ADAMS DIVERSIFIED EQUITY FUND, INC. - FORM N-30B - SEPTEMBER 30, 2017

 

 

LOGO

ADAMS

DIVERSIFIED EQUITY

FUND

 

 

 

 

 

 

 

THIRD QUARTER REPORT

SEPTEMBER 30, 2017

 

LOGO

 

LETTER TO SHAREHOLDERS

 

 

Dear Fellow Shareholders,

 

The U.S. equity market rose to record levels in the third quarter of 2017. The S&P 500 gained 4.5% for the quarter, bringing its year-to-date return to 14.2%. Adams Diversified Equity Fund exceeded the returns of the S&P 500 over both horizons, increasing 4.9% and 17.4%, respectively.

 

For the first time since 2011, the S&P 500 posted two consecutive quarters of double-digit earnings growth in the first half of 2017. The economy grew 3.1% in the second quarter, an acceleration from the 1.2% growth in the first quarter, driven by strong consumer spending. The combination of strong earnings growth and positive economic data supported the market’s move higher in the third quarter. Although inflation levels remained low, the Fed signaled it expects to continue to gradually raise rates and would begin unwinding its $4.5 trillion balance sheet this year, demonstrating conviction in the strength of the economy.

 

The market hit record highs during the quarter despite concerns over several geopolitical issues, including rising tensions between the U.S. and North Korea, talk of potential trade limitations on Chinese goods, and terrorist attacks in Spain and London. In addition, two major hurricanes struck the U.S., causing significant damage to parts of Texas, Florida, and Puerto Rico.

 

The strongest contributors to the Fund’s outperformance during the quarter were Materials and Industrials, increasing 16.9% and 8.1%, respectively. Year-to-date, Technology and Industrials were the strongest sectors, advancing 33.2% and 21.3%, respectively.

 

Materials was a standout in the third quarter led by LyondellBasell, a diversified chemical company. LyondellBasell benefited from strong margins in its core olefins and polyolefins business, which are essential components in the production of plastics. We initiated a position in Albemarle during the quarter. Albemarle is one of the best-positioned global producers of lithium, which is used in lithium-ion batteries. The market for lithium is growing rapidly as a result of increased demand for electric vehicles. Over the long term, we view the potential of power storage growth as a significant opportunity for the company.

 

 

LETTER TO SHAREHOLDERS (CONTINUED)

 

 

 

The Fund benefited from strong stock selection in the Industrials sector. The top performer for the quarter was Boeing, which increased 29.3% and 67.0% year-to-date. Strong global demand for aircraft, combined with Boeing’s exposure to the defense industry, resulted in significant operating leverage and cash-flow growth at the company. Machinery stocks also generated strong returns for the Fund, driven by Fortive and Parker-Hannifin. Fortive manufactures instrumentation products and provides industrial manufacturing solutions to a variety of end-markets. It is a consolidation story that is exceeding earnings expectations and executing upon plans to utilize free cash flow for growth through acquisitions. Parker-Hannifin is an industrial manufacturer focused on motion and control technologies. The company is benefiting from a recovery in industrial manufacturing and realizing better-than-expected synergies from its acquisition of filtration product manufacturer Clarcor.

 

During the quarter, the Financials sector was challenged, particularly stocks in the insurance industry. We exited our position in American International Group (AIG) as our original investment thesis on the company had changed. The new management team is less focused on returning capital to shareholders, which we had viewed as critical to the AIG opportunity. We chose to increase our exposure to regional banks and initiated a position in Signature Bank, based in New York City. The stock had come under pressure recently due to issues with the value of its Taxi medallion loan book and competition within its core market. This created a compelling valuation for a company with a unique business model that generates higher returns and growth rates relative to its peers.

