Adams Natural Resources Fund Announces 2021 Performance

Adams Natural Resources Fund, Inc. (NYSE: PEO) announces the Fund’s investment returns for 2021. “In a year of strong performance in the Energy and Materials sectors, we were pleased to generate a 47.7% return in 2021, outperforming our benchmark,” said Mark Stoeckle, CEO of Adams Funds.

The total return on the Fund’s net asset value for the year was 47.7%, with dividends and capital gains reinvested. The comparable figures for the S&P 500 Energy Sector and the S&P 500 Materials Sector were 54.6% and 27.3%, respectively. Our benchmark, which is comprised of the S&P 500 Energy Sector (70%) and the S&P 500 Materials Sector (30%), returned 46.4%. The total return on the Fund’s market price for the same period was 53.6%.

The Fund paid $0.91 per share in income dividends and realized capital gain distributions to shareholders in 2021, producing an annual distribution rate of 6.3%, exceeding the Fund’s annual 6.0% minimum distribution rate commitment. Details regarding the annual 6.0% minimum distribution rate commitment can be found at adamsfunds.com.

The 2021 Annual Report is expected to be released on or about February 18, 2022.

ANNUALIZED ONE, THREE, AND FIVE-YEAR COMPARATIVE RETURNS (12/31/21)

	1 Year		3 Year		5 Year
Adams Natural Resources Fund (NAV)	47.7%		9.3%		1.9%
Adams Natural Resources Fund (market price)	53.6%		11.0%		2.4%
S&P 500 Energy Sector	54.6%		4.7%		-1.5%
S&P 500 Materials Sector	27.3%		24.2%		15.1%

NET ASSET VALUE ANNOUNCED

The Fund’s net asset value at the end of 2021, compared with the year earlier, was:

	12/31/21					12/31/20
Net assets	$470,588,987					$331,941,768
Shares outstanding			24,484,588			24,121,714
Net asset value per share	$19.22					$13.76

TEN LARGEST EQUITY PORTFOLIO HOLDINGS (12/31/21)

	% of Net Assets
Exxon Mobil Corporation	15.9	%
Chevron Corporation	13.8	%
ConocoPhillips	7.3	%
EOG Resources, Inc.	4.5	%
Linde plc	4.3	%
Marathon Petroleum Corporation	3.7	%
Schlumberger N.V.	3.3	%
Sherwin-Williams Company	2.7	%
Valero Energy Corporation	2.7	%
Devon Energy Corporation	2.4	%
Total	60.6	%

SECTOR WEIGHTINGS (12/31/21)

	% of Net Assets
Energy
Integrated Oil & Gas	30.2	%
Exploration & Production	24.4	%
Refining & Marketing	7.9	%
Storage & Transportation	5.6	%
Equipment & Services	5.0	%
Energy-Related	0.4	%
Materials
Chemicals	15.5	%
Metals & Mining	4.0	%
Construction Materials	3.6	%
Containers & Packaging	2.7	%

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 80 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.

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