<SEC-DOCUMENT>0001144204-18-010789.txt : 20180226
<SEC-HEADER>0001144204-18-010789.hdr.sgml : 20180226
<ACCEPTANCE-DATETIME>20180226135416
ACCESSION NUMBER:		0001144204-18-010789
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20180419
FILED AS OF DATE:		20180226
DATE AS OF CHANGE:		20180226
EFFECTIVENESS DATE:		20180226

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ADAMS NATURAL RESOURCES FUND, INC.
		CENTRAL INDEX KEY:			0000216851
		IRS NUMBER:				135506797
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-02736
		FILM NUMBER:		18639885

	BUSINESS ADDRESS:	
		STREET 1:		500 EAST PRATT STREET
		STREET 2:		SUITE 1300
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202
		BUSINESS PHONE:		4107525900

	MAIL ADDRESS:	
		STREET 1:		500 EAST PRATT STREET
		STREET 2:		SUITE 1300
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADAMS NATURAL RESOURCES FUND
		DATE OF NAME CHANGE:	20150331

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PETROLEUM & RESOURCES CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>tv486291_def14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
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    <title>out - none - 2.478s</title>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proxy Statement Pursuant to Section 14(a)
of the </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Amendment No. &nbsp;&nbsp;&nbsp;&nbsp;
) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.2pt; text-indent: -12.25pt">Filed by the Registrant <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT>
&nbsp;&nbsp;Filed by a Party other than the Registrant <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.2pt; text-indent: -12.25pt">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>CONFIDENTIAL, FOR USE OF THE COMMISSION ONLY&nbsp;(AS PERMITTED BY RULE 14A-6(E)(2))</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Definitive Proxy Statement </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Definitive Additional Materials </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Soliciting Material Pursuant to (s) 240.14a-11(c) or (s) 240.14a-12 </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Adams Natural Resources Fund, Inc. </B></P>






<HR SIZE="1" NOSHADE ALIGN="LEFT" STYLE="width: 100%; color: black">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Registrant as Specified In Its
Charter) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;&nbsp;</B></P>

<HR SIZE="1" NOSHADE ALIGN="LEFT" STYLE="width: 100%; color: black">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Person(s) Filing Proxy Statement,
if other than the Registrant) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.2pt; text-indent: -12.25pt">Payment of Filing Fee (Check
the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">No fee required. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-size: 10pt">(1)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Title of each class of securities to which transaction applies: </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: center">&nbsp;&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(2)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Aggregate number of securities to which transaction applies: </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: center">&nbsp;&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 0in 1pt 6.1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(3)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: center">&nbsp;&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 0in 1pt 6.1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(4)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Proposed maximum aggregate value of transaction: </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: center">&nbsp;&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 0in 1pt 6.1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(5)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Total fee paid: </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: center">&nbsp;&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary materials. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(1)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Amount Previously Paid: </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: center">&nbsp;&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 0in 1pt 6.1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(2)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Form, Schedule or Registration Statement No.: </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: center">&nbsp;&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 0in 1pt 6.1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(3)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Filing Party: </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: center">&nbsp;&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(4)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Date Filed: </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: center">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes:</P>



