PEO Adams Natural Resources Fund Inc

Adams Natural Resources Fund, Inc. (NYSE: PEO) today announced the Fund’s results for the nine months ended September 30th. The total return on Adams Natural Resources’ net asset value, with dividends and capital gains reinvested, was 6.3%. This compares to a total return of 5.5% for the Fund’s benchmark, which is comprised of the S&P 500 Energy Sector (83% weight) and the S&P 500 Materials Sector (17% weight), over the same period. The total return on the market price of the Fund’s shares for the period was 7.5%.

For the twelve months ended September 30th, the total return on Adams Natural Resources’ net asset value, with dividends and capital gains reinvested, was 29.3%. Comparable return for the Fund’s benchmark was 28.2%. The total return on the market price of the Fund’s shares for the period was 28.0%.

The Third Quarter Report to Shareholders is expected to be available on or about October 25, 2023.

ANNUALIZED COMPARATIVE RETURNS (9/30/2023)

	1 Year		3 Year		5 Year		10 Year
Adams Natural Resources Fund (NAV)	29.3	%	41.0	%	9.6	%	5.1	%
Adams Natural Resources Fund (market price)	28.0	%	41.4	%	10.0	%	5.2	%
S&P 500 Energy Sector	30.2	%	51.4	%	9.0	%	5.1	%
S&P 500 Materials Sector	18.1	%	9.5	%	8.6	%	8.7	%

NET ASSET VALUE ANNOUNCED

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

	9/30/2023		9/30/2022
Net assets	$	678,249,981	$	552,664,703
Shares outstanding		25,024,860		24,485,314
Net asset value per share	$	27.10	$	22.57

TEN LARGEST EQUITY PORTFOLIO HOLDINGS (9/30/2023)

	% of Net Assets
Exxon Mobil Corporation	23.3	%
Chevron Corporation	13.5	%
ConocoPhillips	7.4	%
Schlumberger N.V.	4.1	%
Marathon Petroleum Corporation	3.9	%
Linde plc	3.7	%
Pioneer Natural Resources Company	3.3	%
Phillips 66	3.2	%
Hess Corporation	2.8	%
EOG Resources, Inc.	2.5	%
Total	67.7	%

INDUSTRY WEIGHTINGS (9/30/2023)

	% of Net Assets
Energy
Integrated Oil & Gas	37.6	%
Exploration & Production	23.8	%
Refining & Marketing	8.9	%
Equipment & Services	7.6	%
Storage & Transportation	5.1	%
Materials
Chemicals	12.0	%
Metals & Mining	2.1	%
Construction Materials	1.2	%
Containers & Packaging	0.9	%

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

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