<SEC-DOCUMENT>0001104659-20-071437.txt : 20200609
<SEC-HEADER>0001104659-20-071437.hdr.sgml : 20200609
<ACCEPTANCE-DATETIME>20200609164609
ACCESSION NUMBER:		0001104659-20-071437
CONFORMED SUBMISSION TYPE:	SC 14D9/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200609
DATE AS OF CHANGE:		20200609

SUBJECT COMPANY:	

	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:		SC 14D9/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-12857
		FILM NUMBER:		20952484

	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

FILED BY:		

	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:		SC 14D9/A

	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>SC 14D9/A
<SEQUENCE>1
<FILENAME>tm2020713d4_sc14d9a.htm
<DESCRIPTION>SC 14D9/A
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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">UNITED STATES</P>

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

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

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

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<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">SCHEDULE 14D-9</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">SOLICITATION/RECOMMENDATION STATEMENT UNDER
SECTION 14(d)(4)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OF THE SECURITIES EXCHANGE ACT OF 1934</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">(Amendment No. 1)</P>

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

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<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">ADAMS NATURAL RESOURCES FUND, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Subject Company)</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">ADAMS NATURAL RESOURCES FUND, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Person(s) Filing Statement)</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">Common Stock, par value $0.001 per share</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Title of Class of Securities)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">00548F105</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(CUSIP Number of Class of Securities)</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">500 East Pratt Street, Suite 1300</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Baltimore, Maryland 21202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(410) 752-5900</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, including Zip Code, and Telephone
Number, including Area Code, of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s Principal Executive Offices)</P>

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

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<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">Janis F. Kerns</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">General Counsel, Corporate Secretary and
Chief Compliance Officer<BR>
Adams Natural Resources Fund, Inc.<BR>
500 East Pratt Street, Suite 1300<BR>
Baltimore, Maryland 21202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(410) 752-5900</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, Address and Telephone Number of Person
Authorized to Receive Notices and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Communications on Behalf of the Person(s)
Filing Statement)</P>

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

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<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">COPY TO:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Stradley Ronon Stevens &amp; Young, LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2600 One Commerce Square</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Philadelphia, Pennsylvania 19103</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(215) 564-8000</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Check the box if the filing relates solely to preliminary
communications made before the commencement of a Tender Offer.</TD>
</TR></TABLE>

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

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<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>Introduction</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Amendment No. 1 (the &ldquo;Amendment&rdquo;)
amends and supplements the Solicitation/Recommendation Statement on Schedule 14D-9 (the &ldquo;Statement&rdquo;) originally filed with the U.S. Securities and Exchange
Commission (the &ldquo;SEC&rdquo;) by Adams Natural Resources Fund, Inc., a Maryland corporation (the &ldquo;Company&rdquo;), on
May 26, 2020. This Statement relates to the tender offer by Ancora Advisors, LLC and Bulldog Investors, LLC (together, &ldquo;The
Bulldog-Ancora Group&rdquo;), as described in the Schedule TO filed on May 15, 2020 (the &ldquo;Bulldog-Ancora Schedule TO&rdquo;),
to purchase up to $70,000,000 of the Shares, for cash at a price per Share of not less than 83% of NAV per Share and not more than
88% of NAV per Share, based on the NAV per Share at the close of the regular trading session of the NYSE, on the Expiration Date,
as defined in the Bulldog-Ancora Schedule TO, net to the seller in cash (subject to a $50 processing fee that The Bulldog-Ancora
Group will charge for processing each Letter of Transmittal, applicable withholding taxes and any brokerage fees that may apply),
without interest upon the terms and subject to the conditions set forth in the Offer to Purchase, dated May 15, 2020, and in the
related Letter of Transmittal. The tender offer relates to outstanding Common Stock, par value $0.001 per share, of Adams Natural
Resources Fund, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as otherwise set forth below, the
information set forth in the original Statement remains unchanged and is incorporated herein by reference as relevant to the items
in this Amendment. Capitalized terms used but not defined herein have the meanings ascribed to them in the Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9. Exhibits</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Item 9, &ldquo;Exhibits&rdquo; is
hereby amended and superseded by the following:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; width: 20%; border: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="padding: 2pt; width: 80%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Description</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/216851/000110465920065488/tm2020713-2_ex99a1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">(a)(1)</FONT></A></TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/216851/000110465920065488/tm2020713-2_ex99a1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Press Release issued by the Fund on May 22, 2020.*</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt"><A HREF="tm2020713d4_ex99-a2.htm"><FONT STYLE="font-size: 10pt">(a)(2)</FONT></A></TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt"><A HREF="tm2020713d4_ex99-a2.htm"><FONT STYLE="font-size: 10pt">Transcript related to the Offer from the Conference Call held on June 8, 2020, filed herewith.</FONT></A></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">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">*</TD><TD>Previously filed.</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"></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">SIGNATURE</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-indent: 0.5in">After due inquiry and to the best of my
knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">ADAMS NATURAL RESOURCES FUND, INC.</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 49%">&nbsp;</TD>
    <TD STYLE="width: 6%">By:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 35%">/s/ Janis F. Kerns</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Name:<BR>Title:</TD>
    <TD STYLE="vertical-align: top">Janis F. Kerns<BR>General Counsel, Corporate Secretary
and Chief Compliance Officer</TD>
    <TD>&nbsp;</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">Dated: June 9, 2020</P>

