Form N-CSR - Certified Shareholder Report

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-02736
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ADAMS NATURAL RESOURCES FUND, INC.
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(Exact name of registrant as specified in charter)

500 East Pratt Street, Suite 1300, Baltimore, Maryland 21202
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(Address of principal executive offices)

Janis F. Kerns
Adams Natural Resources Fund, Inc.
500 East Pratt Street, Suite 1300
Baltimore, Maryland 21202
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(Name and address of agent for service)

Registrant's telephone number, including area code: (410) 752-5900
Date of fiscal year end: December 31
Date of reporting period: December 31, 2023

Item 1. Reports to Stockholders.

ADAMS
NATURAL RESOURCES
FUND

ANNUAL REPORT

2023

GET THE LATEST NEWS AND INFORMATION

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2023 at a Glance

(unaudited)

The Fund

•

a closed-end equity investment company specializing in energy and other natural resources stocks

•

objectives: preservation of capital, reasonable income, and opportunity for capital gain

•

internally managed

•

annual distribution of at least 6%

Stock Data (12/31/23)

	NYSE Symbol			PEO
	Market Price			$20.63
	52-Week Range			$18.93 – $23.79
	Discount			16.9%
	Shares Outstanding			25,514,441

Summary Financial Information

Year Ended December 31,	2023			2022
Net asset value per share (NASDAQ: XPEOX)		$	24.83		$	25.85
Total net assets			633,446,941			651,336,441
Average net assets			641,874,182			592,305,057
Unrealized appreciation on investments			164,708,957			189,614,450
Net investment income			17,091,832			19,631,978
Net realized gain (loss)			17,507,537			20,793,927
Total return (based on market price)			1.0%			42.2%
Total return (based on net asset value)			2.5%			44.9%
Ratio of expenses to average net assets			0.64%			0.56%
Annual distribution rate			6.2%			8.1%

2023 Dividends and Distributions

Paid	Amount (per share)			Type
March 1, 2023		$	0.02	Long-term capital gain
March 1, 2023			0.03	Short-term capital gain
March 1, 2023			0.05	Investment income
June 1, 2023			0.10	Investment income
September 1, 2023			0.10	Investment income
December 15, 2023			0.65	Long-term capital gain
December 15, 2023			0.40	Investment income
		$	1.35

2024 Annual Meeting of Shareholders

Location: K&L Gates LLP, 1601 K Street N.W., Washington, DC 20006
Date: March 25, 2024
Time: 10:00 a.m.

Letter from Chief Executive Officer & President

James P. Haynie

Dear Fellow Shareholders,

The investing world entered 2023 in a nervous state, coming off the S&P 500 Index’s biggest decline since the Great Financial Crisis and one of the worst years ever for the bond market. Most everyone—including 70% of economists surveyed by Bloomberg—thought a recession was imminent, given stubbornly high inflation, rising interest rates, and geopolitical uncertainty, especially the Russia/Ukraine war. During the year, a regional banking crisis brought down five banks and created concerns about broader financial instability. The U.S. government narrowly avoided a debt default, then saw its long-term credit rating downgraded. And while the war in Ukraine continued to boil, a new one broke out in the Middle East following an October attack on Israel by Hamas. That month, U.S. 10-year Treasury yields topped 5% for the first time in 16 years.

Through it all, stocks kept climbing, generating outsized returns for the fourth time in five years. The gains were choppy at times, and, particularly early in the year, were led by a narrow band of mega-cap, tech-related companies powered by optimism surrounding artificial intelligence (AI). Investor sentiment ebbed and flowed throughout the year, usually with an eye towards the presumed policy path of the U.S. Federal Reserve (Fed). In the end, optimism reigned, and the market shook off fears of higher-for-longer interest rates and concerns

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“Stock selection in Energy drove our outperformance. Four of the five Energy industry groups contributed on a relative basis.”

about global economic growth and finished 2023 near an all-time high. By year end, that same Bloomberg survey had 49% of economists expecting a soft landing, and the market was anticipating interest rate cuts in 2024.

While broad markets advanced sharply, Energy was the only S&P sector that declined during the fourth quarter, and one of only two (Utilities was the other) to lose ground in 2023. Meanwhile, the Materials sector produced a double-digit return, finishing in the middle of the S&P 500’s sectors. The Energy sector’s weakness contrasted with 2022, when the group outperformed the broader index by nearly 84%, supported by rising energy prices. In 2023, West Texas Intermediate (WTI) crude oil prices declined for the first time since 2020, closing below $72 per barrel, approximately 40% lower than the March 2022 high above $120.

Oil prices seemed focused largely on concerns about oversupply, given rising production from outside of OPEC, including the United States. OPEC’s production cuts, which were deepened and extended into 2024 during the fourth quarter, failed to prop up prices amid uncertainty surrounding the cartel’s direction and commitment to maintain those cuts. Concerns about demand also played a role, due in large part to worries about global growth and a slower-than-expected post-pandemic rebound from China.

Given weaker energy prices, the sector’s performance relative to the broader market’s rally wasn’t as bifurcated as in prior cycles. This is due in large part to much improved balance sheet strength in Exploration & Production (E&P) and Equipment & Services companies.

Our Fund, with exposure to both Energy and Materials, returned 2.5% on net asset value (NAV) and 1.0% on market price. Our benchmark, which is comprised of the S&P 500 Energy sector (83%) and the S&P 500 Materials sector (17%), returned 1.0%. We distributed 6.2% to our shareholders in 2023, exceeding our 6.0% commitment.

2023 Market Recap

In the first half of the year, oil prices struggled to find a foothold, with demand concerns, rising production from non-OPEC producers, and China’s slower-than-expected rebound from the pandemic. In response, WTI prices declined approximately 12%.

Letter To Shareholders (continued)

In the third quarter, oil prices rose to a 16-month high. Demand growth remained strong and global supply tightened. The Hamas-Israel conflict, which erupted in October, introduced some volatility to the oil market toward the end of the year, but the themes of stronger production and continuing worries about global demand growth carried prices lower in the fourth quarter.

Natural gas prices declined even more sharply than oil in 2023, falling 44%. Record-high production outpaced consumption, as U.S. demand rose 2.7% vs. a 3.7% increase in supply, according to the Energy Information Administration. After falling sharply at the beginning of the year, prices recovered steadily during much of 2023, but fell sharply to close out the year. Driven by persistently strong domestic production and unseasonably warm weather, inventories were well above 2022 and five-year average levels heading into the key winter months.

One key theme in 2023 was mergers and acquisitions, with over $300 billion in announced transaction value, led by ExxonMobil’s deal to acquire Pioneer Natural Resources and Chevron’s purchase of Hess Corp. The surge in M&A will likely provide more stability to activity levels and capital spending in the U.S., which should assuage OPEC’s concern that U.S. production could outgrow global demand.

Three of the five Energy industry groups advanced in 2023, led by a 23.6% gain for Refining & Marketing stocks. Refiners declined in the first half before rallying to finish the year strongly. The group benefited from robust refined product demand and low inventory levels. This led to better-than-expected refining margins, resulting in sector-leading performance.

The Storage & Transportation group posted an 11.4% advance, supported by defensive business models in an uncertain commodity landscape. The Equipment & Services industry was up 1.8%, despite falling prices, bolstered in part by an increased focus on capital discipline. Amid persistently high inflation, this capital restraint helped drive margin improvement. The E&P and Integrated Oil & Gas groups, which have more direct exposure to commodity prices, both declined modestly during the year.

The Materials sector, which tends to move in concert with the state of the economy, did just that in 2023. The sector advanced but trailed stronger areas of the market, held back by recessionary fears and worries about China. The sector was led by businesses that were more insulated from cyclical factors, including industrial gases and aggregates. Construction Materials stocks were the best performers in the sector in 2023, increasing by 39.2%. Agricultural chemicals companies were weak due to inventory de-stocking by customers, especially in Latin America.

Portfolio Performance

Our fund generated a 2.5% total return on net asset value during the year, outpacing our benchmark by 1.5%. Stock selection in Energy drove our outperformance. Four of the five Energy industry groups contributed on a relative basis.

Stock selection in E&P was the largest driver of relative outperformance. Key contributors included our position in Diamondback Energy and an underweight in Devon Energy. Diamondback, one of the lowest cost oil producers in the Permian Basin, navigated volatility in oil prices well, with highly efficient operations, stronger-than-expected production, and a commitment to funding dividends and share buybacks. When oil prices did rise during the third quarter, Diamondback’s profitability and cash flow generation rose with them. We reduced exposure to shale producer Devon amid concerns surrounding higher-than-expected expenses and weakening oil well productivity, which was a persistent challenge for the company during the year.

