Adams Natural Resources Fund Reports Nine Month Results

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 10.2%. This compares to a total return of 9.5% 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 16.3%.

For the twelve months ended September 30th, the total return on Adams Natural Resources’ net asset value, with dividends and capital gains reinvested, was 6.2%. Comparable return for the Fund’s benchmark was 4.9%. The total return on the market price of the Fund’s shares for the period was 9.2%.

The Third Quarter Report to Shareholders is expected to be available on or about October 23, 2024.

ANNUALIZED COMPARATIVE RETURNS (9/30/2024)
	1 Year	3 Year	5 Year	10 Year
Adams Natural Resources Fund (NAV)	6.2%	21.8%	14.6%	4.4%
Adams Natural Resources Fund (market price)	9.2%	22.1%	15.5%	4.8%
S&P 500 Energy Sector	0.9%	24.1%	13.9%	4.0%
S&P 500 Materials Sector	25.2%	9.1%	13.0%	9.1%

NET ASSET VALUE ANNOUNCED
The Fund’s net asset value at September 30, 2024, compared with the year earlier, was:
	9/30/2024	9/30/2023
Net assets	$681,420,546	$678,249,981
Shares outstanding	25,728,942	25,024,860
Net asset value per share	$26.48	$27.10

TEN LARGEST EQUITY PORTFOLIO HOLDINGS (9/30/2024)
	% of Net Assets
Exxon Mobil Corporation	25.6%
Chevron Corporation	11.2%
ConocoPhillips	5.4%
Linde plc	4.7%
EOG Resources, Inc.	3.9%
Marathon Petroleum Corporation	3.3%
Williams Companies, Inc.	3.0%
Hess Corporation	2.8%
ONEOK, Inc.	2.5%
Valero Energy Corporation	2.4%
Total	64.8%

INDUSTRY WEIGHTINGS (9/30/2024)
	% of Net Assets
Energy
Integrated Oil & Gas	37.4%
Exploration & Production	18.3%
Storage & Transportation	8.2%
Refining & Marketing	7.6%
Equipment & Services	5.9%
Energy Related	1.0%
Materials
Chemicals	14.2%
Metals & Mining	4.0%
Construction Materials	1.3%
Containers & Packaging	1.2%

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 a minimum annual distribution rate of 8% of NAV paid evenly each quarter throughout the year, providing reliability for long-term shareholders. A portion of any distribution may be treated as paid from sources other than net income, including but not limited to short-term capital gain, long-term capital gain, and return of capital. The final determination of the source of all distributions for tax reporting purposes in a calendar year, including the percentage of qualified dividend income, will be made after year-end. 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