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ADAMS DIVERSIFIED EQUITY FUND, INC.
 
Schedule of Investments
​
September 30, 2020
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Common Stocks — 99.7% ​
Communication Services — 10.3%
 ​
Activision Blizzard, Inc.
 ​ ​ ​ ​ 139,700 ​ ​ ​ ​ $ 11,308,715 ​ ​
Alphabet Inc. Class A (b)
 ​ ​ ​ ​ 40,100 ​ ​ ​ ​ ​ 58,770,560 ​ ​
AT&T Inc.
 ​ ​ ​ ​ 457,382 ​ ​ ​ ​ ​ 13,039,961 ​ ​
Charter Communications, Inc. Class A (b)
 ​ ​ ​ ​ 23,400 ​ ​ ​ ​ ​ 14,609,556 ​ ​
Comcast Corporation Class A
 ​ ​ ​ ​ 668,200 ​ ​ ​ ​ ​ 30,910,932 ​ ​
Facebook, Inc. Class A (b)
 ​ ​ ​ ​ 196,800 ​ ​ ​ ​ ​ 51,541,920 ​ ​
Netflix, Inc. (b)
 ​ ​ ​ ​ 18,900 ​ ​ ​ ​ ​ 9,450,567 ​ ​
ViacomCBS Inc. Class B
 ​ ​ ​ ​ 196,400 ​ ​ ​ ​ ​ 5,501,164 ​ ​
Walt Disney Company
 ​ ​ ​ ​ 132,700 ​ ​ ​ ​ ​ 16,465,416 ​ ​
​ ​ ​ ​ ​ 211,598,791 ​ ​
Consumer Discretionary — 12.0%
 ​
Amazon.com, Inc. (b)
 ​ ​ ​ ​ 33,900 ​ ​ ​ ​ ​ 106,741,947 ​ ​
Chipotle Mexican Grill, Inc. (b)
 ​ ​ ​ ​ 11,500 ​ ​ ​ ​ ​ 14,302,665 ​ ​
Dick’s Sporting Goods, Inc.
 ​ ​ ​ ​ 132,800 ​ ​ ​ ​ ​ 7,686,464 ​ ​
General Motors Company
​ ​ ​ ​ 196,300 ​ ​ ​ ​ ​ 5,808,517 ​ ​
Hilton Worldwide Holdings, Inc.
​ ​ ​ ​ 114,400 ​ ​ ​ ​ ​ 9,760,608 ​ ​
Home Depot, Inc.
 ​ ​ ​ ​ 118,100 ​ ​ ​ ​ ​ 32,797,551 ​ ​
Las Vegas Sands Corp.
​ ​ ​ ​ 180,700 ​ ​ ​ ​ ​ 8,431,462 ​ ​
Lowe’s Companies, Inc.
 ​ ​ ​ ​ 123,900 ​ ​ ​ ​ ​ 20,550,054 ​ ​
Magna International Inc.
 ​ ​ ​ ​ 129,400 ​ ​ ​ ​ ​ 5,920,050 ​ ​
NVR, Inc. (b)
 ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 7,349,616 ​ ​
Target Corporation
 ​ ​ ​ ​ 169,700 ​ ​ ​ ​ ​ 26,714,174 ​ ​
​ ​ ​ ​ 246,063,108 ​ ​
Consumer Staples — 7.1%
 ​
Coca-Cola Company
 ​ ​ ​ ​ 600,400 ​ ​ ​ ​ ​ 29,641,748 ​ ​
Costco Wholesale Corporation
 ​ ​ ​ ​ 63,600 ​ ​ ​ ​ ​ 22,578,000 ​ ​
Mondelez International, Inc. Class A
 ​ ​ ​ ​ 348,100 ​ ​ ​ ​ ​ 19,998,345 ​ ​
PepsiCo, Inc.
 ​ ​ ​ ​ 118,700 ​ ​ ​ ​ ​ 16,451,820 ​ ​
Philip Morris International Inc.