Letter To Shareholders (continued)

In the Refining industry, both stock selection and being overweight the group had a positive impact on the relative performance of the Fund. Our positions in Marathon Petroleum and Phillips 66, the two best performing stocks in the sector, were the key drivers. Marathon continued to generate significant excess cash flow, enabling it to both repurchase shares at a high rate and increase its dividend. Phillips 66 improved margins to be more competitive with its peers after previous missteps, which allowed the stock to outperform.

In the Equipment & Services group, our position in TechnipFMC was the key contributor. The oilfield services firm is one of two global providers of subsea infrastructure for offshore exploration and production—an industry that has consolidated significantly in the last 10 years. This has positioned the company to benefit from an acceleration in demand in international offshore markets. We expect strong orders today to result in faster growth and margin expansion in the years ahead.

In Materials, our investments posted a 12.9% return that slightly outpaced the index’s 12.6% gain. The Chemicals group was the key relative contributor as bigger, more stable business models held up well despite a relatively anemic growth outlook. Our overweight in Celanese was a notable contributor. Shares rose as the company benefited from the low cost of natural gas in the U.S., as well as acquisition synergies and investment in its engineered materials business.

Sector gains were partially offset by the Metals & Mining group. Our position in Alcoa detracted from performance in the first half of 2023 amid pressure on aluminum prices. While we continue to believe that aluminum is in a favorable long-term position, we exited our position during the year.

Outlook for 2024

Whether the glass is half full or half empty remains very much up for debate. After all, while 2023 was a solid year for broad equity indexes, the S&P 500 essentially just clawed back its losses from 2022. The Index’s two-year return stood at 3.4% when it closed 2023, almost exactly where it ended 2021. In other words, not a whole lot has changed even though everything keeps changing.

The U.S. consumer and the economy remained resilient and inflation has moderated. Third-quarter earnings surprised to the upside, with the S&P 500 recording year-over-year earnings growth for the first time in a year. And yet, many of the issues that concerned investors at the end of 2022 remain unresolved. While the Fed might be ending its tightening policy, rising interest rates take a while to filter through the economy, which they are designed to slow. The level of geopolitical uncertainty is higher today than it was a year ago. Recessionary indicators, most notably the inverted yield curve (the 10-year U.S. Treasury note’s yield has been lower than the two-year Treasury since July 2022), continue to flash. The soft landing may feel within reach, but the risks of a recession remain elevated.

Other than an election cycle that promises to add to the uncertainty, it is difficult to know what will happen in 2024. Few predicted that 2022 would be as rough as it was, or that 2023 would be a blockbuster year for the stock market. If nothing else, the past two years show the precarious nature of trying to time the market.

As we enter 2024, the prices of oil and natural gas remain near their 12-month lows, reflecting concerns about an abundance of supply and subsiding demand. Energy stocks are discounting a fair amount of this pessimism, trading at a discount to their historical valuations. Another perspective on this market view is that even in the current commodity price environment, Energy stocks account for 8.3% of the S&P 500’s earnings, but less than 4% of its market capitalization.

The reality is that demand for oil and natural gas will continue to grow barring a severe global economic recession. Additionally, supply growth that exceeded expectations in 2023 is likely to moderate in 2024. This dynamic offers the potential for a tightening supply/demand environment that will be beneficial to the financial performance of Energy stocks.

Letter To Shareholders (continued)

So, what’s an investor to do? We believe, as we always have, that the answer is simple, though not easy: Implement a disciplined investment process that identifies high-quality companies at attractive valuations and pay careful attention to risk management. We stay true to this process, whether the broad market surges, swoons, or moves sideways. We’ve been through all these environments over the past few years (and over many decades), and this approach has served the Fund well.

We appreciate your trust and look forward to 2024.

By order of the Board of Directors,

James P. Haynie, CFA
Chief Executive Officer & President
January 26, 2024

Investment Growth

(unaudited)

This following shows the value of hypothetical $10,000 investments in the Fund at market price and in the Fund’s benchmarks over the past 10 years with dividend and distributions reinvested. All Fund distributions are reinvested at the price received in the Fund’s dividend reinvestment plan. Amounts do not reflect taxes paid by shareholders on distributions or the sale of shares. Past performance does not predict future performance.

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Average Annual Total Returns at 12/31/23
	Years
	1		3		5		10
PEO Market Price		1.0%		30.2%		14.4%		3.8%
S&P 500 Energy Sector Index		-1.3%		36.2%		13.4%		3.5%
S&P 500 Materials Sector Index		12.6%		7.9%		13.6%		8.6%

Disclaimers

This report contains “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. By their nature, all forward-looking statements involve risks and uncertainties, and actual results could differ materially from those contemplated by the forward-looking statements. Several factors that could materially affect the Fund’s actual results are the performance of the portfolio of stocks held by the Fund, the conditions in the U.S. and international financial markets, the price at which shares of the Fund will trade in the public markets, and other factors discussed in the Fund’s periodic filings with the Securities and Exchange Commission.

This report is transmitted to the shareholders of the Fund for their information. It is not a prospectus, circular or representation intended for use in the purchase or sale of shares of the Fund or of any securities mentioned in the report. The rates of return will vary and the principal value of an investment will fluctuate. Shares, if sold, may be worth more or less than their original cost. Past performance is no guarantee of future investment results.

Portfolio Highlights

December 31, 2023
(unaudited)

Ten Largest Equity Portfolio Holdings

	Market Value			Percent of Net Assets
Exxon Mobil Corporation		$	117,319,531		18.5%
Chevron Corporation			78,588,078		12.4
ConocoPhillips			47,713,591		7.5
Linde plc			28,831,842		4.6
Marathon Petroleum Corporation			24,896,588		3.9
EOG Resources, Inc.			22,867,654		3.6
Pioneer Natural Resources Company			22,825,320		3.6
Schlumberger N.V.			22,378,917		3.5
Phillips 66			20,566,802		3.2
Hess Corporation			18,595,054		2.9
		$	404,583,377		63.7%

Industry Weightings

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Statement of Assets and Liabilities

December 31, 2023

Assets
Investments at value*:
Common stocks (cost $465,867,057)	$	630,575,274
Short-term investments (cost $5,216,801)		5,217,541	$	635,792,815
Cash				146,070
Investment securities sold				16,063,377
Dividends receivable				337,472
Prepaid expenses and other assets				1,409,063
Total Assets				653,748,797

Liabilities
Investment securities purchased				17,570,394
Due to officers and directors (note 8)				1,102,730
Accrued expenses and other liabilities				1,628,732
Total Liabilities				20,301,856
Net Assets			$	633,446,941

Net Assets
Common Stock at par value $0.001 per share, authorized 50,000,000 shares; issued and outstanding 25,514,441 shares (includes 10,974 deferred stock units) (note 7)			$	25,514
Additional capital surplus				468,226,276
Total distributable earnings (loss)				165,195,151
Net Assets Applicable to Common Stock			$	633,446,941
Net Asset Value Per Share of Common Stock			$	24.83

See Schedule of Investments beginning on page 16.

The accompanying notes are an integral part of the financial statements.

Statement of Operations

Year Ended December 31, 2023

Investment Income
Income:
Dividends (net of $28,298 in foreign taxes)	$	20,983,449
Other income		227,666
Total Income		21,211,115
Expenses:
Investment research compensation and benefits		1,750,845
Administration and operations compensation and benefits		845,652
Occupancy and other office expenses		252,633
Investment data services		203,293
Directors’ compensation		418,500
Shareholder reports and communications		170,546
Transfer agent, custody, and listing fees		126,162
Accounting, recordkeeping, and other professional fees		108,293
Insurance		53,866
Audit and tax services		118,569
Legal services		70,924
Total Expenses		4,119,283
Net Investment Income		17,091,832

Realized Gain (Loss) and Change in Unrealized Appreciation
Net realized gain (loss) on investments		17,757,374
Net realized gain (loss) on total return swap agreements		(249,837)
Change in unrealized appreciation on investments		(24,905,493)
Net Gain (Loss)		(7,397,956)
Change in Net Assets from Operations	$	9,693,876

The accompanying notes are an integral part of the financial statements.

Statements of Changes in Net Assets

	For the Year Ended December 31,
	2023			2022
From Operations:
Net investment income		$	17,091,832		$	19,631,978
Net realized gain (loss)			17,507,537			20,793,927
Change in unrealized appreciation			(24,905,493)			165,060,409
Change in Net Assets from Operations			9,693,876			205,486,314

Distributions to Shareholders from:
Total distributable earnings			(33,803,770)			(39,911,119)

From Capital Share Transactions:
Value of shares issued in payment of distributions (note 5)			10,099,505			15,172,259
Cost of shares purchased (note 5)			(3,879,111)			—
Change in Net Assets from Capital Share Transactions			6,220,394			15,172,259
Total Change in Net Assets			(17,889,500)			180,747,454

Net Assets:
Beginning of year			651,336,441			470,588,987
End of year		$	633,446,941		$	651,336,441

The accompanying notes are an integral part of the financial statements.