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

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

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<DOCUMENT>
<TYPE>EX-99.(A)(2)
<SEQUENCE>2
<FILENAME>tm2020713d4_ex99-a2.htm
<DESCRIPTION>TRANSCRIPT OF CONFERENCE CALL
<TEXT>
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<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: right"><B>Exhibit (a)(2)</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>TRANSCRIPT FROM CONFERENCE CALL<BR>
HELD ON JUNE 8, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></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: 100%; border-left: #4F81BD 2.25pt solid; padding: 0.15in 5.75pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt">Adams Funds</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: #4F81BD 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt">Adams Natural Resources Fund Conference Call</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: #4F81BD 2.25pt solid; padding: 0.15in 5.75pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt">June 8, 2020 at 12:00 p.m. Eastern</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: #4F81BD 2.25pt solid; padding: 0.15in 5.75pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: #4F81BD 2.25pt solid; padding: 0.15in 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CORPORATE PARTICIPANTS</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"><B>Lyn Walther &ndash; </B><I>Director of Shareholder Communications</I></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"><B>Mark Stoeckle </B><I>&ndash; Chief Executive Officer</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #003399"><B>&nbsp;</B></P>


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<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"><B>PRESENTATION</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: justify"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Good day, and welcome to the Adams Natural
Resources Fund Conference Call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference
specialist by pressing the star key followed by zero. Please note, this event is being recorded.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I would now like to turn the conference
over to Lynn Walther. Please go ahead.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Lyn Walther</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Good afternoon, and thank you for joining
us today. With me today is Mark Stoeckle, the Chief Executive Officer of Adams Natural Resources Fund. The purpose of today&rsquo;s
call is to discuss the hostile tender offer for shares of the Fund, the Board&rsquo;s recommendations to shareholders regarding
the offer, and how shareholders can reject the offer and keep their shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This conference call contains statements
which may be considered forward-looking statements within the meaning of the US Securities Exchange Act. These statements reflect
the Fund Board&rsquo;s and management&rsquo;s current views with respect to recent and future events. Although any forward-looking
statements made today are based on what are believed to be reasonable assumptions, these statements represent both facts and the
Board&rsquo;s belief in its reasonable judgment and are subject to change as facts and circumstances warrant. We assume no obligation
to revise, correct, or update these statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I will now turn the call over to Mark Stoeckle
for his remarks.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark Stoeckle</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thanks, Lyn, and thanks to everyone for
joining us today. The purpose of today&rsquo;s call is to discuss the hostile tender offer for shares of Adams Natural Resources
Fund, to explain the Board&rsquo;s recommendation after carefully studying the offer, and to let shareholders know what they need
to do if they agree with the Board. We&rsquo;ve received a lot of phone calls and emails from our shareholders asking us about
the offer and how to reject it. We decided it was important to take this opportunity to explain the offer, provide our Board&rsquo;s
recommendation, and answer the most common questions we have received from shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 15, 2020 a group consisting of Bulldog
Investors and Ancora Advisors launched a tender offer for up to $70 million worth of shares of PEO. This group currently owns almost
10% of our fund. If they&rsquo;re successful in their offer and own at least 25% of the shares, they may be able to gain control
of PEO. The Board believes the Group wants to take control of the Fund and liquidate it.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Let me explain to you who we are dealing
with here. The Board believes that Bulldog and Ancora are not long term investors interested in doing what&rsquo;s best for shareholders.
They have a history of proposing short term shareholder-unfriendly transactions for their own benefit. The Board believes this
group is interested in one thing: making a quick profit for themselves.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Now, let me turn to the offer itself. The
Group has decided to use a modified Dutch auction to acquire shares. This is a rarely used and overly complicated method that is
designed to acquire the most shares at the lowest price. The offer states that they will purchase shares at a price that can fall
between 83% and 88% of net asset value. Keep in mind that as of Friday, June 5<SUP>th</SUP> the stock was trading at 85% of NAV.
They&rsquo;re offering shareholders a range of prices available in the market today, but are not telling you the price they might
actually pay you for your shares may be lower than the price you would get by simply selling your shares into the market. And in
some cases they will charge you a $50 fee to do it.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board has reviewed the offer and believes
that for these reasons it is not in the best interest of shareholders to sell their shares to the Group, and the Board unanimously
recommends that shareholders reject the offer. The Board believes the Group wants to buy your shares at lower prices and use the