 ​ ​ ​ ​ 263,500 ​ ​ ​ ​ ​ 19,759,865 ​ ​
Procter & Gamble Company
 ​ ​ ​ ​ 115,350 ​ ​ ​ ​ ​ 16,032,496 ​ ​
Walmart Inc.
 ​ ​ ​ ​ 151,100 ​ ​ ​ ​ ​ 21,140,401 ​ ​
​ ​ ​ ​ ​ 145,602,675 ​ ​
Energy — 2.2%
 ​
Adams Natural Resources Fund, Inc. (c)(g)
 ​ ​ ​ ​ 2,186,774 ​ ​ ​ ​ ​ 21,386,650 ​ ​
Chevron Corporation
 ​ ​ ​ ​ 140,200 ​ ​ ​ ​ ​ 10,094,400 ​ ​
ConocoPhillips
 ​ ​ ​ ​ 210,300 ​ ​ ​ ​ ​ 6,906,252 ​ ​
Exxon Mobil Corporation
 ​ ​ ​ ​ 86,700 ​ ​ ​ ​ ​ 2,976,411 ​ ​
Valero Energy Corporation
 ​ ​ ​ ​ 69,000 ​ ​ ​ ​ ​ 2,989,080 ​ ​
​ ​ ​ ​ 44,352,793 ​ ​
​
Schedule of Investments (continued)
​
September 30, 2020
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Financials — 9.8%
 ​
Aon plc
 ​ ​ ​ ​ 84,800 ​ ​ ​ ​ $ 17,494,240 ​ ​
Bank of America Corp.
 ​ ​ ​ ​ 1,282,300 ​ ​ ​ ​ ​ 30,890,607 ​ ​
Berkshire Hathaway Inc. Class B (b)
 ​ ​ ​ ​ 82,400 ​ ​ ​ ​ ​ 17,546,256 ​ ​
Capital One Financial Corporation
 ​ ​ ​ ​ 185,900 ​ ​ ​ ​ ​ 13,358,774 ​ ​
Intercontinental Exchange, Inc.
 ​ ​ ​ ​ 206,600 ​ ​ ​ ​ ​ 20,670,330 ​ ​
JPMorgan Chase & Co.
 ​ ​ ​ ​ 283,800 ​ ​ ​ ​ ​ 27,321,426 ​ ​
MetLife, Inc.
 ​ ​ ​ ​ 501,300 ​ ​ ​ ​ ​ 18,633,321 ​ ​
Morgan Stanley
 ​ ​ ​ ​ 358,500 ​ ​ ​ ​ ​ 17,333,475 ​ ​
S&P Global, Inc.
 ​ ​ ​ ​ 63,200 ​ ​ ​ ​ ​ 22,789,920 ​ ​
T. Rowe Price Group
 ​ ​ ​ ​ 120,900 ​ ​ ​ ​ ​ 15,501,798 ​ ​
​ ​ ​ ​ ​ 201,540,147 ​ ​
Health Care — 14.1%
 ​
Abbott Laboratories
 ​ ​ ​ ​ 256,400 ​ ​ ​ ​ ​ 27,904,012 ​ ​
AbbVie, Inc.
 ​ ​ ​ ​ 281,100 ​ ​ ​ ​ ​ 24,621,549 ​ ​
Alexion Pharmaceuticals, Inc. (b)
 ​ ​ ​ ​ 91,200 ​ ​ ​ ​ ​ 10,436,016 ​ ​
AmerisourceBergen Corporation
 ​ ​ ​ ​ 155,600 ​ ​ ​ ​ ​ 15,080,752 ​ ​
Bristol-Myers Squibb Company
 ​ ​ ​ ​ 395,000 ​ ​ ​ ​ ​ 23,814,550 ​ ​
Centene Corporation (b)
 ​ ​ ​ ​ 231,500 ​ ​ ​ ​ ​ 13,503,395 ​ ​
CVS Health Corporation
 ​ ​ ​ ​ 159,200 ​ ​ ​ ​ ​ 9,297,280 ​ ​
Edwards Lifesciences Corporation (b)
 ​ ​ ​ ​ 186,300 ​ ​ ​ ​ ​ 14,870,466 ​ ​
Eli Lilly and Company
 ​ ​ ​ ​ 132,000 ​ ​ ​ ​ ​ 19,538,640 ​ ​
Johnson & Johnson
 ​ ​ ​ ​ 158,300 ​ ​ ​ ​ ​ 23,567,704 ​ ​
Merck & Co., Inc.