Notes To Financial Statements

Adams Natural Resources Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940 (“1940 Act”) as a non-diversified investment company. The Fund is an internally managed closed-end fund specializing in energy and other natural resources stocks. Its investment objectives are preservation of capital, the attainment of reasonable income from investments, and an opportunity for capital appreciation.

1. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation — The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for investment companies, which require the use of estimates by Fund management. Management believes that estimates and valuations are appropriate; however, actual results may differ from those estimates and the valuations reflected in the financial statements may differ from the value the Fund ultimately realizes. Additionally, unpredictable events such as natural disasters, war, terrorism, global pandemics, and similar public health threats may significantly affect the economy, markets, and companies in which the Fund invests. The Fund could be negatively impacted if the value of portfolio holdings are harmed by such events.

Affiliates — Adams Diversified Equity Fund, Inc. (“ADX”), a diversified, closed-end investment company, owns 8.6% of the Fund’s outstanding shares and is, therefore, an “affiliated company” as defined by the 1940 Act. During the year ended December 31, 2023, the Fund paid dividends and capital gain distributions of $2,952,145 to ADX. Directors of the Fund are also directors of ADX. The Fund, ADX, and Adams Funds Advisers, LLC (“AFA”), an ADX-affiliated investment adviser to external parties, have a shared management team.

Expenses — The Fund shares personnel, systems, and other infrastructure items with ADX and AFA and is charged a portion of the shared expenses. To protect the Fund from potential conflicts of interest, policies and procedures are in place covering the sharing of expenses among the entities. Expenses solely attributable to an entity are charged to that entity. Expenses that are not solely attributable to one entity are allocated in accordance with the Fund’s expense sharing policy. The Fund’s policy dictates that expenses, other than those related to personnel, are attributed to AFA based on the average estimated amount of time spent by all personnel on AFA-related activities relative to overall job functions; the remaining portion is attributed to the Fund and ADX based on relative net assets excluding affiliated holdings. Personnel-related expenses are attributed to AFA based on the individual’s time spent on AFA-related activities; the remaining portion is attributed to the Fund and ADX based on relative market values of portfolio securities covered for research staff and relative net assets excluding affiliated holdings for all others. Expense allocations are updated quarterly. Because AFA has no assets under management, only those expenses directly attributable to AFA are charged to AFA.

For the year ended December 31, 2023, shared expenses totaled $18,244,915, of which $14,124,052 and $1,580 were charged to ADX and AFA, respectively, in accordance with the Fund’s expense sharing policy. There were no amounts due to, or due from, affiliated companies at December 31, 2023.

Investment Transactions, Investment Income, and Distributions — The Fund's investment decisions are made by the portfolio management team with recommendations from the research staff. Policies and procedures are in place covering the allocation of investment opportunities among the Fund and its affiliates to protect the Fund from potential conflicts of interest. Investment transactions are accounted for on trade date. Realized gains and losses on sales of investments are recorded on the basis of specific identification. Dividend income and distributions to shareholders are recognized on the ex-dividend date.

Valuation — The Fund’s financial instruments are reported at fair value, which is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Fund has a Valuation Committee (“Committee”) so that financial instruments are appropriately priced at fair value in accordance with GAAP and the 1940 Act. Subject to

Notes To Financial Statements (continued)

oversight and approval by the Board of Directors, the Committee establishes methodologies and procedures to value securities for which market quotations are not readily available.

GAAP establishes the following hierarchy that categorizes the inputs used to measure fair value:

•

Level 1 — fair value is determined based on market data obtained from independent sources; for example, quoted prices in active markets for identical investments;

•

Level 2 — fair value is determined using other assumptions obtained from independent sources; for example, quoted prices for similar investments;

•

Level 3 — fair value is determined using the Fund’s own assumptions, developed based on the best information available under the circumstances.

Investments in securities traded on national exchanges are valued at the last reported sale price as of the close of regular trading on the relevant exchange on the day of valuation. Over-the-counter and listed equity securities for which a sale price is not available are valued at the last quoted bid price. Money market funds are valued at net asset value. These securities are generally categorized as Level 1 in the hierarchy.

Total return swap agreements are valued using independent, observable inputs, including underlying security prices, dividends, and interest rates. These securities are generally categorized as Level 2 in the hierarchy.

At December 31, 2023, the Fund’s financial instruments were classified as follows:

	Level 1			Level 2			Level 3			Total
Assets:
Common stocks		$	630,575,274		$	—		$	—		$	630,575,274
Short-term investments			5,217,541			—			—			5,217,541
Total investments		$	635,792,815		$	—		$	—		$	635,792,815

2. FEDERAL INCOME TAXES

No federal income tax provision is required since the Fund’s policy is to qualify as a regulated investment company under the Internal Revenue Code and to distribute substantially all of its taxable income and gains to its shareholders. Additionally, management has analyzed the tax positions included in federal income tax returns from the previous three years that remain subject to examination, and concluded no provision was required. Any income tax-related interest or penalties would be recognized as income tax expense. At December 31, 2023, the identified cost of securities for federal income tax purposes was $471,260,321 and net unrealized appreciation aggregated $164,532,494, consisting of gross unrealized appreciation of $185,839,588 and gross unrealized depreciation of $21,307,094.

Distributions are determined in accordance with the Fund’s annual 6% minimum distribution rate commitment, based on the Fund’s average market price, and income tax regulations, which may differ from GAAP. Such differences are primarily related to the Fund’s retirement plans, equity-based compensation, wash sales, and tax straddles for total return swaps. Differences that are permanent, while not material for the year ended December 31, 2023, are reclassified in the capital accounts of the Fund’s financial statements and have no impact on net assets. For tax purposes, distributions paid by the Fund during the years ended December 31, 2023 and December 31, 2022 were classified as ordinary income of $17,057,323 and $23,757,839, respectively, and long-term capital gain of $16,800,584 and $16,176,828, respectively. The tax basis of distributable earnings at December 31, 2023 was $958,688 of undistributed ordinary income and $143,346 of undistributed long-term capital gain.

3. INVESTMENT TRANSACTIONS

Purchases and sales of portfolio investments, other than short-term investments, securities lending collateral, and derivative transactions, during the year ended December 31, 2023 were $125,896,928 and $135,627,314, respectively.

Notes To Financial Statements (continued)

4. DERIVATIVES

The Fund may invest in derivative instruments. The Fund uses derivatives for a variety of purposes, including, but not limited to, the ability to gain or limit exposure to particular market sectors or securities, to provide additional capital gains, to limit equity price risk in the normal course of pursuing its investment objectives, and/or to obtain leverage.

Total Return Swap Agreements — The Fund utilizes total return swap agreements in carrying out a paired trade strategy, where it enters into a long contract for a single stock and a short contract for a sector exchange-traded fund in comparable notional amounts. Total return swap agreements involve commitments based on a notional amount to pay interest in exchange for a market-linked return of a reference security. Upon closing a long contract, the Fund will receive a payment to the extent the total return of the reference security is positive for the contract period and exceeds the offsetting interest rate obligation or will make a payment if the total return is negative for the contract period. Upon closing a short contract, the Fund will receive a payment to the extent the total return of the reference security is negative for the contract period and exceeds the offsetting interest rate obligation or will make a payment if the total return is positive for the contract period. The fair value of each total return swap agreement is determined daily and the change in value is recorded as a change in unrealized appreciation on total return swap agreements in the Statement of Operations. Payments received or made upon termination during the period are recorded as a realized gain or loss on total return swap agreements in the Statement of Operations.

Total return swap agreements entail risks associated with counterparty credit, liquidity, and equity price risk. Such risks include that the Fund or the counterparty may default on its obligation, that there is no liquid market for these agreements, and that there may be unfavorable changes in the price of the reference security. To mitigate the Fund’s counterparty credit risk, the Fund enters into master netting and collateral arrangements with the counterparty. A master netting agreement allows either party to terminate the agreement prior to termination date and provides the ability to offset amounts the Fund owes the counterparty against the amounts the counterparty owes the Fund for a single net settlement. The Fund’s policy is to net all derivative instruments subject to a netting agreement and offset the value of derivative liabilities against the value of derivative assets. The net cumulative unrealized gain (asset) on open total return swap agreements or the net cumulative unrealized loss (liability) on open total return swap agreements is presented in the Statement of Assets and Liabilities. At December 31, 2023, there were no open total return swap agreements. During the year ended December 31, 2023 , the average daily notional amounts of open long and short total return swap agreements, an indicator of the volume of activity, were $1,413,834 and $(1,402,169), respectively.

