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Spring 2012	In this issue: Van Davis - Banks / Financials Update Nancy Prue, Brian Hook Promoted
Winter 2012	In this issue: Doug Ober - The Outlook for 2012 In Memory of Thomas H. Lenagh The Past Plays Into the Future
Fall 2011	In this issue: Adams Express Commits to 6% Annual Distribution Consumer Staples - David Schiminger Anniversary Archive - What Was Good Then ...
Summer 2011	In this issue: An Oasis Within Equity Investing Tech Bubble Redux?
Spring 2011	In this issue: Interest in Closed-End Funds on the Rise. Stockholders Defeat Proposal. Michael A. Kijesky Promoted.
Winter 2011	In this issue: The Outlook for Stocks. The Coal Hard Facts. The Gift that Keeps on Giving.
Fall 2010	In this issue: European debt crisis and the funds. Shareholder survey.
Summer 2010	In this issue: Nancy Prue - Impact of the Gulf oil disaster. Electronic delivery of stockholder information.
Spring 2010	In this issue: Rich Church - opportunities in technology, telecom & media. Anniversary Archive - Buy & Hold investor, worthy causes Annual Meeting highlights
Winter 2010	In this issue: Annual Meeting - March 23, 2010 Strategies: Nancy Prue on the Energy sector Strategies: David Weaver on the Industrial sector Strategies: Cotton Swindell on the Financial sector
Fall 2009	In this issue: Our View of the Recovery. A conversation with Doug Ober Nancy J. F. Prue Elected EVP of Petroleum & Resources Michael A. Kijesky Joins PEO as Senior Research Analyst
Summer 2009	In this issue: Industry Outlook: Trends and Lessons from This Recession Joe Truta, Adams Express President, Retires After 40 Years Anniversary Archive – From Student to Stockholder
Spring 2009	In this issue: Outlook: Spring Brings First Signs of Economy Bottoming After 21 Years, Maureen Jones, VP, CFO & Treasurer Retires When and How to Hire a Financial Planner
Winter 2009	In this issue: Industry Outlook: Economic Predictions for 2009 Is the Bailout Enough? Anniversary Archive – Dale L. Flesher, Univ. of Mississippi
Fall 2008 Summer 2008 Spring 2008 Winter 2008 Fall 2007 Summer 2007 Spring 2007 Winter 2006 Fall 2006 Summer 2006 Spring 2006 Fall 2005 Spring 2005 Fall 2004 Spring 2004 Fall 2003 Spring 2003 Spring 2002 Fall 2001 Spring 2001

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Stock and Distribution

Nav & Stock Price Per Share
Net Asset Value:	$ 11.95
Closing Price:	$ 10.27
Discount:	-14.1%
This is the closing price from the NYSE on 05/22/2012.

annual DISTRIBUTION Rate
2011	6.1%
5-Year Average	5.8%
The annual distribution rate is the total dividends and capital gain distributions during the year divided by the average month-end market price of the Company's Common Stock for the calendar year in years prior to 2011 and for the 12 months ended October 31 in 2011. As of September 8, 2011, the Board of Directors committed to an annual distribution rate of at least 6%.