Schedule of Investments

March 31, 2023
(unaudited)

​	Shares		Value (a)
Common Stocks — 99.6%
Communication Services — 7.9%
Alphabet Inc. Class A (b)	​	606,400	​	$	62,901,872
Comcast Corporation Class A	​	533,000	​	​	20,206,030
Communication Services Select Sector SPDR Fund	​	122,466	​	​	7,099,354
Meta Platforms, Inc. Class A (b)	​	141,500	​	​	29,989,510
Netflix, Inc. (b)	​	30,022	​	​	10,372,001
T-Mobile US, Inc. (b)	​	171,870	​	​	24,893,651
Walt Disney Company (b)	​	219,300	​	​	21,958,509
​			​	​	177,420,927
Consumer Discretionary — 10.4%
Amazon.com, Inc. (b)	​	538,100	​	​	55,580,349
Booking Holdings Inc. (b)	​	10,600	​	​	28,115,546
Capri Holdings Limited (b)	​	248,000	​	​	11,656,000
Home Depot, Inc.	​	58,000	​	​	17,116,960
Las Vegas Sands Corp. (b)	​	229,800	​	​	13,202,010
O’Reilly Automotive, Inc. (b)	​	24,600	​	​	20,884,908
Tesla, Inc. (b)	​	131,500	​	​	27,280,990
TJX Companies, Inc.	​	270,060	​	​	21,161,902
Tractor Supply Company	​	94,691	​	​	22,256,173
YUM! Brands, Inc.	​	113,200	​	​	14,951,456
​			​	​	232,206,294
Consumer Staples — 7.0%
Coca-Cola Company	​	165,700	​	​	10,278,371
Estee Lauder Companies Inc. Class A	​	62,667	​	​	15,444,909
Monster Beverage Corporation (b)	​	301,868	​	​	16,303,891
PepsiCo, Inc.	​	78,800	​	​	14,365,240
Philip Morris International Inc.	​	227,435	​	​	22,118,054
Procter & Gamble Company	​	246,249	​	​	36,614,764
Sysco Corporation	​	180,900	​	​	13,970,907
Walmart Inc.	​	194,981	​	​	28,749,948
​			​	​	157,846,084
Energy — 4.7%
Adams Natural Resources Fund, Inc. (c)(g)	​	2,186,774	​	​	44,960,073
ConocoPhillips	​	192,500	​	​	19,097,925
Exxon Mobil Corporation	​	63,874	​	​	7,004,423
Marathon Petroleum Corporation	​	153,337	​	​	20,674,428
Pioneer Natural Resources Company	​	63,600	​	​	12,989,664
​			​	​	104,726,513

Schedule of Investments (continued)

March 31, 2023
(unaudited)

​	Shares		Value (a)
Financials — 12.8%
American International Group, Inc.	​	199,900	​	$	10,066,964
Bank of America Corp.	​	444,968	​	​	12,726,085
Berkshire Hathaway Inc. Class B (b)	​	110,294	​	​	34,055,478
Charles Schwab Corp.	​	445,400	​	​	23,330,052
JPMorgan Chase & Co.	​	303,487	​	​	39,547,391
MarketAxess Holdings Inc.	​	39,781	​	​	15,565,907
Mastercard Incorporated Class A	​	92,462	​	​	33,601,615
Morgan Stanley	​	261,869	​	​	22,992,098
Visa Inc. Class A	​	177,300	​	​	39,974,058
Wells Fargo & Company	​	860,400	​	​	32,161,752
Willis Towers Watson plc	​	96,700	​	​	22,471,146
​			​	​	286,492,546
Health Care — 13.9%
AbbVie, Inc.	​	179,776	​	​	28,650,901
AmerisourceBergen Corporation	​	156,900	​	​	25,121,259
CVS Health Corporation	​	266,674	​	​	19,816,545
DexCom, Inc. (b)	​	194,957	​	​	22,650,104
Eli Lilly and Company	​	76,768	​	​	26,363,667
Health Care Select Sector SPDR Fund	​	70,163	​	​	9,083,302
Incyte Corporation (b)	​	304,300	​	​	21,991,761
Johnson & Johnson	​	121,800	​	​	18,879,000
Merck & Co., Inc.	​	84,000	​	​	8,936,760
Pfizer Inc.	​	265,660	​	​	10,838,928
Regeneron Pharmaceuticals, Inc. (b)	​	33,500	​	​	27,525,945
Thermo Fisher Scientific Inc.	​	76,600	​	​	44,149,942
UnitedHealth Group Incorporated	​	99,300	​	​	46,928,187
			​	​	310,936,301
Industrials — 8.9%
Allegion plc	​	150,000	​	​	16,009,500
Automatic Data Processing, Inc.	​	45,500	​	​	10,129,665
Boeing Company (b)	​	106,000	​	​	22,517,580
Carrier Global Corporation	​	230,814	​	​	10,559,740
General Dynamics Corporation	​	109,800	​	​	25,057,458
Industrial Select Sector SPDR Fund	​	125,600	​	​	12,708,208
Ingersoll Rand Inc.	​	302,900	​	​	17,622,722
Lincoln Electric Holdings, Inc.	​	55,180	​	​	9,330,938
Parker-Hannifin Corporation	​	51,557	​	​	17,328,823
Quanta Services, Inc.	​	119,000	​	​	19,830,160
TransDigm Group Incorporated (b)	​	26,700	​	​	19,679,235
Union Pacific Corporation	​	92,600	​	​	18,636,676
​			​	​	199,410,705