<!-- Field: Page; Sequence: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


    <div style="page-break-after:always; width:541.2pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;"><a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a></div>
      <div style="margin-top:18pt;margin-bottom:37.43pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:18pt; text-align:center; width:457pt; line-height:16pt;font-weight:bold;font-family:Georgia, serif;font-size:14pt;">Adams Natural Resources Fund, Inc.</div>
        <div style="margin-top:2pt; text-align:center; width:457pt; line-height:12pt;"><font style="font-weight:bold;font-family:Georgia, serif;font-size:14pt;"></font>500 E. Pratt Street, Suite 1300 <br >Baltimore, MD 21202</div>
        <table style="width:257.97pt;height:17pt;margin-left:99.51pt;margin-top:14pt;border-collapse: collapse;border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; ">
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:middle;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style=" width:249.97pt;">
              <div style="white-space:nowrap; text-align:center;">NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:7.5pt; text-align:right; width:457pt; line-height:12pt;">February 26, 2018&#8203;</div>
        <div style="margin-top:4pt; text-align:justify; width:457pt; line-height:12pt;">To the Stockholders of</div>
        <div style="margin-left:20pt; margin-top:7pt; text-align:justify; width:437pt; line-height:12pt;font-weight:bold;">ADAMS NATURAL RESOURCES FUND, INC.:</div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12pt;">Notice is hereby given that the Annual Meeting of Stockholders of ADAMS NATURAL RESOURCES FUND, INC., a Maryland corporation (the &#8220;Fund&#8221;), will be held at the Fund&#8217;s offices, 500 E. Pratt St., Suite 1300, Baltimore, MD 21202, on Thursday, April&#160;19, 2018, at 10:00 a.m., local time, for the following purposes: </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;">(1)<br ></div>
        <div style=" float:left; margin-top:7pt; margin-bottom:0pt; line-height:12pt; text-align:justify; width:416.5pt;">to elect directors as identified in the Proxy Statement to serve until the annual meeting of stockholders in 2019 and until their successors are duly elected and qualify;</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:2pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;">(2)<br ></div>
        <div style=" float:left; margin-top:2pt; margin-bottom:0pt; line-height:12pt; text-align:justify; width:416.5pt;">to ratifiy the appointment of PricewaterhouseCoopers LLP to serve as the Fund&#39;s independent registered public accounting firm to audit the books and accounts of the Fund for or during the fiscal year ending December&#160;31, 2018; and </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:2pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;">(3)<br ></div>
        <div style=" float:left; margin-top:2pt; margin-bottom:0pt; line-height:12pt; text-align:justify; width:416.5pt;">to transact such other business as may properly come before the meeting or any adjournment or postponement thereof.</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12pt;">Stockholders of record, as shown by the transfer books of the Fund, at the close of business on February&#160;2, 2018, are entitled to notice of and to vote at this meeting. All Stockholders are cordially invited to attend the Annual Meeting.</div>
        <table style="width:208.64pt;margin-left:248.36pt;margin-top:14pt;border-collapse: collapse;">
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:7.5pt 0pt 6.5pt 0pt; width:200.64pt;">
              <div style="white-space:nowrap;">By order of the Board of Directors,</div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:11pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:7.833pt 0pt 0.5pt 0pt; width:200.64pt;">
              <div>LAWRENCE L. HOOPER, JR. </div>
              <div style="margin-top:1pt;font-style:italic;font-family:ArialMTPro-LightItalic;">Vice President, General Counsel &amp; Secretary</div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:16pt; text-align:justify; width:457pt; line-height:12pt;">Baltimore, MD </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12pt;font-weight:bold;">Note: Even if you plan to attend the meeting, stockholders are requested to fill in, sign, date and return the accompanying proxy in the enclosed envelope without delay. Stockholders may also authorize their proxies by telephone and internet as described further in the enclosed materials.</div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12pt;">Because space will be limited, please call the Fund at (800)&#160;638-2479 or send an email to contact@adamsfunds.com if you will be attending the Annual Meeting. </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:541.2pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;"><a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="TOC">&#8203;</a></div>
      <div style="margin-top:18pt;height:574pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:38pt; text-align:center; width:457pt; line-height:12pt;font-weight:bold;"><font style=" border-bottom:1pt #000 solid;text-transform:uppercase;">GUIDE TO ADAMS NATURAL RESOURCES FUND&#8217;S 2018 PROXY STATEMENT</font></div>
        <table style="width:457pt;height:430pt;margin-top:2pt;border-collapse: collapse;">
          <tr style="line-height:10pt;background-color:#E0E8F0;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:17.5pt 0pt 0.5pt 0pt; width:437.89pt;">
              <div style="white-space:nowrap;"><a href="#id15625">Introduction  </a></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:17.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:17.5pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;"><a href="#id15625">2</a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:437.89pt;">
              <div style="white-space:nowrap;"><a href="#idHYMVVBP1975">How You May Vote and Voting By Proxy  </a></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;"><a href="#idHYMVVBP1975">2</a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#E0E8F0;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:437.89pt;">
              <div style="white-space:nowrap;"><a href="#idWMV571">Who May Vote  </a></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;"><a href="#idWMV571">3</a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:437.89pt;">
              <div style="white-space:nowrap;"><a href="#idVR465">Vote Requirement  </a></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;"><a href="#idVR465">3</a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#E0E8F0;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:437.89pt;">
              <div style="white-space:nowrap;"><a href="#idQR1097">Quorum Requirement  </a></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;"><a href="#idQR1097">3</a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:437.89pt;">
              <div style="white-space:nowrap;"><a href="#idAR400">Appraisal Rights  </a></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;"><a href="#idAR400">3</a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#E0E8F0;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:437.89pt;">
              <div style="white-space:nowrap;"><a href="#idOM798">Other Matters  </a></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;"><a href="#idOM798">3</a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:437.89pt;">
              <div style="white-space:nowrap;"><a href="#idFC532">Fund Complex  </a></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;"><a href="#idFC532">3</a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#E0E8F0;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:437.89pt;">
              <div style="white-space:nowrap;"><a href="#idBH6848">Board Highlights  </a></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;"><a href="#idBH6848">4</a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:437.89pt;">
              <div style="white-space:nowrap;"><a href="#idNOMINEESFOR88306">Nominees for Election as Directors  </a></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;"><a href="#idNOMINEESFOR88306">5</a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#E0E8F0;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:437.89pt;">
              <div style="white-space:nowrap;"><a href="#idBLS708">Board Leadership Structure  </a></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;"><a href="#idBLS708">9</a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:437.89pt;">
              <div style="white-space:nowrap;"><a href="#idBORMF2130">Board&#8217;s Oversight of Risk Management for the Fund  </a></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;"><a href="#idBORMF2130">9</a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#E0E8F0;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:437.89pt;">
              <div style="white-space:nowrap;"><a href="#idPSCB884">Process for Stockholders to Communicate with Board  </a></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;"><a href="#idPSCB884">10</a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:437.89pt;">
              <div style="white-space:nowrap;"><a href="#idPBDAAM611">Policy on Board of Directors&#8217; Attendance at Annual Meetings  </a></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;"><a href="#idPBDAAM611">10</a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#E0E8F0;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:437.89pt;">
              <div style="white-space:nowrap;"><a href="#idSBORC1434">Section 16(a) Beneficial Ownership Reporting Compliance  </a></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;"><a href="#idSBORC1434">10</a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:437.89pt;">
              <div style="white-space:nowrap;"><a href="#idIOEO7117">Information as to Other Executive Officers  </a></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;"><a href="#idIOEO7117">10</a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#E0E8F0;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:437.89pt;">
              <div style="white-space:nowrap;"><a href="#idPS1687">Principal Stockholder  </a></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;"><a href="#idPS1687">11</a></td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:437.89pt;">
              <div style="white-space:nowrap;"><a href="#idBMCB601">Board Meetings and Committees of the Board  </a></div>
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            <td style="padding:0pt; width:4pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;"><a href="#idBMCB601">11</a></td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:437.89pt;">
              <div style="white-space:nowrap;"><a href="#idBDC835">Board of Directors Compensation  </a></div>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;"><a href="#idBDC835">14</a></td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:437.89pt;">
              <div style="white-space:nowrap;"><a href="#idTADEFI1055">Transactions with Adams Diversified Equity Fund, Inc. </a></div>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:437.89pt;">
              <div style="white-space:nowrap;"><a href="#idCDEO9595">Compensation of Directors and Executive Officers  </a></div>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;"><a href="#idCDEO9595">14</a></td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:437.89pt;">
              <div style="white-space:nowrap;"><a href="#idBC795">Brokerage Commissions  </a></div>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;"><a href="#idBC795">17</a></td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;"><a href="#idPT1229">18</a></td>
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              <div style="white-space:nowrap;"><a href="#idER1323">Expense Ratio  </a></div>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:437.89pt;">
              <div style="white-space:nowrap;"><a href="#idRATIFICATIO8541">Ratification of Selection of Independent Registered Public Accounting Firm  </a></div>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;"><a href="#idRATIFICATIO8541">18</a></td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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              <div style="white-space:nowrap;"><a href="#idIAF311">Independent Accountant Fees  </a></div>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;"><a href="#idIAF311">18</a></td>
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              <div style="white-space:nowrap;"><a href="#idACPAP1173">Audit Committee Pre-Approval Policy  </a></div>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;"><a href="#idACPAP1173">19</a></td>
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              <div style="white-space:nowrap;"><a href="#idOTHERMATTER3436">Other Matters and Annual Report  </a></div>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;"><a href="#idOTHERMATTER3436">19</a></td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:437.89pt;">
              <div style="white-space:nowrap;"><a href="#idSPNAM1929">Stockholder Proposals or Nominations for 2019 Annual Meeting  </a></div>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;"><a href="#idSPNAM1929">20</a></td>
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        <div style="margin-top:5pt; text-align:center; width:457pt; line-height:10pt;">1</div>
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    <div style="page-break-after:always; width:541.2pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;"><a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="id15625">&#8203;</a><a name="idHYMVVBP1975">&#8203;</a></div>
      <div style="margin-top:18pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:18pt; text-align:center; width:457pt; line-height:16pt;font-weight:bold;font-family:Georgia, serif;font-size:14pt;">Adams Natural Resources Fund, Inc.</div>
        <div style="margin-top:2.35pt; text-align:center; width:457pt; line-height:12pt;">500 E. Pratt Street, Suite 1300 <br >Baltimore, MD 21202</div>
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            <td style=" width:78.69pt;">
              <div style="white-space:nowrap; text-align:center;"><font style="font-weight:normal;"></font>Proxy Statement</div>
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        <div style="margin-top:10.86pt; text-align:center; width:457pt; line-height:12pt;font-weight:bold;">INTRODUCTION</div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12pt;">The Annual Meeting of Stockholders of Adams Natural Resources Fund, Inc., a Maryland corporation (the &#8220;Fund&#8221;), will be held on Thursday, April 19, 2018, at 10:00 a.m., local time, at the Fund&#8217;s offices at 500 E. Pratt St., Suite 1300, Baltimore, MD 21202, for the purposes set forth in the accompanying Notice of Annual Meeting and also set forth below. This proxy statement is furnished in connection with the solicitation by the Board of Directors of proxies to be used at the meeting and at any and all adjournments or postponements thereof and is first being sent to stockholders on or about February 26, 2018.</div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12pt;">At the Annual Meeting, action is to be taken on (1) the election of a Board of Directors; (2) the ratification of the selection of an independent registered public accounting firm; and (3) the transaction of such other business as may properly come before the meeting or any adjournment or postponement thereof. </div>
        <div style="margin-top:2.34pt; text-align:center; width:457pt; line-height:12pt;font-weight:bold;">Important Notice Regarding the Availability of Proxy Materials for the <br >Stockholder Meeting to Be Held On April&#160;19, 2018:</div>
        <div style="margin-top:7pt; text-align:center; width:457pt; line-height:12pt;font-weight:bold;"><font style="font-weight:normal;"></font>This Proxy Statement, the Notice of Annual Meeting, a form of the proxy, and the 2017 Annual Report to stockholders are all available on the internet at the following website: http://&#8203;www.astproxyportal.com/ast/13580/</div>
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;">How You May Vote and Voting By Proxy </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12pt;">You may vote in person at the Annual Meeting or by proxy. To authorize a proxy to cast your votes, please date, execute, and mail the enclosed proxy card, or authorize a proxy by using telephone or internet options as instructed in the proxy card. Except for Proposals&#160;(1) and (2), referred to above, the proxies confer discretionary authority on the persons named therein or their substitutes with respect to any business that may properly come before the meeting. Stockholders retain the right to revoke executed proxies at any time before they are voted by written notice to the Fund, by executing a later dated proxy, or by appearing and voting at the meeting. All shares represented at the meeting by proxies in the accompanying form will be voted, provided that such proxies are properly executed. In cases where a choice is indicated, the shares represented will be voted in accordance with the specifications so made. In cases where no specifications are made, the shares represented will be voted <font style="font-weight:bold;">FOR</font> Proposal&#160;(1) and <font style="font-weight:bold;">FOR</font> Proposal&#160;(2). </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12pt;">If your shares are held in the name of a bank, broker, or other holder of record, you will receive instructions from the holder of record that you must follow in order to vote your shares. If your shares are not registered in your own name and you plan to vote your shares in person at the Annual Meeting, you should contact your broker or agent to obtain a broker&#8217;s proxy card and bring it with you to the Annual Meeting in order to vote. </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12pt;">If you have questions regarding how to attend the meeting and vote in person, please contact the Secretary of the Fund by telephone at (800) 638-2479 or by email at contact@adamsfunds.com. </div>
      </div>
      <div style="margin-top:12pt;margin-bottom:13.43pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:5pt; text-align:center; width:457pt; line-height:10pt;">2</div>
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    <div style="page-break-after:always; width:541.2pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;"><a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="idWMV571">&#8203;</a><a name="idVR465">&#8203;</a><a name="idQR1097">&#8203;</a><a name="idAR400">&#8203;</a><a name="idOM798">&#8203;</a><a name="idFC532">&#8203;</a></div>
      <div style="margin-top:18pt;height:574pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;">Who May Vote </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12pt;">Only stockholders of record at the close of business on February 2, 2018, may vote at the Annual Meeting. The total number of shares of common stock of the Fund (&quot;Common Stock&quot;) outstanding and entitled to be voted on the record date was 28,969,470. Each share is entitled to one vote. The Fund has no other class of security outstanding. </div>
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;">Vote Requirement </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12pt;">For Proposal (1), referred to above, directors shall be elected by a plurality of the votes cast at the meeting. Proposal (2), referred to above, requires the affirmative vote of a majority of the votes cast at the meeting. </div>
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;">Quorum Requirement </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12pt;">A quorum is necessary to hold a valid meeting. If stockholders entitled to cast a majority of all the votes entitled to be cast at the Annual Meeting are present in person or by proxy, a quorum will exist. Proxies received by the Fund that are marked &#8220;withhold authority&#8221; or abstain, or that constitute a broker non-vote, are counted as present for purposes of establishing a quorum. A broker non-vote occurs when a broker returns a valid proxy but does not vote on a particular matter because the broker does not have the discretionary voting power for that matter and has not received instructions from the beneficial owner. Proxies marked &#8220;withhold authority,&#8221; abstentions, and broker non-votes do not count as votes cast with respect to any proposal, and therefore, such proxies would have no effect on the outcome of Proposals (1) and (2), above. </div>
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;">Appraisal Rights </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12pt;">Under Maryland law, there are no appraisal or other dissenter rights with respect to any matter to be voted on at the Annual Meeting that is described herein. </div>
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;">Other Matters </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12pt;">The Fund will pay all costs of soliciting proxies in the accompanying form. See &#8220;Other Matters and Annual Report&#8221; below. Solicitation will be made by mail, and officers, regular employees, and agents of the Fund may also solicit proxies by telephone or personal interview. The Fund expects to request brokers and nominees who hold stock in their names to furnish this proxy material to their customers and to solicit proxies from them, and will reimburse such brokers and nominees for their out-of-pocket and reasonable clerical expenses in connection therewith. </div>
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;">Fund Complex </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12pt;">The Fund is part of a fund complex (the &#8220;Fund Complex&#8221;), which is composed of the Fund and Adams Diversified Equity Fund, Inc., a closed-end investment company (&#8220;ADX&#8221;) that is also traded on the New York Stock Exchange. In 2015, the Fund and ADX became part of a newly-branded Adams Funds platform. </div>
      </div>
      <div style="margin-top:12pt;margin-bottom:13.43pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:5pt; text-align:center; width:457pt; line-height:10pt;">3</div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:541.2pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;"><a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="idBH6848">&#8203;</a></div>
      <div style="margin-top:18pt;height:574pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;">Board Highlights</div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12pt;">Our corporate governance is structured in a manner our Board of Directors believes aligns our interests with those of our stockholders. Features of the Board&#8217;s makeup and our corporate governance structure include:</div>
        <table style="width:457pt;height:55pt;margin-top:2pt;border-collapse: collapse;">
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:20pt;">&#8203;</td>
            <td style="padding:7.5pt 0pt 0.5pt 0pt; width:0pt;" colspan="7">
              <div style="white-space:nowrap;">Diversity of Background</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:20pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:12pt;">&#10003;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:30pt;">
              <div style="white-space:nowrap;">4 of 8</div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:379pt;">Current and former CEOs</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:20pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:12pt;">&#10003;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:30pt;">
              <div style="white-space:nowrap;">3 of 8</div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:379pt;">Leading academics</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:20pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:12pt;">&#10003;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:30pt;">
              <div style="white-space:nowrap;">1 of 8</div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:379pt;">Resides outside the U.S.</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <table style="width:457pt;height:55pt;margin-top:5pt;border-collapse: collapse;">
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:20pt;">&#8203;</td>
            <td style="padding:7.5pt 0pt 0.5pt 0pt; width:0pt;" colspan="7">
              <div style="white-space:nowrap;">Diversity of Experience </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:20pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:12pt;">&#10003;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:30pt;">
              <div style="white-space:nowrap;">8 of 8</div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:379pt;">Extensive leadership experience</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:20pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:12pt;">&#10003;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:30pt;">
              <div style="white-space:nowrap;">6 of 8</div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:379pt;">Background in finance</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:20pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:12pt;">&#10003;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:30pt;">
              <div style="white-space:nowrap;">5 of 8</div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:379pt;">Investment experience</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <table style="width:457pt;height:55pt;margin-top:5pt;border-collapse: collapse;">
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:20pt;">&#8203;</td>
            <td style="padding:7.5pt 0pt 0.5pt 0pt; width:0pt;" colspan="7">
              <div style="white-space:nowrap;">Diversity of Gender and Age</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:20pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:12pt;">&#10003;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:0pt;" colspan="4">25% are women</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:20pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:12pt;">&#10003;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:0pt;" colspan="4">40% are 62 or younger </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:20pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:12pt;">&#10003;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:0pt;" colspan="4">Mandatory director retirement age</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <table style="width:457pt;height:171pt;margin-top:5pt;border-collapse: collapse;">
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:20pt;">&#8203;</td>
            <td style="padding:7.5pt 0pt 0.5pt 0pt; width:0pt;" colspan="7">
              <div style="white-space:nowrap;">Corporate Governance Highlights </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:20pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:12pt;">&#10003;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:0pt;" colspan="4">Board member independence &#8211; 7 of 8 directors are independent</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:20pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:12pt;">&#10003;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:0pt;" colspan="4">Independent Board Chair</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:11pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:20pt;">&#8203;</td>
            <td style="padding:2.833pt 0pt 1.167pt 0pt; width:12pt;">&#10003;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:2.833pt 0pt 1.167pt 0pt; width:0pt;white-space:normal;" colspan="4">
              <div style="margin-left:10pt; text-indent:-10pt;">Audit, Compensation, and Nominating and Governance Committees comprised solely of independent directors</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:20pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:12pt;">&#10003;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:0pt;" colspan="4">Board holds 7 regularly-scheduled meetings each year</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:20pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:12pt;">&#10003;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:0pt;" colspan="4">100% attendance at Board and committee meetings in 2017</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:20pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:12pt;">&#10003;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:0pt;" colspan="4">Diverse Board</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:20pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:12pt;">&#10003;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:0pt;" colspan="4">Annual election of all directors</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:20pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:12pt;">&#10003;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:0pt;" colspan="4">Significant share ownership requirements for directors and senior executives</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:20pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:12pt;">&#10003;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:0pt;" colspan="4">Annual Board self-assessment</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:20pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:12pt;">&#10003;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:0pt;" colspan="4">Executive session of independent directors at each regular meeting</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:12pt;margin-bottom:13.43pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:5pt; text-align:center; width:457pt; line-height:10pt;">4</div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:541.2pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;"><a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="idNOMINEESFOR88306">&#8203;</a></div>
      <div style="margin-top:18pt;margin-bottom:6pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:38pt; text-align:center; width:457pt; line-height:12pt;font-weight:bold;"><font style=" border-bottom:1pt #000 solid;text-transform:uppercase;">(1) NOMINEES FOR ELECTION AS DIRECTORS</font></div>
        <div style="text-indent:20pt; margin-top:11pt; text-align:justify; width:457pt; line-height:12pt;">Unless contrary instructions are given by the stockholder signing a proxy, it is intended that each proxy in the accompanying form will be voted at the Annual Meeting for the election of the following nominees to the Board of Directors to serve until the annual meeting of stockholders in 2019 and until their successors are duly elected and qualify, all of whom have consented to serve if elected: </div>
        <table style="width:437pt;height:40pt;margin-left:20pt;margin-top:2pt;border-collapse: collapse;">
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:7.5pt 0pt 2.5pt 0pt; width:140.34pt;">Enrique R. Arzac </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:7.5pt 0pt 2.5pt 0pt; width:140.33pt;">Roger W. Gale</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:7.5pt 0pt 2.5pt 0pt; width:140.33pt;">Craig R. Smith</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 2.5pt 0pt; width:140.34pt;">Kenneth J. Dale</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 2.5pt 0pt; width:140.33pt;">Lauriann C. Kloppenburg</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 2.5pt 0pt; width:140.33pt;">Mark E. Stoeckle<font style=" position:relative; bottom:2.66pt;font-size:7pt;">*</font><font style="font-size:7pt;"></font></td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:140.34pt;">Frederic A. Escherich</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:140.33pt;">Kathleen T. McGahran</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:140.33pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="text-indent:20pt; margin-top:11.33pt; text-align:justify; width:457pt; line-height:12pt;">If for any reason one or more of the nominees above-named shall become unable or unwilling to serve when the election occurs, proxies in the accompanying form will, in the absence of contrary instructions, be voted for the election of the other above-named nominees and may be voted for substitute nominees in the discretion of the persons named as proxies in the accompanying form. As an alternative to proxies being voted for substitute nominees, the size of the Board of Directors may be reduced so that there are no vacancies caused by a nominee above-named becoming unable or unwilling to serve. The directors elected will serve until the next annual meeting or until their successors are duly elected and qualify, unless otherwise provided in the Bylaws of the Fund. </div>
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;">Information as to Nominees for Election as Directors (as of December&#160;31, 2017) </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12pt;">Set forth below with respect to each nominee for director are his or her name, address and age, any positions held with the Fund, other principal occupations, other directorships during the past five years, business affiliations, the year in which he or she first became a director, and the number of shares of Common Stock of the Fund beneficially owned by him or her. Also set forth below is the number of shares of Common Stock of the Fund beneficially owned by all the directors and executive officers of the Fund as a group. A separate table is provided showing the dollar value range of the shares beneficially owned by each director. </div>
        <table style="width:457pt;margin-top:14pt;border-collapse: collapse;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:7pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="padding:2.833pt 0pt 2.667pt 0pt; width:285pt;">
              <div style="text-align:center;"><font style="font-weight:normal;font-size:10pt;"></font>Name, Age, Positions with the Fund, <br ><font style="border-bottom:1px solid #000000;padding-bottom:2.66666666666667pt;padding-left:1pt;padding-right:1pt;">Other Principal Occupations and Other Directorships </font></div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.833pt 0pt 2.667pt 0pt;" colspan="4">
              <div style="text-align:center;">Has <br >Been a <br >Director <br >Since </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.833pt 0pt 2.667pt 0pt;" colspan="4">
              <div style="text-align:center;">Number of <br >Portfolios in <br >Fund Complex <br >Overseen by <br >Director or <br >Nominee for <br >Director </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.833pt 0pt 2.667pt 0pt;" colspan="4">
              <div style="text-align:center;font-size:5.5pt;"><font style="font-size:7pt;">Shares of Common </font><br ><font style="font-size:7pt;">Stock Beneficially </font><br ><font style="font-size:7pt;">Owned </font><font style=" position:relative; bottom:2.75pt;">(a)(b)(c)(d)</font></div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:8pt;background-color:#E0E8F0;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:7pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:285pt;">
              <div style="font-size:8pt;"><font style="font-size:7pt;"></font><font style=" border-bottom:1pt #000 solid;">Independent Directors</font></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.11pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:12pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.11pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.775pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.775pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:19.55pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:19.55pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:285pt;">
              <div style="margin-left:10pt; text-indent:-10pt;">Enrique R. Arzac, Ph.D., 76, Professor Emeritus of Finance and Economics at <br >the Graduate School of Business, Columbia University. Currently, a director <br >of ADX<font style=" position:relative; bottom:3.25pt;font-size:6pt;">(e)</font>, Aberdeen Asset Management Funds (6&#160;closed-end investment <br >companies), and Mirae Discovery Funds (6 open-end funds). In addition, <br >within the past five years, Dr. Arzac served as director of Credit Suisse Asset <br >Management Funds (2 closed-end investment companies and 8 open-end <br >funds), and Epoch Holdings Corporation (an investment management and <br >investment advisory services company).</div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.11pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; min-width:12pt; text-align:right; white-space:nowrap;">1983 </td>
            <td style="padding:0pt;padding-left:5.11pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.775pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; min-width:3pt; text-align:right; white-space:nowrap;">2</td>
            <td style="padding:0pt;padding-left:23.775pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:19.55pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">17,911 </td>
            <td style="padding:0pt;padding-left:19.55pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#E0E8F0;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:285pt;white-space:normal;">
              <div style="margin-left:10pt; text-indent:-10pt;">Kenneth J. Dale,&#160;61, Senior Vice President and Chief Financial Officer&#160;of The Associated Press. Formerly, Vice President, J.P. Morgan&#160;Chase&#160;&amp; Co. Inc. Currently, a director of ADX<font style=" position:relative; bottom:3.25pt;font-size:6pt;">(e)</font>. </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.11pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; min-width:12pt; text-align:right; white-space:nowrap;">2008</td>
            <td style="padding:0pt;padding-left:5.11pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.775pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; min-width:3pt; text-align:right; white-space:nowrap;">2</td>
            <td style="padding:0pt;padding-left:23.775pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:19.55pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">7,851</td>
            <td style="padding:0pt;padding-left:19.55pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-left:42pt;width:457pt;">
        <div style="width:457pt;">
          <div style="margin-left: 0pt; width: 96pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="width:457pt;">
          <div style="margin-top:3pt; line-height:7.5pt;font-size:7.5pt;"><font style=" position:relative; bottom:4.25pt;">*</font></div>
        </div>
        <div style="margin-left:10pt; margin-top:-10pt; text-align:justify; width:447pt; line-height:8pt;font-size:8pt;">Mr. Stoeckle is an &#8220;interested person,&#8221; as defined by the Investment Company Act of 1940, as amended, because he is an officer of the Fund.</div>