 

In the Technology sector, our holdings in Facebook and Lam Research continued to benefit the portfolio. Both companies generated better-than-expected earnings, which led to significant share-price appreciation. During the quarter, we initiated a position in Cognizant Technology Solutions, an information technology consulting and outsourcing company. Cognizant struggled in 2016 due to spending reductions in two of its largest end-markets, Financial Services and Health Care. With expectations for a recovery in these markets, combined with management’s emphasis on enhancing shareholder returns through margin expansion and share repurchases, we expect the company to report strong results.

 

The stock market has performed well thus far in 2017 despite ongoing gridlock in Washington delaying promises for health care legislation, tax reform, and infrastructure spending. There is still the possibility that Congress will pass tax reform legislation before the end of the year but, given its recent track record, it is anything but certain. Geopolitical issues will likely continue to create potential headwinds for stocks as well. In the face of this, we remain focused on identifying quality companies that are executing at the highest levels and are trading at attractive valuations.

 

2

LETTER TO SHAREHOLDERS (CONTINUED)

 

 

 

 

For the nine months ended September 30, 2017, the total return on the Fund’s net asset value (“NAV”) per share (with dividends and capital gains reinvested) was 17.4%. This compares to a 14.2% total return for the S&P 500 and a 13.5% total return for the Lipper Large-Cap Core Funds Average over the same time period. The total return on the market price of the Fund’s shares for the period was 20.9%.

 

For the twelve months ended September 30, 2017, the Fund’s total return on NAV was 21.7%. Comparable figures for the S&P 500 and Lipper Large-Cap Core Funds Average were 18.6% and 17.7%, respectively. The Fund’s total return on market price was 24.6%.

 

During the first nine months of this year, the Fund paid distributions to shareholders in the amount of $14.9 million, or $.15 per share, consisting of $.03 net investment income and $.01 long-term capital gain, realized in 2016, and $.11 of net investment income realized in 2017, all taxable in 2017. These constitute the first three payments toward our annual 6.0% minimum distribution rate commitment. Additionally, the Fund repurchased 741,261 shares of its Common Stock during the past nine months. The shares were repurchased at an average price of $14.05 and a weighted average discount to NAV of 15.3%, resulting in a $0.02 increase to NAV per share.

 

By order of the Board of Directors,

 

LOGO

Mark E. Stoeckle

Chief Executive Officer & President

October 12, 2017

 

 

 

 

 

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)

 

    2017     2016  

At September 30:

    

Net asset value per share

     $17.68       $15.65  

Market price per share

     $15.21       $13.15  

Shares outstanding

     98,684,525       97,016,857  

Total net assets

     $1,744,456,638       $1,517,835,665  

Unrealized appreciation on investments

     $546,390,851       $388,298,493  

For the nine months ended September 30:

    

Net investment income

     $16,174,503       $13,893,193  

Net realized gain

     $108,858,787       $63,633,330  

Cost of shares repurchased

     $10,414,250       $11,151,645  

Shares repurchased

     741,261       875,663  

Total return (based on market price)

     20.9%       3.7%  

Total return (based on net asset value)

     17.4%       5.3%  

Key ratios:

    

Expenses to average net assets*

     0.57%       0.61%  

Net investment income to average net assets*

     1.32%       1.26%  

Portfolio turnover*

     41.0%       26.9%  

Net cash & short-term investments to net assets

     1.2%       2.5%  

 

* Annualized

 

TEN LARGEST EQUITY PORTFOLIO HOLDINGS

 

 

September 30, 2017 (unaudited)

 

     Market Value      Percent
of Net Assets		  

Apple Inc.

    $ 74,054,660        4.2 % 

Microsoft Corp.

      62,333,232        3.6  

Alphabet Inc. (Class A & Class C)

      58,474,727        3.4  

Facebook, Inc. (Class A)

      46,613,336        2.7  

Adams Natural Resources Fund, Inc.*

     42,970,109        2.5  

Amazon.com, Inc.

      42,395,535        2.4  

Comcast Corp. (Class A)

      38,826,320        2.2  

Bank of America Corp.

      34,756,344        2.0  

American Express Co.

