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ADAMS
NATURAL RESOURCES
FUND
 
​
FIRST QUARTER REPORT
MARCH 31, 2019
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GET THE LATEST NEWS AND INFORMATION
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Letter to Shareholders
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Dear Fellow Shareholders,
After the steep sell-off at the end of 2018, the stock market reversed course in the first quarter. The S&P 500 increased 13.7%, its highest first quarter return since 1998. Driven by a recovery in oil prices, the Energy sector outperformed the broader market. Our Fund generated a 14.5% return for the first quarter. These returns were supported by optimism about a U.S.-China trade agreement, combined with signals from the Federal Reserve that it does not plan to raise rates in 2019.
During the quarter we felt the disruption of the longest U.S. government shutdown ever, saw Britain’s plans to exit the European Union unravel, and a
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“The Energy sector rebounded driven by a 32% increase in oil prices in the first quarter.”
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second summit with North Korea abruptly end with little progress toward denuclearization. Even with this "wall of worry" as a backdrop, the market moved higher throughout the quarter, resulting in its highest quarterly return in a decade.
Ongoing concerns about the health of the global economy and the Fed's accommodating position combined to push long-term interest rates lower. This resulted in the U.S. Treasury yield curve inverting for the first time since 2007. An inverted yield curve occurs when short-term rates are higher than long-term rates and, in the past, has often been a precursor of an economic downturn. While this is one signal that the economic expansion may be nearing an end, there are several indicators that support continued growth, including a strong labor market, low levels of inflation, and renewed momentum in the housing market.
After global growth concerns prompted a sharp decline in oil prices during last year's fourth quarter, oil prices rallied in the first quarter. The price of crude oil (WTI) rose 32.4% to $60 a barrel in the first quarter, its strongest quarter since 2009. Signs of slowing supply growth in the U.S., combined with OPEC cuts of 1.2 million barrels per day and sanctions on Iran and Venezuela, drove the price of oil higher. Another data point that indicates a slower rate of supply growth going forward is that the number of oil rigs operating in the U.S., which had been rising since the summer of 2016, fell to its lowest point in almost a year.
The rebound in oil prices drove our Energy sector performance up 15.8% for the quarter. In fact, every industry group within Energy was positive. Our Storage & Transportation investments were our strongest performers, while our Exploration & Production (E&P) investments had lower returns.
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Letter to Shareholders (continued)
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The Storage & Transportation group was our largest overweight position within the Energy sector and increased 29.3%. Our holdings in Williams Companies and Kinder Morgan were standouts, increasing 32.1% and 31.5%, respectively. These integrated energy firms, which gather, process, and transport natural gas, began to realize the benefits of simplifying their business models and strengthening their balance sheets. In addition, capital spending on pipelines and other infrastructure projects has begun to taper off as they come online, which has led to higher free cash flow and increasing cash returns to shareholders.
Our Integrated Oil & Gas stocks increased 17.1% driven by strong returns from Exxon Mobil and Chevron. Exxon, after losing $71 billion in market capitalization in the fourth quarter as oil prices collapsed, recovered almost all of the value it lost. The company announced plans to ramp up capital investments, including expanding its presence in the Permian Basin. While this strategy runs counter to its peers, who are reducing capital spending, we believe that it should position the company for stronger returns over the long-term. Within Integrateds, we continue to evaluate the merits of adding to our international exposure.
Although our investments in the E&P industry group increased 12.1%, our returns were below our benchmark. During the quarter, companies with the most leverage to oil prices, which are typically lower quality and more volatile, generated the highest returns. Many of our holdings are concentrated in companies that own and operate high-quality assets and are less influenced by oil price changes. We continue to believe that E&Ps focused on maintaining capital discipline and generating free cash flow will realize superior returns over the long term.
After being down 11.8% in the fourth quarter of 2018, the Materials sector rebounded 10.2% in the first quarter driven by higher commodity prices. Expectations for a favorable trade deal, combined with recent economic stimulus in China, also contributed to performance. We added Vulcan Materials, a large supplier of road building materials, to our Fund during the quarter. We expect Vulcan to benefit from a strong public infrastructure outlook in its key markets of California and Texas.