 ​ ​ ​ ​ 106,800 ​ ​ ​ ​ ​ 8,859,060 ​ ​
Thermo Fisher Scientific Inc.
 ​ ​ ​ ​ 93,800 ​ ​ ​ ​ ​ 41,414,576 ​ ​
UnitedHealth Group Incorporated
 ​ ​ ​ ​ 137,900 ​ ​ ​ ​ ​ 42,993,083 ​ ​
Vertex Pharmaceuticals Incorporated (b)
 ​ ​ ​ ​ 52,100 ​ ​ ​ ​ ​ 14,177,452 ​ ​
​ ​ ​ ​ 290,078,535 ​ ​
Industrials — 8.2%
 ​
Caterpillar Inc.
 ​ ​ ​ ​ 94,100 ​ ​ ​ ​ ​ 14,035,015 ​ ​
Cintas Corporation
 ​ ​ ​ ​ 23,800 ​ ​ ​ ​ ​ 7,921,354 ​ ​
Honeywell International Inc.
 ​ ​ ​ ​ 149,800 ​ ​ ​ ​ ​ 24,658,578 ​ ​
Industrial Select Sector SPDR Fund
 ​ ​ ​ ​ 192,100 ​ ​ ​ ​ ​ 14,787,858 ​ ​
Kansas City Southern
 ​ ​ ​ ​ 76,700 ​ ​ ​ ​ ​ 13,869,661 ​ ​
L3Harris Technologies Inc.
 ​ ​ ​ ​ 88,800 ​ ​ ​ ​ ​ 15,081,792 ​ ​
Lincoln Electric Holdings, Inc.
 ​ ​ ​ ​ 111,800 ​ ​ ​ ​ ​ 10,290,072 ​ ​
Parker-Hannifin Corporation
 ​ ​ ​ ​ 73,500 ​ ​ ​ ​ ​ 14,871,990 ​ ​
Raytheon Technologies Corporation
 ​ ​ ​ ​ 299,300 ​ ​ ​ ​ ​ 17,221,722 ​ ​
Union Pacific Corporation
 ​ ​ ​ ​ 142,400 ​ ​ ​ ​ ​ 28,034,288 ​ ​
United Rentals, Inc. (b)
 ​ ​ ​ ​ 43,800 ​ ​ ​ ​ ​ 7,643,100 ​ ​
​ ​ ​ ​ ​ 168,415,430 ​ ​
​
​
Schedule of Investments (continued)
​
September 30, 2020
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Information Technology — 28.0%
 ​
Accenture plc Class A
 ​ ​ ​ ​ 39,500 ​ ​ ​ ​ $ 8,926,605 ​ ​
Adobe Inc. (b)
 ​ ​ ​ ​ 66,300 ​ ​ ​ ​ ​ 32,515,509 ​ ​
Amphenol Corporation Class A
 ​ ​ ​ ​ 39,300 ​ ​ ​ ​ ​ 4,255,011 ​ ​
Apple Inc.
 ​ ​ ​ ​ 1,125,100 ​ ​ ​ ​ ​ 130,297,831 ​ ​
Applied Materials, Inc.
 ​ ​ ​ ​ 184,700 ​ ​ ​ ​ ​ 10,980,415 ​ ​
CDW Corp.