A collateral arrangement requires each party to provide collateral with a value, adjusted daily and subject to a minimum transfer amount, equal to the net amount owed to the other party under the agreement. The counterparty provides cash collateral to the Fund and the Fund provides collateral by segregating portfolio securities, subject to a valuation allowance, into a tri-party account at its custodian. At December 31, 2023, there were no securities pledged as collateral and no cash collateral was held by the Fund.

5. CAPITAL STOCK

The Fund has 5,000,000 authorized and unissued preferred shares, $0.001 par value.

On December 15, 2023, the Fund issued 503,730 shares of its Common Stock at a price of $19.96 per share (the average market price on December 6, 2023) to shareholders of record November 20, 2023, who elected to take stock in payment of the year-end distribution. During the year ended December 31, 2023, the Fund issued 2,167 shares of Common Stock at a weighted average price of $20.76 per share as dividend equivalents to holders of deferred stock units under the 2005 Equity Incentive Compensation Plan.

Notes To Financial Statements (continued)

On December 16, 2022, the Fund issued 707,496 shares of its Common Stock at a price of $21.40 per share (the average market price on December 7, 2022) to shareholders of record November 21, 2022, who elected to take stock in payment of the year-end distribution. During the year ended December 31, 2022, the Fund issued 1,472 shares of Common Stock at a weighted average price of $21.64 per share as dividend equivalents to holders of deferred stock units under the 2005 Equity Incentive Compensation Plan.

The Fund may purchase shares of its Common Stock from time to time, in accordance with parameters set by the Board of Directors, at such prices and amounts as the portfolio management team deems appropriate. Additionally, the Fund will repurchase shares under the Fund’s enhanced discount management and liquidity program, subject to certain restrictions, when the discount exceeds 15% of net asset value for at least 30 consecutive trading days. The enhanced program also provides that the Fund will engage in a proportional tender offer to repurchase shares when the discount exceeds 19% of net asset value for 30 consecutive trading days, not to exceed one such offer in any twelve-month period.

Transactions in its Common Stock for 2023 and 2022 were as follows:

	Shares				Amount
	2023		2022		2023			2022
Shares issued in payment of distributions		505,897		708,968		$	10,099,505		$	15,172,259
Shares purchased (at a weighted average discount from net asset value of 16.0% in 2023)		(185,012)		—			(3,879,111)			—
Net change		320,885		708,968		$	6,220,394		$	15,172,259

6. RETIREMENT PLANS

The Fund sponsors a qualified defined contribution plan for all employees with at least six months of service and a nonqualified defined contribution plan for eligible employees to supplement the qualified plan. The Fund matches employee contributions made to the plans and, subject to Board approval, may also make a discretionary contribution to the plans. During the year ended December 31, 2023, the Fund recorded matching contributions of $114,229 and a liability, representing the 2023 discretionary contribution, of $69,798.

7. EQUITY-BASED COMPENSATION

The Fund’s 2005 Equity Incentive Compensation Plan, adopted at the 2005 Annual Meeting and reapproved at the 2010 Annual Meeting, expired on April 27, 2015. Restricted stock units granted to non-employee directors that are 100% vested, but payment of which has been deferred at the election of the director, remain outstanding at December 31, 2023.

Outstanding awards were granted at fair market value on grant date (determined by the average of the high and low price on that date) and earn an amount equal to the Fund’s per share distribution, payable in reinvested shares, which are paid concurrently with the payment of the original share grant.

A summary of the activity during the year ended December 31, 2023 is as follows:

Awards	Units		Weighted Average Grant-Date Fair Value
Balance at December 31, 2022		15,130		$	26.26
Reinvested dividend equivalents		2,167			20.76
Issued		(6,323)			23.65
Balance at December 31, 2023		10,974		$	26.68

At December 31, 2023, the Fund had no unrecognized compensation cost. The total fair value of awards issued during the year ended December 31, 2023 was $131,908.

Notes To Financial Statements (continued)

8. OFFICER AND DIRECTOR COMPENSATION

The aggregate remuneration paid by the Fund during the year ended December 31, 2023 to officers and directors amounted to $2,259,966, of which $550,408 was paid to independent directors. These amounts represent the taxable income, including $131,908 in deferred director compensation from previous years, to the Fund’s officers and directors and, therefore, may differ from the amounts reported in the accompanying Statement of Operations that are recorded and expensed in accordance with GAAP. At December 31, 2023, $1,102,730 was due to officers and directors, representing amounts related to estimated cash compensation and estimated retirement plan discretionary contributions payable to officers and reinvested dividend payments on deferred stock awards payable to directors.

9. PORTFOLIO SECURITIES LOANED

The Fund makes loans of securities to approved brokers to earn additional income. The loans are collateralized by cash and/or U.S. Treasury and government agency obligations valued at 102% of the value of the securities on loan. The market value of the loaned securities is calculated based upon the most recent closing prices and any additional required collateral is delivered to the Fund on the next business day. On loans collateralized by cash, the cash collateral is invested in a registered money market fund. The Fund accounts for securities lending transactions as secured financing and retains a portion of the income from lending fees and interest on the investment of cash collateral. The Fund also continues to receive dividends on the securities loaned. Gain or loss in the fair value of securities loaned that may occur during the term of the loan will be for the account of the Fund. At December 31, 2023, the Fund had no securities on loan. The Fund is indemnified by the custodian, serving as lending agent, for the loss of loaned securities and has the right under the lending agreement to recover the securities from the borrower on demand.

10. LEASES

The Fund and its affiliates jointly lease office space and equipment under non-cancelable lease agreements expiring at various dates through 2029. Payments are made in aggregate pursuant to these agreements but are deemed variable for each entity, as the allocable portion to each entity fluctuates when applying the expense sharing policy among all affiliates at each payment date. Variable payments of this nature do not require recognition of an asset or an offsetting liability in the Statement of Assets and Liabilities and are recognized as rental expense on a straight-line basis over the lease term within occupancy and other office expenses in the Statement of Operations. During the year, the Fund recognized rental expense of $102,815.

11. COMMITMENTS AND CONTINGENCIES

In the normal course of business, the Fund enters into agreements that can expose the Fund to some risk of loss. The risk of future loss arising from any such agreements, while not quantifiable, is expected to be remote. As such, and as of the end of the reporting period, the Fund did not have any unfunded commitments. From time to time, the Fund may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Fund’s rights under contracts or within bylaws. As of the end of the reporting period, management has determined that any legal proceedings the Fund is subject to are unlikely to have a material impact to the Fund’s financial statements.

Financial Highlights

	Year Ended December 31,
	2023		2022		2021		2020		2019
Per Share Operating Performance
Net asset value, beginning of year		$25.85		$19.22		$13.76		$18.79		$17.71
Net investment income		0.68		0.80		0.55		0.45		0.80 (a)
Net realized gain (loss) and change in unrealized appreciation		(0.28)		7.57		5.86		(4.85)		1.41
Total from operations		0.40		8.37		6.41		(4.40)		2.21
Less distributions from:
Net investment income		(0.65)		(0.79)		(0.56)		(0.47)		(0.78)
Net realized gain		(0.70)		(0.84)		(0.35)		(0.26)		(0.32)
Total distributions		(1.35)		(1.63)		(0.91)		(0.73)		(1.10)
Capital share repurchases (note 5)		0.03		—		—		0.14		—
Reinvestment of distributions		(0.10)		(0.11)		(0.04)		(0.04)		(0.03)
Total capital share transactions		(0.07)		(0.11)		(0.04)		0.10		(0.03)
Net asset value, end of year		$24.83		$25.85		$19.22		$13.76		$18.79
Market price, end of year		$20.63		$21.80		$16.52		$11.37		$16.46

Total Investment Return (b)
Based on market price		1.0%		42.2%		53.6%		-26.6%		21.1%
Based on net asset value		2.5%		44.9%		47.7%		-22.2%		13.7%

Ratios/Supplemental Data
Net assets, end of year (in millions)		$633		$651		$471		$332		$561
Ratio of expenses to average net assets		0.64%		0.56%		0.88%		1.47%		0.97%
Ratio of net investment income to average net assets		2.66%		3.31%		3.15%		3.27%		4.18%
Portfolio turnover		19.8%		24.3%		20.7%		31.8%		29.5%
Number of shares outstanding at end of year (in 000’s)		25,514		25,194		24,485		24,122		29,875

(a)

In 2019, the Fund received additional dividend income of $9,693,399, or $0.33 per Fund share, from the acquisition of Anadarko Petroleum Corporation by Occidental Petroleum Corporation.

(b)

Total investment return is calculated assuming a purchase of a Fund share at the beginning of the period and a sale on the last day of the period reported either at net asset value or market price per share, excluding any brokerage commissions. Distributions are assumed to be reinvested at the price received in the Fund’s dividend reinvestment plan.

The accompanying notes are an integral part of the financial statements.

