Adams Natural Resources Fund Declares Distribution

Rhea-AI Summary

Adams Natural Resources Fund (NYSE: PEO) declared a $0.84 per-share distribution payable December 21, 2026, to shareholders of record November 20, 2026. Shares are the default payment; cash elections must be received before 4 p.m. ET on December 10, 2026. Total distributions declared in 2026 are $2.39 per share, representing an annual distribution rate of 8.4%.

Through October 31, 2026, total return on net asset value (NAV) was 51.5% for the fiscal year and averaged 21.1% annually over five years. The annualized current distribution rate was 9.8% of October 31 NAV; the cumulative fiscal-year distribution rate was 6.9%. Estimated distribution sources include investment income and realized gains, with no return of capital.

3 points · 0 major

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Positive

• Moderate point51.5% total return on NAV for the fiscal year through October 31, 2026.
• Moderate point21.1% average annual total return on NAV over the five years ended October 31, 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.$0.84 per-share distribution payable December 21, 2026, returns capital to shareholders in shares or elected cash.

Negative

• None.

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BALTIMORE, Nov. 12, 2026 (GLOBE NEWSWIRE) -- On November 12, 2026, Adams Natural Resources Fund, Inc. (NYSE: PEO) declared a distribution of $0.84 per share payable December 21, 2026 to shareholders of record on November 20, 2026. The distribution is optionally payable in additional shares of common stock (default) or in cash by specific stockholder election received before 4 p.m. (ET) on December 10, 2026, the valuation date. The issue price for shares will be the lower of the Fund’s closing NYSE market price or the Fund’s NAV per share on the valuation date, but in no event less than 95% of the NYSE closing market price.

The total distributions per share declared by the Fund in 2026 is $2.39. The annual distribution rate represented by these distributions is 8.4%.

The Fund’s estimated sources for the distribution to be paid on December 21, 2026 and for all distributions declared in 2026 to date are as follows:

Payment Date	Distribution per Share		Net Investment Income	Net Realized Short-Term Gains	Net Realized Long-Term Gains	Return of Capital
December 21, 2026	$0.84		$0.22 (26%)	$0.09 (11%)	$0.53 (63%)	$0.00 (0%)
Total YTD 2026	$2.39		$0.64 (27%)	$0.24 (10%)	$1.51 (63%)	$0.00 (0%)

Fund Performance and Distribution Rate Information:

Average Annual Total Return (on NAV for the 5-year period ended on October 31, 2026)1	Annualized Current Distribution Rate (expressed as a percentage of NAV as of October 31, 2026) 2	Cumulative Total Return (on NAV for the fiscal year through October 31, 2026) 1	Cumulative Fiscal Year Distribution Rate (as a percentage of NAV as of October 31, 2026) 3
21.1%	9.8%	51.5%	6.9%

¹ Total 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 at reported net asset value per share, excluding any brokerage commissions. Distributions are assumed to be reinvested at the lower of the net asset value per share or the closing NYSE market price on the distribution’s valuation date for those receiving shares for the distribution. For periods greater than one year, returns are presented on an annualized basis.

² The Annualized Current Distribution Rate is the current quarter’s distribution rate per share annualized and expressed as a percentage of the Fund’s NAV per share as of October 31, 2026.

³ The Cumulative Fiscal Year Distribution Rate is the distributions per share for the current fiscal year period, expressed as a percentage of the Fund’s NAV per share as of October 31, 2026.

You should not draw any conclusions about the Fund's investment performance from the amount of the current distribution or from the terms of the Fund's Distribution Policy. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

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 90 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

FAQ

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When is Adams Natural Resources Fund's $0.84 distribution payable, and who qualifies?

The $0.84 per-share distribution is payable December 21, 2026, to shareholders of record on November 20, 2026.

How can PEO shareholders elect cash, and how are distribution shares priced?

Shareholders must submit a specific cash election received before 4 p.m. ET on December 10, 2026; otherwise, payment defaults to additional common shares. Shares are priced at the lower of the Fund's closing NYSE market price or NAV per share on that valuation date, but not below 95% of the NYSE closing market price.

What are the estimated sources of Adams Natural Resources Fund's 2026 distributions?

The December distribution consists of estimated net investment income of $0.22 (26%), net realized short-term gains of $0.09 (11%) and net realized long-term gains of $0.53 (63%). For all distributions declared in 2026 to date, those amounts are $0.64 (27%), $0.24 (10%) and $1.51 (63%), respectively. Estimated return of capital is $0.00 (0%) for both periods.

Can PEO shareholders use the distribution estimates for tax reporting?

The distribution amounts and sources are estimates, not tax-reporting figures. Actual tax-reporting amounts depend on investment experience during the remainder of the fiscal year and may change based on tax regulations. The Fund will send shareholders Form 1099-DIV explaining how to report the distributions for federal income tax purposes.