As of March 31, 2015, Petroleum & Resources Corporation and The Adams Express Company became part of a newly-branded Adams Funds platform.
Adams Natural Resources Fund (NYSE: PEO), formerly known as Petroleum & Resources Corporation, is one of the nation’s oldest and most respected closed-end funds, and is the longest-tenured closed-end fund specializing in energy and natural resources stocks. The Fund’s former name described what the Fund invests in but does not indicate that it is a fund and not an operating company. Additionally, the name did not capture the Fund’s long-standing relationship with Adams Diversified Equity Fund (NYSE: ADX) - formerly known as The Adams Express Company - a closed-end fund with which it shares a management team and Board of Directors. We believe it is time to address each of those matters by renaming Petroleum & Resources Corporation and including both it and Adams Express under one brand platform.
We are pleased to announce that, beginning March 31, 2015, Petroleum & Resources Corporation changed its name to Adams Natural Resources Fund. Similarly, Adams Express changed its name to Adams Diversified Equity Fund. Both closed-end funds will be part of a newly-formed Adams Funds platform and will continue to be managed by an experienced team of portfolio managers and analysts, employing a disciplined approach to identify investment opportunities and carefully manage risk. The Funds’ ticker symbols will not change.
Our new name is both descriptive of our mandate and reflective of our shared history with Adams Diversified Equity Fund. Beyond the name of the platform and Funds’ respective names, everything else will remain the same. Our values and commitment to our shareholders will not change.