Schedule of Investments

December 31, 2023

	Shares		Value (a)
Common Stocks — 99.6%
Energy — 79.5%
Equipment & Services — 7.6%
Baker Hughes Company		457,000		$	15,620,260
Halliburton Company		177,353			6,411,311
Schlumberger N.V.		430,033			22,378,917
TechnipFMC plc		173,800			3,500,332
					47,910,820
Exploration & Production — 25.3%
APA Corporation		56,000			2,009,280
Chord Energy Corporation		225			37,402
Chord Energy Corporation warrants, strike price $166.37, 1 warrant for .5774 share, expires 9/1/24 (b)		2,654			79,673
Chord Energy Corporation warrants, strike price $133.70, 1 warrant for .5774 share, expires 9/1/25 (b)		1,327			27,535
ConocoPhillips		411,076			47,713,591
Coterra Energy Inc.		150,100			3,830,552
Devon Energy Corporation		126,000			5,707,800
Diamondback Energy, Inc.		99,900			15,492,492
EOG Resources, Inc.		189,067			22,867,654
EQT Corporation		61,400			2,373,724
Hess Corporation		128,989			18,595,054
Marathon Oil Corporation		359,600			8,687,936
Occidental Petroleum Corporation		166,251			9,926,847
Pioneer Natural Resources Company		101,500			22,825,320
					160,174,860
Integrated Oil & Gas — 31.5%
Cenovus Energy Inc.		230,000			3,829,500
Chevron Corporation		526,871			78,588,078
Exxon Mobil Corporation		1,173,430			117,319,531
					199,737,109
Refining & Marketing — 8.9%
Marathon Petroleum Corporation		167,812			24,896,588
Phillips 66		154,475			20,566,802
Valero Energy Corporation		86,000			11,180,000
					56,643,390

Schedule of Investments (continued)

December 31, 2023

	Shares		Value (a)
Storage & Transportation — 6.2%
Kinder Morgan, Inc.		401,592		$	7,084,083
ONEOK, Inc.		137,900			9,683,338
Targa Resources Corp.		116,100			10,085,607
Williams Companies, Inc.		348,550			12,139,997
					38,993,025
Materials — 20.1%
Chemicals — 14.7%
Air Products and Chemicals, Inc.		21,700			5,941,460
Albemarle Corporation		9,000			1,300,320
Celanese Corporation		37,777			5,869,412
CF Industries Holdings, Inc.		24,769			1,969,136
Corteva Inc.		71,845			3,442,812
Dow, Inc.		66,145			3,627,392
DuPont de Nemours, Inc.		101,026			7,771,930
Eastman Chemical Company		8,900			799,398
Ecolab Inc.		48,300			9,580,305
FMC Corporation		10,055			633,968
International Flavors & Fragrances Inc.		21,006			1,700,856
Linde plc		70,200			28,831,842
LyondellBasell Industries N.V.		65,200			6,199,216
Mosaic Company		25,601			914,724
PPG Industries, Inc.		50,500			7,552,275
Sherwin-Williams Company		23,100			7,204,890
					93,339,936
Construction Materials — 1.6%
Martin Marietta Materials, Inc.		5,000			2,494,550
Vulcan Materials Company		31,900			7,241,619
					9,736,169
Containers & Packaging — 0.9%
Amcor plc		92,400			890,736
Avery Dennison Corporation		5,500			1,111,880
Ball Corporation		23,300			1,340,216
International Paper Company		21,500			777,225
Packaging Corporation of America		5,900			961,169
WestRock Company		15,400			639,408
					5,720,634

Schedule of Investments (continued)

December 31, 2023

	Shares		Value (a)
Metals & Mining — 2.9%
Freeport-McMoRan, Inc.		138,300		$	5,887,431
Newmont Corporation		107,100			4,432,869
Nucor Corporation		24,200			4,211,768
Steel Dynamics, Inc.		12,526			1,479,321
Teck Resources Limited		54,600			2,307,942
					18,319,331
Total Common Stocks
(Cost $465,867,057)					630,575,274
Short-Term Investments — 0.8%
Money Market Funds — 0.8%
Morgan Stanley Institutional Liquidity Funds Prime Portfolio, 5.46% (c)		4,699,020			4,701,370
Northern Institutional Treasury Premier Portfolio, 5.21% (c)		516,171			516,171
Total Short-Term Investments
(Cost $5,216,801)					5,217,541
Total — 100.4% of Net Assets
(Cost $471,083,858)					635,792,815
Other Assets Less Liabilities — (0.4)%					(2,345,874)
Net Assets — 100.0%				$	633,446,941

(a)

Common stocks and warrants are listed on the New York Stock Exchange or NASDAQ and are valued at the last reported sale price on the day of valuation. See note 1 to financial statements.

(b)

Presently non-dividend paying.

(c)

Rate presented is as of period-end and represents the annualized yield earned over the previous seven days.

The accompanying notes are an integral part of the financial statements.

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Adams Natural Resources Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Adams Natural Resources Fund, Inc. (the “Fund”) as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the five years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Baltimore, Maryland
February 12, 2024

We have served as the Fund’s auditor since 1929.

Principal Changes in Portfolio Securities

During the Six Months Ended December 31, 2023
(unaudited)

	Dollar Amount Traded in the Period			Percent of Net Assets Held at Period-End
Additions
Baker Hughes Company		$	9,118,024		2.5%
EOG Resources, Inc.			6,874,050		3.6
Vulcan Materials Company			4,483,407		1.1
Cenovus Energy Inc.			4,067,631*		0.6
Williams Companies, Inc.			3,904,814		1.9
ONEOK, Inc.			3,299,643		1.5
Ecolab Inc.			3,152,744		1.5
Linde plc			2,176,257		4.6
Marathon Oil Corporation			1,425,930		1.4
CF Industries Holdings, Inc.			1,042,391		0.3
Sherwin-Williams Company			593,417		1.1
Hess Corporation			537,775		2.9
PPG Industries, Inc.			404,648		1.2
DuPont de Nemours, Inc.			392,127		1.2
Diamondback Energy, Inc.			391,523		2.4

Reductions
Exxon Mobil Corporation			16,903,197		18.5
Schlumberger N.V.			6,902,049		3.5
Kinder Morgan, Inc.			6,581,587		1.1
Canadian Natural Resources Limited			4,263,495		—
Phillips 66			3,751,378		3.2
Air Products and Chemicals, Inc.			2,799,676		0.9
Marathon Petroleum Corporation			2,472,039		3.9
ConocoPhillips			1,683,128		7.5
Chevron Corporation			1,580,231		12.4
Freeport-McMoRan, Inc.			1,554,989		0.9
TechnipFMC plc			1,221,922		0.6
Newmont Corporation			999,625		0.7
Halliburton Company			677,956		1.0
Sealed Air Corporation			314,711		—
Amcor plc			291,525		0.1

New position

The transactions presented above represent all new and fully-eliminated positions and up to the fifteen largest net additions and reductions to existing portfolio securities during the period, and exclude those in sector exchange-traded funds.

Historical Financial Statistics

(unaudited)

Year	(000s) Value of Net Assets			(000s) Shares Outstanding		Net Asset Value Per Share			Market Value Per Share			Income Dividends Per Share			Capital Gains Distributions Per Share			Return of Capital Distributions Per Share			Total Dividends and Distributions Per Share			Annual Distribution Rate*
2009		$	650,718		24,327		$	26.75		$	23.74		$	.37		$	1.03		$	—		$	1.40		6.6%
2010			761,736		24,790			30.73			27.01			.32			.95			—			1.27		5.5
2011			732,811		25,641			28.58			24.48			.39			1.58			—			1.97		7.1
2012			732,988		26,326			27.84			23.92			.42			1.18			—			1.60		6.4
2013			863,690		26,775			32.26			27.38			.46			1.42			—			1.88		7.2
2014			754,506		27,381			27.56			23.84			.51			1.38			—			1.89		6.6
2015			582,677		28,097			20.74			17.74			.38			1.00			—			1.38		6.2
2016			685,882		28,555			24.02			20.17			.41			.73			—			1.14		6.1
2017			674,388		28,999			23.26			19.84			.46			.72			—			1.18		6.1
2018			522,997		29,534			17.71			14.57			.45			.40			.32			1.17		6.0
2019			561,469		29,875			18.79			16.46			.78			.32			—			1.10		6.9
2020			331,942		24,122			13.76			11.37			.47			.26			—			0.73		6.1
2021			470,589		24,485			19.22			16.52			.56			.35			—			0.91		6.3
2022			651,336		25,194			25.85			21.80			.79			.84			—			1.63		8.1
2023			633,447		25,514			24.83			20.63			.65			.70			—			1.35		6.2

The annual distribution rate is the total dividends and distributions per share divided by the Fund’s average month-end stock price. For years prior to 2012, the average month-end stock price is determined for the calendar year. For 2012 and later, the average month-end stock price is determined for the twelve months ended October 31, which is consistent with the calculation used for the annual 6% minimum distribution rate commitment adopted in September 2012.