      34,221,018        2.0  

Visa Inc. (Class A)

      33,887,280        1.9  
  

 

 

     

 

 

  
   $ 468,532,561        26.9 % 
  

 

 

     

 

 

  

 

* Non-controlled affiliated closed-end fund

 

4

SCHEDULE OF INVESTMENTS

 

September 30, 2017 (unaudited)

 

    Shares     Value (A)  

Common Stocks — 98.7%

 

  

Consumer Discretionary — 11.7%

 

Amazon.com, Inc. (B)

     44,100     $ 42,395,535  

Comcast Corp. (Class A)

     1,009,000       38,826,320  

Dollar General Corp.

     149,637       12,128,079  

Home Depot, Inc.

     177,400       29,015,544  

Lowe’s Companies, Inc.

     298,400       23,854,096  

Magna International Inc. (F)

     252,000       13,451,760  

Priceline Group Inc. (B)

     10,300       18,857,446  

Starbucks Corp.

     251,300       13,497,323  

Walt Disney Co.

     117,000       11,532,690  
   

 

 

  
      203,558,793  
   

 

 

  

Consumer Staples — 8.4%

    

Altria Group, Inc.

    
 273,300
  
     17,332,686  

Coca-Cola Co.

     186,000       8,371,860  

Costco Wholesale Corp.

     45,200       7,425,908  

CVS Health Corp.

     247,400       20,118,568  

PepsiCo, Inc.

     230,400       25,673,472  

Philip Morris International Inc.

     295,300       32,781,253  

Procter & Gamble Co.

     131,850       11,995,713  

Walmart Stores, Inc.

     292,400       22,848,136  
   

 

 

  
      146,547,596  
   

 

 

  

Energy — 6.5%

    

Adams Natural Resources Fund, Inc. (C)

     2,186,774       42,970,109  

Andeavor

    68,000       7,014,200  

Concho Resources Inc. (B)

     72,900       9,602,388  

Exxon Mobil Corp.

     358,300       29,373,434  

Halliburton Co.

     354,400       16,313,032  

Pioneer Natural Resources Co.

    57,800       8,527,812  
   

 

 

  
      113,800,975  
   

 

 

  

Financials — 14.7%

    

American Express Co.

     378,300       34,221,018  

Bank of America Corp.

     1,371,600       34,756,344  

Berkshire Hathaway Inc. (Class B) (B)

     65,900       12,080,788  

BlackRock, Inc.

     41,400       18,509,526  

Chubb Ltd.

     78,800       11,232,940  

Citigroup Inc.

     345,600       25,138,944  

Intercontinental Exchange, Inc.

     379,900       26,099,130  

JPMorgan Chase & Co.

     178,200       17,019,882  

Prudential Financial, Inc.

     129,400       13,757,808  

Signature Bank (B)

     92,800       11,882,112  

SunTrust Banks, Inc.

     378,100       22,599,037  

Wells Fargo & Co.

     518,200       28,578,730  
   

 

 

  
      255,876,259  
   

 

 

  

 

5

SCHEDULE OF INVESTMENTS (CONTINUED)

 

September 30, 2017 (unaudited)

 

    Shares     Value (A)  

Health Care — 13.7%

    

AbbVie, Inc.

     380,000     $ 33,766,800  

Aetna Inc.

     183,900       29,241,939  

Alexion Pharmaceuticals, Inc. (B)

     73,400       10,297,286  

Allergan plc

     107,096       21,949,325  

Amgen Inc.

     113,300       21,124,785  

Becton, Dickinson and Co. (F)

     63,000       12,344,850  

Johnson & Johnson

     241,900       31,449,419  

McKesson Corp.

     100,900       15,499,249  

Pfizer Inc.

     702,940       25,094,958  

Thermo Fisher Scientific Inc.

     145,400       27,509,680  

Waters Corp. (B)

     62,200       11,166,144  
   

 

 

  
      239,444,435  
   

 

 

  

Industrials — 10.3%

    

Boeing Co.