      </div>
      <div style="margin-top:12pt;margin-bottom:13.43pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:5pt; text-align:center; width:457pt; line-height:10pt;">5</div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:541.2pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;"><a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a></div>
      <div style="margin-top:18pt;margin-left:42pt;width:457pt;">
        <table style="width:457pt;margin-top:0pt;border-collapse: collapse;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:7pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="padding:2.833pt 0pt 2.667pt 0pt; width:285pt;">
              <div style="text-align:center;">Name, Age, Positions with the Fund, <br ><font style="border-bottom:1px solid #000000;padding-bottom:2.66666666666667pt;padding-left:1pt;padding-right:1pt;">Other Principal Occupations and Other Directorships </font></div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.833pt 0pt 2.667pt 0pt;" colspan="4">
              <div style="text-align:center;">Has <br >Been a <br >Director <br >Since </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.833pt 0pt 2.667pt 0pt;" colspan="4">
              <div style="text-align:center;">Number of <br >Portfolios in <br >Fund Complex <br >Overseen by <br >Director or <br >Nominee for <br >Director </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.833pt 0pt 2.667pt 0pt;" colspan="4">
              <div style="text-align:center;font-size:5.5pt;"><font style="font-size:7pt;">Shares of Common </font><br ><font style="font-size:7pt;">Stock Beneficially </font><br ><font style="font-size:7pt;">Owned </font><font style=" position:relative; bottom:2.75pt;">(a)(b)(c)(d)</font></div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#E0E8F0;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.833pt 0pt; width:285pt;white-space:normal;">
              <div style="margin-left:10pt; text-indent:-10pt;">Frederic A. Escherich,&#160;65, Private Investor. Formerly, Managing&#160;Director and head of Mergers and Acquisitions Research and the Financial Advisory Department of J.P. Morgan&#160;&amp; Co. Inc.&#160;&#160;Currently, a director of ADX<font style=" position:relative; bottom:3.25pt;font-size:6pt;">(e)</font>. </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.11pt;width:0pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:12pt; text-align:right; white-space:nowrap;">2006</td>
            <td style="padding:0pt;padding-left:5.11pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.775pt;width:0pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:3pt; text-align:right; white-space:nowrap;">2</td>
            <td style="padding:0pt;padding-left:23.775pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:19.55pt;width:0pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">10,704</td>
            <td style="padding:0pt;padding-left:19.55pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:285pt;">
              <div style="margin-left:10pt; text-indent:-10pt;">Roger W. Gale, Ph.D.,&#160;71, President &amp; CEO of GF Energy, LLC (consultants to <br >electric power companies). Formerly, member of&#160;management group of PA <br >Consulting Group (energy consultants). &#160;Currently, a director of ADX<font style=" position:relative; bottom:3.25pt;font-size:6pt;">(e)</font>. Dr. <br >Gale also served as a director of Ormat Technologies, Inc. (geothermal and <br >renewable energy) within&#160;the past five years. </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.11pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:12pt; text-align:right; white-space:nowrap;">2005</td>
            <td style="padding:0pt;padding-left:5.11pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.775pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:3pt; text-align:right; white-space:nowrap;">2</td>
            <td style="padding:0pt;padding-left:23.775pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:19.55pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">6,290 </td>
            <td style="padding:0pt;padding-left:19.55pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#E0E8F0;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:285pt;white-space:normal;">
              <div style="margin-left:10pt; text-indent:-10pt;">Lauriann C. Kloppenburg, 57, Retired Chief Strategy Officer and former Chief Investment Officer - Equity Group of Loomis Sayles &amp; Company, LP (a U.S. investment management firm). Currently, a member of the investment committee of 1911 Office, LLC (a family office offering trust services). Formerly, Executive in Residence, Hughey Center for Financial Services, Bentley University. Currently, a director of ADX<font style=" position:relative; bottom:3.25pt;font-size:6pt;">(e)</font>, and also served as a director of Loomis Sayles &amp; Company, LP, within the past five years.</div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.11pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:12pt; text-align:right; white-space:nowrap;">2017</td>
            <td style="padding:0pt;padding-left:5.11pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.775pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:3pt; text-align:right; white-space:nowrap;">2</td>
            <td style="padding:0pt;padding-left:23.775pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:19.55pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">1,570</td>
            <td style="padding:0pt;padding-left:19.55pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:285pt;">
              <div style="margin-left:10pt; text-indent:-10pt;">Kathleen T. McGahran, Ph.D., J.D., CPA,&#160;67, President&#160;&amp; CEO of Pelham <br >Associates, Inc. (an executive education provider). Adjunct Professor, Tuck <br >School of Business, Dartmouth College. Formerly,&#160;Associate Dean and <br >Director of Executive Education and Associate Professor, Columbia <br >University. Currently, the Chair of the Board and a director of ADX<font style=" position:relative; bottom:3.25pt;font-size:6pt;">(e)</font><font style="font-size:6pt;"></font> and a <br >director of Scor Global Life&#160;Reinsurance and Scor Reinsurance of New York. </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.11pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:12pt; text-align:right; white-space:nowrap;">2003</td>
            <td style="padding:0pt;padding-left:5.11pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.775pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:3pt; text-align:right; white-space:nowrap;">2</td>
            <td style="padding:0pt;padding-left:23.775pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:19.55pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">12,656</td>
            <td style="padding:0pt;padding-left:19.55pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#E0E8F0;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:285pt;">
              <div style="margin-left:10pt; text-indent:-10pt;">Craig R. Smith, M.D.,&#160;71, Retired President, Williston Consulting LLC <br >(consultants to pharmaceutical and biotechnology industries). Formerly, <br >Chief Operating Officer of Algenol LLC (ethanol manufacturing) and <br >Chairman, President&#160;&amp; CEO of Guilford Pharmaceuticals (pharmaceutical <br >and biotechnology). Currently, a director of ADX<font style=" position:relative; bottom:3.25pt;font-size:6pt;">(e)</font>. Dr. Smith also served as <br >a director of Algenol Biofuels, Inc. and a manager of Algenol LLC, and as a <br >director of Depomed, Inc. (specialty pharmaceuticals) within the past five <br >years.&#160;</div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.11pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:12pt; text-align:right; white-space:nowrap;">2005</td>
            <td style="padding:0pt;padding-left:5.11pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.775pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:3pt; text-align:right; white-space:nowrap;">2</td>
            <td style="padding:0pt;padding-left:23.775pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:19.55pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">8,846 </td>
            <td style="padding:0pt;padding-left:19.55pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:285pt;">
              <div style="font-weight:bold;"><font style="font-weight:normal;"></font><font style=" border-bottom:1pt #000 solid;">Interested Director</font></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.11pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:12pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.11pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.775pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.775pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:19.55pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:19.55pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#E0E8F0;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:285pt;">
              <div style="margin-left:10pt; text-indent:-10pt;">Mark E. Stoeckle,&#160;61, CEO of the Fund since February&#160;11, 2013, and <br >director&#160;since February&#160;14, 2013. Currently, the CEO, President, and director <br >of ADX<font style=" position:relative; bottom:3.25pt;font-size:6pt;">(e)</font>. Formerly, Chief Investment Officer, U.S. Equities and Global Sector <br >Funds, BNP Paribas Investment Partners. </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.11pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:12pt; text-align:right; white-space:nowrap;">2013</td>
            <td style="padding:0pt;padding-left:5.11pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.775pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:3pt; text-align:right; white-space:nowrap;">2</td>
            <td style="padding:0pt;padding-left:23.775pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:19.55pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">14,421 </td>
            <td style="padding:0pt;padding-left:19.55pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.833pt 0pt; width:285pt;">Directors and executive officers of the Fund as a group. </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.11pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:12pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:5.11pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.775pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:23.775pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:19.55pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.833pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">136,905</td>
            <td style="padding:0pt;padding-left:19.55pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:6.91pt; width:457pt;">
          <div style="margin-left: 0pt; width: 96pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:7.5pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;"><font style=" position:relative; bottom:3.25pt;font-size:6pt;">(a)</font><br >
        </div>
        <div style=" float:left; margin-top:6.5pt; margin-bottom:0pt; line-height:9.5pt; text-align:justify; width:436.5pt;">To the Fund&#8217;s knowledge, except for 2,340 shares shown for Dr. McGahran, which are beneficially owned by her spouse and as to which she disclaims beneficial ownership, and the shares referred to in footnote (c) below, each director and officer had sole investment and sole voting power with respect to the shares shown opposite his or her name.</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:9.5pt; margin-top:0.4pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;"><font style=" position:relative; bottom:3.25pt;font-size:6pt;">(b)</font><br >
        </div>
        <div style=" float:left; margin-top:0.4pt; margin-bottom:0pt; line-height:9.5pt; text-align:justify; width:436.5pt;">Of the amount shown as beneficially owned by the directors and executive officers as a group, 29,188 shares were held by the Trustee under the Employee Thrift Plan of the Fund and the Employee Thrift Plan of ADX.</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:9.5pt; margin-top:0.39pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;"><font style=" position:relative; bottom:3.25pt;font-size:6pt;">(c)</font><br >
        </div>
        <div style=" float:left; margin-top:0.39pt; margin-bottom:0pt; line-height:9.5pt; text-align:justify; width:436.5pt;">The amounts shown include nonvested restricted stock shares or vested but deferred restricted stock units and deferred stock units under the Fund&#8217;s 2005 Equity Incentive Compensation Plan (see &#8220;2005 Equity Incentive Compensation Plan&#8221; below), held by each director (13,229 held by Dr. Arzac, 5,520 held by Mr. Dale, 1,801 held by Mr. Escherich, 1,200 held by Dr. McGahran, 4,273 held by Mr. Stoeckle, 0 held by Dr. Gale, and 0 held by Dr. Smith), and by directors and executive officers as a group ( 26,022 shares).</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:9.5pt; margin-top:0.4pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;"><font style=" position:relative; bottom:3.25pt;font-size:6pt;">(d)</font><br >
        </div>
        <div style=" float:left; margin-top:0.4pt; margin-bottom:0pt; line-height:9.5pt; text-align:justify; width:436.5pt;">Calculated on the basis of 28,999,196 Common Stock outstanding on December 31, 2017, each director owned less than 1.0% of the Common Stock outstanding. The directors and executive officers as a group owned less than 1.0% of the Common Stock outstanding.</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:9.5pt; margin-top:0.4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;"><font style=" position:relative; bottom:3.25pt;font-size:6pt;">(e)</font><br >
        </div>
        <div style=" float:left; margin-top:0.4pt; margin-bottom:0pt; line-height:9.5pt; text-align:left; width:436.5pt;"><font style="font-size:6pt;"></font>Non-controlled affiliate of the Fund (a closed-end investment company), which is part of the Fund Complex.</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="clear:both;font-size:0pt;">&#8203;</div>
      <div style="margin-top:12pt;margin-bottom:13.43pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:5pt; text-align:center; width:457pt; line-height:10pt;font-size:10pt;">6</div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:541.2pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;"><a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a></div>
      <div style="margin-top:18pt;margin-left:42pt;width:457pt;">
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">The address for each director is the Fund&#8217;s office, 500 E. Pratt Street, Suite 1300, Baltimore, MD 21202. </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">Additional information about each director follows (supplementing the information in the table above) describing some of the specific experience, qualifications, attributes, or skills each director possesses that led the Board to conclude he or she should serve as a director. </div>
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;"><font style=" text-decoration:underline;">Independent Directors</font></div>
        <div style="margin-top:10pt; width:457pt; line-height:12pt;">1) Enrique R. Arzac, Ph.D. </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">Dr. Arzac brings to the Board extensive expertise in asset management and securities valuation, international finance, and corporate finance gained from his many years on the faculty of Columbia University&#8217;s Graduate School of Business, and through consulting with corporations and financial institutions for more than 30 years. Dr. Arzac has published many articles on corporate finance, valuation, portfolio management, and commodity markets in numerous academic journals. He has been deemed an audit committee financial expert, as that term is defined in federal securities regulations, by his fellow directors and served as Chair of the Fund&#8217;s Audit Committee for several terms. In addition, Dr. Arzac&#8217;s service on the boards of other investment companies provides him with a deep understanding of investment company oversight. </div>
        <div style="margin-top:10pt; width:457pt; line-height:12pt;">2) Kenneth J. Dale </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">Mr. Dale brings broad expertise in financial management to the Board. He serves as Senior Vice President and Chief Financial Officer of The Associated Press (AP), one of the largest newsgathering organizations in the world. His responsibilities at AP include all corporate finance activities, internal audit, global real estate, and administrative services, and oversight of AP&#8217;s software business, ENPS. Prior to joining AP, Mr. Dale spent 21 years as an investment banker at J.P. Morgan Chase &amp; Co. Inc., advising media and entertainment clients on mergers and acquisitions and corporate finance transactions. He has been deemed an audit committee financial expert, as that term is defined in federal securities regulations, by his fellow directors and served as the immediate past Chair of the Fund&#8217;s Audit Committee. </div>
        <div style="margin-top:10pt; width:457pt; line-height:12pt;">3) Frederic A. Escherich </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">Mr. Escherich brings to the Board extensive knowledge of securities investing and stock valuation gained from his 25 years at J.P. Morgan &amp; Co. Inc. During his tenure at J.P. Morgan, Mr. Escherich served as head of mergers and acquisitions research for many years, and his responsibilities included evaluating numerous issues related to maximizing shareholder value and setting policies and procedures in connection with the valuation of companies, the assessment of various transaction types, analytical techniques, and securities. Since retiring in 2002, Mr. Escherich has focused full-time on private investing and is familiar with the dynamics of today&#8217;s equity markets. He has been deemed an audit committee financial expert, as that term is defined in federal securities regulations, by his fellow directors and currently serves as the Chair of the Fund&#8217;s Audit Committee. </div>
        <div style="margin-top:10pt; width:457pt; line-height:12pt;">4) Roger W. Gale, Ph.D. </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">Dr. Gale brings to the Board in-depth knowledge of the electric power industry and U.S. and international energy policy from his service in private industry and the public sector. Dr. Gale has gained electric utility industry expertise through his many years of service as a consultant, and has been quoted on electric utility issues in leading business publications and television news programs. He </div>
      </div>
      <div style="margin-top:12pt;margin-bottom:13.43pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:5pt; text-align:center; width:457pt; line-height:10pt;">7</div>
      </div>
      <hr >
    </div>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;"><a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a></div>
      <div style="margin-top:18pt;margin-left:42pt;width:457pt;">
        <div style="text-align:justify; width:457pt; line-height:12.5pt;">previously served on the boards of a Fortune 500 energy conglomerate and a publicly-traded geothermal energy company. Dr. Gale holds a Ph.D. in political science from the University of California, Berkeley. </div>
        <div style="margin-top:10pt; width:457pt; line-height:12pt;">5) Lauriann C. Kloppenburg</div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12.5pt;">Ms. Kloppenburg is the most recent addition to the Board and joined it in October 2017. She brings a wealth of knowledge of securities investing and the investment management industry to the Board, having served in many key roles at Loomis Sayles &amp; Company, an investment management firm with more than $250 billion under management, and through her current role on the investment committee of a family office. During her more than 30-year career with Loomis Sayles, Ms. Kloppenburg was, at various times, the Director of Equity Research, Director of Large Cap Equities, Chief Investment Officer - Equity Group, and Chief Strategy Officer, in addition to serving as a member of the firm&#39;s board of directors. </div>
        <div style="margin-top:10pt; width:457pt; line-height:12pt;">6) Kathleen T. McGahran, Ph.D. </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12.5pt;">Dr. McGahran has served as the Chair of the Fund&#8217;s Board of Directors since March&#160;19, 2013. She is a CPA, a lawyer, and holds a Ph.D. in Accounting and Finance from New York University, and brings to the Board a very broad and valuable skill set. She is the President and CEO of Pelham Associates, an executive education provider. She has served on the faculties of the Tuck School of Business at Dartmouth College, the Graduate School of Business at Columbia University, and the Stern School of Business at New York University. Dr. McGahran has expertise in financial analysis and has conducted financial analysis training programs for Wall Street firms and Fortune 500 companies. She has been deemed an audit committee financial expert, as that term is defined in federal securities regulations, by her fellow directors and served as Chair of the Fund&#8217;s Audit Committee for several terms. </div>
        <div style="margin-top:10pt; width:457pt; line-height:12pt;">7) Craig R. Smith, M.D. </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12.5pt;">Dr. Smith, a physician and former long-time member of the faculty at the Johns Hopkins University School of Medicine, brings to the Board extensive experience in the pharmaceuticals and biotech industries. He recently retired as the Chief Operating Officer of Algenol LLC, a research company focusing on the production of ethanol and other high-value green chemicals from algae. He previously was President and founder of Williston Consulting, a consulting company for the pharmaceutical and biotech industries. Prior to founding Williston Consulting, Dr. Smith was Chairman, President, CEO, and a co-founder of Guilford Pharmaceuticals, a biopharmaceutical company. </div>
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;"><font style=" text-decoration:underline;">Interested Director</font></div>
        <div style="margin-top:10pt; width:457pt; line-height:12pt;">8) Mark E. Stoeckle </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12.5pt;">Mr. Stoeckle has been CEO of the Fund and ADX since February&#160;11, 2013. He was elected to the Board of Directors of the Fund and ADX on February 14, 2013, and served as President of the Fund from his election to that position on February 14, 2013 through January&#160;21, 2015. Mr. Stoeckle has had a distinguished career in financial services and asset management for over 30 years, and brings a wealth of investment and business experience to the role. Previously, he was Chief Investment Officer, U.S. Equities and Global Sector Funds, at the global investment management firm BNP Paribas Investment Partners. </div>
      </div>
      <div style="margin-top:12pt;margin-bottom:13.43pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:5pt; text-align:center; width:457pt; line-height:10pt;">8</div>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;"><a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="idBLS708">&#8203;</a><a name="idBORMF2130">&#8203;</a></div>
      <div style="margin-top:18pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;"><font style=" text-decoration:underline;">Stock Ownership</font> </div>
        <table style="width:457pt;height:143.5pt;margin-top:2pt;border-collapse: collapse;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt;">
            <td style="padding:3.5pt 0pt 2.5pt 0pt; width:309pt;">
              <div style="white-space:nowrap;"><font style="border-bottom:2px solid #000000;">Independent Directors </font></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0.5pt 2.5pt 0pt; width:140pt;text-align:right;">
              <div style="white-space:nowrap; text-align:right;"><font style="border-bottom:2px solid #000000;">Dollar Value of Shares Owned</font><font style="border-bottom:2px solid #000000; position:relative; bottom:3.25pt;font-size:6pt;">(1)</font>&#8203;</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:3.25pt 0pt 1.5pt 0pt; width:309pt;">Enrique R. Arzac</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.25pt 0.5pt 1.5pt 0pt; width:140pt;text-align:right;">
              <div style="text-align:right;">greater than $100,000&#8203;</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:309pt;">Kenneth J. Dale</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0.5pt 1.5pt 0pt; width:140pt;text-align:right;">
              <div style="text-align:right;">greater than $100,000&#8203;</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:309pt;">Frederic A. Escherich</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0.5pt 1.5pt 0pt; width:140pt;text-align:right;">
              <div style="text-align:right;">greater than $100,000&#8203;</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:309pt;">Roger W. Gale</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0.5pt 1.5pt 0pt; width:140pt;text-align:right;">
              <div style="text-align:right;">greater than $100,000&#8203;</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:309pt;">Lauriann C. Kloppenburg</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0.5pt 1.5pt 0pt; width:140pt;text-align:right;">
              <div style="text-align:right;">$10,001 - $50,000&#8203;</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:309pt;">Kathleen T. McGahran</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0.5pt 1.5pt 0pt; width:140pt;text-align:right;">
              <div style="text-align:right;">greater than $100,000&#8203;</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:309pt;">Craig R. Smith</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0.5pt 1.5pt 0pt; width:140pt;text-align:right;">
              <div style="text-align:right;">greater than $100,000&#8203;</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt;">
            <td style="padding:2.167pt 0pt 2.833pt 0pt; width:309pt;"><font style=" border-bottom:1pt #000 solid;">Interested Director</font></td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0.5pt 0.5pt 0pt; width:140pt;text-align:right;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:3.5pt 0pt 2.833pt 0pt; width:309pt;">Mark E. Stoeckle</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0.5pt 2.833pt 0pt; width:140pt;text-align:right;">
              <div style="text-align:right;">greater than $100,000&#8203;</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:7.08pt; width:457pt;">
          <div style="margin-left: 0pt; width: 96pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:7.5pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-size:6pt;"><font style=" position:relative; bottom:3.25pt;">(1)</font><br >
        </div>
        <div style=" float:left; margin-top:6.5pt; margin-bottom:0pt; line-height:9.5pt; text-align:left; width:436.5pt;font-size:6pt;"><font style="font-size:8pt;">The valuation date used in calculating the dollar value of shares owned is December 31, 2017.</font></div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">The Board has adopted equity ownership requirements for the directors and senior staff. Under these equity ownership requirements, the Chief Executive Officer, portfolio managers, research analysts, and other executive officers must own a certain value of equity in the Fund equal to a multiple of his or her annual salary. Non-employee directors must own at least $100,000 of the Fund&#8217;s Common Stock within 10 years of joining the Board. </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">The nominees for election as directors of the Fund identified above are also the nominees for election to the Board of Directors of ADX, the Fund&#8217;s largest stockholder (see &#8220;Principal Stockholder&#8221; on page 11) and part of the Fund Complex. </div>
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;">Board Leadership Structure </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">Seven of the Fund&#8217;s eight directors are not &#8220;interested persons,&#8221; as defined by the Investment Company Act of 1940, as amended (the &#8220;Act&#8221;), and are independent directors. Mr. Stoeckle is the only member of the Board who is an &#8220;interested person&#8221; under the Act and thus is not an independent director. The Board has elected Dr. Kathleen T. McGahran, an Independent Director, to serve as the Chair of the Board. </div>
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;">Board&#8217;s Oversight of Risk Management for the Fund </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">The Board&#8217;s role in risk management of the Fund is that of oversight. The internal staff of portfolio managers, research analysts, and administrative personnel is responsible for the day-to-day management of the Fund, including risk management (including management of investment performance and investment risk, valuation risk, issuer and counterparty credit risk, compliance risk, and operational risk). As part of its oversight, the Board has delegated to the Audit Committee the primary role of overseeing the assessment and management of risks, including major financial risks, by the Fund&#8217;s management and the steps that management has taken to monitor and control such risks. The Audit Committee reports to the Board on a periodic basis on its discussions of these items with management. In addition, the Board, acting at its regularly scheduled meetings, receives reports from senior management, including the Fund&#8217;s portfolio management team, the Chief Compliance Officer, and the Chief Financial Officer. Between Board meetings, the Executive Committee, and/or the Chair of the Board, and/or the Chairman of the Audit Committee, as appropriate, interact with the CEO and other senior executives on any matter requiring action by or notice to the Board. The Board also receives periodic presentations from senior management regarding specific operational, compliance, or </div>
      </div>
      <div style="margin-top:12pt;margin-bottom:13.43pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:5pt; text-align:center; width:457pt; line-height:10pt;">9</div>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;"><a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="idPSCB884">&#8203;</a><a name="idPBDAAM611">&#8203;</a><a name="idSBORC1434">&#8203;</a><a name="idIOEO7117">&#8203;</a></div>
      <div style="margin-top:18pt;margin-left:42pt;width:457pt;">
        <div style="text-align:justify; width:457pt; line-height:11.5pt;">investment areas, such as business continuity, personal trading, valuation, investment research, and securities lending, and receives reports from the Fund&#8217;s General Counsel regarding regulatory, compliance, and governance matters. The Fund believes that its leadership structure enhances risk oversight. It should be noted that, in its oversight role, the Board is not a guarantor of the Fund&#8217;s investments or activities. </div>
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;">Process for Stockholders to Communicate with Board </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">The Board of Directors has implemented a process for stockholders of the Fund to send communications to the Board. Any stockholder desiring to communicate with the Board, or with specific individual directors, may do so by writing to the Secretary of the Fund at Adams Natural Resources Fund, Inc., 500 E. Pratt Street, Suite 1300, Baltimore, MD 21202, or by sending an email message to the Secretary at contact@adamsfunds.com. The Secretary has been instructed by the Board to promptly forward all such communications to the addressees indicated thereon. </div>
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;">Policy on Board of Directors&#8217; Attendance at Annual Meetings </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">The Fund&#8217;s policy with regard to attendance by the Board of Directors at Annual Meetings is that all directors are expected to attend, absent unusual and extenuating circumstances that prohibit attendance. All of the directors then serving attended the 2017 Annual Meeting. </div>
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;">Section 16(a) Beneficial Ownership Reporting Compliance </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">Each director and officer of the Fund who is subject to Section 16 of the Securities Exchange Act of 1934, as amended, and persons who own more than ten percent of a registered class of the Fund&#8217;s securities are required to report to the Securities and Exchange Commission (the &#8220;Commission&#8221;) by a specified date his or her beneficial ownership of or transactions in the Fund&#8217;s securities. Based upon a review of filings with the Commission, such forms received by the Fund, and written representations that no other reports are required, the Fund believes that each director, officer, and greater than ten percent beneficial owners filed all requisite reports with the Commission on a timely basis during 2017, except for Ms. Prue, former Executive Vice President and Director of Shareholder Communications, who retired in June 2017. Upon her retirement, certain shares granted to her under the Fund&#39;s 2005 Equity Incentive Compensation Plan vested. When those shares vested, she elected to forfeit shares to cover tax liabilities and the Form 4 to report the surrender of these shares was filed late.</div>
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;">Information as to Other Executive Officers </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">Set forth below are the names, ages, and positions with the Fund, as of December&#160;31, 2017, of all executive officers of the Fund other than those who also serve as directors. Executive officers serve as such until the election of their successors. </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">Mr. James P. Haynie,&#160;55, has served as President of the Fund since January&#160;21, 2015, and before that, served as Executive Vice President from August&#160;19, 2013 to January 21, 2015. He also served as the President of ADX from August 19, 2013 to January&#160;21, 2015 and has served as the Executive Vice President of ADX since January&#160;21, 2015. Prior to joining the Fund, he was Chief Investment Officer, U.S. Equities at BNP Paribas Investment Partners from February&#160;- August 2013 and was Senior Portfolio Manager at BNP Paribas Investment Partners from 2005 to 2013. </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">Mr. Brian S. Hook, 48, has served as Vice President, Chief Financial Officer and Treasurer of the Fund and ADX since March&#160;19, 2013. Prior thereto, he served as Chief Financial Officer and Treasurer of the Fund and ADX from March&#160;20, 2012 to March&#160;19, 2013, as Treasurer of the Fund and ADX from June&#160;1, 2009 to March&#160;20, 2012, and as Assistant Treasurer of the Fund and ADX from September&#160;2008 </div>
      </div>
      <div style="margin-top:12pt;margin-bottom:13.43pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:5pt; text-align:center; width:457pt; line-height:10pt;">10</div>
      </div>
      <hr >
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;"><a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="idPS1687">&#8203;</a><a name="idBMCB601">&#8203;</a></div>
      <div style="margin-top:18pt;margin-left:42pt;width:457pt;">
        <div style="text-align:justify; width:457pt; line-height:11.5pt;">to June&#160;1, 2009. Prior to joining the Fund, he was a Vice President and Senior Manager at T. Rowe Price from March&#160;1998 to August&#160;2008, and a business assurance manager with Coopers &amp; Lybrand L.L.P. prior thereto. </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">Mr. Lawrence L. Hooper, Jr., 65, has served as the Chief Compliance Officer of the Fund and ADX since April&#160;8, 2004, as Vice President of the Fund and ADX since March&#160;30, 1999, and as General Counsel and Secretary of the Fund and ADX since April&#160;1, 1997. Prior thereto, he was a partner in a Baltimore, Maryland law firm. </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">The address for each executive officer is the Fund&#8217;s office, 500 E. Pratt Street, Suite 1300, Baltimore, MD 21202.</div>
        <table style="width:457pt;height:65.5pt;margin-top:2pt;border-collapse: collapse;">
          <tr style="line-height:8pt;height:14.75pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:6pt;">
            <td style="padding:2.5pt 0pt 1.5pt 0pt; width:377.17pt;">
              <div style="white-space:nowrap;font-size:8pt;"><font style="border-bottom:1px solid #000000;padding-bottom:1.5pt;">Security Ownership of Management in the Fund</font><font style="border-bottom:1px solid #000000;padding-bottom:1.5pt;padding-right:1pt; position:relative; bottom:3.25pt;font-size:6pt;">(a)</font></div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3pt;" rowspan="2">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;text-align:center;" colspan="4" rowspan="2">
              <div style="text-align:center; line-height:9pt; padding-bottom:0pt;"><font style="font-size:8pt;">Shares of Common</font><br ><font style="font-size:8pt;">Stock Beneficially </font><br ><font style="font-size:8pt;">Owned</font><font style=" position:relative; bottom:3.25pt;">(b)(c)(d)(e)</font></div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;" rowspan="2">&#8203;</td>
          </tr>
          <tr style="line-height:8pt;height:0pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt;">
            <td style="padding:2.25pt 0pt 1.5pt 0pt; width:377.17pt;">
              <div style="white-space:nowrap;"><font style="border-bottom:1px solid #000000;">Name</font> </div>
            </td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#E0E8F0;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:2.25pt 0pt 0.5pt 0pt; width:377.17pt;">
              <div style="white-space:nowrap;">James P. Haynie  </div>
            </td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:21.635pt;width:0pt;">&#8203;</td>
            <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">20,760</td>
            <td style="padding:0pt;padding-left:21.635pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:377.17pt;">
              <div style="white-space:nowrap;">Brian S. Hook  </div>
            </td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:21.635pt;width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">20,950</td>
