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ADAMS
NATURAL RESOURCES
FUND
 
​
THIRD QUARTER REPORT
SEPTEMBER 30, 2019
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Letter to Shareholders
​
Dear Fellow Shareholders,
The swings in the stock market during the third quarter were like riding a roller coaster. Markets reached new highs in July based on optimism about the Federal Reserve’s decision to cut interest rates for the first time in a decade, only to fall on looming recession concerns in August. As market leadership abruptly shifted from growth to value stocks, markets climbed back to near-record levels in September. The S&P 500 ended the quarter up 1.7%, bringing its year-to-date return to 20.6%, its best performance since 1997.
Despite protests in Hong Kong, fears of the ongoing China trade war, continued uncertainty regarding Brexit, attacks on Saudi Arabia’s oil facilities, and finally the
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“Our investments in Materials generated stronger returns and helped offset the weakness in Energy.”
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possibility of impeaching the President of the United States, the market has proven to be resilient. Additionally, key economic data is beginning to make the case that the economy is showing signs of slowing. Consumer confidence declined to a seven-month low in August. A key measure of manufacturing activity declined for two consecutive quarters, falling to its lowest level in 10 years. And corporate profits are expected to fall for the third straight quarter this year. Against this backdrop, the stock market so far has been undeterred, ultimately ending the third quarter higher. However, Energy stocks proved to be the most challenged sector in the equity market and underperformed the S&P 500.
After a strong start to 2019, the Energy sector gave back some of its gains in the third quarter, declining 6.3%. Our Fund declined 5.0% for the period, ahead of our benchmark, which declined 5.1%. Our investments in Materials generated stronger returns and helped offset the weakness in Energy. For the first nine months of the year, the Fund increased 8.1% compared to our benchmark, which increased 8.2%.
WTI crude oil prices were extremely volatile during the quarter. Prices initially fell in July and August due to concerns about slowing global demand and rising supply levels. These concerns led OPEC to lower its demand growth projections for 2019 three times and, in response, extend an agreement to continue oil production cuts into 2020. In September, news that Saudi Arabia’s largest oil facility had been hit by a missile strike, which took half of their production off-line, led to a 23% rally in prices off the lows reached in August. However, prices fell once the dust settled and Saudi Arabia announced that it would quickly have production back to normalized levels. Oil prices ended the quarter down 7.5% to $54.
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1​
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Letter to Shareholders (continued)
​
The decline in oil prices led to weakness in our Energy investments, which declined 6.6% for the third quarter. Our Storage & Transportation holdings were the largest contributors to our relative performance, while our Exploration & Production (E&P) investments had lower returns.
The Storage & Transportation group remained our largest overweight position within the Energy sector and positively contributed to our returns for the quarter and year-to-date. We recently added to our position in ONEOK, which was a standout for the quarter, increasing 8.5%. ONEOK is a high-quality operator of natural gas pipelines. Its diversified exposure makes it less susceptible to pricing pressure in the natural gas market. We also like that the company is focused on building the infrastructure for natural gas liquids, which should enable it to capitalize on volume growth of that commodity. During the quarter, we also benefited from reducing our position in Williams Companies, which declined 12.9%. We were concerned about the company’s reliance on the price of natural gas, which continues to languish as a result of excess supply caused by drilling in the Permian Basin.
Many E&P companies have begun demonstrating their commitment to returning capital to shareholders by introducing, or increasing, dividends and buying back stock. However, global growth concerns and lower oil prices weighed on this group. Our E&P investments declined 13.1% and were the biggest detractor from our overall returns for the period. We reduced our position in Pioneer Natural Resources and added Parsley Energy to our Fund. Parsley, an oil-focused E&P company that operates primarily in the Permian Basin, has high-quality assets and has proven its ability to execute efficiently. We like that the company recently initiated a dividend, demonstrating management’s confidence in the company’s ability to generate sustainable free cash flow.
Due to good stock selection, our investments in Materials increased 1.6%, well ahead of the benchmark, which fell 0.1%. Sherwin-Williams and Vulcan Materials were standouts, increasing 20.2% and 10.4%, respectively. Sherwin-Williams, the coatings company, has generated stronger-than-expected results due to higher volumes and better pricing, which led to margin expansion. With a robust order backlog, low prices for raw materials, and continued cost synergies, we believe Sherwin-Williams is well positioned for future growth. Vulcan Materials, a large supplier of road building materials, continues to benefit from the prospect of higher infrastructure spending.