     114,700       29,157,887  

Cummins Inc.

     136,100       22,868,883  

Delta Air Lines, Inc.

     282,200       13,607,684  

Fortive Corp.

     279,700       19,799,963  

General Electric Co.

     510,600       12,346,308  

Honeywell International Inc.

     193,000       27,355,820  

Industrial Select Sector SPDR Fund (F)

     143,900       10,216,900  

Parker-Hannifin Corp.

     103,400       18,097,068  

Union Pacific Corp.

     219,500       25,455,415  
   

 

 

  
      178,905,928  
   

 

 

  

Information Technology — 23.3%

 

  

Adobe Systems Inc. (B)

     117,200       17,483,896  

Alphabet Inc. (Class A) (B)

     30,900       30,087,948  

Alphabet Inc. (Class C) (B)

     29,597       28,386,779  

Apple Inc.

     480,500       74,054,660  

Broadcom Ltd.

     78,900       19,136,406  

Cisco Systems, Inc.

     271,900       9,143,997  

Cognizant Technology Solutions Corp.

     200,100       14,515,254  

DXC Technology Co.

     143,000       12,280,840  

Facebook, Inc. (Class A) (B)

     272,800       46,613,336  

Lam Research Corp. (F)

     84,300       15,598,872  

MasterCard, Inc. (Class A)

     147,700       20,855,240  

Microsoft Corp.

     836,800       62,333,232  

Oracle Corp.

     122,200       5,908,370  

salesforce.com, inc. (B)

     181,200       16,927,704  

Visa Inc. (Class A) (F)

     322,000       33,887,280  
   

 

 

  
      407,213,814  
   

 

 

  

Materials — 2.2%

    

Albemarle Corp. (F)

     76,300       10,400,453  

DowDuPont Inc.

     208,300       14,420,609  

LyondellBasell Industries N.V. (Class A)

     136,200       13,490,610  
   

 

 

  
      38,311,672  
   

 

 

  

Real Estate — 3.6%

 

  

American Tower Corp.

     85,900       11,740,812  

AvalonBay Communities, Inc.

     53,800       9,598,996  

Prologis, Inc.

     351,600       22,312,536  

SBA Communications Corp. (Class A) (B)

     46,800       6,741,540  

Simon Property Group, Inc.

    77,000       12,397,770  
   

 

 

  
      62,791,654  
   

 

 

  

Telecommunication Services — 1.4%

 

  

AT&T Inc. (F)

     262,200       10,270,374  

T-Mobile US, Inc. (B)

     98,200       6,055,012  

Verizon Communications Inc.

     171,600       8,492,484  
   

 

 

  
      24,817,870  
   

 

 

  

 

6

SCHEDULE OF INVESTMENTS (CONTINUED)

 

September 30, 2017 (unaudited)

 

    Shares/
Principal		     Value (A)  

Utilities — 2.9%

    

CenterPoint Energy, Inc.

     401,000     $ 11,713,210  

Edison International

     130,300       10,055,251  

NextEra Energy, Inc.

     111,800       16,384,290  

Public Services Enterprise Group Inc.

     249,000       11,516,250  
   

 

 

  
      49,669,001  
   

 

 

  

Total Common Stocks

 

  

(Cost $1,178,428,992)

 

     1,720,937,997  
   

 

 

  

Other Investments — 0.1%

 

  

Financials — 0.1%

 

  

Adams Funds Advisers, LLC (B) (D)
(Cost $150,000)

       1,469,000  
   

 

 

  

Short-Term Investments — 1.1%

 

  

Money Market Funds — 1.1%

 

  

Fidelity Institutional Money Market – Money Market Portfolio (Institutional Class), 1.22% (E)

     13,000,000       13,008,614  

Northern Institutional Treasury Portfolio, 0.91% (E)

     7,076,257      
 7,076,257
  
   

 

 

  

Total Short-Term Investments

    

(Cost $20,076,257)

       20,084,871  
   

 