Other Information

(unaudited)

Summary Fund Information

Investment Objectives: The Fund’s investment objectives are preservation of capital, reasonable income, and opportunity for capital gain. These objectives have been in place since the Fund’s inception in 1929, although they may be changed by the Board of Directors.

Investment Strategy and Policies: The Fund is an internally-managed non-diversified U.S. equity fund that invests in highly liquid energy and other natural resources stocks. As a fundamental policy, at least 80% of its assets are invested in petroleum or natural resources industries or industries connected with, serving and/or supplying the petroleum or natural resources industries. The Fund has broad flexibility to invest in stocks of varying capitalizations, and primarily invests in stocks found in the S&P 500 Energy and S&P 500 Materials sectors.

In addition, the Fund maintains the following fundamental investment policies that may change only with shareholder approval:

•

At least 25% of assets must be invested in petroleum and petroleum-related industries.

•

Up to 25% of assets may be invested in commodities related to petroleum, minerals and related products, including swaps.

•

Up to 10% of assets may be invested in real property.

Principal Risks:

Market Risk. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Local, regional, or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Additionally, closed-end funds are particularly impacted by investor sentiment that could result in trading at increased premiums or discounts to the Fund’s NAV.

Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The S&P 500 is comprised of common stocks, which generally subject their holders to more risks than preferred stocks and debt securities because common stockholders’ claims are subordinated to those of holders of preferred stocks and debt securities.

Industry Concentration Risk. Funds that invest significantly in a single industry (sector) are subject to more volatility than funds that invest in the broader market. These funds can, and often do, perform differently than the overall market. The Fund normally invests a significant portion of its assets in the common stocks of companies principally engaged in activities in the energy industry, and its performance largely depends—for better or for worse—on the overall condition of the energy industry. Energy prices (including commodity prices), supply-and-demand for energy resources, various political, regulatory, and economic factors, and the relatively limited number of issuers of energy-related securities can each impact the Fund’s performance. Downturns in the energy industry can negatively affect Fund performance.

Derivatives Risk. The Fund invests in total return swaps agreements, which entail counterparty credit, liquidity, and equity price risks. Such risks include that the Fund or the counterparty may default on its obligation, that there is no liquid market for these agreements, and that there may be unfavorable changes in the price of the reference security.

Annual Certification

The Fund’s CEO has submitted to the New York Stock Exchange the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.

Other Information (continued)

(unaudited)

Distribution Commitment and Payment Schedule

The Fund established an annual 6% minimum distribution rate commitment that has been met or exceeded since its adoption in 2012. The commitment is not a guarantee, and may be changed by the Board should market or other conditions warrant. Distributions are generated from portfolio income and capital gains derived from managing the portfolio. If such earnings do not meet the distribution commitment, or it’s deemed in the best interest of shareholders, the Fund may return capital.

The Fund presently pays distributions four times a year, as follows: (a) three interim distributions on or about March 1, June 1, and September 1, and (b) a “year-end” distribution, payable in late December, consisting of the estimated balance of the net investment income for the year, the net realized capital gains earned through October 31 and, if applicable, a return of capital. Shareholders may elect to receive the year-end distribution in stock, cash, or both. In connection with this distribution, all shareholders of record are sent a distribution announcement notice and an election card in mid-November. Shareholders holding shares in “street” or brokerage accounts may make their election by notifying their brokerage house representative.

Electronic Delivery of Shareholder Reports

The Fund offers shareholders the benefits and convenience of viewing Quarterly and Annual Reports and other shareholder materials online. With your consent, paper copies of these documents will cease with the next mailing and will be provided via e-mail. Reduce paper mailed to your home and help lower the Fund’s printing and mailing costs. To enroll, please visit the following websites:

Registered shareholders with the Fund’s transfer agent, Equiniti Trust Company, LLC (“EQ”) (f/k/a American Stock Transfer & Trust Company): https://equiniti.com/us/ast-access

Shareholders using brokerage accounts: http://enroll.icsdelivery.com/PEO until March 24, 2024, or contact your broker

In order to conduct its business, the Fund, through EQ, collects and maintains certain nonpublic personal information about our registered shareholders with respect to their transactions in shares of our securities. This information includes the shareholder’s address, tax identification or Social Security number, share balances, and dividend elections. We do not collect or maintain personal information about shareholders whose shares of our securities are held in “street” or brokerage accounts.

We do not disclose any nonpublic personal information about you, our other shareholders, or our former shareholders to third parties unless necessary to process a transaction, service an account, or as otherwise permitted by law.

To protect your personal information internally, we restrict access to nonpublic personal information about our registered shareholders to those employees who need to know that information to provide services to such shareholders. We also maintain certain other safeguards to protect your nonpublic personal information.

Proxy Voting Policies and Record

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities owned by the Fund and the Fund’s proxy voting record for the 12-month period ended June 30, 2023 are available (i) without charge, upon request, by calling the Fund’s toll free number at (800) 638-2479; (ii) on the Fund’s website: www.adamsfunds.com; and (iii) on the Securities and Exchange Commission’s website: www.sec.gov.

Other Information (continued)

(unaudited)

Statement on Quarterly Filing of Complete Portfolio Schedule

In addition to publishing its complete schedule of portfolio holdings in the First and Third Quarter Reports to Shareholders, the Fund also files its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the Securities and Exchange Commission on Form N-PORT. The form is available on the Commission’s website: www.sec.gov. The Fund also posts a link to its filings on its website: www.adamsfunds.com.

INVESTORS CHOICE

INVESTORS CHOICE is a direct stock purchase and sale plan, as well as a distribution reinvestment plan, sponsored and administered by EQ. The Plan provides registered shareholders and interested first time investors an affordable alternative for buying, selling, and reinvesting in Fund shares. A brochure which further details the benefits and features of INVESTORS CHOICE as well as an enrollment form may be obtained by contacting EQ.

The costs to participants in administrative service fees and brokerage commissions for each type of transaction are listed below. Fees are subject to change at any time.

		Fees				Minimum and Maximum Cash Investments:
		Initial Enrollment and Optional Cash Investments: Service Fee $2.50 per investment Brokerage Commission $0.05 per share Reinvestment of Dividends: Service Fee 2% of amount invested (maximum of $2.50 per investment) Brokerage Commission $0.05 per share Sale of Shares: Service Fee $10.00 Brokerage Commission $0.05 per share Deposit of Certificates for Safekeeping $7.50 (waived if sold) Book to Book Transfers Included To transfer shares to another participant or to a new participant The year-end distribution will usually be made in newly issued shares of Common Stock. There are no fees or commissions in connection with this distribution when made in newly issued shares.				Initial minimum investment (non-holders) $250 Minimum optional investment (existing holders) $50 Electronic funds transfer (monthly minimum) $50 Maximum per transaction $25,000 Maximum per year NONE INVESTORS CHOICE Mailing Address: Equiniti Trust Company, LLC Attn: Plan Administration P.O. Box 10027 Newark, NJ 07101 Website: https://equiniti.com/us/ast‑access E‑mail: helpAST@equiniti.com

For shareholders whose stock is held by a broker in “street” name, the EQ INVESTORS CHOICE Direct Stock Purchase and Sale Plan remains available through many registered investment security dealers. If your shares are currently held in a “street” name or brokerage account, please contact your broker for details about how you can participate in EQ’s Plan or contact EQ.

Directors

Name (Age) Director Since	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director	Other Current Directorships
Independent Directors
Kenneth J. Dale (67) 2008 Chair of the Board	Senior Vice President and Chief Financial Officer The Associated Press	Two
Frederic A. Escherich (71) 2006	Private Investor	Two
Mary Chris Jammet (56) 2020	Principal Bristol Partners LLC	Two	MGM Resorts International
Lauriann C. Kloppenburg (63) 2017	Retired Chief Strategy Officer and Chief Investment Officer ‑ Equity Group Loomis, Sayles & Co., LP	Two	Transamerica Funds
Jane Musser Nelson (65) 2021	Retired Managing Director, Investments Cambridge Associates	Two
Interested Directors
James P. Haynie (61) 2023	Chief Executive Officer Adams Diversified Equity Fund, Inc. Adams Natural Resources Fund, Inc. President Adams Natural Resources Fund, Inc.	Two
Mark E. Stoeckle (67) 2013	Retired Chief Executive Officer Adams Diversified Equity Fund, Inc. Adams Natural Resources Fund, Inc. Retired President Adams Diversified Equity Fund, Inc.	Two

All Directors serve for a term of one year upon their election at the Annual Meeting of Shareholders. The address for each Director is the Fund’s office.