We recently added Celanese, a specialty chemical company that serves a diverse set of end-use markets, including paints and coatings, textiles, and automotive applications. We like that the company operates in less commoditized end-markets than many chemical companies. Management is also committed to increasing shareholder value through M&A or other strategic actions.
2
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Letter to Shareholders (continued)
​
For the nine months ended September 30, 2019, the total return on the Fund’s net asset value (“NAV”) per share (with dividends and capital gains reinvested) was 8.1%. This compares to total returns of 8.2% for the Fund's benchmark, comprised of the S&P 500 Energy Sector Index (80% weight) and the S&P 500 Materials Sector Index (20% weight), and 6.1% for the 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 10.7%.
For the twelve months ended September 30, 2019, the Fund’s total return on NAV was -15.2%. Comparable returns for the Fund's benchmark and the Lipper Global Natural Resources Funds Average were -14.8% and -15.4%, respectively. The Fund’s total return on market price was -14.7%.
During the first nine months of this year, the Fund paid distributions to shareholders in the amount of $8.9 million, or $.30 per share, consisting entirely of net investment income, realized and taxable in 2019. These distributions constitute the first three payments toward our annual 6% minimum distribution rate commitment.
We thank you for investing with us and do not take your trust for granted. Although we face higher levels of uncertainty in today's market, we remain committed to maintaining our disciplined investment approach, which focuses on generating consistent returns for our shareholders over the long term.
By order of the Board of Directors,
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Mark E. Stoeckle
Chief Executive Officer
October 17, 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.
3
​
Summary Financial Information
​
(unaudited)
​ ​ ​
2019
​ ​
2018
​
At September 30: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net asset value per share ​ ​ ​ $ 18.79 ​ ​ ​ ​ $ 23.81 ​ ​
Market price per share ​ ​ ​ $ 15.83 ​ ​ ​ ​ $ 19.93 ​ ​
Shares outstanding ​ ​ ​ ​ 29,534,397 ​ ​ ​ ​ ​ 28,995,647 ​ ​
Total net assets ​ ​ ​ $ 554,887,477 ​ ​ ​ ​ $ 690,335,277 ​ ​
Unrealized appreciation on investments ​ ​ ​ $ 40,083,850 ​ ​ ​ ​ $ 191,688,902 ​ ​
​ ​
For the nine months ended September 30: ​
Net investment income ​ ​ ​ $ 10,193,643 ​ ​ ​ ​ $ 8,982,520 ​ ​
Net realized gain (loss) ​ ​ ​ $ 9,917,543 ​ ​ ​ ​ $ (7,112,800) ​ ​
Total return (based on market price) ​ ​ ​ ​ 10.7% ​ ​ ​ ​ ​ 2.0% ​ ​
Total return (based on net asset value) ​ ​ ​ ​ 8.1% ​ ​ ​ ​ ​ 4.0% ​ ​
​ ​
Key ratios: ​
Expenses to average net assets* ​ ​ ​ ​ 0.93% ​ ​ ​ ​ ​ 0.78% ​ ​
Net investment income to average net assets* ​ ​ ​ ​ 2.43% ​ ​ ​ ​ ​ 1.78% ​ ​
Portfolio turnover* ​ ​ ​ ​ 26.0% ​ ​ ​ ​ ​ 46.6% ​ ​
Net cash & short-term investments to net assets ​ ​ ​ ​ 0.4% ​ ​ ​ ​ ​ 1.0% ​ ​
*
Annualized
​
Ten Largest Equity Portfolio Holdings
​
September 30, 2019
(unaudited)
​ ​ ​
Market Value
​ ​
Percent
of Net Assets
​
Exxon Mobil Corporation ​ ​ ​ $ 103,940,038 ​ ​ ​ ​ ​ 18.7% ​ ​
Chevron Corporation ​ ​ ​ ​ 85,890,120 ​ ​ ​ ​ ​ 15.5 ​ ​
ConocoPhillips ​ ​ ​ ​ 25,230,744 ​ ​ ​ ​ ​ 4.5 ​ ​
Kinder Morgan, Inc. ​ ​ ​ ​ 19,789,722 ​ ​ ​ ​ ​ 3.6 ​ ​
EOG Resources, Inc. ​ ​ ​ ​ 18,569,844 ​ ​ ​ ​ ​ 3.3 ​ ​
Valero Energy Corporation ​ ​ ​ ​ 17,593,536 ​ ​ ​ ​ ​ 3.2 ​ ​
Linde plc ​ ​ ​ ​ 15,323,252 ​ ​ ​ ​ ​ 2.8 ​ ​
Schlumberger Limited ​ ​ ​ ​ 14,713,602 ​ ​ ​ ​ ​ 2.7 ​ ​
Phillips 66 ​ ​ ​ ​ 14,149,120 ​ ​ ​ ​ ​ 2.5 ​ ​
Occidental Petroleum Corporation ​ ​ ​ ​ 13,694,581 ​ ​ ​ ​ ​ 2.5 ​ ​
​ ​ ​ ​ $ 328,894,559 ​ ​ ​ ​ ​ 59.3% ​ ​
4
​
Schedule of Investments
​
September 30, 2019
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Common Stocks — 99.6% ​
Energy — 77.5%
 ​
Equipment & Services — 6.3%
 ​
Baker Hughes, a GE company Class A
 ​ ​ ​ ​ 133,100 ​ ​ ​ ​ $ 3,087,920 ​ ​
Halliburton Company
 ​ ​ ​ ​ 277,870 ​ ​ ​ ​ ​ 5,237,850 ​ ​
Helmerich & Payne, Inc.