For the three months ended March 31, 2019, the total return on the Fund’s net asset value (“NAV”) per share (with dividends and capital gains reinvested) was 14.5%. This compares to total returns of 15.2% for the Fund's benchmark, comprised of the S&P 500 Energy Sector (80% weight) and the S&P 500 Materials Sector (20% weight), and 12.7% for Lipper Global Natural Resources Funds Average over the same time period. The total return on the market price of the Fund’s shares for the period was 15.8%.
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Letter to Shareholders (continued)
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For the twelve months ended March 31, 2019, the Fund’s total return on NAV was -0.4%. Comparable returns for the Fund's benchmark and Lipper Global Natural Resources Funds Average were 1.0% and -6.8%, respectively. The Fund’s total return on market price was -1.5%.
During the quarter, the Fund paid distributions to shareholders of approximately $3.0 million, or $.10 per share, consisting entirely of net investment income realized and taxable in 2019. On April 16, 2019, an additional net investment income distribution of  $.10 per share was declared for payment on May 31, 2019. These constitute the first two payments toward our annual 6% minimum distribution rate commitment.
The bull market reached its 10th year in March, and we are mindful of this as we manage our portfolio. We continue to search for investment opportunities that can outperform in volatile markets. We appreciate your trust in us and are focused on delivering consistent investment returns for shareholders by identifying quality companies that are executing at high levels and trading at attractive valuations.
By order of the Board of Directors,
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Mark E. Stoeckle
Chief Executive Officer
April 16, 2019
 
 
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Disclaimers​
This report contains “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. By their nature, all forward-looking statements involve risks and uncertainties, and actual results could differ materially from those contemplated by the forward-looking statements. Several factors that could materially affect the Fund’s actual results are the performance of the portfolio of stocks held by the Fund, the conditions in the U.S. and international financial markets, the price at which shares of the Fund will trade in the public markets, and other factors discussed in the Fund’s periodic filings with the Securities and Exchange Commission.​
This report is transmitted to the shareholders of the Fund for their information. It is not a prospectus, circular or representation intended for use in the purchase or sale of shares of the Fund or of any securities mentioned in the report. The rates of return will vary and the principal value of an investment will fluctuate. Shares, if sold, may be worth more or less than their original cost. Past performance is no guarantee of future investment results.
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Summary Financial Information
​
(unaudited)
​ ​ ​
2019
 ​ ​
2018
 ​