Officers

Name (Age) Employee Since			Principal Occupation(s) During Past 5 Years
James P. Haynie, CFA (61) 2013			Chief Executive Officer of the Fund and Adams Diversified Equity Fund, Inc. (since 2023) and President of the Fund; Executive Vice President of Adams Diversified Equity Fund, Inc. (prior to 2023)
Gregory W. Buckley (53) 2013			Executive Vice President of the Fund (since 2023); Vice President – Research of Adams Diversified Equity Fund, Inc; Vice President – Research of the Fund (prior to 2023)
Brian S. Hook, CFA, CPA (54) 2008			Vice President and Chief Financial Officer of the Fund and Adams Diversified Equity Fund, Inc. (since 2023); Vice President, Chief Financial Officer, and Treasurer of the Fund and Adams Diversified Equity Fund, Inc. (prior to 2023)
Janis F. Kerns (60) 2018			Vice President, General Counsel, Secretary, and Chief Compliance Officer of the Fund and Adams Diversified Equity Fund, Inc.
Michael A. Kijesky, CFA (53) 2009			Vice President – Research of the Fund and Adams Diversified Equity Fund, Inc.
Michael E. Rega, CFA (64) 2014			Vice President – Research of the Fund and Adams Diversified Equity Fund, Inc.
Jeffrey R. Schollaert, CFA (48) 2014			Vice President – Research of the Fund and Adams Diversified Equity Fund, Inc.
Christine M. Sloan, CPA (51) 1999			Treasurer and Director of Human Resources of the Fund and Adams Diversified Equity Fund, Inc. (since 2023); Assistant Treasurer and Director of Human Resources of the Fund and Adams Diversified Equity Fund, Inc. (prior to 2023)

All officers serve until the time at which their successor is elected and qualified, unless they earlier resign, die, or are removed by the Board of Directors. The address for each officer is the Fund’s office.

Service Providers

	Independent Registered Public Accounting Firm			PricewaterhouseCoopers LLP
	Custodian of Securities			The Northern Trust Company
	Transfer Agent & Registrar			Equiniti Trust Company, LLC (f/k/a American Stock Transfer & Trust Company) Attn: Stockholder Relations Department P.O. Box 500 Newark, NJ 07101 (866) 723‑8330 Website: https://equiniti.com/us/ast‑access E‑mail: helpAST@equiniti.com

Trusted by investors for generations®

ADAMS FUNDS

500 East Pratt Street
Suite 1300
Baltimore, MD 21202
410.752.5900
800.638.2479

Please visit our website
adamsfunds.com

Item 2. Code of Ethics.

On June 12, 2003, the Board of Directors adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The code of ethics is available on the registrant's website at: www.adamsfunds.com.

Item 3. Audit Committee Financial Expert.

The Board of Directors has determined that at least one of the members of the registrant's audit committee meets the definition of audit committee financial expert as that term is defined by the Securities and Exchange Commission. The directors on the registrant's audit committee whom the Board of Directors has determined meet such definition are Kenneth J. Dale, Frederich A. Escherich, Mary Chris Jammet, Lauriann C. Kloppenburg, and Jane Musser Nelson, who are each independent pursuant to paragraph (a)(2) of this Item.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees. The aggregate fees for professional services rendered by the registrant's independent registered public accounting firm, PricewaterhouseCoopers LLP, for the audit of the registrant's annual financial statements for 2023 and 2022 were $104,259 and $98,358, respectively.

(b) Audit-Related Fees. There were no audit-related fees in 2023 or 2022.

(c) Tax Fees. The aggregate fees for professional services rendered to the registrant by PricewaterhouseCoopers LLP for the review of the registrant's excise tax calculations and preparations of federal, state, and excise tax returns for 2023 and 2022 were $14,310 and $13,500, respectively.

(d) All Other Fees. The aggregate other fees rendered to the registrant by PricewaterhouseCoopers LLP for 2023 and 2022 were $229 and $867, respectively. Fees were related to licenses for technical reference tools.

(e)	(1)	The audit committee's policy is to pre-approve all audit and permissible non-audit services provided by the independent accountants. In assessing requests for services by the independent accountants, the audit committee considers whether such services are consistent with the auditor's independence; whether the independent accountants are likely to provide the most effective and efficient service based upon their familiarity with the registrant; and whether the service could enhance the registrant's ability to manage or control risk or improve financial statement audit quality. The audit committee may delegate pre-approval authority to its Chair. Any pre-approvals by the Chair under this delegation are to be reported to the audit committee at its next scheduled meeting.
	(2)	Zero percent of services performed by PricewaterhouseCoopers LLP pursuant to paragraphs (b) through (d) for the registrant in 2023 and 2022 were approved pursuant to pre-approval waivers described in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate fees for non-audit professional services rendered by PricewaterhouseCoopers LLP to the registrant for 2023 and 2022 were $14,539 and $14,367, respectively.

(h) The registrant's audit committee has considered the provision by PricewaterhouseCoopers LLP of the non-audit services described above and found that they are compatible with maintaining PricewaterhouseCoopers LLP's independence.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

(a) The registrant has a standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The members of the Audit Committee are: Kenneth J. Dale, Frederic A. Escherich, Mary Chris Jammet, Lauriann C. Kloppenburg, and Jane Musser Nelson.

(b) Not applicable.

Item 6. Investments.

(a) This schedule is included as part of the Report to Stockholders filed under Item 1 of this form.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a) Not applicable.

(b) Not applicable.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

(1) Not applicable.

(2) Not applicable.

(3) Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

(1) Not applicable.

(2) Not applicable.

(3) Not applicable.

(4) Not applicable.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

(1) Not applicable.

(2) Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

PROXY VOTING GUIDELINES

The registrant follows long-standing general guidelines for the voting of portfolio company proxies and takes very seriously its responsibility to vote all such proxies. The portfolio company proxies are evaluated by our research staff and voted by our portfolio management team, and we annually provide the Board of Directors with a report on how proxies were voted during the previous year. We do not use an outside service to assist us in voting our proxies.

While the policy is to vote all of the proxies for portfolio companies, as a general matter, securities that the registrant has loaned will not be recalled to facilitate proxy voting (in which case the borrower of the security is entitled to vote the proxy). However, if the registrant's management becomes aware of a material vote with respect to the loaned securities in time to recall the security and has determined in good faith that the importance of the matter to be voted on outweighs the loss in lending revenue that would result from recalling the security (i.e., a controversial upcoming merger or acquisition, or some other significant matter), the security will be recalled for voting.

As an internally-managed investment company, the registrant uses its own staff of research analysts and portfolio managers. In making the decision to invest in a company for the portfolio, among the factors the research team analyzes is the integrity and competency of the company's management. We must be satisfied that the companies we invest in are run by managers with integrity. Therefore, having evaluated this aspect of our portfolio companies' managements, we give significant weight to the recommendations of the company's management in voting on proxy issues.

We vote proxies on a case-by-case basis according to what we deem to be the best long-term interests of our shareholders. The key over-riding principle in any proxy vote is that stockholders be treated fairly and equitably by the portfolio company's management. In general, on the election of directors and on routine issues that we do not believe present the possibility of an adverse impact upon our investment, after reviewing whether applicable corporate governance requirements as to board and committee composition have been met, we will vote in accordance with the recommendations of the company's management. When we believe that the management's recommendation is not in the best interests of our stockholders, we will vote against that recommendation.

Our general guidelines for when we will vote contrary to the portfolio company management's recommendation are:

Stock Options

Our general guideline is to vote against stock option plans that we believe are unduly dilutive of our stock holdings in the company. We use a general guideline that we will vote against any stock option plan that results in dilution in shares outstanding exceeding 4%.

Most stock option plans are established to motivate and retain key employees and to reward them for their achievement. An analysis of a stock option plan cannot be made in a vacuum but must be made in the context of the company's overall compensation scheme. In voting on stock option plans, we give consideration to whether the stock option plan is broad-based in the number of employees who are eligible to receive grants under the plan. We generally vote against plans that permit re-pricing of grants or the issuance of options with exercise prices below the grant date value of the company's stock.

Executive Compensation

On proposals relating to executive compensation, we generally vote against proposals that fail to require or demonstrate effective linkage between pay and the company's performance over time, and for proposals that require or demonstrate such effective linkage.

It is our general policy to vote against proposals relating to future employment contracts that provide that compensation will be paid to any director, officer or employee that is contingent upon a merger or acquisition of the company.

Corporate Control/Governance Issues

Unless we conclude that the proposal is favorable to our interests as a long-term shareholder in the company, we have a long-standing policy of voting against proposals to create a staggered board of directors. In conformance with that policy, we will generally vote in favor of shareholder proposals to eliminate the staggered election of directors.