 ​ ​ ​ ​ 66,900 ​ ​ ​ ​ ​ 7,996,557 ​ ​
Cisco Systems, Inc.
 ​ ​ ​ ​ 292,800 ​ ​ ​ ​ ​ 11,533,392 ​ ​
Fidelity National Information Services, Inc.
 ​ ​ ​ ​ 123,700 ​ ​ ​ ​ ​ 18,209,877 ​ ​
Intel Corporation
 ​ ​ ​ ​ 203,200 ​ ​ ​ ​ ​ 10,521,696 ​ ​
Lam Research Corporation
 ​ ​ ​ ​ 44,600 ​ ​ ​ ​ ​ 14,796,050 ​ ​
Mastercard Incorporated Class A
 ​ ​ ​ ​ 96,400 ​ ​ ​ ​ ​ 32,599,588 ​ ​
Microsoft Corporation
 ​ ​ ​ ​ 675,900 ​ ​ ​ ​ ​ 142,162,047 ​ ​
NVIDIA Corporation
 ​ ​ ​ ​ 35,900 ​ ​ ​ ​ ​ 19,429,798 ​ ​
Oracle Corporation
 ​ ​ ​ ​ 122,200 ​ ​ ​ ​ ​ 7,295,340 ​ ​
PayPal Holdings Inc. (b)
 ​ ​ ​ ​ 42,200 ​ ​ ​ ​ ​ 8,314,666 ​ ​
QUALCOMM Incorporated
 ​ ​ ​ ​ 164,200 ​ ​ ​ ​ ​ 19,323,056 ​ ​
salesforce.com, inc. (b)
 ​ ​ ​ ​ 41,000 ​ ​ ​ ​ ​ 10,304,120 ​ ​
Skyworks Solutions, Inc.
 ​ ​ ​ ​ 82,500 ​ ​ ​ ​ ​ 12,003,750 ​ ​
Technology Select Sector SPDR Fund
 ​ ​ ​ ​ 161,300 ​ ​ ​ ​ ​ 18,823,710 ​ ​
VeriSign, Inc. (b)
 ​ ​ ​ ​ 58,400 ​ ​ ​ ​ ​ 11,963,240 ​ ​
Visa Inc. Class A
 ​ ​ ​ ​ 211,700 ​ ​ ​ ​ ​ 42,333,649 ​ ​
​ ​ ​ ​ ​ 574,585,907 ​ ​
Materials — 1.9%
 ​
Linde plc
 ​ ​ ​ ​ 87,000 ​ ​ ​ ​ ​ 20,717,310 ​ ​
LyondellBasell Industries N.V.
 ​ ​ ​ ​ 71,800 ​ ​ ​ ​ ​ 5,061,182 ​ ​
Sherwin-Williams Company
 ​ ​ ​ ​ 20,200 ​ ​ ​ ​ ​ 14,074,148 ​ ​
​ ​ ​ ​ ​ 39,852,640 ​ ​
Real Estate — 2.8%
 ​
American Tower Corporation
 ​ ​ ​ ​ 69,400 ​ ​ ​ ​ ​ 16,776,062 ​ ​
CBRE Group, Inc. Class A (b)
 ​ ​ ​ ​ 141,300 ​ ​ ​ ​ ​ 6,636,861 ​ ​
Equinix, Inc.
 ​ ​ ​ ​ 13,900 ​ ​ ​ ​ ​ 10,565,807 ​ ​
Prologis, Inc.
 ​ ​ ​ ​ 168,100 ​ ​ ​ ​ ​ 16,914,222 ​ ​
Simon Property Group, Inc.
 ​ ​ ​ ​ 93,800 ​ ​ ​ ​ ​ 6,066,984 ​ ​
​ ​ ​ ​ ​ 56,959,936 ​ ​
Utilities — 3.3%
 ​
Alliant Energy Corporation
 ​ ​ ​ ​ 241,400 ​ ​ ​ ​ ​ 12,468,310 ​ ​
CMS Energy Corporation
 ​ ​ ​ ​ 215,200 ​ ​ ​ ​ ​ 13,215,432 ​ ​
NextEra Energy, Inc.