 

  

Securities Lending Collateral — 2.9%

    

Money Market Funds — 0.1%

 

  

Northern Institutional Funds Liquid Assets Portfolio, 1.04% (E)

     1,594,512      
 1,594,512
  
   

 

 

  

U.S. Government Obligations — 2.8%

    

U.S. Inflation Indexed Notes, 0.13-5.77%, 4/15/18-2/15/47

   $ 591,008       643,361  

U.S. Treasury Bills, 0.0%, 10/12/17-7/19/18

   $ 4,305,749       4,297,573  

U.S. Treasury Bonds, 1.50-8.13%, 5/15/19-11/15/46

   $ 9,922,696       10,824,961  

U.S. Treasury Notes, 0.63-4.25%, 10/15/17-11/15/40

   $ 32,791,917       32,940,072  

U.S. Treasury Strips, 0.0%, 11/15/25

   $ 4,229       3,502  
   

 

 

  
      48,709,469  
   

 

 

  

Total Securities Lending Collateral

    

(Cost $50,303,981)

       50,303,981  
   

 

 

  

Total — 102.8%

    

(Cost $1,248,959,230)

       1,792,795,849  

Other Assets Less Liabilities — (2.8)%

       (48,339,211 ) 
   

 

 

  

Net Assets — 100.0%

     $ 1,744,456,638  
   

 

 

  

 

7

SCHEDULE OF INVESTMENTS (CONTINUED)

 

September 30, 2017 (unaudited)

 

 

Total Return Swap Agreements — 0.1%

        
Description  

Termination
Date

    

Notional
Amount

     Value and
Unrealized
Appreciation
(Assets)		     Value and
Unrealized
Depreciation
(Liabilities)		  
Terms   Contract
Type		     Underlying
Security		        

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     Berkshire Hathaway Inc. Class B (96,000 shares)     3/7/18     $ 15,735,946     $ 1,704,445     $ —  

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     Financial Select Sector SPDR Fund (664,400 shares)     3/7/18       (15,712,994 )      —       (1,220,722 ) 

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     Costco Wholesale Corp. (79,400 shares)     8/2/18       12,266,641       775,822       —  

Pay total return on underlying security and receive financing amount based on notional amount and daily U.S. Federal Funds rate less 0.46%.

     Short     Consumer Staples Select Sector SPDR Fund (220,400 shares)     8/2/18       (12,190,836 )      190,021       —  

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 Corp. (210,600 shares)     8/31/18       9,831,924       436,625       —  

Pay total return on underlying security and receive financing amount based on notional amount and daily U.S. Federal Funds rate less 0.51%.

     Short     Energy Select Sector SPDR Fund (136,800 shares)     8/31/18       (9,049,005 )      —       (427,031 ) 

 

8

SCHEDULE OF INVESTMENTS (CONTINUED)

 

September 30, 2017 (unaudited)

 

Description  

Termination
Date

    

Notional
Amount

     Value and
Unrealized
Appreciation
(Assets)		     Value and
Unrealized
Depreciation
(Liabilities)		  
Terms   Contract
Type		     Underlying
Security		        

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     Affiliated Managers Group, Inc. (28,800 shares)     9/18/18     $ 5,145,777     $ 309,608     $ —  

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     Eaton Vance Corp. (106,700 shares)     9/18/18       5,159,190       96,839       —  

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     Financial Select Sector SPDR Fund (407,700 shares)     9/18/18       (10,210,113 )      —       (749,079 ) 

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     The TJX Companies, Inc. (236,800 shares)     10/4/18       17,112,068       324,480       —  

Pay total return on underlying security and receive financing amount based on notional amount and daily U.S. Federal Funds rate less 0.41%.

     Short     Consumer Discretionary Select SPDR Fund (142,800 shares)     10/4/18       (12,796,451 )      —       (104,943 ) 

Pay total return on underlying security and pay financing amount based on notional amount and daily U.S. Federal Funds rate less 2.91%.

