PEO Adams Natural Resources Fund Inc

The Board of Directors of Adams Natural Resources Fund, Inc. (NYSE: PEO) today declared a distribution of $.10 per share from net investment income, payable May 31, 2024, to shareholders of record May 17, 2024. This distribution represents the second payment this year toward the Fund’s annual 6% minimum distribution rate commitment, which can be found at adamsfunds.com.  

FIRST QUARTER PERFORMANCE

For the three months ended March 31st, the total return on Adams Natural Resources’ net asset value, with dividends and capital gains reinvested, was 13.1%. This compares to a total return of 12.7% for the Fund’s benchmark, which is comprised of the S&P 500 Energy Sector (80% weight) and the S&P 500 Materials Sector (20% weight), over the same period. The total return on the market price of the Fund’s shares for the period was 12.3%.

For the twelve months ended March 31st, the total return on Adams Natural Resources’ net asset value, with dividends and capital gains reinvested, was 19.3%. Comparable return for the Fund’s benchmark was 17.6%. The total return on the market price of the Fund’s shares for the period was 19.7%.

The First Quarter Report to Shareholders is expected to be available on or about April 24, 2024.

ANNUALIZED COMPARATIVE RETURNS (3/31/2024)

	1 Year	3 Year	5 Year
Adams Natural Resources Fund  (NAV)	19.3%	26.0%	13.9%
Adams Natural Resources Fund (market price)	19.7%	23.9%	13.7%
S&P 500 Energy Sector	17.7%	30.0%	12.9%
S&P 500 Materials Sector	17.6%	7.9%	13.3%

NET ASSET VALUE ANNOUNCED

The Fund’s net asset value at March 31, 2024, compared with the year earlier, was:

	3/31/2024	3/31/2023
Net assets	$712,708,809	$627,152,193
Shares outstanding	25,506,011	25,082,799
Net asset value per share	$27.94	$25.00

TEN LARGEST EQUITY PORTFOLIO HOLDINGS (3/31/2024)

	% of Net Assets
Exxon Mobil Corporation	19.1%
Chevron Corporation	12.0%
ConocoPhillips	6.1%
Marathon Petroleum Corporation	4.7%
Linde plc	4.6%
EOG Resources, Inc.	4.0%
Pioneer Natural Resources Company	3.7%
Phillips 66	3.5%
Hess Corporation	3.0%
Schlumberger N.V.	2.9%
Total	63.6%

INDUSTRY WEIGHTINGS (3/31/2024)

	% of Net Assets
Energy	80.3%
Integrated Oil & Gas	32.0%
Exploration & Production	24.9%
Refining & Marketing	10.3%
Storage & Transportation	7.2%
Equipment & Services	5.9%
Materials	19.2%
Chemicals	13.5%
Metals & Mining	3.1%
Construction Materials	1.7%
Containers & Packaging	0.9%

About Adams Funds

Since 1929, Adams Funds has consistently helped generations of investors reach their investment goals. Adams Funds is comprised of two closed-end funds, Adams Diversified Equity Fund, Inc. (NYSE: ADX) and Adams Natural Resources Fund, Inc. (NYSE: PEO).The Funds are actively managed by an experienced team with a disciplined approach and have paid dividends for more than 85 years across many market cycles. The Funds are committed to paying an annual distribution rate of 6% or more, providing reliable income to long-term investors. Shares can be purchased through our transfer agent or through a broker. For more information about Adams Funds, please visit: adamsfunds.com.

For further information please contact: adamsfunds.com/about/contact or 800.638.2479