Schedule of Investments (continued)

March 31, 2023
(unaudited)

​	Shares		Value (a)
Information Technology — 26.2%
Accenture plc Class A	​	101,119	​	$	28,900,821
Advanced Micro Devices, Inc. (b)	​	106,300	​	​	10,418,463
ANSYS, Inc. (b)	​	52,100	​	​	17,338,880
Apple Inc.	​	954,500	​	​	157,397,050
Arista Networks, Inc. (b)	​	123,891	​	​	20,796,343
Autodesk, Inc. (b)	​	70,400	​	​	14,654,464
Cisco Systems, Inc.	​	502,500	​	​	26,268,188
Intuit Inc.	​	47,600	​	​	21,221,508
Lam Research Corporation	​	48,900	​	​	25,922,868
Manhattan Associates, Inc. (b)	​	111,700	​	​	17,296,745
Microsoft Corporation	​	517,700	​	​	149,252,910
NVIDIA Corporation	​	166,400	​	​	46,220,928
Oracle Corporation	​	109,400	​	​	10,165,448
Paycom Software, Inc. (b)	​	44,200	​	​	13,437,242
QUALCOMM Incorporated	​	183,100	​	​	23,359,898
Technology Select Sector SPDR Fund	​	29,580	​	​	4,466,876
​			​	​	587,118,632
Materials — 2.6%
Air Products and Chemicals, Inc.	​	26,800	​	​	7,697,228
FMC Corporation	​	86,200	​	​	10,527,606
Linde plc	​	50,600	​	​	17,985,264
Sherwin-Williams Company	​	46,000	​	​	10,339,420
Steel Dynamics, Inc.	​	98,500	​	​	11,136,410
​			​	​	57,685,928
Real Estate — 2.5%
Prologis, Inc.	​	174,800	​	​	21,809,796
Public Storage	​	31,800	​	​	9,608,052
Realty Income Corporation	​	190,900	​	​	12,087,788
SBA Communications Corp. Class A	​	45,200	​	​	11,800,364
​			​	​	55,306,000
Utilities — 2.7%
AES Corporation	​	582,500	​	​	14,026,600
CenterPoint Energy, Inc.	​	460,600	​	​	13,569,276
PPL Corporation	​	576,500	​	​	16,020,935
Sempra Energy	​	104,800	​	​	15,841,568
			​	​	59,458,379
Total Common Stocks
(Cost $1,471,843,866)	​	​	​	​	2,228,608,309

Schedule of Investments (continued)

March 31, 2023
(unaudited)

​	Shares		Value (a)
Other Investments — 0.0%
Financials — 0.0%
Adams Funds Advisers, LLC (b)(d)(g)	​	​	​	​	​
(Cost $150,000)	​	​	​	$	466,000
Short-Term Investments — 0.4%
Money Market Funds — 0.4%
Northern Institutional Treasury Portfolio, 4.56% (e)	​	1,004,162	​	​	1,004,162
Western Asset Institutional Liquid Reserves Fund, 4.95% (e)	​	8,108,061	​	​	8,106,440
Total Short-Term Investments
(Cost $9,109,951)	​	​	​	​	9,110,602
Total — 100.0%
(Cost $1,481,103,817)	​	​	​	​	2,238,184,911
Other Assets Less Liabilities — 0.0%	​	​	​	​	232,169
Net Assets — 100.0%	​	​	​	$	2,238,417,080

Total Return Swap Agreements — 0.0%

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

PepsiCo, Inc. (98,600 shares)

3/11/2024

​

$

16,918,597

​

$

1,038,623

​

$

—

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 (230,900 shares)

3/11/2024

​

​

(16,883,547)

​

​

—

​

​

(341,224)

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

Conagra Brands, Inc. (394,077 shares)

4/10/2024

​

​

14,164,196

​

​

585,200

​

​

—

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 (195,917 shares)

4/10/2024

​

​

(14,100,137)

​

​

—

​

​

(562,429)

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

Keurig Dr Pepper Inc. (312,201 shares)

4/10/2024

​

​

10,898,947

​

​

137,827

​

​

—

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 (150,716 shares)

4/10/2024

​

​

(10,847,023)

​

​

—

​

​

(432,668)

Schedule of Investments (continued)

March 31, 2023
(unaudited)

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

Post Holdings, Inc. (121,676 shares)

4/10/2024

​

$

10,888,179

​

$

6,763

​

$

—

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 (150,695 shares)

4/10/2024

​

​

(10,845,512)

​

​

—

​

​

(432,608)

Gross unrealized gain (loss) on open total return swap agreements

​

$

1,768,413

​

$

(1,768,929)

Net unrealized loss on open total return swap agreements (f)

​

​

​

​

$

(516)

(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.

(g)

During the three months ended March 31, 2023, investments in affiliates were as follows:

Affiliate	Shares held		Net realized gain (loss) and long-term capital gain distributions			Dividend income and short-term capital gain distributions			Change in unrealized appreciation			Value
Adams Funds Advisers, LLC (controlled)	​	n/a	​	$	—	​	$	—	​	$	—	​	$	466,000
Adams Natural Resources Funds, Inc. (non-controlled)	​	2,186,774	​	​	43,735	​	​	174,942	​	​	(2,711,600)	​	​	44,960,073
Total	​	​	​	$	43,735	​	$	174,942	​	$	(2,711,600)	​	$	45,426,073

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