            <td style="padding:0pt;padding-left:21.635pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#E0E8F0;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:377.17pt;">
              <div style="white-space:nowrap;">Lawrence L. Hooper, Jr.  </div>
            </td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:21.635pt;width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">14,946</td>
            <td style="padding:0pt;padding-left:21.635pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:6.04pt; width:457pt;">
          <div style="margin-left: 0pt; width: 96pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:7.5pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;font-size:8pt;"><font style=" position:relative; bottom:3.25pt;font-size:6pt;">(a)</font><br >
        </div>
        <div style=" float:left; margin-top:6.5pt; margin-bottom:0pt; line-height:9.5pt; text-align:justify; width:436.5pt;font-size:8pt;">As of December 31, 2017. Share ownership of directors and executive officers as a group is shown in the table beginning on page 5 and footnotes thereto.</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:9.5pt; margin-top:0.54pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;font-size:8pt;"><font style=" position:relative; bottom:3.25pt;font-size:6pt;">(b)</font><br >
        </div>
        <div style=" float:left; margin-top:0.54pt; margin-bottom:0pt; line-height:9.5pt; text-align:justify; width:436.5pt;font-size:8pt;">To the Fund&#8217;s knowledge, other than shares referred to in footnote (d) below, each officer had sole investment and sole voting power with respect to the shares shown opposite his or her name.</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:9.5pt; margin-top:0.54pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;font-size:8pt;"><font style=" position:relative; bottom:3.25pt;font-size:6pt;">(c)</font><br >
        </div>
        <div style=" float:left; margin-top:0.54pt; margin-bottom:0pt; line-height:9.5pt; text-align:justify; width:436.5pt;font-size:8pt;">Of the amounts shown, the following shares beneficially owned by the respective officer were held by the Trustee under the Employee Thrift Plan of the Fund and the Employee Thrift Plan of ADX: Mr. Haynie (5,912 shares), Mr. Hook (10,059 shares), and Mr. Hooper (6,305 shares).</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:9.5pt; margin-top:0.55pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;font-size:8pt;"><font style=" position:relative; bottom:3.25pt;font-size:6pt;">(d)</font><br >
        </div>
        <div style=" float:left; margin-top:0.55pt; margin-bottom:0pt; line-height:9.5pt; text-align:justify; width:436.5pt;font-size:8pt;">The amounts shown include nonvested shares of restricted stock under the Fund&#8217;s 2005 Equity Incentive Compensation Plan (see &#8220;2005 Equity Incentive Compensation Plan&#8221; below) held by Mr. Haynie (2,243 shares), Mr. Hook (854 shares), and Mr. Hooper (961 shares).</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:9.5pt; margin-top:0.55pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;font-size:8pt;"><font style=" position:relative; bottom:3.25pt;font-size:6pt;">(e)</font><br >
        </div>
        <div style=" float:left; margin-top:0.55pt; margin-bottom:0pt; line-height:9.5pt; text-align:justify; width:436.5pt;font-size:8pt;">Calculated on the basis of 28,999,196 shares of Common Stock outstanding on December 31, 2017, each of the executive officers listed above owned less than 1.0% of the Common Stock outstanding.</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;">Principal Stockholder </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">At December&#160;31, 2017, only one person or group of persons was known by the Fund to own beneficially more than five percent of any class of the Fund&#8217;s voting securities. </div>
        <table style="width:457pt;margin-top:2pt;border-collapse: collapse;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt;">
            <td style="padding:2.833pt 0pt 2.167pt 0pt; width:92pt;text-align:left;">
              <div style="white-space:nowrap;"><font style="border-bottom:1px solid #000000;">Title of Class </font></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:2.833pt 0pt 2.167pt 0pt; width:173pt;">
              <div style="white-space:nowrap; text-align:center;"><font style="border-bottom:1px solid #000000;">Name and Address of Beneficial Owner </font></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:2.833pt 0pt 2.167pt 0pt; width:100pt;">
              <div style="text-align:center;">Amount and Nature of <br ><font style="border-bottom:1px solid #000000;">Beneficial Ownership </font></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:2.833pt 0pt 2.167pt 0pt; width:68pt;">
              <div style="white-space:nowrap; text-align:center;"><font style="border-bottom:1px solid #000000;">Percent of Class</font> </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:1.917pt 0pt 0.5pt 0pt; width:92pt;text-align:left;">Common Stock </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.5pt 0pt; width:173pt;">
              <div style="text-align:center;">Adams Diversified Equity Fund, Inc.</div>
              <div style="margin-top:2pt; text-align:center;">500 E. Pratt Street, Suite 1300</div>
              <div style="margin-top:2pt; text-align:center;">Baltimore, Maryland 21202 </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.5pt 0pt; width:100pt;white-space:normal;">
              <div style="text-align:center;">2,186,774 shares held directly </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.5pt 0pt; width:68pt;">
              <div style="text-align:center;">7.5%</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:16.62pt; width:457pt; line-height:12pt;font-weight:bold;">Board Meetings and Committees of the Board </div>
        <div style="text-indent:20pt; margin-top:11pt; text-align:justify; width:457pt; line-height:11.5pt;">The Board of Directors held seven meetings during 2017, at which overall attendance was 100%. Each incumbent director attended at least 75% of the total of all (i) meetings of the Board and (ii) meetings of committees of the Board on which he or she served in 2017. </div>
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;">Audit Committee </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">Mr. Escherich (Chair), Dr. Arzac, Dr. Gale, Ms. Kloppenburg, and Dr. Smith, each of whom is an independent director as such is defined by the rules of the New York Stock Exchange, and none of whom is an &#8220;interested person&#8221; as such is defined by the Act, constitute the membership of the Board&#8217;s standing Audit Committee, which met four times in 2017. The Board has determined Mr. Escherich to be </div>
      </div>
      <div style="margin-top:12pt;margin-bottom:13.43pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:5pt; text-align:center; width:457pt; line-height:10pt;">11</div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:541.2pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;"><a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a></div>
      <div style="margin-top:18pt;margin-bottom:6pt;margin-left:42pt;width:457pt;">
        <div style="text-align:justify; width:457pt; line-height:12.5pt;">an audit committee financial expert, as that term is defined in federal securities regulations. The Board has adopted a written charter under which the Committee operates. A copy of the Audit Committee Charter (&#8220;Charter&#8221;) is available on the Fund&#8217;s website: www.adamsfunds.com. Set forth below is the report of the Committee: </div>
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;">Audit Committee Report </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12.5pt;">The purposes of the Audit Committee are set forth in the Committee&#8217;s written Charter. As provided in the Charter, the role of the Committee is to assist the Board of Directors in its oversight on matters relating to accounting, financial reporting, internal control, auditing, risk assessment and risk management, regulatory compliance activities, and other matters the Board deems appropriate. The Committee also selects the Fund&#8217;s independent registered public accounting firm in accordance with the provisions set out in the Charter. Management, however, is responsible for the preparation, presentation, and integrity of the Fund&#8217;s financial statements, and for the procedures designed to assure compliance with accounting standards and applicable laws and regulations. The independent registered public accounting firm is responsible for planning and carrying out proper audits and reviews. </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12.5pt;">In fulfilling its responsibilities, the Committee has reviewed and discussed the audited financial statements contained in the 2017 Annual Report of the Fund with the Fund&#8217;s management and with PricewaterhouseCoopers LLP (&#8220;PwC&#8221;), the Fund&#39;s independent registered public accounting firm. In addition, the Committee has discussed with PwC the matters required to be discussed pursuant to Statement of Auditing Standards No. 61, as modified or supplemented. The Committee has also received from PwC the written disclosures and the letter required by applicable requirements of the Public Company Accounting Oversight Board regarding PwC&#8217;s communications with the Committee concerning independence, considered whether the provision of nonaudit services by PwC is compatible with maintaining PwC&#8217;s independence, and discussed with PwC its independence. </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12.5pt;">In reliance on the reviews and discussions with management and PwC referred to above, and subject to the limitations on the responsibilities and role of the Committee set forth in the Charter and discussed above, the Committee recommended to the Board of Directors, and the Board has approved, that the audited financial statements be included in the Fund&#8217;s 2017 Annual Report for filing with the Securities and Exchange Commission. </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12.5pt;">Respectfully submitted on February&#160;15, 2018, by the members of the Audit Committee of the Board of Directors: </div>
        <table style="width:457pt;margin-top:4pt;border-collapse: collapse;">
          <tr style="line-height:11pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:216pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:6.833pt 0pt 0.5pt 0pt; width:225pt;">
              <div>Frederic A. Escherich, Chair</div>
              <div style="margin-top:1pt;">Enrique R. Arzac</div>
              <div style="margin-top:1pt;">Roger W. Gale</div>
              <div style="margin-top:1pt;">Lauriann C. Kloppenburg</div>
              <div style="margin-top:1pt;">Craig R. Smith</div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:21.5pt; width:457pt; line-height:12pt;font-weight:bold;">Compensation Committee </div>
        <div style="text-indent:20pt; margin-top:11pt; text-align:justify; width:457pt; line-height:12.5pt;">Mr. Dale (Chair), Ms. Bonanno<font style=" position:relative; bottom:2.66pt;font-size:7pt;">**</font>, Mr. Escherich, and Dr. Smith constituted the membership of the Board&#8217;s standing Compensation Committee, which met two times in 2017. The Committee reviews and </div>
      </div>
      <div style="margin-left:42pt;width:457pt;">
        <div style="width:457pt;">
          <div style="margin-left: 0pt; width: 96pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="width:457pt;">
          <div style="margin-top:3pt; line-height:7.5pt;font-size:7.5pt;"><font style=" position:relative; bottom:4.25pt;">**</font></div>
        </div>
        <div style="margin-left:10pt; margin-top:-10pt; width:447pt; line-height:8pt;font-size:8pt;">Ms. Bonanno is retiring from the Board and is not standing for reelection.</div>
      </div>
      <div style="margin-top:12pt;margin-bottom:13.43pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:5pt; text-align:center; width:457pt; line-height:10pt;">12</div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:541.2pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;"><a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a></div>
      <div style="margin-top:18pt;margin-left:42pt;width:457pt;">
        <div style="text-align:justify; width:457pt; line-height:11.5pt;">recommends changes in the compensation of directors, officers, and employees, including salaries and the cash incentive compensation plans in which the executive officers, officers, and employees of the Fund are eligible to participate. </div>
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;">Executive Committee </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">Dr. McGahran (Chair), Mr. Dale, Mr. Escherich, Dr. Gale, and Mr. Stoeckle constitute the membership of the Board&#8217;s standing Executive Committee, which met two times in 2017. The Committee has the authority of the Board of Directors between meetings of the Board except as limited by law, the Fund&#8217;s Bylaws, or Board resolution. </div>
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;">Nominating and Governance Committee </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">Dr. Gale (Chair), Dr. Arzac, Ms. Bonanno<font style=" position:relative; bottom:4.25pt;font-size:7.5pt;">**</font>, and Mr. Dale constituted the membership of the Board&#8217;s standing Nominating and Governance Committee, which met five times in 2017. The Board has adopted a written charter under which the Nominating and Governance Committee operates, a copy of which is available to stockholders at the Fund&#8217;s website: <font style=" text-decoration:underline;">www.adamsfunds.com</font>. </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">Each of the members of the Committee is an independent director as such is defined by the rules of the New York Stock Exchange and none is an &#8220;interested person&#8221; as such term is defined by the Act. </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">Among other responsibilities, the Committee supervises and reviews the Board composition, Board evaluations, director nominations, and corporate governance matters. For director nominations, the Committee recommends to the full Board nominees for director and leads the search for qualified director candidates. The Committee has used a third-party search firm to help identify candidates who may meet the needs of the Board. The firm provides information on candidates for review and discussion by the Committee. </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">The Committee will consider unsolicited recommendations for director candidates from stockholders of the Fund. Stockholders may recommend candidates for consideration by the Committee by writing to the Secretary of the Fund at the office of the Fund, 500&#160;E. Pratt Street, Suite&#160;1300, Baltimore, MD&#160;21202, giving the candidate&#8217;s name, biographical data, and qualifications, and stating whether the candidate would be an &#8220;interested person&#8221; of the Fund. A written statement from the candidate, consenting to be named as a candidate, and if nominated and elected, to serve as a director, should accompany any such recommendation. </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">The process that the Committee uses for identifying and evaluating nominees for director is as follows: When there is a vacancy on the Board, either through the retirement or other withdrawal of a director or the Board&#8217;s determination that the size of the Board should be increased, nominations to fill that vacancy are made by independent directors on the Board. The members of the Committee meet with the prospective director nominee. If a majority of the Committee members are satisfied that the prospective director nominee is qualified and will make a positive addition to the Board, as many of the other independent directors meet with him or her as is possible. The Committee then nominates the candidate at a meeting of the Board and a vote is taken by the full Board on whether to elect the nominee to the Board and to include the nominee in the Fund&#8217;s proxy for election at the next annual meeting of stockholders. The Fund anticipates that a similar process will be used for any qualified director candidate properly recommended by a stockholder. </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">The Board does not have a formal policy regarding the consideration of diversity in identifying Board candidates. When considering a new candidate for the Board, the Committee and the full Board may consider the diversity of skills, experience and/or perspective a prospective nominee will bring to the Board as part of their evaluation of the contribution that such prospective director nominee will </div>
      </div>
      <div style="margin-top:12pt;margin-bottom:13.43pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:5pt; text-align:center; width:457pt; line-height:10pt;">13</div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:541.2pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;"><a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="idBDC835">&#8203;</a><a name="idTADEFI1055">&#8203;</a><a name="idCDEO9595">&#8203;</a></div>
      <div style="margin-top:18pt;margin-left:42pt;width:457pt;">
        <div style="text-align:justify; width:457pt; line-height:11.5pt;">make to the Board. Such factors will be considered in the context of the Board&#8217;s existing membership at the time such potential candidate is considered. </div>
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;">Board of Directors Compensation </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">During 2017, each director who is not an interested person, except for Dr. McGahran and Ms. Kloppenburg, received an annual retainer fee of&#8201; $60,000. Dr. McGahran, the Board Chair, received an annual retainer fee of&#8201; $75,000. Since Ms. Kloppenburg joined the Board in October 2017, she received a retainer of&#8201; $15,000 for her service in 2017. The Chairperson of each committee received an additional annual retainer fee of&#8201; $2,500 for that committee. The total amount of fees paid to the independent directors in 2017 was $457,500. </div>
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;">Transactions with Adams Diversified Equity Fund, Inc.</div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">The Fund shares certain expenses for research, accounting services, other office services (including proportionate salaries and other employee benefits), rent and related expenses, and miscellaneous expenses, such as office supplies, postage, subscriptions, and travel, with ADX, of which all of the above-named nominees are also directors. These expenses were paid by ADX and, on the date the payment was made, the Fund simultaneously paid to ADX its allocated share of such expenses, based on either the proportion of the size of the investment portfolios of the two companies, relative net assets of the two companies, or, where possible, on an actual usage basis. In 2017, the Fund&#8217;s share of such expenses was $1,064,360. </div>
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;">Compensation of Directors and Executive Officers </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:11.5pt;">The following table sets forth for each of the persons named below the aggregate compensation received from the Fund during the fiscal year ended December&#160;31, 2017, for services in all capacities: </div>
        <table style="width:457pt;height:227.5pt;margin-top:2pt;border-collapse: collapse;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:2.833pt 0pt 2.167pt 0pt; width:116pt;text-align:left;">
              <div style="white-space:nowrap;">Name </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.833pt 0pt 2.167pt 0pt; width:163pt;">
              <div style="white-space:nowrap; text-align:center;">Position </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.833pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;font-size:6pt;"><font style="font-size:8pt;">Aggregate</font><br ><font style="font-size:8pt;">Compensation from&#8203; </font><br ><font style="font-size:8pt;">the Fund</font><font style=" position:relative; bottom:3.25pt;">(1)(2)(3)(4)(5)(6)</font></div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.833pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">Total Compensation<br >from Fund and<br >Fund Complex <br >paid to Directors<font style=" position:relative; bottom:3.25pt;font-size:6pt;">(6)</font></div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#E0E8F0;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:3.25pt 0pt 1.5pt 0pt; width:116pt;">Mark E. Stoeckle </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; width:163pt;">Chief Executive Officer<font style=" position:relative; bottom:4.25pt;font-size:7.5pt;">(a)</font></td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:18.03pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">789,847 </td>
            <td style="padding:0pt;padding-left:18.03pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.29pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">N/A</td>
            <td style="padding:0pt;padding-left:17.29pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:116pt;">James P. Haynie </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:163pt;">President </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:18.03pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">514,341 </td>
            <td style="padding:0pt;padding-left:18.03pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.29pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">N/A</td>
            <td style="padding:0pt;padding-left:17.29pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;background-color:#E0E8F0;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:116pt;">Lawrence L. Hooper, Jr. </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:163pt;white-space:normal;">
              <div style="margin-left:10pt; text-indent:-10pt;">Vice President, General Counsel and Secretary </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:18.03pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">156,682 </td>
            <td style="padding:0pt;padding-left:18.03pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.29pt;width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">N/A</td>
            <td style="padding:0pt;padding-left:17.29pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:116pt;">
              <div style="font-weight:bold;font-size:8pt;"><font style="font-weight:normal;font-size:10pt;"></font><font style=" border-bottom:1pt #000 solid;">Independent Directors</font></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:163pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:18.03pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:18.03pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.29pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.29pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#E0E8F0;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:116pt;">Enrique R. Arzac </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:163pt;">
              <div style="font-size:7.5pt;"><font style="font-size:10pt;">Director</font><font style=" position:relative; bottom:4.25pt;">(b)(d)</font></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:18.03pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">60,000</td>
            <td style="padding:0pt;padding-left:18.03pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.29pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">120,000 </td>
            <td style="padding:0pt;padding-left:17.29pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:116pt;">Phyllis O. Bonanno *</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:163pt;">
              <div style="font-size:7.5pt;"><font style="font-size:10pt;">Director</font><font style=" position:relative; bottom:4.25pt;">(c)(d)</font></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:18.03pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">60,000</td>
            <td style="padding:0pt;padding-left:18.03pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.29pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">120,000</td>
            <td style="padding:0pt;padding-left:17.29pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#E0E8F0;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:116pt;">Kenneth J. Dale </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:163pt;">
              <div style="font-size:7.5pt;"><font style="font-size:10pt;">Director</font><font style=" position:relative; bottom:4.25pt;">(a)</font> <font style=" position:relative; bottom:4.25pt;">(c)</font> <font style=" position:relative; bottom:4.25pt;">(d)</font></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:18.03pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">62,500</td>
            <td style="padding:0pt;padding-left:18.03pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.29pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">125,000</td>
            <td style="padding:0pt;padding-left:17.29pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:116pt;">Frederic A. Escherich </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:163pt;">
              <div style="font-size:7.5pt;"><font style="font-size:10pt;">Director</font> <font style="font-size:10pt;"></font> <font style=" position:relative; bottom:4.25pt;">(a)</font> <font style=" position:relative; bottom:4.25pt;">(b)</font> <font style=" position:relative; bottom:4.25pt;">(c)</font></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:18.03pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">62,500</td>
            <td style="padding:0pt;padding-left:18.03pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.29pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">125,000</td>
            <td style="padding:0pt;padding-left:17.29pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#E0E8F0;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:116pt;">Roger W. Gale </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:163pt;">
              <div style="font-size:7.5pt;"><font style="font-size:10pt;">Director</font> <font style="font-size:10pt;"></font> <font style=" position:relative; bottom:4.25pt;">(a)</font> <font style=" position:relative; bottom:4.25pt;">(b)</font> <font style=" position:relative; bottom:4.25pt;">(d)</font></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:18.03pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">62,500 </td>
            <td style="padding:0pt;padding-left:18.03pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.29pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">125,000 </td>
            <td style="padding:0pt;padding-left:17.29pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:116pt;">
              <div style="white-space:nowrap;">Lauriann C. Kloppenburg</div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:163pt;">Director<font style=" position:relative; bottom:4.25pt;font-size:7.5pt;">(b)</font></td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:18.03pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">15,000</td>
            <td style="padding:0pt;padding-left:18.03pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.29pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">30,000</td>
            <td style="padding:0pt;padding-left:17.29pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#E0E8F0;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:116pt;">Kathleen T. McGahran </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:163pt;">Chair of the Board<font style=" position:relative; bottom:4.25pt;font-size:7.5pt;">(a)</font></td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:18.03pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">75,000</td>
            <td style="padding:0pt;padding-left:18.03pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.29pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">150,000</td>
            <td style="padding:0pt;padding-left:17.29pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:116pt;">Craig R. Smith </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:163pt;">
              <div style="font-size:7.5pt;"><font style="font-size:10pt;">Director</font> <font style="font-size:10pt;"></font> <font style=" position:relative; bottom:4.25pt;">(b)</font> <font style=" position:relative; bottom:4.25pt;">(c)</font></div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:18.03pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">60,000</td>
            <td style="padding:0pt;padding-left:18.03pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:17.29pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">120,000</td>
            <td style="padding:0pt;padding-left:17.29pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:6.94pt; width:457pt;">
          <div style="margin-left: 0pt; width: 96pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:7.5pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-size:6pt;"><font style=" position:relative; bottom:3.25pt;">*</font><br >
        </div>
        <div style=" float:left; margin-top:6.5pt; margin-bottom:0pt; line-height:9.5pt; text-align:left; width:436.5pt;font-size:6pt;"><font style="font-size:8pt;">Ms. Bonanno is retiring from the Board and is not standing for re-election.</font></div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:9.5pt; margin-top:0.44pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;font-size:8pt;"><font style=" position:relative; bottom:3.25pt;font-size:6pt;">(1)</font><br >
        </div>
        <div style=" float:left; margin-top:0.44pt; margin-bottom:0pt; line-height:9.5pt; text-align:justify; width:436.5pt;font-size:8pt;"><font style="font-size:6pt;"></font>Of the amounts shown, direct salaries paid by the Fund to Messrs. Stoeckle, Haynie, and Hooper were $230,000, $175,000, and $78,000, respectively.</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="clear:both;font-size:0pt;">&#8203;</div>
      <div style="margin-top:12pt;margin-bottom:13.43pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:5pt; text-align:center; width:457pt; line-height:10pt;">14</div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:541.2pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;"><a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a></div>
      <div style="margin-top:18pt;margin-left:42pt;width:457pt;">
        <div style=" float:left; line-height:9.5pt; margin-top:-1pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;"><font style=" position:relative; bottom:5.5pt;font-size:4.5pt;">(2)</font><br >
        </div>
        <div style=" float:left; margin-top:-1pt; margin-bottom:0pt; line-height:9.5pt; text-align:justify; width:436.5pt;"><font style="font-size:4.5pt;"></font>Of their direct salaries, $13,800, $10,500, and $4,680 were deferred compensation to Messrs. Stoeckle, Haynie, and Hooper, respectively, under the Fund&#8217;s Employee Thrift Plan and the Executive Nonqualified Supplemental Thrift Plan (see &#8220;Employee Thrift Plans&#8221; below). The non-employee directors do not participate in these Plans.</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:9.5pt; margin-top:1.9pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;"><font style=" position:relative; bottom:3.25pt;font-size:6pt;">(3)</font><br >
        </div>
        <div style=" float:left; margin-top:1.9pt; margin-bottom:0pt; line-height:9.5pt; text-align:justify; width:436.5pt;"><font style="font-size:6pt;"></font>Of the amounts shown, $483,000, $290,000, and $63,300 were cash incentive compensation accrued for Messrs. Stoeckle, Haynie, and Hooper, respectively, in 2017 and paid to them in 2018. These amounts include $28,980, $17,400, and $3,798 of deferred compensation to Messrs. Stoeckle, Haynie, and Hooper, respectively, under the Fund&#8217;s Employee Thrift Plan and, for Messrs. Stoeckle and Haynie, under the Executive Nonqualified Supplemental Thrift Plan (see &#8220;Employee Thrift Plans&#8221; below).</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:9.5pt; margin-top:1.9pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;"><font style=" position:relative; bottom:3.25pt;font-size:6pt;">(4)</font><br >
        </div>
        <div style=" float:left; margin-top:1.9pt; margin-bottom:0pt; line-height:9.5pt; text-align:justify; width:436.5pt;"><font style="font-size:6pt;"></font>Under the Employee Thrift Plans, the Fund makes contributions to match the contributions made by eligible employees and may, at the discretion of the Board of Directors, make an additional contribution. The amounts shown include the Fund&#8217;s matching contributions of $39,720, $25,123, and $7,889 made on behalf of Messrs. Stoeckle, Haynie, and Hooper, respectively, in 2017, and an additional discretionary contribution of $32,085, $20,925, and $6,359 made for 2017 on behalf of Messrs. Stoeckle, Haynie, and Hooper, respectively.</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:9.5pt; margin-top:1.89pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;"><font style=" position:relative; bottom:3.25pt;font-size:6pt;">(5)</font><br >
        </div>
        <div style=" float:left; margin-top:1.89pt; margin-bottom:0pt; line-height:9.5pt; text-align:justify; width:436.5pt;"><font style="font-size:6pt;"></font>Of the amounts shown, $5,042, $3,293, and $1,134 were distributions paid to Messrs. Stoeckle, Haynie, and Hooper, respectively, on shares of restricted stock held under the 2005 Equity Incentive Compensation Plan (see &#8220;2005 Equity Incentive Compensation Plan&#8221; below).</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:9.5pt; margin-top:1.9pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;"><font style=" position:relative; bottom:3.25pt;font-size:6pt;">(6)</font><br >
        </div>
        <div style=" float:left; margin-top:1.9pt; margin-bottom:0pt; line-height:9.5pt; text-align:justify; width:436.5pt;"><font style="font-size:6pt;"></font>Includes only aggregate compensation paid to directors for service on the boards of investment companies in the Fund Complex, which is composed of two closed-end investment companies, including the Fund.</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:9.5pt; margin-top:1.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-size:6pt;"><font style=" position:relative; bottom:3.25pt;">(a)</font><br >
        </div>
        <div style=" float:left; margin-top:1.9pt; margin-bottom:0pt; line-height:9.5pt; text-align:left; width:436.5pt;font-size:6pt;"><font style="font-size:8pt;">Member of Executive Committee</font></div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:9.5pt; margin-top:1.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-size:6pt;"><font style=" position:relative; bottom:3.25pt;">(b)</font><br >
        </div>
        <div style=" float:left; margin-top:1.9pt; margin-bottom:0pt; line-height:9.5pt; text-align:left; width:436.5pt;font-size:6pt;"><font style="font-size:8pt;">Member of Audit Committee</font></div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:9.5pt; margin-top:1.89pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-size:6pt;"><font style=" position:relative; bottom:3.25pt;">(c)</font><br >
        </div>
        <div style=" float:left; margin-top:1.89pt; margin-bottom:0pt; line-height:9.5pt; text-align:left; width:436.5pt;font-size:6pt;"><font style="font-size:8pt;">Member of Compensation Committee</font></div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:9.5pt; margin-top:1.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-size:6pt;"><font style=" position:relative; bottom:3.25pt;">(d)</font><br >
        </div>
        <div style=" float:left; margin-top:1.9pt; margin-bottom:0pt; line-height:9.5pt; text-align:left; width:436.5pt;font-size:6pt;"><font style="font-size:8pt;">Member of Nominating and Governance Committee</font></div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:13pt; width:457pt; line-height:12.5pt;font-weight:bold;font-size:10pt;">Outstanding Equity Awards at Fiscal Year-End under the 2005 Equity Incentive Compensation Plan </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12.5pt;font-size:10pt;">The following table presents information regarding outstanding equity awards under the 2005 Equity Incentive Compensation Plan to the three executive officers listed in the Compensation Table above at the end of 2017: </div>
        <table style="width:457pt;height:104pt;margin-top:2pt;border-collapse: collapse;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt;">
            <td style="padding:0pt 0pt 1.5pt 0pt; width:124.8pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt; width:0pt;text-align:center;" colspan="22">
              <div style="white-space:nowrap; text-align:center;">Stock Awards </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt;">
            <td style="padding:1.583pt 0pt 1.167pt 0pt; width:124.8pt;text-align:left;">
              <div style="white-space:nowrap;"><font style="border-bottom:1px solid #000000;padding-bottom:1.16666666666667pt;padding-right:1pt;">Name </font></div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.583pt 0pt 1.167pt 0pt;" colspan="4">
              <div style="text-align:center;">Number of Shares<br >or Units of Stock<br >That Have Not <br >Vested (#)<font style=" position:relative; bottom:3.25pt;font-size:6pt;">(1)</font></div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.583pt 0pt 1.167pt 0pt;" colspan="4">
              <div style="text-align:center;">Market Value<br >of Shares or<br >Units of Stock<br >That Have Not <br >Vested <font style=" position:relative; bottom:3.25pt;font-size:6pt;">(2)</font></div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.583pt 0pt 1.167pt 0pt;" colspan="4">
              <div style="text-align:center;">Equity Incentive Plan<br >Awards: Number of<br >Unearned Shares,<br >Units or Other Rights <br >That Have Not Vested (#)</div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.583pt 0pt 1.167pt 0pt;" colspan="4">
              <div style="text-align:center;">Equity Incentive Plan<br >Awards: Market or <br >Payout Value of<br >Unearned Shares, <br >Units or Other Rights <br >That Have Not Vested <font style=" position:relative; bottom:3.25pt;font-size:6pt;">(2)</font></div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#E0E8F0;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:2.25pt 0pt 0.5pt 0pt; width:124.8pt;">
              <div style="white-space:nowrap;">Mark E. Stoeckle </div>
            </td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.19pt;width:0pt;">&#8203;</td>
            <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">4,273 </td>
            <td style="padding:0pt;padding-left:22.19pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:9.06pt;width:0pt;">&#8203;</td>