At March 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net asset value per share ​ ​ ​ $ 20.15 ​ ​ ​ ​ $ 21.66 ​ ​
Market price per share ​ ​ ​ $ 16.77 ​ ​ ​ ​ $ 18.24 ​ ​
Shares outstanding ​ ​ ​ ​ 29,534,199 ​ ​ ​ ​ ​ 28,994,104 ​ ​
Total net assets ​ ​ ​ $ 595,056,145 ​ ​ ​ ​ $ 627,901,744 ​ ​
Unrealized appreciation on investments ​ ​ ​ $ 93,235,590 ​ ​ ​ ​ $ 130,209,742 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
For the three months ended March 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income ​ ​ ​ $ 2,838,364 ​ ​ ​ ​ $ 2,745,480 ​ ​
Net realized gain (loss) ​ ​ ​ $ (1,614,082) ​ ​ ​ ​ $ (7,592,595) ​ ​
Total return (based on market price) ​ ​ ​ ​ 15.8% ​ ​ ​ ​ ​ -7.6% ​ ​
Total return (based on net asset value) ​ ​ ​ ​ 14.5% ​ ​ ​ ​ ​ -6.4% ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Key ratios: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Expenses to average net assets* ​ ​ ​ ​ 0.93% ​ ​ ​ ​ ​ 0.86% ​ ​
Net investment income to average net assets* ​ ​ ​ ​ 2.24% ​ ​ ​ ​ ​ 1.70% ​ ​
Portfolio turnover* ​ ​ ​ ​ 10.6% ​ ​ ​ ​ ​ 42.7% ​ ​
Net cash & short-term investments to net assets ​ ​ ​ ​   0.8% ​ ​ ​ ​ ​   1.1% ​ ​
*
Annualized
​
Ten Largest Equity Portfolio Holdings
​
March 31, 2019
(unaudited)
​ ​ ​
Market Value
​ ​
Percent
of Net Assets
​
Exxon Mobil Corporation ​ ​ ​ $ 120,386,344 ​ ​ ​ ​ ​ 20.2% ​ ​
Chevron Corporation ​ ​ ​ ​ 74,782,578 ​ ​ ​ ​ ​ 12.6 ​ ​
EOG Resources, Inc. ​ ​ ​ ​ 26,802,688 ​ ​ ​ ​ ​ 4.5 ​ ​
ConocoPhillips ​ ​ ​ ​ 25,241,068 ​ ​ ​ ​ ​ 4.2 ​ ​
Occidental Petroleum Corporation ​ ​ ​ ​ 24,441,040 ​ ​ ​ ​ ​ 4.1 ​ ​
DowDuPont Inc. ​ ​ ​ ​ 22,189,488 ​ ​ ​ ​ ​ 3.7 ​ ​
Marathon Petroleum Corporation ​ ​ ​ ​ 21,293,732 ​ ​ ​ ​ ​ 3.6 ​ ​
Kinder Morgan, Inc. ​ ​ ​ ​ 19,213,602 ​ ​ ​ ​ ​ 3.2 ​ ​
Schlumberger Limited ​ ​ ​ ​ 18,761,242 ​ ​ ​ ​ ​ 3.2 ​ ​
Phillips 66 ​ ​ ​ ​ 16,024,249 ​ ​ ​ ​ ​ 2.7 ​ ​
​ ​ ​ ​ $ 369,136,031 ​ ​ ​ ​ ​ 62.0% ​ ​
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Schedule of Investments
​
March 31, 2019
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Common Stocks — 99.2% ​
Energy — 80.0%
 ​
Equipment & Services — 6.4%
 ​
Baker Hughes, a GE company Class A
 ​ ​ ​ ​ 133,100 ​ ​ ​ ​ $ 3,689,532 ​ ​
Halliburton Company
 ​ ​ ​ ​ 277,870 ​ ​ ​ ​ ​ 8,141,591 ​ ​
Helmerich & Payne, Inc.
 ​ ​ ​ ​ 33,600 ​ ​ ​ ​ ​ 1,866,816 ​ ​
National Oilwell Varco, Inc.
 ​ ​ ​ ​ 109,000 ​ ​ ​ ​ ​ 2,903,760 ​ ​
Schlumberger Limited
 ​ ​ ​ ​ 430,600 ​ ​ ​ ​ ​ 18,761,242 ​ ​
TechnipFMC plc
 ​ ​ ​ ​ 115,100 ​ ​ ​ ​ ​ 2,707,152 ​ ​
​ ​ ​ ​ ​ 38,070,093 ​ ​
Exploration & Production — 24.5%
 ​
Anadarko Petroleum Corporation
 ​ ​ ​ ​ 188,200 ​ ​ ​ ​ ​ 8,559,336 ​ ​
Apache Corporation
 ​ ​ ​ ​ 107,300 ​ ​ ​ ​ ​ 3,719,018 ​ ​
Cabot Oil & Gas Corporation
 ​ ​ ​ ​ 113,400 ​ ​ ​ ​ ​ 2,959,740 ​ ​
Cheniere Energy, Inc. (b)
​ ​ ​ ​ 90,500 ​ ​ ​ ​ ​ 6,186,580 ​ ​
Cimarex Energy Company
 ​ ​ ​ ​ 26,900 ​ ​ ​ ​ ​ 1,880,310 ​ ​
Concho Resources Inc.
​ ​ ​ ​ 54,440 ​ ​ ​ ​ ​ 6,040,662 ​ ​
ConocoPhillips
 ​ ​ ​ ​ 378,200 ​ ​ ​ ​ ​ 25,241,068 ​ ​
Devon Energy Corporation
 ​ ​ ​ ​ 139,900 ​ ​ ​ ​ ​ 4,415,244 ​ ​
Diamondback Energy, Inc.
 ​ ​ ​ ​ 102,100 ​ ​ ​ ​ ​ 10,366,213 ​ ​
EOG Resources, Inc.