Unless we conclude that the proposal is favorable to our interests as a long-term shareholder in the company, our general policy is to vote against amendments to a company's charter that can be characterized as blatant anti-takeover provisions.

We generally vote for proposals to require that the majority of a board of directors consist of independent directors and vote against proposals to establish a retirement plan for non-employee directors.

We generally vote for proposals to require that all members of the company's Audit, Compensation, and Nominating committees be independent of management.

We have found that most stockholder proposals relating to social issues focus on very narrow issues that either fall within the authority of the company's management, under the oversight of its board of directors, to manage the day-to-day operations of the company or concern matters that are more appropriate for global solutions rather than company-specific ones. We consider these proposals on a case-by-case basis but usually are persuaded if management's position is reasonable and vote in accordance with management's recommendation on these types of proposals.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

(a)	(1) As of the date of this filing, James P. Haynie, Chief Executive Officer and President, and Gregory W. Buckley, Executive Vice President, comprise the two-person portfolio management team for the registrant. Mr. Haynie has been a member of the portfolio management team since August 19, 2013, serving as Executive Vice President until January 21, 2015, and President until April 20, 2023. Mr. Buckley has been a member of the portfolio management team since April 20, 2023. Prior to that, he served as Vice President- Research since April 16, 2015, and a senior equity analyst since September 9, 2013. Mr. Haynie is the lead member of the portfolio management team. Messrs. Haynie and Buckley receive investment recommendations from a team of research analysts and make decisions jointly about any investment transactions in the portfolio.

	(2) As of December 31, 2023, Mr. Haynie also serves on the portfolio management team for the registrant's non-controlling affiliate, Adams Diversified Equity Fund, Inc. ("ADX"), an internally managed registered investment company with total net assets of $2,550,393,350. Mr. Haynie is Chief Executive Officer of ADX. The registrant is a non-diversified fund focusing on the energy and natural resources sectors and ADX is a diversified product with a broader focus. There are few material conflicts of interest that may arise in connection with the portfolio management of the funds. The funds do not buy or sell securities or other portfolio holdings to or from the other, and policies and procedures are in place covering the sharing of expenses and the allocation of investment opportunities, including bunched orders and investments in initial public offerings, between the funds.

	(3) As of December 31, 2023, the registrant's portfolio managers are compensated through a plan consisting of salary and annual cash incentive compensation, of which the amount in any year is determined by the Compensation Committee, comprised primarily of independent director members of the Board of Directors ("Committee"). The structure and methods used to determine the compensation of the portfolio managers were as follows: Salaries are determined by using appropriate industry surveys and information about the local market. Incentive compensation is based on a combination of relative fund performance of the registrant and ADX and individual performance. Target incentives are set annually based on aggregate compensation less salary for each position. Fund performance used in determining incentive compensation is measured over a one-year period, accounting for one-fourth of the calculation, a three-year period, which accounts for one-half, and a five-year period, which accounts for one-fourth. The registrant's return on portfolio assets over each of these periods is used to determine performance relative to a blend of the S&P 500 Energy Sector and the S&P 500 Materials Sector. Using these calculations, the incentive compensation can be less than or exceed the established target.

	The structure of the compensation that the portfolio manager receives from ADX is the same as that for the registrant with the exception that the portfolio manager’s incentive compensation is based on a comparison with the performance of a 50/50 blend of the S&P 500 Index and the Morningstar U.S. Large Blend Funds Category.

	(4) Using a valuation date of December 31, 2023, Mr. Haynie beneficially owned equity securities in the registrant valued between $500,001 and $1,000,000. Mr. Buckley beneficially owned equity securities in the registrant valued between $100,001 and $500,000.

(b)	Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

	Total Number of Shares (or Units) Purchased		Average Price Paid per Share (or Unit)		Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs		Maximum Number of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
1/1/23-1/31/23		0	$	--		0		1,135,658
2/1/23-2/28/23		65,839		21.72		65,839		1,069,819
3/1/23-3/31/23		45,625		20.64		45,625		1,024,194
4/1/23-4/30/23		17,043		21.20		17,043		1,007,151
5/1/23-5/31/23		21,000		19.70		21,000		986,151
6/1/23-6/30/23		11,435		20.22		11,435		974,716
7/1/23-7/31/23		8,565		20.85		8,565		966,151
8/1/23-8/31/23		0		--		0		966,151
9/1/23-9/30/23		0		--		0		966,151
10/1/23-10/31/23		0		--		0		966,151
11/1/23-11/30/23		0		--		0		966,151
12/1/23-12/31/23		15,505		20.83		15,505		950,646
Total		185,012	$	20.97		185,012

(1) There were no shares purchased other than through a publicly announced plan or program.

(2a) The share repurchase plan was announced on December 11, 2014. On September 22, 2020, the Fund announced an enhanced discount management and liquidity program whereby the Fund will purchase shares, subject to certain restrictions, when the discount exceeds 15% of net asset value for at least 30 consecutive trading days. The enhanced program also provides the Fund will engage in a proportional tender offer to purchase shares when the discount exceeds 19% of net asset value for 30 consecutive trading days, not to exceed one such offer in any twelve-month period.

(2b) The share amount approved in 2014 was 5% of then-outstanding shares, or 1,332,000 shares.

(2c) The share repurchase plan has no expiration date.

(2d) None.

(2e) None.

Item 15. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Directors made or implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (as required by Item 22(b)(15) of Schedule 14A), or this Item.

Item 16. Controls and Procedures.

(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing date of this report.

(b) There have been no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17. Disclosures of Securities Lending Activities for Closed-End Management Investment Companies.

(a) Dollar amounts of income and fees/compensation related to securities lending activities during the most recent fiscal year are:
	(1) Gross income from securities lending activities was $52,406.

	(2) Rebates paid to borrowers were $21,830, fees deducted from a pooled cash collateral reinvestment product were $104, and revenue generated by the securities lending program paid to the securities lending agent was $9,139.
	(3) The aggregate fees related to securities lending activities were $31,073.
	(4) Net income from securities lending activities was $21,333.
(b) Services provided by the securities lending agent in the most recent fiscal year for lending of the Fund's portfolio securities in accordance with its securities lending authorization agreement, included: identifying and approving borrowers, selecting securities to be loaned, negotiating loan terms, recordkeeping of all loan and dividend activity, receiving and holding collateral from borrowers, monitoring loan and collateral values on a daily basis, requesting additional collateral as required, and arranging for return of loaned securities at loan termination. When cash collateral is received from the borrower, the security lending agent invests the cash in a registered money market fund.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)	(1)	Not applicable; see registrant's response to Item 2 above.
	(2)	Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
	(3)	Written solicitation to purchase securities: not applicable.
	(4)	Change in independent public accountant: not applicable.
(b) A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Adams Natural Resources Fund, Inc.

By:	/s/ James P. Haynie
	James P. Haynie
	Chief Executive Officer & President
	(Principal Executive Officer)

Date:	February 20, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ James P. Haynie
	James P. Haynie
	Chief Executive Officer & President
	(Principal Executive Officer)

Date:	February 20, 2024


By:	/s/ Brian S. Hook
	Brian S. Hook
	Vice President & Chief Financial Officer
	(Principal Financial Officer)

Date:	February 20, 2024

Exhibit 99.CERT

CERTIFICATIONS

I, James P. Haynie, certify that:
1.	I have reviewed this report on Form N-CSR of Adams Natural Resources Fund, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	a.     Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b.     Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.     Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
	d.     Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.	The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
	a.     All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b.     Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 20, 2024	/s/ James P. Haynie
	James P. Haynie Chief Executive Officer & President (Principal Executive Officer)

I, Brian S. Hook, certify that:
1.	I have reviewed this report on Form N-CSR of Adams Natural Resources Fund, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	a.     Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b.     Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c.     Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d.     Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.	The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
	a.     All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b.     Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 20, 2024

/s/ Brian S. Hook

Brian S. Hook

Vice President & Chief Financial Officer

(Principal Financial Officer)

Exhibit 99.906CERT

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

In connection with the Certified Shareholder Report of Adams Natural Resources Fund, Inc. (the Fund) on Form N-CSR for the year ended December 31, 2023, as filed with the Securities and Exchange Commission on the date hereof (the Report), I, James P. Haynie, Chief Executive Officer and President of the Fund, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

BY:	/s/ James P. Haynie
	James P. Haynie
	Chief Executive Officer & President
	(Principal Executive Officer)

DATE:

February 20, 2024

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form with the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

In connection with the Certified Shareholder Report of Adams Natural Resources Fund, Inc. (the Fund) on Form N-CSR for the year ended December 31, 2023, as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Brian S. Hook, Vice President and Chief Financial Officer of the Fund, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

BY:	/s/ Brian S. Hook
	Brian S. Hook
	Vice President & Chief Financial Officer
	(Principal Financial Officer)

DATE:

February 20, 2024

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