BALTIMORE, MARYLAND, September 8, 2020 — Adams Natural Resources Fund, Inc. (NYSE: PEO) (“PEO”) today announced the preliminary results of its offer to purchase up to 5,955,676 of its common shares at $11.95, 95% of the $12.58 net asset value per share (“NAV”) at the close of regular trading on the New York Stock Exchange on September 4, 2020, the expiration date.

Based on the preliminary count by American Stock Transfer & Trust Co., LLC (“AST”), the depositary for the tender offer, a total of 9,454,445 common shares of PEO were validly tendered and not withdrawn. The total amount of shares tendered exceeded the offer amount, and the Fund expects to purchase tendered shares on a pro rata basis.

In accordance with the terms and conditions of the tender offer and based on the preliminary count by AST, PEO expects to accept for payment all 5,955,676 common shares subject to the tender offer.

The preliminary information contained in this press release is subject to confirmation by AST and is based on the assumption that all shares tendered through notice of guaranteed delivery will be delivered.  The final proration factor will be announced following the expiration of the guaranteed delivery period and completion by AST of the confirmation process.  Payment for the shares accepted for purchase under the tender offer and return of all other shares tendered and not purchased will occur promptly thereafter.

AST Fund Solutions, LLC is the information agent for the Offer.  Shareholders with questions may call AST Fund Solutions, LLC at (800) 549-6746.


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 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:

For further information please contact:

Lyn Walther
Director of Shareholder Communications