 ​ ​ ​ ​ 81,300 ​ ​ ​ ​ ​ 22,565,628 ​ ​
Utilities Select Sector SPDR Fund
 ​ ​ ​ ​ 105,400 ​ ​ ​ ​ ​ 6,258,652 ​ ​
WEC Energy Group Inc.
 ​ ​ ​ ​ 146,400 ​ ​ ​ ​ ​ 14,186,160 ​ ​
​ ​ ​ ​ ​ 68,694,182 ​ ​
​
​
Schedule of Investments (continued)
​
September 30, 2020
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Total Common Stocks ​
(Cost $1,300,470,437)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 2,047,744,144
Other Investments — 0.0% ​
Financials — 0.0%
 ​
Adams Funds Advisers, LLC (b)(d)(g)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $150,000)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 466,000
Short-Term Investments — 0.3% ​
Money Market Funds — 0.3%
 ​
Morgan Stanley Institutional Liquidity Funds Prime Portfolio, 0.16% (e)
 ​ ​ ​ ​ 5,709,795 ​ ​ ​ ​ ​ 5,710,366
Northern Institutional Treasury Portfolio, 0.04% (e)
 ​ ​ ​ ​ 574,101 ​ ​ ​ ​ ​ 574,101
Total Short-Term Investments ​
(Cost $6,282,699)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,284,467
Total — 100.0% ​
(Cost $1,306,903,136)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,054,494,611
Other Assets Less Liabilities — 0.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (942,408 )
Net Assets — 100.0%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 2,053,552,203
​
​
​
Schedule of Investments (continued)
​
September 30, 2020
(unaudited)
Total Return Swap Agreements — 0.1%
Description
 ​ ​
​ ​ ​ ​ ​ ​
Value and
Unrealized
Appreciation
(Assets)
​ ​
Value and
Unrealized
Depreciation
(Liabilities)
​
Terms
 ​ ​
Contract
Type
 ​ ​
Underlying
Security
 ​ ​
Termination
Date
​ ​
Notional
Amount
​
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
​ ​ Procter & Gamble Company (160,300 shares) ​ ​
7/26/2021
 ​ ​ ​ $ 18,870,468 ​ ​ ​ ​ $ 3,504,399 ​ ​ ​ ​ $ — ​ ​
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
 ​ ​ Consumer Staples Select
Sector SPDR Fund
(323,200 shares)		 ​ ​
7/26/2021
 ​ ​ ​ ​ (18,812,923) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (2,043,691) ​ ​
   ​ ​ ​ ​    ​ ​ ​ ​ ​    ​ ​
Gross unrealized gain (loss) on open total return swap agreements ​ ​ ​ $ 3,504,399 ​ ​ ​ ​ $ (2,043,691) ​ ​
Net unrealized gain on open total return swap agreements (f) ​ ​ ​ $ 1,460,708 ​ ​ ​ ​ ​ ​ ​ ​
​
(a)
Common stocks are listed on the New York Stock Exchange or 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)
Counterparty for all open total return swap agreements is Morgan Stanley. At September 30, 2020, $1,500,000 in cash collateral was held by the Fund.
​
(g)
During the nine months ended September 30, 2020, investments in affiliates were as follows:
​

 

Affiliate  Shares held   Net realized gain (loss) and capital gain distributions   Dividend income   Change in unrealized appreciation   Value
September 30, 2020		 
Adams Funds Advisers, LLC (controlled)   n/a   $-   $-   $-   $466,000 
Adams Natural Resources Fund, Inc. (non-controlled)   2,186,774    65,603    590,429    (14,607,650)   21,386,650 
Total       $65,603   $590,429   $(14,607,650)  $21,852,650 

 

Information regarding transactions in equity securities during the quarter can be found on our website at: www.adamsfunds.com.