            <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; white-space:nowrap;">84,776 </td>
            <td style="padding:0pt;padding-left:9.06pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:43.975pt;width:0pt;">&#8203;</td>
            <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; white-space:nowrap;">0</td>
            <td style="padding:0pt;padding-left:43.975pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:39.98pt;width:0pt;">&#8203;</td>
            <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; white-space:nowrap;">0 </td>
            <td style="padding:0pt;padding-left:39.98pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:124.8pt;">
              <div style="white-space:nowrap;">James P. Haynie </div>
            </td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.19pt;width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">2,243</td>
            <td style="padding:0pt;padding-left:22.19pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:9.06pt;width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; white-space:nowrap;">44,501 </td>
            <td style="padding:0pt;padding-left:9.06pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:43.975pt;width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; white-space:nowrap;">0</td>
            <td style="padding:0pt;padding-left:43.975pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:39.98pt;width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; white-space:nowrap;">0</td>
            <td style="padding:0pt;padding-left:39.98pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#E0E8F0;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:124.8pt;">
              <div style="white-space:nowrap;">Lawrence&#160;L.&#160;Hooper,&#160;Jr.  </div>
            </td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:22.19pt;width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:21.75pt; text-align:right; white-space:nowrap;">961 </td>
            <td style="padding:0pt;padding-left:22.19pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:9.06pt;width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; white-space:nowrap;">19,066 </td>
            <td style="padding:0pt;padding-left:9.06pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:43.975pt;width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; white-space:nowrap;">0</td>
            <td style="padding:0pt;padding-left:43.975pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:39.98pt;width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; white-space:nowrap;">0</td>
            <td style="padding:0pt;padding-left:39.98pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:7.41pt; width:457pt;">
          <div style="margin-left: 0pt; width: 96pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:7.5pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;"><font style=" position:relative; bottom:3.25pt;font-size:6pt;">(1)</font><br >
        </div>
        <div style=" float:left; margin-top:6.5pt; margin-bottom:0pt; line-height:9.5pt; text-align:left; width:436.5pt;"><font style="font-size:6pt;"></font>These shares vested as follows: Mr. Stoeckle, 4,273; Mr. Haynie, 2,243; and Mr. Hooper, 961, all on January 8, 2018.</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:9.5pt; margin-top:1.91pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;"><font style=" position:relative; bottom:3.25pt;font-size:6pt;">(2)</font><br >
        </div>
        <div style=" float:left; margin-top:1.91pt; margin-bottom:0pt; line-height:9.5pt; text-align:left; width:436.5pt;"><font style="font-size:6pt;"></font>Using the December 31, 2017 closing market price for the Fund&#8217;s stock of $19.84.</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;font-size:10pt;">Stock Vested under the 2005 Equity Incentive Compensation Plan </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12.5pt;font-size:10pt;">The following table presents information regarding the vesting of restricted stock awards during 2017 for the three executive officers listed in the Compensation Table above: </div>
        <table style="width:457pt;height:68pt;margin-top:2pt;border-collapse: collapse;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt;">
            <td style="padding:0pt 0pt 1.5pt 0pt; width:280.74pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt; width:0pt;text-align:center;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">Stock Awards </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt;">
            <td style="padding:0pt 0pt 1.167pt 0pt; width:280.74pt;text-align:left;">
              <div style="white-space:nowrap;"><font style="border-bottom:1px solid #000000;padding-bottom:1pt;padding-right:1pt;">Name </font></div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1.167pt 0pt;" colspan="4">
              <div style="text-align:center;">Number of Shares <br ><font style="border-bottom:1px solid #000000;padding-bottom:1pt;">Acquired on Vesting (#) </font></div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1.167pt 0pt;" colspan="4">
              <div style="text-align:center;">Value <br ><font style="border-bottom:1px solid #000000;padding-bottom:1pt;">Realized on Vesting</font> </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#E0E8F0;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:2.25pt 0pt 0.5pt 0pt; width:280.74pt;">
              <div style="white-space:nowrap;">Mark E. Stoeckle </div>
            </td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:32.13pt;width:0pt;">&#8203;</td>
            <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; white-space:nowrap;">3,698 </td>
            <td style="padding:0pt;padding-left:32.13pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:19.44pt;width:0pt;">&#8203;</td>
            <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">75,402</td>
            <td style="padding:0pt;padding-left:19.44pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:280.74pt;">
              <div style="white-space:nowrap;">James P. Haynie </div>
            </td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:32.13pt;width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; white-space:nowrap;">4,096 </td>
            <td style="padding:0pt;padding-left:32.13pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:19.44pt;width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">77,871 </td>
            <td style="padding:0pt;padding-left:19.44pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#E0E8F0;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:280.74pt;">
              <div style="white-space:nowrap;">Lawrence L. Hooper, Jr. </div>
            </td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:32.13pt;width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; white-space:nowrap;">832 </td>
            <td style="padding:0pt;padding-left:32.13pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:19.44pt;width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:6pt; text-align:right; ">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:26.25pt; text-align:right; white-space:nowrap;">16,964</td>
            <td style="padding:0pt;padding-left:19.44pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:12pt;margin-bottom:13.43pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:5pt; text-align:center; width:457pt; line-height:10pt;font-size:10pt;">15</div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:541.2pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;"><a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a></div>
      <div style="margin-top:18pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;"><font style="font-weight:normal;"></font>2005 Equity Incentive Compensation Plan </div>
        <div style="text-indent:20pt; margin-top:11pt; text-align:justify; width:457pt; line-height:12.5pt;"><font style="font-weight:bold;"></font>In 2005, the Board of Directors adopted an equity incentive compensation plan for the Fund, called the 2005 Equity Incentive Compensation Plan (the &#8220;2005 Plan&#8221;), to replace the Stock Option Plan adopted in 1985, and described below. The 2005 Plan was reapproved by the stockholders at the 2010 Annual Meeting. The 2005 Plan expired by its terms on April&#160;27, 2015, and grants can no longer be made under it. </div>
        <div style="margin-left:20pt; margin-top:10pt; width:437pt; line-height:12pt;">Administration </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12.5pt;">The 2005 Plan is administered by the Compensation Committee of the Board of Directors, which has general responsibility to ensure that the 2005 Plan is operated in a manner that served the best interests of the Fund&#8217;s stockholders. </div>
        <div style="margin-left:20pt; margin-top:10pt; width:437pt; line-height:12pt;">Available Shares </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12.5pt;">The Fund had reserved and made available 872,639 shares for use as awards (4% of the Fund&#8217;s Common Stock outstanding on the effective date of the 2005 Plan). With the expiration of the 2005 Plan, grants can no longer be made under it. </div>
        <div style="margin-left:20pt; margin-top:10pt; width:437pt; line-height:12pt;">Awards </div>
        <div style="margin-left:20pt; margin-top:7pt; text-align:justify; width:437pt; line-height:12pt;">The following types of awards are currently outstanding under the 2005 Plan: </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:426.5pt;">restricted stock;</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:2.5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:2.5pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:426.5pt;">restricted stock units;</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:2.5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:2.5pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:426.5pt;">deferred stock units.</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12pt;">In addition, dividend equivalents were awarded in connection with awards under the 2005 Plan. </div>
        <div style="margin-left:20pt; margin-top:7pt; text-align:justify; width:437pt; line-height:12pt;">The awards are described more fully below. </div>
        <div style="text-indent:20pt; margin-top:10pt; text-align:justify; width:457pt; line-height:12.5pt;"><font style="font-style:italic;font-family:ArialMTPro-LightItalic;">Restricted Stock. &nbsp;&nbsp;&nbsp;</font>The 2005 Plan permitted shares of the Common Stock to be granted to Participants as restricted stock. Restricted stock is stock that is subject to restrictions on transferability, risk of forfeiture and/or other restrictions. A Participant who receives restricted stock will have all the rights of a stockholder, including the right to vote the restricted stock and the right to receive dividends, unless the Participant is limited by the terms of the 2005 Plan or any award agreement relating to the restricted stock. During the period of restriction, the Participant may not sell, transfer, pledge, hypothecate, margin, or otherwise encumber the restricted stock.</div>
        <div style="text-indent:20pt; margin-top:10pt; text-align:justify; width:457pt; line-height:12.5pt;"><font style="font-style:italic;font-family:ArialMTPro-LightItalic;">Restricted Stock Units.&nbsp;&nbsp;&nbsp;</font>The 2005 Plan permitted restricted stock units to be granted to Participants. Restricted stock units represent rights to receive stock and are subject to certain restrictions and a risk of forfeiture.</div>
        <div style="text-indent:20pt; margin-top:10pt; text-align:justify; width:457pt; line-height:12.5pt;"><font style="font-style:italic;font-family:ArialMTPro-LightItalic;">Deferred Stock Units.&nbsp;&nbsp;&nbsp;</font>The 2005 Plan authorized deferred stock units to be granted to Participants. A deferred stock unit is the right to receive stock, cash, or a combination of stock and cash at the end of a time period specified by the Compensation Committee. Deferred stock units may or may not be subject to restrictions (which may include a risk of forfeiture), which restrictions will lapse at the expiration of the specified deferral period or at earlier times, as determined by the Compensation Committee.</div>
      </div>
      <div style="margin-top:12pt;margin-bottom:13.43pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:5pt; text-align:center; width:457pt; line-height:10pt;">16</div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:541.2pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;"><a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="idBC795">&#8203;</a></div>
      <div style="margin-top:18pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;">Employee Thrift Plans </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12.5pt;">Employees of the Fund who have completed six months of service may defer up to 100% of base salary and cash incentive compensation to a tax qualified thrift plan instead of being paid currently, and the Fund contributes an amount equal to 100% of each employee&#8217;s contribution (up to 6% of base salary and cash incentive compensation) but not in excess of the maximum permitted by law (see footnotes to the Compensation Table set forth on page 15 regarding 2017 contributions for the officers identified therein). The Fund also has the discretion to contribute annually to each employee&#8217;s thrift plan account an amount of up to 6% of the employee&#8217;s combined base salary and cash incentive compensation attributable to the prior year&#8217;s service with the Fund. All employee contributions are credited to the employee&#8217;s individual account. Employees may elect that their salary deferral and other contributions be invested in Common Stock, or the common stock of PEO, or a number of mutual funds, or a combination thereof. All of the Fund&#8217;s matching contribution is invested in accordance with the employee&#8217;s investment elections. An employee&#8217;s interest in amounts derived from the Fund&#8217;s contributions becomes non-forfeitable upon completion of 36 months of service or upon death or retirement. Payments of amounts not withdrawn or forfeited under the Thrift Plan may be made upon retirement or other termination of employment. </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12.5pt;">The Fund also maintains an Executive Nonqualified Supplemental Thrift Plan for eligible employees of the Fund (the &#8220;Nonqualified Plan&#8221;). The purpose of the Nonqualified Plan is to provide deferred compensation in excess of contribution limits imposed by the Internal Revenue Code on tax-qualified thrift plans, including the Employee Thrift Plan of the Fund described above. In accordance with such limitations, for 2017, the maximum annual amount that an individual can defer to all tax-qualified thrift plans offered by the Fund is $18,000 for those under the age of 50, and $24,000 for those age 50 and over, and the maximum combined amount &#8211; consisting of both the employee&#8217;s contributions and the Fund&#8217;s matching contributions &#8211; that can go into any single tax-qualified thrift plan is $54,000 per year for those under the age of 50 and $60,000 per year for those age 50 and over. </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12.5pt;">The Nonqualified Plan permits an eligible employee to contribute to the Nonqualified Plan up to the maximum amount of 6% of the employee&#8217;s salary and cash incentive compensation that he or she is prevented from contributing to the tax-qualified thrift plan because of the Internal Revenue Code&#8217;s limitations on annual contributions, and for the Fund to contribute the 100% matching contribution on that sum and/or the Fund&#8217;s discretionary contribution that would otherwise be limited by the Internal Revenue Code&#8217;s limitations on annual contributions. The employee&#8217;s contributions and the Fund&#8217;s contributions to the Nonqualified Plan are invested in eligible mutual funds in accordance with the employee&#8217;s investment elections. </div>
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;">Brokerage Commissions </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12.5pt;">During the past fiscal year, the Fund paid brokerage commissions in the amount of $238,230 on the purchase and sale of portfolio securities traded on the New York Stock Exchange and the National Association of Securities Dealers Automated Quotation System, and swap transactions, substantially all of which were paid to brokers providing research and other investment services to the Fund. The average per share commission rate paid by the Fund was $0.03. No commissions were paid to an affiliated broker. </div>
      </div>
      <div style="margin-top:12pt;margin-bottom:13.43pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:5pt; text-align:center; width:457pt; line-height:10pt;">17</div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:541.2pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;"><a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="idPT1229">&#8203;</a><a name="idER1323">&#8203;</a><a name="idRATIFICATIO8541">&#8203;</a><a name="idIAF311">&#8203;</a></div>
      <div style="margin-top:18pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;">Portfolio Turnover </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12.5pt;">The portfolio turnover rate (purchases or sales, whichever is lower, as a percentage of weighted average portfolio value) for the past three years has been as follows: </div>
        <table style="width:457pt;height:23.5pt;margin-top:2pt;border-collapse: collapse;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt; width:92pt;">
              <div style="white-space:nowrap; text-align:center;"><font style="border-bottom:1px solid #000000;">2017</font> </div>
            </td>
            <td style="padding:0pt; width:46.25pt;">&#8203;</td>
            <td style="padding:0pt; width:46.25pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt; width:88pt;">
              <div style="white-space:nowrap; text-align:center;"><font style="border-bottom:1px solid #000000;">2016 </font></div>
            </td>
            <td style="padding:0pt; width:46.25pt;">&#8203;</td>
            <td style="padding:0pt; width:46.25pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt; width:92pt;">
              <div style="white-space:nowrap; text-align:center;"><font style="border-bottom:1px solid #000000;">2015</font></div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt; width:92pt;">
              <div style="text-align:center;">24.4% </div>
            </td>
            <td style="padding:0pt; width:46.25pt;">&#8203;</td>
            <td style="padding:0pt; width:46.25pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt; width:88pt;">
              <div style="text-align:center;">19.0% </div>
            </td>
            <td style="padding:0pt; width:46.25pt;">&#8203;</td>
            <td style="padding:0pt; width:46.25pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt; width:92pt;">
              <div style="text-align:center;">16.0%</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:20.9pt; width:457pt; line-height:12pt;font-weight:bold;">Expense Ratio </div>
        <div style="text-indent:20pt; margin-top:11pt; text-align:justify; width:457pt; line-height:12.5pt;">The ratio of expenses to the average net assets of the Fund for the past three years has been as follows: </div>
        <table style="width:457pt;height:23.5pt;margin-top:2pt;border-collapse: collapse;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt; width:92pt;">
              <div style="white-space:nowrap; text-align:center;"><font style="border-bottom:1px solid #000000;">2017</font> </div>
            </td>
            <td style="padding:0pt; width:46.25pt;">&#8203;</td>
            <td style="padding:0pt; width:46.25pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt; width:88pt;">
              <div style="white-space:nowrap; text-align:center;"><font style="border-bottom:1px solid #000000;">2016</font></div>
            </td>
            <td style="padding:0pt; width:46.25pt;">&#8203;</td>
            <td style="padding:0pt; width:46.25pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt; width:92pt;">
              <div style="white-space:nowrap; text-align:center;"><font style="border-bottom:1px solid #000000;">2015</font> </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt; width:92pt;">
              <div style="text-align:center;">0.78% </div>
            </td>
            <td style="padding:0pt; width:46.25pt;">&#8203;</td>
            <td style="padding:0pt; width:46.25pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt; width:88pt;">
              <div style="text-align:center;">0.82% </div>
            </td>
            <td style="padding:0pt; width:46.25pt;">&#8203;</td>
            <td style="padding:0pt; width:46.25pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt; width:92pt;">
              <div style="text-align:center;">1.26%*</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:9.5pt; width:457pt;">
          <div style="margin-left: 0pt; width: 96pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:7.5pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-size:6pt;"><font style=" position:relative; bottom:3.25pt;">*</font><br >
        </div>
        <div style=" float:left; margin-top:6.5pt; margin-bottom:0pt; line-height:9.5pt; text-align:left; width:436.5pt;font-size:6pt;"><font style="font-size:8pt;">Excluding non-recurring charge for termination of the defined benefit retirement plans, the ratio was 0.86%.</font></div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:38pt; text-align:center; width:457pt; line-height:12pt;font-weight:bold;"><font style=" border-bottom:1pt #000 solid;text-transform:uppercase;">(2) RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12.5pt;">As permitted under the Act, the Audit Committee has selected PricewaterhouseCoopers LLP, 100&#160;E.&#160;Pratt Street, Baltimore, Maryland, an independent registered public accounting firm, as the independent registered public accounting firm to audit the books and accounts of the Fund for or during the year ending December&#160;31, 2018. PricewaterhouseCoopers LLP was the Fund&#8217;s principal auditor during the year 2017. A majority of the members of the Board of Directors who are not &#8220;interested persons&#8221; (as defined by the Act) have ratified the selection of PricewaterhouseCoopers LLP as the Fund&#8217;s independent registered public accounting firm for 2018. While not required under the Act, the Audit Committee and the Board of Directors have determined to submit for stockholder ratification the selection of PricewaterhouseCoopers LLP as the Fund&#8217;s independent registered public accounting firm for 2018 at the Annual Meeting. Representatives of PricewaterhouseCoopers LLP are expected to be present at the meeting to make a statement if they so desire and to respond to appropriate questions. The Fund has been informed that PricewaterhouseCoopers LLP does not have any direct financial or any material indirect financial interest in the Fund. </div>
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;">Independent Accountant Fees</div>
        <div style="margin-left:20pt; margin-top:10pt; width:437pt; line-height:12pt;">Audit Fees </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12.5pt;">The aggregate fees for professional services rendered by the Fund&#8217;s independent registered public accounting firm, PricewaterhouseCoopers LLP, for the audit of the Fund&#8217;s annual financial statements and review of the Fund&#8217;s semi-annual financial statements for 2017 and 2016 were $80,919 and $69,348, respectively. </div>
        <div style="margin-left:20pt; margin-top:10pt; width:437pt; line-height:12pt;">Audit-Related Fees </div>
        <div style="margin-left:20pt; margin-top:7pt; text-align:justify; width:437pt; line-height:12pt;">There were no audit-related fees in 2017 and 2016. </div>
      </div>
      <div style="margin-top:12pt;margin-bottom:13.43pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:5pt; text-align:center; width:457pt; line-height:10pt;">18</div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:541.2pt;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;"><a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="idACPAP1173">&#8203;</a><a name="idOTHERMATTER3436">&#8203;</a></div>
      <div style="margin-top:18pt;margin-left:42pt;width:457pt;">
        <div style="margin-left:20pt; margin-top:10pt; width:437pt; line-height:12pt;font-weight:normal;">Tax Fees </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12.5pt;font-weight:normal;">The aggregate fees for professional services rendered to the Fund by PricewaterhouseCoopers LLP for the review of the Fund&#8217;s excise tax calculations and preparations of federal, state, and excise tax returns for 2017 and 2016 were $18,494 and $8,568, respectively. </div>
        <div style="margin-left:20pt; margin-top:10pt; width:437pt; line-height:12pt;font-weight:normal;">All Other Fees </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12.5pt;font-weight:normal;">There were no other fees for services rendered to the Fund by PricewaterhouseCoopers LLP in 2017 and 2016.</div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12.5pt;font-weight:normal;">The Board&#8217;s Audit Committee has considered the provision by PricewaterhouseCoopers LLP of the services covered in this <font style="font-weight:bold;">All Other Fees</font> section and found that they are compatible with maintaining PricewaterhouseCoopers LLP&#8217;s independence. </div>
        <div style="margin-top:13pt; width:457pt; line-height:12pt;">Audit Committee Pre-Approval Policy </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12.5pt;font-weight:normal;">The Audit Committee&#8217;s policy is to pre-approve all audit and permissible non-audit services provided by the independent auditors. In assessing requests for services by the independent auditors, the Committee considers whether such services are consistent with the auditor&#8217;s independence; whether the independent auditors are likely to provide the most effective and efficient service based upon their familiarity with the Fund; and whether the service could enhance the Fund&#8217;s ability to manage or control risk or improve financial statement audit and review quality. The Committee may delegate pre-approval authority to its Chair. Any pre-approvals by the Chair under this delegation are to be reported to the Committee at its next scheduled meeting. All services performed for 2017 were pre-approved by the Committee. </div>
        <div style="margin-top:7pt; text-align:center; width:457pt; line-height:12.5pt;">The Board of Directors unanimously recommends ratification of the selection of PricewaterhouseCoopers LLP.</div>
        <div style="margin-top:38pt; text-align:center; width:457pt; line-height:12pt;"><font style=" border-bottom:1pt #000 solid;text-transform:uppercase;">(3) OTHER MATTERS AND ANNUAL REPORT</font></div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12.5pt;font-weight:normal;">As of the date of this proxy statement, management knows of no other business that will come before the meeting. Should other business be properly brought up, it is intended that proxies in the accompanying form will be voted thereon in accordance with the judgment of the person or persons voting such proxies. </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12.5pt;">The Annual Report of the Fund for the year ended December&#160;31, 2017, including financial statements, is being mailed to all stockholders entitled to notice of and to vote at the Annual Meeting to be held on April&#160;19, 2018. A copy of the Fund&#8217;s Annual Report will be furnished to stockholders, without charge, upon request. You may request a copy by contacting the Secretary, at 500 E. Pratt Street, Suite 1300, Baltimore, MD 21202, by telephoning the Fund at (800) 638-2479, or by sending an email message to contact@adamsfunds.com.</div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12.5pt;font-weight:normal;">The Fund has retained AST Fund Solutions, LLC to assist in the solicitation of proxies. The Fund will pay AST Fund Solutions, LLC a fee for its services, not to exceed $2,500, and will reimburse AST Fund Solutions, LLC for its expenses, which the Fund estimates should be approximately $1,500. </div>
      </div>
      <div style="margin-top:12pt;margin-bottom:13.43pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:5pt; text-align:center; width:457pt; line-height:10pt;font-weight:normal;">19</div>
      </div>
      <hr >
    </div>
    <div style=" width:541.2pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;"><a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="idSPNAM1929">&#8203;</a></div>
      <div style="margin-top:18pt;height:574pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:13pt; width:457pt; line-height:12pt;font-weight:bold;">Stockholder Proposals or Nominations for 2019 Annual Meeting </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12pt;">Stockholder proposals for inclusion in the proxy statement and form of proxy relating to the 2019 Annual Meeting must be received at the office of the Fund, 500 E. Pratt Street, Suite 1300, Baltimore, MD 21202, no later than October&#160;29, 2018. </div>
        <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:457pt; line-height:12pt;">In addition, for stockholder proposals or director nominations that a stockholder seeks to bring before the 2019 Annual Meeting but does not seek to have included in the Fund&#8217;s proxy statement and form of proxy for that meeting, the following requirements apply: Pursuant to the Fund&#8217;s Bylaws, in order for stockholder proposals or nominations of persons for election to the Board of Directors to be properly brought before the 2019 Annual Meeting, any such stockholder proposal or nomination (including in the case of a nomination, the information required by the Fund&#8217;s advance notice Bylaws provisions) must be received at the office of the Fund no earlier than September&#160;29, 2018 and no later than October&#160;29, 2018. The Fund&#8217;s advance notice Bylaw requirements are separate from, and in addition to, the Commission&#8217;s requirements (including the timing requirements described in the preceding paragraph) that a stockholder must meet in order to have a stockholder proposal included in the proxy statement. Should the Fund determine to allow a stockholder proposal that is received by the Fund after October&#160;29, 2018 to be presented at the 2019 Annual Meeting, the persons named as proxies in the form accompanying the proxy statement for such meeting will have discretionary voting authority with respect to such stockholder proposal.</div>
      </div>
      <div style="margin-top:12pt;margin-bottom:13.43pt;margin-left:42pt;width:457pt;">
        <div style="margin-top:5pt; text-align:center; width:457pt; line-height:10pt;">20</div>
      </div>
      <hr >
    </div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>v
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<IMG SRC="tv486291_img1.jpg" ALT=""></TD>
<TD NOWRAP STYLE="vertical-align: bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="5" NOWRAP STYLE="vertical-align: bottom"> <P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 12pt"><B>ANNUAL
                                 MEETING OF STOCKHOLDERS OF</B></FONT></P>
<P STYLE="text-align: center; font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 20pt"><B>ADAMS NATURAL RESOURCES FUND, INC.</B></FONT></P>
<P STYLE="text-align: center; font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 12pt"><B>April&nbsp;19,
                                         2018</B></FONT></P>
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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 12pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;PROXY&nbsp;VOTING&nbsp;INSTRUCTIONS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>
<P ALIGN="LEFT" STYLE="font-size: 2pt; margin-top: 0pt; margin-bottom: 1pt">&nbsp;</P></TD>
<TD STYLE="vertical-align: bottom; width: 1%">&nbsp;&nbsp;</TD>
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<P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P><DIV STYLE="position: relative; float: left; width: 48%; padding-right: 1%; padding-bottom: 8pt; overflow: hidden; padding-top: 3pt">
<DIV STYLE="text-align: justify">
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<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
<TD VALIGN="TOP" STYLE="text-align: justify"><FONT STYLE="font-size: 9pt"><B><U>INTERNET</U></B> - Access &ldquo;<B>www.voteproxy.com</B>&rdquo;
and follow the on-screen instructions or scan the QR code with your smartphone. Have your proxy card available when you access
the web page.</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
<TD VALIGN="TOP" STYLE="text-align: justify"><P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 9pt"><B><U>TELEPHONE</U></B> - Call toll-free <B>1-800-PROXIES</B> (1-800-776-9437) in the United States or <B>1-718-921-8500</B> from foreign countries
from any touch-tone telephone and follow the instructions. Have your proxy card available when you call.</FONT></P>
<P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 1pt; text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
<TD VALIGN="TOP" STYLE="text-align: justify"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 9pt">Vote
                                         online/phone until 11:59 PM EST the day before the meeting.</FONT></P> <P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>
<P STYLE="margin-top: 0pt; margin-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 9pt"><B><U>MAIL</U></B>&nbsp;-
Sign, date and mail your proxy card in the envelope provided as soon as possible.</FONT></P></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
<TD VALIGN="TOP" STYLE="text-align: justify"><P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P> <P STYLE="margin-top: 0pt; margin-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 9pt"><B><U>IN
                                         PERSON</U></B> - You may vote your shares in person by attending the Annual Meeting.</FONT></P></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
<TD VALIGN="TOP" STYLE="text-align: justify"><P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P> <P STYLE="margin-top: 0pt; margin-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 9pt"><B><U>GO
GREEN</U></B> - e-Consent makes it easy to go paperless. With e-Consent, you can quickly access your proxy material, statements
and other eligible documents online, while reducing costs, clutter and paper waste. Enroll today via www.astfinancial.com to enjoy
online access</FONT>.</P></TD></TR>
</TABLE></DIV> </DIV><DIV STYLE="position: relative; float: left; margin-left: 2%; width: 48%; padding-right: 1%; padding-bottom: 8pt; overflow: hidden; padding-top: 3pt">
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<P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><B>COMPANY NUMBER&nbsp;&nbsp;</B></P> <P ALIGN="LEFT" STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 1pt">&nbsp;</P></TD>
<TD VALIGN="BOTTOM" STYLE="border-left: #000000 1.5pt solid; border-top: #000000 1.5pt solid; border-bottom: #000000 1.5pt solid">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-top: #000000 1.5pt solid; border-right: #000000 1.5pt solid; border-bottom: #000000 1.5pt solid; padding-right: 8pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
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<TD VALIGN="TOP" STYLE="border: #000000 1.5pt solid; padding-left: 8pt"> <P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><B>ACCOUNT NUMBER&nbsp;&nbsp;</B></P> <P ALIGN="LEFT" STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 1pt">&nbsp;</P></TD>
<TD VALIGN="BOTTOM" STYLE="border-left: #000000 1.5pt solid; border-top: #000000 1.5pt solid; border-bottom: #000000 1.5pt solid">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-top: #000000 1.5pt solid; border-right: #000000 1.5pt solid; border-bottom: #000000 1.5pt solid; padding-right: 8pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 1px Arial, Helvetica, Sans-Serif; font-size: 10pt">
<TD ALIGN="CENTER" BGCOLOR="#cccccc" VALIGN="TOP" STYLE="border: #000000 1.5pt solid; padding-left: 8pt"><FONT STYLE="font-size: 24pt"><B> &nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="BOTTOM" STYLE="border-left: #000000 1.5pt solid; border-top: #000000 1.5pt solid; border-bottom: #000000 1.5pt solid">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-top: #000000 1.5pt solid; border-right: #000000 1.5pt solid; border-bottom: #000000 1.5pt solid; padding-right: 8pt">&nbsp;</TD></TR>
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<TD VALIGN="TOP" STYLE="border: #000000 1px solid; padding-left: 8pt; padding-right: 8pt"> <P STYLE="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"><B><U>Notice of Internet Availability of Proxy Materials for the Meeting:</U></B></P>
<P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">The
 notice of annual meeting, proxy statement, form of proxy card, and 2017
 Annual Report to stockholders are available on the internet at the
following website: http://www.astproxyportal.com/ast/13580/</P> <P ALIGN="LEFT" STYLE="font-size: 2pt; margin-top: 0pt; margin-bottom: 1pt">&nbsp;</P></TD></TR>
</TABLE> <P ALIGN="CENTER" STYLE="margin-top: 6pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="tv486291_img3.jpg" ALT=""> Please
         detach along perforated line and mail in the envelope provided <U>IF</U> you are not voting via telephone or the Internet.
         <IMG SRC="tv486291_img3.jpg" ALT=""></P> <P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
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<TD STYLE="text-align: left; vertical-align: middle"><FONT STYLE="font-size: 16pt"><IMG SRC="tv486291_img4.jpg" ALT=""></FONT>&nbsp;&nbsp;&nbsp;&nbsp;20830000000000001000&nbsp;&nbsp;&nbsp; 3</TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: middle">041918</TD></TR>
</TABLE> <P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
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<TD VALIGN="BOTTOM" STYLE="border: #000000 1px solid; padding-left: 8pt; padding-right: 8pt"> <P STYLE="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"><B>THE BOARD OF DIRECTORS RECOMMENDS VOTES &ldquo;<U>FOR</U> ALL NOMINEES&rdquo; IN PROPOSAL 1 AND <U>FOR</U> PROPOSAL 2.</B></P>
<P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE&nbsp;&#9746;</P>
<P ALIGN="LEFT" STYLE="font-size: 2pt; margin-top: 0pt; margin-bottom: 1pt">&nbsp;</P></TD></TR>
</TABLE> <DIV STYLE="position: relative; float: left; width: 48%; padding-right: 1%; padding-bottom: 8pt; overflow: hidden; padding-top: 3pt">