     Short     SPDR S&P Retail ETF (108,900 shares)     10/4/18       (4,259,841 )      —       (314,562 ) 

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     Centene Corp. (143,200 shares)     10/9/18       12,686,331       1,155,024       —  

Pay total return on underlying security and receive financing amount based on notional amount and daily U.S. Federal Funds rate less 0.41%.

     Short     Health Care Select Sector SPDR Fund (157,000 shares)     10/9/18       (12,676,007 )      —       (91,284 ) 

 

9

SCHEDULE OF INVESTMENTS (CONTINUED)

 

September 30, 2017 (unaudited)

 

Description  

Termination
Date

    

Notional
Amount

     Value and
Unrealized
Appreciation
(Assets)		     Value and
Unrealized
Depreciation
(Liabilities)		  
Terms   Contract
Type		     Underlying
Security		        

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     Mondelez International Inc. (319,500 shares)     10/24/18     $ 12,945,150     $ 108,632     $ —  

Pay total return on underlying security and receive financing amount based on notional amount and daily U.S. Federal Funds rate less 0.41%.

     Short     Consumer Staples Select Sector SPDR Fund (235,200 shares)     10/24/18       (12,852,151 )      202,781       —  

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     Celgene Corp. (181,800 shares)     10/26/18       26,155,748       344,389       —  

Pay total return on underlying security and receive financing amount based on notional amount and daily U.S. Federal Funds rate less 0.41%.

     Short     Health Care Select Sector SPDR Fund (321,300 shares)     10/26/18       (26,173,741 )      —       (186,813 ) 
         

 

 

    

 

 

  

Gross unrealized gain/(loss) on open total return swap agreements

 

   $ 5,648,666     $ (3,094,434 ) 
         

 

 

    

 

 

  

Net unrealized gain on open total return swap agreements (G)

 

   $ 2,554,232    
         

 

 

    

 

Notes:

(A) Common stocks are listed on the New York Stock Exchange or the NASDAQ and are valued at the last reported sale price on the day of valuation.
(B) Presently non-dividend paying.
(C) Non-controlled affiliate, a closed-end sector fund, registered as an investment company under the Investment Company Act of 1940.
(D) Controlled affiliate valued using fair value procedures.
(E) Rate presented is as of period-end and represents the annualized yield earned over the previous seven days.
(F) All or a portion of shares held are on loan.
(G) Counterparty for all open swap agreements is Morgan Stanley. At period-end, $2,180,000 in cash collateral was held by the Fund.

 

10

ADAMS DIVERSIFIED EQUITY FUND, INC.

 

 

 

Board of Directors

 

Enrique R. Arzac 2,4

  

Frederic A. Escherich  1,2,3

  

Craig R. Smith 2,3

Phyllis O. Bonanno 3,4

  

Roger W. Gale 1,2,4

 

Mark E. Stoeckle 1

Kenneth J. Dale 1,3,4

  

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 & President

James P. Haynie, CFA

  

Executive Vice President

D. Cotton Swindell, CFA

  

Executive Vice President

Brian S. Hook, CFA, CPA

  

Vice President, Chief Financial Officer & Treasurer

Lawrence L. Hooper, Jr.

  

Vice President, General Counsel, Secretary & Chief Compliance Officer

Steven R. Crain, CFA

  

Vice President—Research

Michael E. Rega, CFA

  

Vice President—Research

David R. Schiminger, CFA

  

Vice President—Research

Jeffrey R. Schollaert, CFA

  

Vice President—Research

Christine M. Sloan, CPA

  

Assistant Treasurer

 

 

 

500 East Pratt Street, Suite 1300, Baltimore, MD 21202

410.752.5900        800.638.2479

Website: www.adamsfunds.com

E-mail: contact@adamsfunds.com

Tickers: ADX (NYSE), XADEX (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

(877) 260-8188

Website: www.astfinancial.com

E-mail: info@astfinancial.com

 

 

 

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