The board of directors of Petroleum & Resources Corporation named James P. Haynie as Executive Vice President and a member of the portfolio management team for the fund. The fund also announced the resignation of David D. Weaver. Mr. Haynie comes to the fund from the global investment management firm BNP Paribas Investment Partners, where he most recently served as Chief Investment Officer, U.S. Equities, and as a Senior Portfolio Manager.

He and Mark Stoeckle, Petroleum & Resources' Chief Executive Officer, have worked closely together for many years, including the last 8 years at BNP Paribas Investment Partners before Mr. Stoeckle joined the Fund. Mr. Haynie has over 27 years of experience in financial services and asset management. Prior to joining BNP Paribas Investment Partners, he co-founded a long/short market-neutral equity fund.

Mr. Haynie is expected to assume his duties in mid-August. David D. Weaver, former Executive Vice President, resigned from the Fund last week. He served as Executive Vice President beginning in 2010 and was a member of the portfolio management team.