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<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; padding-right: 8pt">&nbsp;</TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
<TD COLSPAN="3" VALIGN="TOP"> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font: 8pt Arial, Helvetica, Sans-Serif">1.&nbsp;Election&nbsp;of&nbsp;Directors:</P></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; padding-right: 8pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"><B>NOMINEES:</B></P> <P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 1pt">&nbsp;</P></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; padding-right: 8pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
<TD VALIGN="TOP"> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 12pt">&#9744;</FONT></P> <P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 12pt">&#9744;</FONT></P> <P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="margin-top: 0pt; margin-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 12pt">&#9744;</FONT></P></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"> <P STYLE="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"><B>FOR&nbsp;ALL&nbsp;NOMINEES</B></P>
<P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"><B>WITHHOLD&nbsp;AUTHORITY</B>&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"><B>FOR ALL NOMINEES</B></P> <P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"><B>FOR ALL EXCEPT</B></P> <P STYLE="margin-top: 0pt; margin-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif">(See instructions below)</P></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: SYMBOL">O</FONT> &nbsp;&nbsp;Enrique R. Arzac</P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: SYMBOL">O</FONT> &nbsp;&nbsp;Kenneth J. Dale</P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: SYMBOL">O</FONT> &nbsp;&nbsp;Frederic A. Escherich</P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: SYMBOL">O</FONT> &nbsp;&nbsp;Roger W. Gale</P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: SYMBOL">O</FONT> &nbsp;&nbsp;Lauriann C. Kloppenburg</P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: SYMBOL">O</FONT> &nbsp;&nbsp;Kathleen&nbsp;T.&nbsp;McGahran</P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: SYMBOL">O</FONT> &nbsp;&nbsp;Craig R. Smith</P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: SYMBOL">O</FONT> &nbsp;&nbsp;Mark E. Stoeckle</P> <P STYLE="font-size: 24pt; margin-top: 0pt; margin-bottom: 1pt">&nbsp;</P></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; padding-right: 8pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
<TD COLSPAN="5" VALIGN="TOP" STYLE="border-bottom: #000000 1px solid"> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 8.5em; text-indent: -8.5em; font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><B><U>INSTRUCTIONS:</U>&nbsp;&nbsp;To
 withhold
authority to vote for any individual nominee(s), mark &ldquo;FOR ALL EXCEPT&rdquo;
and fill in the circle next to each nominee you wish to withhold, as
shown here: </B><FONT STYLE="font-family: WINGDINGS">l</FONT><B></B><B></B></P></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; padding-right: 8pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 1px Arial, Helvetica, Sans-Serif; font-size: 10pt">
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM" STYLE="border-top: #000000 1px solid">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-top: #000000 1px solid; border-right: #000000 1px solid; padding-right: 8pt">&nbsp;</TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; padding-right: 8pt">&nbsp;</TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; padding-right: 8pt">&nbsp;</TD></TR>
<TR STYLE="font: 1px Arial, Helvetica, Sans-Serif; font-size: 10pt">
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM" STYLE="border-bottom: #000000 1px solid">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt">&nbsp;</TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
<TD COLSPAN="5" VALIGN="TOP" STYLE="border-top: #000000 1px solid; border-bottom: #000000 1px solid; text-align: justify">To
 change the address on your account, please check the box at right and
indicate your new address in the address space above. Please note that
changes to the registered name(s) on the account may not be submitted
via this method.</TD>
<TD VALIGN="BOTTOM" STYLE="border-bottom: #000000 1px solid">&nbsp;</TD>
<TD VALIGN="MIDDLE" STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt"><FONT STYLE="font-size: 12pt">&#9744;</FONT></TD></TR>
</TABLE> </DIV><DIV STYLE="position: relative; float: left; margin-left: 2%; width: 48%; padding-right: 1%; padding-bottom: 8pt; overflow: hidden; padding-top: 3pt">