 ​ ​ ​ ​ 33,600 ​ ​ ​ ​ ​ 1,346,352 ​ ​
National Oilwell Varco, Inc.
 ​ ​ ​ ​ 109,000 ​ ​ ​ ​ ​ 2,310,800 ​ ​
Schlumberger Limited
 ​ ​ ​ ​ 430,600 ​ ​ ​ ​ ​ 14,713,602 ​ ​
TechnipFMC plc
 ​ ​ ​ ​ 339,600 ​ ​ ​ ​ ​ 8,197,944 ​ ​
​ ​ ​ ​ ​ 34,894,468 ​ ​
Exploration & Production — 19.9%
 ​
Apache Corporation
 ​ ​ ​ ​ 107,300 ​ ​ ​ ​ ​ 2,746,880 ​ ​
Cabot Oil & Gas Corporation
 ​ ​ ​ ​ 113,400 ​ ​ ​ ​ ​ 1,992,438 ​ ​
Cheniere Energy, Inc. (b)
 ​ ​ ​ ​ 90,500 ​ ​ ​ ​ ​ 5,706,930 ​ ​
Cimarex Energy Company
 ​ ​ ​ ​ 26,900 ​ ​ ​ ​ ​ 1,289,586 ​ ​
Concho Resources Inc.
 ​ ​ ​ ​ 54,440 ​ ​ ​ ​ ​ 3,696,476 ​ ​
ConocoPhillips
 ​ ​ ​ ​ 442,800 ​ ​ ​ ​ ​ 25,230,744 ​ ​
Continental Resources, Inc.
 ​ ​ ​ ​ 92,900 ​ ​ ​ ​ ​ 2,860,391 ​ ​
Devon Energy Corporation
 ​ ​ ​ ​ 120,000 ​ ​ ​ ​ ​ 2,887,200 ​ ​
Diamondback Energy, Inc.
 ​ ​ ​ ​ 102,100 ​ ​ ​ ​ ​ 9,179,811 ​ ​
EOG Resources, Inc.
 ​ ​ ​ ​ 250,200 ​ ​ ​ ​ ​ 18,569,844 ​ ​
Hess Corporation
 ​ ​ ​ ​ 71,100 ​ ​ ​ ​ ​ 4,300,128 ​ ​
Marathon Oil Corporation
 ​ ​ ​ ​ 234,400 ​ ​ ​ ​ ​ 2,876,088 ​ ​
Noble Energy, Inc.
