A multiple component adhesive composition is comprised of a polymeric reinforcing phase component and an adsorbent phase component, both as heterogeneously dispersed particulates in an adsorbed liquid component. The reinforcing phase component is substantially incompatible with the liquid component, the adsorbent phase component is compatible or substantially more compatible with the liquid component than is the reinforcing phase component, and the reinforcing phase and adsorbent phase components are partially compatible with one another. The composition has the rheological characteristics of a liquid dispersion and is capable of forming a molten blend at elevated temperatures that solidifies into a solid adhesive upon cooling. Hot-melt or other liquid compositions may also include nanoparticles at least partially exfoliated as a result of shear mixing.