 ​ ​ ​ ​ 281,600 ​ ​ ​ ​ ​ 26,802,688 ​ ​
Hess Corporation
 ​ ​ ​ ​ 71,100 ​ ​ ​ ​ ​ 4,282,353 ​ ​
Marathon Oil Corporation
 ​ ​ ​ ​ 543,800 ​ ​ ​ ​ ​ 9,086,898 ​ ​
Noble Energy, Inc.
 ​ ​ ​ ​ 139,700 ​ ​ ​ ​ ​ 3,454,781 ​ ​
Occidental Petroleum Corporation
 ​ ​ ​ ​ 369,200 ​ ​ ​ ​ ​ 24,441,040 ​ ​
Pioneer Natural Resources Company
 ​ ​ ​ ​ 46,600 ​ ​ ​ ​ ​ 7,096,248 ​ ​
Whiting Petroleum Corporation (b)
​ ​ ​ ​ 50,675 ​ ​ ​ ​ ​ 1,324,645 ​ ​
​ ​ ​ ​ ​ 145,856,824 ​ ​
Integrated Oil & Gas — 33.8%
 ​
Chevron Corporation
 ​ ​ ​ ​ 607,100 ​ ​ ​ ​ ​ 74,782,578 ​ ​
Exxon Mobil Corporation
 ​ ​ ​ ​ 1,489,930 ​ ​ ​ ​ ​ 120,386,344 ​ ​
Total S.A. ADR
 ​ ​ ​ ​ 104,900 ​ ​ ​ ​ ​ 5,837,685 ​ ​
​ ​ ​ ​ 201,006,607 ​ ​
Refining & Marketing — 8.4%
 ​
HollyFrontier Corporation
 ​ ​ ​ ​ 50,300 ​ ​ ​ ​ ​ 2,478,281 ​ ​
Marathon Petroleum Corporation
 ​ ​ ​ ​ 355,785 ​ ​ ​ ​ ​ 21,293,732 ​ ​
Phillips 66
 ​ ​ ​ ​ 168,375 ​ ​ ​ ​ ​ 16,024,249 ​ ​
Valero Energy Corporation
 ​ ​ ​ ​ 116,900 ​ ​ ​ ​ ​ 9,916,627 ​ ​
​ ​ ​ ​ 49,712,889 ​ ​
Storage & Transportation — 6.9%
 ​
Kinder Morgan, Inc.
 ​ ​ ​ ​ 960,200 ​ ​ ​ ​ ​ 19,213,602 ​ ​
ONEOK, Inc.
 ​ ​ ​ ​ 114,000 ​ ​ ​ ​ ​ 7,961,760 ​ ​
Williams Companies, Inc.
 ​ ​ ​ ​ 488,000 ​ ​ ​ ​ ​ 14,015,360 ​ ​
​ ​ ​ ​ ​ 41,190,722 ​ ​
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Schedule of Investments (continued)
​
March 31, 2019
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Materials — 19.2%
 ​
Chemicals — 12.4%
 ​
Air Products and Chemicals, Inc.
 ​ ​ ​ ​ 69,800 ​ ​ ​ ​ $ 13,329,008 ​ ​
Albemarle Corporation
 ​ ​ ​ ​ 15,100 ​ ​ ​ ​ ​ 1,237,898 ​ ​
Celanese Corporation Class A
 ​ ​ ​ ​ 17,500 ​ ​ ​ ​ ​ 1,725,675 ​ ​
CF Industries Holdings, Inc.
 ​ ​ ​ ​ 26,200 ​ ​ ​ ​ ​ 1,071,056 ​ ​
DowDuPont Inc.
 ​ ​ ​ ​ 416,235 ​ ​ ​ ​ ​ 22,189,488 ​ ​
Eastman Chemical Company
 ​ ​ ​ ​ 55,200 ​ ​ ​ ​ ​ 4,188,576 ​ ​
Ecolab Inc.
 ​ ​ ​ ​ 33,900 ​ ​ ​ ​ ​ 5,984,706 ​ ​
FMC Corporation
 ​ ​ ​ ​ 16,300 ​ ​ ​ ​ ​ 1,252,166 ​ ​
International Flavors & Fragrances Inc.
 ​ ​ ​ ​ 10,400 ​ ​ ​ ​ ​ 1,339,416 ​ ​
Linde plc
 ​ ​ ​ ​ 79,100 ​ ​ ​ ​ ​ 13,916,063 ​ ​
LyondellBasell Industries N.V.
