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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.​
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