAV)	2.5%	29.9%	14.2%
Adams Natural Resources Fund (market price)	1.0%	30.2%	14.4%
S&P 500 Energy Sector	-1.3%	36.2%	13.4%
S&P 500 Materials Sector	12.6%	7.9%	13.6%

NET ASSET VALUE ANNOUNCED

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

	12/31/23	12/31/22
Net assets	$633,446,941	$651,336,441
Shares outstanding	25,514,441	25,193,556
Net asset value per share	$24.83	$25.85

TEN LARGEST EQUITY PORTFOLIO HOLDINGS (12/31/23)

	% of Net Assets
Exxon Mobil Corporation	18.5%
Chevron Corporation	12.4%
ConocoPhillips	7.5%
Linde plc	4.6%
Marathon Petroleum Corporation	3.9%
EOG Resources, Inc.	3.6%
Pioneer Natural Resources Company	3.6%
Schlumberger N.V.	3.5%
Phillips 66	3.2%
Hess Corporation	2.9%
Total	63.7%

INDUSTRY WEIGHTINGS (12/31/23)

	% of Net Assets
Energy
Integrated Oil & Gas	31.5%
Exploration & Production	25.3%
Refining & Marketing	8.9%
Equipment & Services	7.6%
Storage & Transportation	6.2%
Materials
Chemicals	14.7%
Metals & Mining	2.9%
Construction Materials	1.6%
Containers & Packaging	0.9%

About Adams FundsSince 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 │800.638.2479