 ​ ​ ​ ​ 37,800 ​ ​ ​ ​ ​ 3,178,224 ​ ​
Mosaic Company
 ​ ​ ​ ​ 38,701 ​ ​ ​ ​ ​ 1,056,924 ​ ​
PPG Industries, Inc.
 ​ ​ ​ ​ 28,000 ​ ​ ​ ​ ​ 3,160,360 ​ ​
​ ​ ​ ​ ​ 73,629,560 ​ ​
Construction Materials — 2.9%
 ​
Martin Marietta Materials, Inc.
 ​ ​ ​ ​ 7,000 ​ ​ ​ ​ ​ 1,408,260 ​ ​
Sherwin-Williams Company
 ​ ​ ​ ​ 23,600 ​ ​ ​ ​ ​ 10,164,756 ​ ​
Vulcan Materials Company
 ​ ​ ​ ​ 50,400 ​ ​ ​ ​ ​ 5,967,360 ​ ​
​ ​ ​ ​ ​ 17,540,376 ​ ​
Containers & Packaging — 2.2%
 ​
Avery Dennison Corporation
 ​ ​ ​ ​ 12,800 ​ ​ ​ ​ ​ 1,446,400 ​ ​
Ball Corporation
 ​ ​ ​ ​ 104,700 ​ ​ ​ ​ ​ 6,057,942 ​ ​
International Paper Company
 ​ ​ ​ ​ 49,900 ​ ​ ​ ​ ​ 2,308,873 ​ ​
Packaging Corporation of America
 ​ ​ ​ ​ 11,700 ​ ​ ​ ​ ​ 1,162,746 ​ ​
Sealed Air Corporation
 ​ ​ ​ ​ 18,300 ​ ​ ​ ​ ​ 842,898 ​ ​
WestRock Company
 ​ ​ ​ ​ 30,600 ​ ​ ​ ​ ​ 1,173,510 ​ ​
​ ​ ​ ​ ​ 12,992,369 ​ ​
Metals & Mining — 1.7%
 ​
Freeport-McMoRan, Inc.
 ​ ​ ​ ​ 177,100 ​ ​ ​ ​ ​ 2,282,819 ​ ​
Newmont Mining Corporation
 ​ ​ ​ ​ 73,500 ​ ​ ​ ​ ​ 2,629,095 ​ ​
Nucor Corporation
 ​ ​ ​ ​ 90,500 ​ ​ ​ ​ ​ 5,280,675 ​ ​
​ ​ ​ ​ ​ 10,192,589 ​ ​
Total Common Stocks ​
(Cost $497,061,308)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 590,192,029 ​ ​
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Schedule of Investments (continued)
​
March 31, 2019
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Short-Term Investments — 0.7% ​
Money Market Funds — 0.7%
 ​
Fidelity Investments Money Market Funds - Prime Money Market Portfolio (Institutional Class), 2.50% (c)
​ ​ ​ ​ 3,498,601 ​ ​ ​ ​ $ 3,500,000 ​ ​
Northern Institutional Treasury Portfolio, 2.32% (c)
​ ​ ​ ​ 775,777 ​ ​ ​ ​ ​ 775,777 ​ ​
Total Short-Term Investments ​
(Cost $4,275,777)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,275,777 ​ ​
Total — 99.9% ​
(Cost $501,337,085)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 594,467,806 ​ ​
Other Assets Less Liabilities — 0.1% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 588,339 ​ ​
Net Assets — 100.0%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 595,056,145 ​ ​
​
Total Return Swap Agreements — 0.0%
Description
 ​ ​ ​ ​ ​ ​ ​ ​ ​
Value and
Unrealized
Appreciation
(Assets)
​ ​
Value and
Unrealized
Depreciation
(Liabilities)
​
Terms
 ​ ​
Contract
Type
 ​ ​
Underlying
Security
 ​ ​
Termination
Date
​ ​
Notional
Amount
​
Receive total return on underlying
security and pay financing
amount based on notional
amount and daily U.S. Federal
Funds rate plus 0.55%.