voting power of those shares to create a situation where they can liquidate or sell those same shares at a higher price. Who wins
in that situation? They do.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">So how do you reject what the Board believes
is a bad deal for you and remain a shareholder of PEO? To remain a shareholder of PEO you do not need to do anything and the shares
will remain yours. We know that at least one brokerage firm is claiming they need a response, but they do not. If you ignore them,
the shares will remain yours. No one else can sell your shares unless you authorize it.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Before I take questions, let me just repeat
that shareholders do not need to do anything to reject the offer. There is no requirement for you to respond to the offer. If your
financial advisor says you must respond, decline the offer. Your shares will remain your own.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Now, I would be happy to address your questions.
I will turn the call over to Lyn Walther, our Director of Shareholder Communications, to begin the Q&amp;A portion of the call.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Lyn Walther</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thanks, Mark. Alyssa, we are ready for
questions.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will now begin the question and answer
session. To ask a question, you may press star then one on a touchtone phone. If you are using a speakerphone, please pick up your
handset before pressing the keys. To ask a question via the webcast, you may click on the Submit a Question box on your screen.
At this time we will pause momentarily to assemble our roster.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Lyn Walther</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thank you. Our first question is, &ldquo;Who
is offering to buy my shares, and why?&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark Stoeckle</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A hostile group, Bulldog Investors, LLC
and Ancora Advisors, LLC, has offered to buy shares of the Fund. Just so that you are aware, Bulldog has been proposing transactions
to closed-end funds that reap them short-term profits at the expense of long-term investors since 1993. These are professional
investors that the Board believes want to take over the Fund and liquidate it for their profit. That means they would buy shares
at the lowest possible prices from shareholders, force the Fund to liquidate and achieve a higher price for themselves.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board does not believe that this is
in long-term shareholders&rsquo; best interests. In fact, we&rsquo;ve had experience with Bulldog at Adams Funds. In a 2015 shareholder
proposal by Bulldog, the Board determined, for similar reasons, that it was not in the best interest of shareholders. The shareholders
agreed and overwhelmingly defeated the proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Lyn Walther</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our next question, &ldquo;What are the
consequences of a modified Dutch auction?&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark Stoeckle</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">That&rsquo;s a really good question. A
vast majority of tender offers are done at a fixed price. A modified Dutch auction is a rarely used and overly complicated process
designed to pay the lowest price for the most shares. In fact, our transfer agent, AST, has only seen two offers in the form of
Dutch auctions in the past 20 years. In this offer they&rsquo;re telling you the price won&rsquo;t be lower than 83% and not higher
than 88% of NAV. But you won&rsquo;t know what price they will pay until the offer is over. They&rsquo;re not telling you that
they could ultimately pay less for your shares than you might get by simply selling your shares at current market prices. And by
the way, the Fund currently trades at 85% of NAV. They are telling you that you may have to pay them if you want to accept their
offer. They won&rsquo;t buy your shares unless, in some cases, you give them $50 first in addition to other fees you may have to
pay.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Lyn Walther</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our next question, &ldquo;What does the
Board think about this offer?&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark Stoeckle</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board believes that the offer is a
bad deal for shareholders and a good deal for the Group. The board recommends that shareholders reject the offer. When the Board
first announced their recommendation, they said the self-interest of these short-term opportunists is apparent. They believe the
Group&rsquo;s objective is to buy a significant number of shares at low prices to gain control of the fund and liquidate it. If
the Group succeeds, it will profit at the expense of tendering shareholders. While the Group stated &ldquo;&hellip;it is hard to
see why&hellip;shareholders that need to sell shares in these trying times should have to accept a large discount from NAV,&rdquo;
the Group&rsquo;s offer would force tendering shareholders to do exactly that.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Lyn Walther</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Here&rsquo;s a question we&rsquo;ve heard
a lot, &ldquo;How do I reject the offer?&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark Stoeckle</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Overwhelmingly, shareholders have reached
out to us and want to know how they can reject this offer. First, it is important to know that this is not a vote and you do not
need to do anything. Ignore any emails or other communications you receive, and your shares will remain yours. If your financial
advisor is asking you to respond, tell them &ldquo;no&rdquo; and the shares will remain yours. If you don&rsquo;t receive any mailings
or other communications, you do not have to do anything. You will keep your shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Lyn Walther</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;What happens to my investment in