 ​ ​ ​ ​ 139,700 ​ ​ ​ ​ ​ 3,137,662 ​ ​
Occidental Petroleum Corporation
 ​ ​ ​ ​ 307,951 ​ ​ ​ ​ ​ 13,694,581 ​ ​
Parsley Energy, Inc. Class A
 ​ ​ ​ ​ 155,600 ​ ​ ​ ​ ​ 2,614,080 ​ ​
Pioneer Natural Resources Company
 ​ ​ ​ ​ 72,200 ​ ​ ​ ​ ​ 9,080,594 ​ ​
Whiting Petroleum Corporation (b)
 ​ ​ ​ ​ 50,675 ​ ​ ​ ​ ​ 406,920 ​ ​
​ ​ ​ ​ ​ 110,270,353 ​ ​
Integrated Oil & Gas — 35.6%
 ​
BP plc Sponsored ADR
 ​ ​ ​ ​ 101,200 ​ ​ ​ ​ ​ 3,844,588 ​ ​
Chevron Corporation
 ​ ​ ​ ​ 724,200 ​ ​ ​ ​ ​ 85,890,120 ​ ​
Exxon Mobil Corporation
 ​ ​ ​ ​ 1,472,030 ​ ​ ​ ​ ​ 103,940,038 ​ ​
Total S.A. Sponsored ADR
 ​ ​ ​ ​ 79,500 ​ ​ ​ ​ ​ 4,134,000 ​ ​
​ ​ ​ ​ 197,808,746 ​ ​
Refining & Marketing — 8.3%
 ​
HollyFrontier Corporation
 ​ ​ ​ ​ 50,300 ​ ​ ​ ​ ​ 2,698,092 ​ ​
Marathon Petroleum Corporation
 ​ ​ ​ ​ 190,385 ​ ​ ​ ​ ​ 11,565,889 ​ ​
Phillips 66
 ​ ​ ​ ​ 138,175 ​ ​ ​ ​ ​ 14,149,120 ​ ​
Valero Energy Corporation
 ​ ​ ​ ​ 206,400 ​ ​ ​ ​ ​ 17,593,536 ​ ​
​ ​ ​ ​ 46,006,637 ​ ​
5
​
Schedule of Investments (continued)
​
September 30, 2019
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Storage & Transportation — 7.4%
 ​
Kinder Morgan, Inc.
 ​ ​ ​ ​ 960,200 ​ ​ ​ ​ $ 19,789,722 ​ ​
ONEOK, Inc.
 ​ ​ ​ ​ 174,700 ​ ​ ​ ​ ​ 12,873,643 ​ ​
Williams Companies, Inc.
 ​ ​ ​ ​ 338,800 ​ ​ ​ ​ ​ 8,151,528 ​ ​
​ ​ ​ ​ ​ 40,814,893 ​ ​
Materials — 22.1%
 ​
Chemicals — 13.5%
 ​
Air Products and Chemicals, Inc.
 ​ ​ ​ ​ 59,600 ​ ​ ​ ​ ​ 13,222,856 ​ ​
Albemarle Corporation
 ​ ​ ​ ​ 15,100 ​ ​ ​ ​ ​ 1,049,752 ​ ​
Celanese Corporation
 ​ ​ ​ ​ 46,400 ​ ​ ​ ​ ​ 5,674,256 ​ ​
CF Industries Holdings, Inc.
 ​ ​ ​ ​ 72,200 ​ ​ ​ ​ ​ 3,552,240 ​ ​
Corteva Inc
 ​ ​ ​ ​ 76,945 ​ ​ ​ ​ ​ 2,154,460 ​ ​
Dow, Inc.
 ​ ​ ​ ​ 84,945 ​ ​ ​ ​ ​ 4,047,629 ​ ​
DuPont de Nemours, Inc.
 ​ ​ ​ ​ 130,745 ​ ​ ​ ​ ​ 9,323,426 ​ ​
Eastman Chemical Company
 ​ ​ ​ ​ 16,300 ​ ​ ​ ​ ​ 1,203,429 ​ ​
Ecolab Inc.
 ​ ​ ​ ​ 28,300 ​ ​ ​ ​ ​ 5,604,532 ​ ​
FMC Corporation
 ​ ​ ​ ​ 16,300 ​ ​ ​ ​ ​ 1,429,184 ​ ​
International Flavors & Fragrances Inc.
 ​ ​ ​ ​ 10,400 ​ ​ ​ ​ ​ 1,275,976 ​ ​
Linde plc
 ​ ​ ​ ​ 79,100 ​ ​ ​ ​ ​ 15,323,252 ​ ​
LyondellBasell Industries N.V.
 ​ ​ ​ ​ 79,600 ​ ​ ​ ​ ​ 7,121,812 ​ ​
Mosaic Company
 ​ ​ ​ ​ 38,701 ​ ​ ​ ​ ​ 793,371 ​ ​
PPG Industries, Inc.
 ​ ​ ​ ​ 28,000 ​ ​ ​ ​ ​ 3,318,280 ​ ​
​ ​ ​ ​ ​ 75,094,455 ​ ​
Construction Materials — 4.2%
 ​
Martin Marietta Materials, Inc.