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<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="CENTER" VALIGN="TOP">FOR</TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="CENTER" VALIGN="TOP">AGAINST</TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="CENTER" VALIGN="TOP">ABSTAIN</TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
<TD VALIGN="TOP"> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font: 8pt Arial, Helvetica, Sans-Serif">2.&nbsp;The selection of PricewaterhouseCoopers LLP as independent public auditors.</P></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="CENTER" VALIGN="TOP">&#9744;</TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="CENTER" VALIGN="TOP">&#9744;</TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="CENTER" VALIGN="TOP">&#9744;</TD></TR>
<TR STYLE="font-size: 1pt">
<TD HEIGHT="16"></TD>
<TD COLSPAN="2" HEIGHT="16"></TD>
<TD COLSPAN="2" HEIGHT="16"></TD>
<TD COLSPAN="2" HEIGHT="16"></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
<TD COLSPAN="7" VALIGN="TOP" STYLE="text-align: justify">In their discretion, the Proxies are
authorized to vote upon all other business that may properly come before
 the Meeting with all the powers the undersigned would possess if
personally
present.</TD></TR></TABLE> <P STYLE="font-size: 110pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
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<TD></TD></TR>

<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
<TD COLSPAN="7" ALIGN="RIGHT" VALIGN="BOTTOM">Attend Annual Meeting mark
 here.
&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD></TR>
</TABLE> </DIV><DIV STYLE="clear: both; height: 0pt; font-size: 0pt">&nbsp;</DIV>
 <P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt"></P>
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<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
<TD VALIGN="BOTTOM"> <P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="margin-top: 0pt; margin-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif">Signature&nbsp;of&nbsp;Stockholder&nbsp;</P></TD>
<TD VALIGN="BOTTOM" STYLE="border-left: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid">&nbsp;</TD>
<TD VALIGN="BOTTOM" STYLE="border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="BOTTOM"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: bottom">Date:&nbsp;</TD>
<TD VALIGN="BOTTOM" STYLE="border-left: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid">&nbsp;</TD>
<TD VALIGN="BOTTOM" STYLE="border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: bottom">Signature&nbsp;of&nbsp;Stockholder&nbsp;</TD>
<TD VALIGN="BOTTOM" STYLE="border-left: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid">&nbsp;</TD>
<TD VALIGN="BOTTOM" STYLE="border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="BOTTOM"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: bottom">Date:&nbsp;</TD>
<TD VALIGN="BOTTOM" STYLE="border-left: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid">&nbsp;</TD>
<TD VALIGN="BOTTOM" STYLE="border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<P STYLE="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
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<TD VALIGN="BOTTOM"><FONT STYLE="font-size: 16pt"><IMG SRC="tv486291_img4.jpg" ALT=""></FONT></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"><B>Note:</B></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="text-align: justify">Please sign exactly as your name or names appear on
this Proxy. When shares are held jointly, each holder should sign. When
signing as executor, administrator, attorney, trustee or guardian,
please give full title as such. If the
signer is a corporation, please sign full corporate name by duly
authorized officer, giving full title as such. If signer is a
partnership, please sign in partnership name by authorized person.</TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="BOTTOM"><FONT STYLE="font-size: 16pt"><IMG SRC="tv486291_img4.jpg" ALT=""></FONT></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 85%; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="width: 15%; font-size: 11pt; text-align: right"><IMG SRC="tv486291_img4.jpg" ALT=""></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ADAMS NATURAL RESOURCES
FUND, INC.</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>PROXY FOR 2018 ANNUAL MEETING</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>THIS PROXY IS SOLICITED</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>ON BEHALF OF THE BOARD OF DIRECTORS</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>OF ADAMS NATURAL RESOURCES FUND, INC.</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned stockholder
of Adams Natural Resources Fund, Inc., a Maryland corporation (the &ldquo;Fund&rdquo;), hereby appoints James P. Haynie and Lawrence
L. Hooper, Jr., or either of them, as proxies for the undersigned, with full power of substitution in each of them, to attend
the Annual Meeting of Stockholders of the Fund to be held at 10:00 a.m., local time, on Thursday, April 19, 2018, at the offices
of the Fund, 500 East Pratt Street, Suite 1300, Baltimore, Maryland 21202 and at any adjournment or postponement thereof, to cast
on behalf of the undersigned all votes that the undersigned is entitled to cast at such meeting and otherwise to represent the
undersigned at the meeting with all powers possessed by the undersigned if personally present at the meeting. The undersigned
hereby acknowledges receipt of the Notice of Annual Meeting and Proxy Statement, the terms of each of which are incorporated by
reference, and revokes any proxy heretofore given with respect to such meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>The votes entitled
to be cast by the undersigned will be cast as instructed on the reverse side. If this proxy is executed but no instruction is
given, the votes entitled to be cast by the undersigned will be cast &ldquo;FOR ALL NOMINEES&quot; in Proposal 1 and &quot;FOR&quot;
Proposal 2, as described in the Proxy Statement. The votes entitled to be cast by the undersigned will be cast in the discretion
of the Proxy holder on any other matter that may properly come before the meeting or any adjournment or postponement thereof.</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">(over)</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ADAMS NATURAL RESOURCES
FUND, INC.</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
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    <TD STYLE="width: 50%; font-size: 11pt"><IMG SRC="tv486291_img4.jpg" ALT=""><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;1.1</FONT></TD>
    <TD STYLE="width: 50%; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">14475&nbsp;&nbsp;&nbsp;&nbsp;</FONT><IMG SRC="tv486291_img4.jpg" ALT=""></TD></TR>
</TABLE>
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<TD NOWRAP STYLE="text-align: left; vertical-align: middle">