PEO if I do not tender my shares?&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark Stoeckle</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This is one of the most important questions.
If you do not participate in the offer, the shares will remain yours. You will have the same number of shares in your account and
the Fund continues to trade on the New York Stock Exchange. The value of your shares is the current price of PEO shares traded
on the New York Stock Exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Lyn Walther</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay, we&rsquo;re going to take a minute
now to see what additional questions we have. Alyssa, could you remind people how to ask a question, please.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certainly. As a reminder, it is star one
to ask a question. If you are listening on the webcast, you can click on the Submit a Question box on your screen.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark Stoeckle</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I see we have one question here. &ldquo;Is
ADX protected from the same hostile takeover as PEO?&rdquo; It&rsquo;s a good question, since both ADX and PEO fall under the Adams
Funds&rsquo; umbrella. But in fact, the offer that the Group has presented is only for PEO, so ADX is not affected at all in this
proposal. So, you can rest assured that this will not affect ADX.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Another question here, &ldquo;Why are you
certain they will liquidate immediately?&rdquo; I wouldn&rsquo;t say that we&rsquo;re certain they will liquidate immediately.
But certainly in conversations, that has been something that has been proposed, that we could always liquidate the Fund or turn
it into an ETF. So, that decision comes from the fact that the Group has a history of proposing things like that and it really
realigns with their short term-ism that they continue to propose in this and in many other instances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I have another question here. &ldquo;If
Bulldog gains control and they liquidate, will we get 100% of the NAV in liquidation?&rdquo; Yes, in fact, if you hold on and they
are able to do this, that in fact would happen. If you do not tender your shares, if they were able to do that, yes, that would
happen. Yes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I have another question here that says,
 &ldquo;If the Fund is trading currently at 85% of NAV, why not tender at 88% of NAV?&rdquo; My practical question to that would
be, if you&rsquo;re planning already on selling your shares, maybe, if 3% is interesting to you. We think that the Fund provides
a lot of benefits, which I&rsquo;m going to summarize at the end, and that that kind of a spread for long term shareholders is
not terribly attractive.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In a tender offer in this kind of Dutch
auction, there&rsquo;s also no guarantee that you would get 88% if you tendered your shares. As a matter of fact, you could quite
easily get much less than that. But you wouldn&rsquo;t know that until after the fact.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Alyssa, would you remind everybody again
how to ask a question?</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certainly. To ask a question on the phone,
you can press star then one. If you&rsquo;re listening via the webcast, you can click on the Submit a Question box on your screen.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark Stoeckle</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thank you. It looks like that is where
we are now with questions. So without any more questions, I will say at this time I appreciate you participating in the call today.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In closing, I&rsquo;d like to remind our
shareholders of a few things. First, our fund, with its 90 year history, provides real benefits to you. Our fund has a 5-star rating
by Morningstar. In addition, the Fund provides a minimum annual 6% distribution and exposure to the energy and materials sectors,
which tendering shareholders would lose. The Board strongly believes that active management is extremely important in the current
energy environment. The Board has noted that the Fund&rsquo;s high quality investment team, which places an emphasis on risk control,
positions the Fund to benefit from a rebound in the energy markets, as we have seen in the past few weeks. Selling shares during
all-time market lows at a price that may ultimately be lower than the price you would get by simply selling your shares into the
market is not in shareholders&rsquo; best interest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Second, it&rsquo;s important to remember
that shareholders should not feel pressured to make a decision in volatile markets. The Group is conducting its hostile offer in
the midst of the unprecedented COVID-19 pandemic and depressed energy markets. The Board believes the Group is exploiting shareholder
uncertainty during this time of extreme market volatility. The Board strongly believes that tendering shares during global uncertainty
is not in shareholders&rsquo; long term best interests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Third, as I mentioned earlier, we at Adams
Funds have experience with Bulldog. Shareholders overwhelmingly agreed with the Board&rsquo;s recommendation at the time, and we
hope that this will be the case again. We appreciate the trust you put in us and will remain on focused on delivering consistent
investment returns for our shareholders over the long term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you have any questions after the call,
please reach out to Lyn Walther, our Director of Shareholder Communications, or contact us through our Investor Relations email.
Contact information is on our website. Thanks very much for participating. Stay healthy and safe.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The conference has now concluded. Thank
you for attending today&rsquo;s presentation. You may now disconnect.</P>

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

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