 ​ ​ ​ ​ 7,000 ​ ​ ​ ​ ​ 1,918,700 ​ ​
Sherwin-Williams Company
 ​ ​ ​ ​ 23,100 ​ ​ ​ ​ ​ 12,701,997 ​ ​
Vulcan Materials Company
 ​ ​ ​ ​ 57,400 ​ ​ ​ ​ ​ 8,681,176 ​ ​
​ ​ ​ ​ ​ 23,301,873 ​ ​
Containers & Packaging — 2.8%
 ​
Amcor plc
 ​ ​ ​ ​ 180,700 ​ ​ ​ ​ ​ 1,761,825 ​ ​
Avery Dennison Corporation
 ​ ​ ​ ​ 12,800 ​ ​ ​ ​ ​ 1,453,696 ​ ​
Ball Corporation
 ​ ​ ​ ​ 101,100 ​ ​ ​ ​ ​ 7,361,091 ​ ​
International Paper Company
 ​ ​ ​ ​ 49,900 ​ ​ ​ ​ ​ 2,086,818 ​ ​
Packaging Corporation of America
 ​ ​ ​ ​ 11,700 ​ ​ ​ ​ ​ 1,241,370 ​ ​
Sealed Air Corporation
 ​ ​ ​ ​ 16,400 ​ ​ ​ ​ ​ 680,764 ​ ​
WestRock Company
 ​ ​ ​ ​ 30,600 ​ ​ ​ ​ ​ 1,115,370 ​ ​
​ ​ ​ ​ ​ 15,700,934 ​ ​
Metals & Mining — 1.6%
 ​
Freeport-McMoRan, Inc.
 ​ ​ ​ ​ 177,100 ​ ​ ​ ​ ​ 1,694,847 ​ ​
Newmont Goldcorp Corporation
 ​ ​ ​ ​ 89,700 ​ ​ ​ ​ ​ 3,401,424 ​ ​
Nucor Corporation
 ​ ​ ​ ​ 73,000 ​ ​ ​ ​ ​ 3,716,430 ​ ​
​ ​ ​ ​ ​ 8,812,701 ​ ​
Total Common Stocks ​
(Cost $512,637,301)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 552,705,060 ​ ​
​
6
​
Schedule of Investments (continued)
​
September 30, 2019
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Short-Term Investments — 0.5% ​
Money Market Funds — 0.5%
 ​
Fidelity Investments Money Market Funds - Prime Money Market Portfolio (Institutional Class),
1.99% (c)
 ​ ​ ​ ​ 1,899,080 ​ ​ ​ ​ $ 1,899,650
Northern Institutional Treasury Portfolio, 1.93% (c)
 ​ ​ ​ ​ 884,547 ​ ​ ​ ​ ​ 884,547
Total Short-Term Investments ​
(Cost $2,784,247)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,784,197
Total — 100.1% ​
(Cost $515,421,548)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 555,489,257
Other Assets Less Liabilities — (0.1)% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (601,780 )
Net Assets — 100.0% ​ ​ ​ ​ ​ ​ ​ ​ ​
$
554,887,477
​
7
​
Schedule of Investments (continued)
​
September 30, 2019
(unaudited)
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
 ​ ​ Cabot Oil & Gas Corporation
(159,400 shares)		 ​ ​
10/29/2020
 ​ ​ ​ $ 2,798,267 ​ ​ ​ ​ $ 13,938 ​ ​ ​ ​ $ — ​ ​
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
(46,800 shares)		 ​ ​
10/29/2020
 ​ ​ ​ ​ (2,784,389) ​ ​ ​ ​ ​ 2,203 ​ ​ ​ ​ ​ — ​ ​
   ​ ​ ​ ​    ​ ​ ​ ​ ​    ​ ​
Gross unrealized gain (loss) on open total return swap agreements ​ ​ ​ $ 16,141 ​ ​ ​ ​ $ — ​ ​
Net unrealized gain on open total return swap agreements (d) ​ ​ ​ $ 16,141 ​ ​ ​ ​ ​ ​ ​ ​
(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 total return swap agreements is Morgan Stanley.​
​
Information regarding transactions in equity securities during the quarter can be found on our website at: www.adamsfunds.com.​
8
​
Adams Natural Resources Fund, Inc.
​
Board of Directors
​ Enrique R. Arzac  (2), (3) ​ ​
Roger W. Gale​  (1), (2), (4)
 ​ ​
Craig R. Smith  (3), (4)
 ​
​
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
 ​
​ Jeffrey R. Schollaert, CFA ​ ​
Vice President—Research
 ​
​
Christine M. Sloan, CPA
​ ​ Assistant Treasurer and Director of Human Resources ​
​
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