 ​ ​
Long
​ ​ Anadarko Petroleum Corporation
(33,300 shares) 		​ ​
4/16/2020
​ ​ ​ $ 1,476,745 ​ ​ ​ ​ $ 35,921 ​ ​ ​ ​ $ — ​ ​
Pay total return on underlying security and receive financing amount based on notional amount and daily U.S. Federal Funds rate less 0.45%.
 ​ ​
Short
​ ​ Energy Select Sector SPDR Fund (22,200 shares) ​ ​
4/16/2020
​ ​ ​ ​ (1,466,392) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (11,679) ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Receive total return on underlying
security and pay financing
amount based on notional
amount and daily U.S. Federal
Funds rate plus 0.55%.
 ​ ​
Long
 ​ ​ WestRock Company (79,900
shares)		 ​ ​
4/29/2020
 ​ ​ ​ ​ 2,918,427 ​ ​ ​ ​ ​ 144,299 ​ ​ ​ ​ ​ — ​ ​
Pay total return on underlying security and receive financing amount based on notional amount and daily U.S. Federal Funds rate less 0.45%.
 ​ ​
Short
 ​ ​ Materials Select Sector SPDR
Fund (53,900 shares)		 ​ ​
4/29/2020
 ​ ​ ​ ​ (2,926,824) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (63,672) ​ ​
​ ​ ​ ​ ​ ​ ​ ​
Gross unrealized gain (loss) on open total return swap agreements ​ ​ ​ $ 180,220 ​ ​ ​ ​ $ (75,351) ​ ​
Net unrealized gain on open total return swap agreements (d) ​ ​ ​ $ 104,869 ​ ​ ​ ​ ​ ​ ​ ​
​
(a)
Common stocks are listed on the New York Stock Exchange or NASDAQ and are valued at the last reported sale price on the day of valuation.
​
(b)
Presently non-dividend paying.
​
(c)
Rate presented is as of period-end and represents the annualized yield earned over the previous seven days.
​
(d)
Counterparty for all open swap agreements is Morgan Stanley.​
​
Information regarding transactions in equity securities during the quarter can be found on our website at: www.adamsfunds.com.​
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Adams Natural Resources Fund, Inc.
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Board of Directors
​ Enrique R. Arzac  (2), (3) ​ ​ Roger W. Gale   (1), (2), (4) ​ ​
Craig R. Smith  (3), (4)
​
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Kenneth J. Dale​  (1), (3), (4)
 ​ ​
Lauriann C. Kloppenburg  (2), (3)
 ​ ​
Mark E. Stoeckle  (1)
 ​
​
Frederic A. Escherich  (1), (2), (4)
​ ​ Kathleen T. McGahran  (1), (5) ​ ​ ​ ​
(1)
Member of Executive Committee
​
(2)
Member of Audit Committee
​
(3)
Member of Compensation Committee
​
(4)
Member of Nominating and Governance Committee
​
(5)
Chair of the Board
​
Officers
​ Mark E. Stoeckle ​ ​
Chief Executive Officer
 ​
​ James P. Haynie, CFA ​ ​
President
 ​
​ Brian S. Hook, CFA, CPA ​ ​
Vice President, Chief Financial Officer and Treasurer
 ​
​
Janis F. Kerns
​ ​
General Counsel, Secretary and Chief Compliance Officer
 ​
​ Gregory W. Buckley ​ ​
Vice President—Research
 ​
​ Michael A. Kijesky, CFA ​ ​
Vice President—Research
 ​
​ Michael E. Rega, CFA ​ ​
Vice President—Research
 ​
​ Christine M. Sloan, CPA ​ ​
Assistant Treasurer and Director of Human Resources
 ​
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500 East Pratt Street, Suite 1300, Baltimore, MD 21202
410.752.5900   800.638.2479
Website: www.adamsfunds.com
Email: contact@adamsfunds.com
Tickers: PEO (NYSE), XPEOX (NASDAQ)
Counsel: Norton Rose Fulbright US LLP
Independent Registered Public Accounting Firm: PricewaterhouseCoopers LLP
Custodian of Securities: The Northern Trust Company
Transfer Agent & Registrar: American Stock Transfer & Trust Company, LLC
Stockholder Relations Department
6201 15th Avenue
Brooklyn, NY 11219
(866) 723-8330
Website: www.astfinancial.com
Email: info@astfinancial.com