<IMG SRC="tv486291_img1.jpg" ALT=""></TD>
<TD NOWRAP STYLE="vertical-align: bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="5" NOWRAP STYLE="vertical-align: bottom"> <P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt ARIAL"><B>ANNUAL MEETING OF STOCKHOLDERS OF</B></P>
<P ALIGN="LEFT" STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 19pt ARIAL"><B>ADAMS NATURAL RESOURCES FUND, INC.</B></P>
<P ALIGN="LEFT" STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font: 10pt ARIAL"><B>April&nbsp;19, 2018</B></P>
<P ALIGN="LEFT" STYLE="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt">&nbsp;</P></TD>
<TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
<TD NOWRAP STYLE="vertical-align: top"></TD></TR>
</TABLE> <P ALIGN="CENTER" STYLE="margin-top: 6pt; margin-bottom: 0pt; font: 7pt ARIAL"><B>GO GREEN</B> </P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 30%; font: 7pt ARIAL"><B></B>e-Consent makes it easy to go paperless. With e-Consent, you can quickly access your proxy </P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 30%; font: 7pt ARIAL">material, statements and other eligible documents online, while reducing costs, clutter and </P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 30%; font: 7pt ARIAL">paper waste. Enroll today via www.astfinancial.com to enjoy online access.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 30%; font: 7pt ARIAL">&nbsp;</P>
<TABLE ALIGN="CENTER" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="98%" STYLE="border-collapse: collapse; font: 10pt ARIAL">


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<TD VALIGN="TOP"> <P STYLE="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt ARIAL"><B><U>Notice
                                         of Internet Availability of Proxy Materials for the Meeting</U>:</B></P> <P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt ARIAL">The notice of annual meeting, proxy statement, form of proxy card,</P>
<P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt ARIAL">and 2017 Annual Report to stockholders are available on the internet at the following website:</P>
<P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt ARIAL">http://www.astproxyportal.com/ast/13580/</P> <P ALIGN="LEFT" STYLE="font-size: 48pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 18pt ARIAL">Please sign, date and mail</P> <P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 18pt ARIAL">your proxy card in the</P>
<P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 18pt ARIAL">envelope provided as soon</P> <P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 18pt ARIAL">as possible.</P>
<P ALIGN="LEFT" STYLE="font-size: 2pt; margin-top: 0pt; margin-bottom: 1pt">&nbsp;</P></TD></TR>
</TABLE> <P ALIGN="CENTER" STYLE="margin-top: 6pt; margin-bottom: 0pt; font: 8pt ARIAL"><IMG SRC="tv486291_img3.jpg" ALT=""> Please detach along
perforated line and mail in the envelope provided. <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: WINGDINGS 3"><IMG SRC="tv486291_img3.jpg" ALT=""></FONT></FONT> </P> <P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
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<TR STYLE="font: 8pt ARIAL">
<TD VALIGN="TOP"><IMG SRC="tv486291_img4.jpg" ALT=""> &nbsp;&nbsp;&nbsp;&nbsp;20830000000000001000&nbsp;&nbsp;&nbsp; 3</TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: middle">041918</TD></TR>
</TABLE> <P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
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<TD VALIGN="BOTTOM" STYLE="border: #000000 1px solid; padding-left: 8pt; padding-right: 8pt"> <P STYLE="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 7pt ARIAL"><B>THE BOARD OF DIRECTORS RECOMMENDS VOTES &ldquo;<U>FOR</U> ALL NOMINEES&rdquo; IN PROPOSAL 1 AND <U>FOR</U> PROPOSAL 2.</B></P>
<P ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 7pt ARIAL">PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9746;</FONT></P> <P ALIGN="LEFT" STYLE="font-size: 2pt; margin-top: 0pt; margin-bottom: 1pt">&nbsp;</P></TD></TR>
</TABLE> <DIV STYLE="position: relative; float: left; width: 48%; padding-right: 1%; padding-bottom: 8pt; overflow: hidden; padding-top: 3pt">

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<TR STYLE="font: 8pt ARIAL">
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; padding-right: 8pt">&nbsp;</TD></TR>
<TR STYLE="font: 8pt ARIAL">
<TD COLSPAN="3" VALIGN="TOP"> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font: 8pt ARIAL">1.&nbsp;Election&nbsp;of&nbsp;Directors:</P></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; padding-right: 8pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 7pt ARIAL">
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"><B>NOMINEES:</B></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; padding-right: 8pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 6pt ARIAL">
<TD VALIGN="TOP"> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt ARIAL"><FONT STYLE="font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9744;</FONT></FONT></P>
<P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt ARIAL"><FONT STYLE="font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9744;</FONT></FONT></P>
<P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt ARIAL"><FONT STYLE="font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9744;</FONT></FONT></P> <P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 1pt">&nbsp;</P></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"> <P STYLE="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 6pt ARIAL"><B>FOR&nbsp;ALL&nbsp;NOMINEES</B></P>
<P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 6pt ARIAL"><B>WITHHOLD&nbsp;AUTHORITY</B>&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 6pt ARIAL"><B>FOR ALL NOMINEES</B></P> <P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 6pt ARIAL"><B>FOR ALL EXCEPT</B></P> <P STYLE="margin-top: 0pt; margin-bottom: 1pt; font: 6pt ARIAL">(See instructions below)</P></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt ARIAL"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: SYMBOL">O</FONT></FONT> &nbsp;&nbsp;Enrique R. Arzac</P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt ARIAL"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: SYMBOL">O</FONT></FONT> &nbsp;&nbsp;Kenneth J. Dale</P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt ARIAL"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: SYMBOL">O</FONT></FONT> &nbsp;&nbsp;Frederic A. Escherich</P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt ARIAL"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: SYMBOL">O</FONT></FONT> &nbsp;&nbsp;Roger W. Gale</P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt ARIAL"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: SYMBOL">O</FONT></FONT> &nbsp;&nbsp;Lauriann C. Kloppenburg</P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt ARIAL"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: SYMBOL">O</FONT></FONT> &nbsp;&nbsp;Kathleen&nbsp;T.&nbsp;McGahran</P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt ARIAL"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: SYMBOL">O</FONT></FONT> &nbsp;&nbsp;Craig R. Smith</P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt ARIAL"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: SYMBOL">O</FONT></FONT> &nbsp;&nbsp;Mark E. Stoeckle</P>
<P STYLE="font-size: 24pt; margin-top: 0pt; margin-bottom: 1pt">&nbsp;</P></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; padding-right: 8pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt ARIAL">
<TD COLSPAN="5" VALIGN="TOP" STYLE="border-bottom: #000000 1px solid">
<P ALIGN="JUSTIFY" STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 8.5em; text-indent: -8.5em; font: 7pt ARIAL"><B><U>INSTRUCTIONS:</U>&nbsp;&nbsp;&nbsp;To withhold authority to vote for any individual nominee(s), mark
&ldquo;FOR ALL EXCEPT&rdquo; and fill in the circle next to each nominee you wish to withhold, as shown here: </B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: WINGDINGS">l</FONT></FONT><B></B><B></B></P></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; padding-right: 8pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 1px ARIAL; font-size: 10pt">
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM" STYLE="border-top: #000000 1px solid">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-top: #000000 1px solid; border-right: #000000 1px solid; padding-right: 8pt">&nbsp;</TD></TR>
<TR STYLE="font: 8pt ARIAL">
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; padding-right: 8pt">&nbsp;</TD></TR>
<TR STYLE="font: 8pt ARIAL">
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; padding-right: 8pt">&nbsp;</TD></TR>
<TR STYLE="font: 1px ARIAL; font-size: 10pt">
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM" STYLE="border-bottom: #000000 1px solid">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt">&nbsp;</TD></TR>
<TR STYLE="font: 8pt ARIAL">
<TD COLSPAN="5" VALIGN="TOP" STYLE="border-top: #000000 1px solid; border-bottom: #000000 1px solid"> <P ALIGN="JUSTIFY" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 7pt ARIAL">To
 change the address on your account, please check
the box at right and indicate your new address in the address space
above. Please note that changes to the registered name(s) on the account
 may not be submitted via this method.</P></TD>
<TD VALIGN="BOTTOM" STYLE="border-bottom: #000000 1px solid">&nbsp;</TD>
<TD VALIGN="MIDDLE" STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt"><FONT STYLE="font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9744;</FONT></FONT></TD></TR>
</TABLE> </DIV><DIV STYLE="position: relative; float: left; margin-left: 2%; width: 48%; padding-right: 1%; padding-bottom: 8pt; overflow: hidden; padding-top: 3pt">

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<TR STYLE="font: 6pt ARIAL">
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="CENTER" VALIGN="TOP">FOR</TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="CENTER" VALIGN="TOP">AGAINST</TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="CENTER" VALIGN="TOP">ABSTAIN</TD></TR>
<TR STYLE="font: 8pt ARIAL">
<TD VALIGN="TOP"> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font: 8pt ARIAL">2.&nbsp;The selection of PricewaterhouseCoopers LLP as independent public auditors.</P></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="CENTER" VALIGN="TOP"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9744;</FONT></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="CENTER" VALIGN="TOP"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9744;</FONT></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="CENTER" VALIGN="TOP"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9744;</FONT></TD></TR>
<TR STYLE="font-size: 1pt">
<TD HEIGHT="16"></TD>
<TD COLSPAN="2" HEIGHT="16"></TD>
<TD COLSPAN="2" HEIGHT="16"></TD>
<TD COLSPAN="2" HEIGHT="16"></TD></TR>
<TR STYLE="font: 8pt ARIAL">
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD></TR>
<TR STYLE="font: 8pt ARIAL">
<TD COLSPAN="7" VALIGN="TOP"> <P ALIGN="JUSTIFY" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt ARIAL">In their discretion, the Proxies are authorized to vote upon all other business that may properly come before the Meeting
with all the powers the undersigned would possess if personally present.</P></TD></TR></TABLE> <P STYLE="font-size: 110pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
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<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
<TD COLSPAN="7" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT STYLE="font-family: ARIAL">Attend Annual Meeting mark here.
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9744;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="TOP"></TD>
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<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD></TR>
</TABLE> </DIV><DIV STYLE="clear: both; height: 0pt; font-size: 0pt">&nbsp;</DIV>

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<TD VALIGN="BOTTOM">Signature&nbsp;of&nbsp;Stockholder&nbsp;</TD>
<TD VALIGN="BOTTOM" STYLE="border-left: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid">&nbsp;</TD>
<TD VALIGN="BOTTOM" STYLE="border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="BOTTOM"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="BOTTOM">Date:&nbsp;</TD>
<TD VALIGN="BOTTOM" STYLE="border-left: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid">&nbsp;</TD>
<TD VALIGN="BOTTOM" STYLE="border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="BOTTOM">Signature&nbsp;of&nbsp;Stockholder&nbsp;</TD>
<TD VALIGN="BOTTOM" STYLE="border-left: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid">&nbsp;</TD>
<TD VALIGN="BOTTOM" STYLE="border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="BOTTOM"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="BOTTOM">Date:&nbsp;</TD>
<TD VALIGN="BOTTOM" STYLE="border-left: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid">&nbsp;</TD>
<TD VALIGN="BOTTOM" STYLE="border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 8pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<P STYLE="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<TABLE ALIGN="CENTER" BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 8pt ARIAL">


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<TD STYLE="width: 93%"></TD>
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<TR STYLE="font: 6pt ARIAL">
<TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 14pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="tv486291_img4.jpg" ALT=""></FONT></FONT></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><B>Note:</B></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"> <P ALIGN="JUSTIFY" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 6pt ARIAL">Please
 sign exactly as your name or names appear on this Proxy. When shares
are held jointly, each holder should sign. When signing as
executor, administrator, attorney, trustee or guardian, please give full
 title as such. If the signer is a corporation, please sign full
corporate name by duly authorized officer, giving full title as such. If
 signer is a partnership, please sign in
partnership name by authorized person.</P></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 14pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="tv486291_img4.jpg" ALT=""></FONT></FONT></TD></TR>
</TABLE>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 85%; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="width: 15%; font-size: 11pt; text-align: right"><IMG SRC="tv486291_img4.jpg" ALT=""></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ADAMS NATURAL RESOURCES
FUND, INC.</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>PROXY FOR 2018 ANNUAL MEETING</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>THIS PROXY IS SOLICITED</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>ON BEHALF OF THE BOARD OF DIRECTORS</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>OF ADAMS NATURAL RESOURCES FUND, INC.</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned stockholder
of Adams Natural Resources Fund, Inc., a Maryland corporation (the &ldquo;Fund&rdquo;), hereby appoints James P. Haynie and Lawrence
L. Hooper, Jr., or either of them, as proxies for the undersigned, with full power of substitution in each of them, to attend
the Annual Meeting of Stockholders of the Fund to be held at 10:00 a.m., local time, on Thursday, April 19, 2018, at the offices
of the Fund, 500 East Pratt Street, Suite 1300, Baltimore, Maryland 21202 and at any adjournment or postponement thereof, to cast
on behalf of the undersigned all votes that the undersigned is entitled to cast at such meeting and otherwise to represent the
undersigned at the meeting with all powers possessed by the undersigned if personally present at the meeting. The undersigned
hereby acknowledges receipt of the Notice of Annual Meeting and Proxy Statement, the terms of each of which are incorporated by
reference, and revokes any proxy heretofore given with respect to such meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>The votes entitled
to be cast by the undersigned will be cast as instructed on the reverse side. If this proxy is executed but no instruction is
given, the votes entitled to be cast by the undersigned will be cast &ldquo;FOR ALL NOMINEES&quot; in Proposal 1 and &quot;FOR&quot;
Proposal 2, as described in the Proxy Statement. The votes entitled to be cast by the undersigned will be cast in the discretion
of the Proxy holder on any other matter that may properly come before the meeting or any adjournment or postponement thereof.</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">(over)</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ADAMS NATURAL RESOURCES
FUND, INC.</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 11pt"><IMG SRC="tv486291_img4.jpg" ALT=""><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;1.1</FONT></TD>
    <TD STYLE="width: 50%; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">14475&nbsp;&nbsp;&nbsp;&nbsp;</FONT><IMG SRC="tv486291_img4.jpg" ALT=""></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>tv486291_img3.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tv486291_img3.jpg
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
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<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tv486291_img4.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
