0001104659-24-066446.txt : 20240530 0001104659-24-066446.hdr.sgml : 20240530 20240530083931 ACCESSION NUMBER: 0001104659-24-066446 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240331 FILED AS OF DATE: 20240530 DATE AS OF CHANGE: 20240530 PERIOD START: 20241231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADAMS DIVERSIFIED EQUITY FUND, INC. CENTRAL INDEX KEY: 0000002230 ORGANIZATION NAME: IRS NUMBER: 134912740 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-00248 FILM NUMBER: 241000859 BUSINESS ADDRESS: STREET 1: 500 EAST PRATT STREET STREET 2: SUITE 1300 CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4107525900 MAIL ADDRESS: STREET 1: 500 EAST PRATT STREET STREET 2: SUITE 1300 CITY: BALTIMORE STATE: MD ZIP: 21202 FORMER COMPANY: FORMER CONFORMED NAME: ADAMS DIVERSIFIED EQUITY FUND DATE OF NAME CHANGE: 20150331 FORMER COMPANY: FORMER CONFORMED NAME: ADAMS EXPRESS CO DATE OF NAME CHANGE: 19920703 NPORT-P 1 primary_doc.xml NPORT-P false 0000002230 XXXXXXXX Adams Diversified Equity Fund, Inc. 811-00248 0000002230 5493005W7G81BNPP7M23 500 East Pratt Street Suite 1300 Baltimore 21202 410-752-5900 N/A N/A 2024-12-31 2024-03-31 N 2834594409 5109915 2829484494 0 0 0 0 0 0 0 0 0 0 0 0 0 1171107.000000000000 N N/A N/A Adams NaturalResources Fund, Inc. 549300LPTQAH0G3NGD42 Adams NaturalResources Fund, Inc. 00548F105 2186774 NS USD 50427008.44 1.7822 Long EC RF US N 1 N N N The Boeing Company RVHJWBXLJ1RFUBSY1F30 The Boeing Company 097023105 34777 NS USD 6711613.23 0.2372 Long EC CORP US N 1 N N N Generac Holdings Inc N/A Generac Holdings Inc 368736104 103400 NS USD 13042876 0.461 Long EC CORP US N 1 N N N Hubbell Incorporated N/A Hubbell Incorporated 443510607 55400 NS USD 22993770 0.8126 Long EC CORP US N 1 N N N Ingersoll-Rand Plc 5299004C02FMZCUOIR50 Ingersoll-Rand Plc 45687V106 267300 NS USD 25380135 0.897 Long EC CORP US N 1 N N N Leidos Holdings, Inc 549300IUTGTP6EJP8124 Leidos Holdings, Inc 525327102 195900 NS USD 25680531 0.9076 Long EC CORP US N 1 N N N Pentair plc N/A Pentair plc G7S00T104 272900 NS USD 23316576 0.8241 Long EC CORP IE N 1 N N N Republic Services,Inc. NKNQHM6BLECKVOQP7O46 Republic Services,Inc. 760759100 132500 NS USD 25365800 0.8965 Long EC CORP US N 1 N N N Trane Technologies plc N/A Trane Technologies plc G8994E103 97000 NS USD 29119400 1.0291 Long EC CORP IE N 1 N N N TransDigm GroupIncorporated N/A TransDigm GroupIncorporated 893641100 22600 NS USD 27834160 0.9837 Long EC CORP US N 1 N N N Uber Technologies, Inc. N/A Uber Technologies, Inc. 90353T100 357200 NS USD 27500828 0.9719 Long EC CORP US N 1 N N N Chevron Corp. N/A Chevron Corp. 166764100 89500 NS USD 14117730 0.499 Long EC CORP US N 1 N N N Union Pacific Corp. 549300LMMRSZZCZ8CL11 Union Pacific Corp. 907818108 142400 NS USD 35020432 1.2377 Long EC CORP US N 1 N N N Amazon.com, Inc. ZXTILKJKG63JELOEG630 Amazon.com, Inc. 023135106 684600 NS USD 123488148 4.3643 Long EC CORP US N 1 N N N Booking Holdings Inc. N/A Booking Holdings Inc. 09857L108 7000 NS USD 25395160 0.8975 Long EC CORP US N 1 N N N Home Depot, Inc. QEKMOTMBBKA8I816DO57 Home Depot, Inc. 437076102 41500 NS USD 15919400 0.5626 Long EC CORP US N 1 N N N McDonald's Corp. UE2136O97NLB5BYP9H04 McDonald's Corp. 580135101 93400 NS USD 26334130 0.9307 Long EC CORP US N 1 N N N NIKE, Inc. Class B 787RXPR0UX0O0XUXPZ81 NIKE, Inc. Class B 654106103 211100 NS USD 19839178 0.7012 Long EC CORP US N 1 N N N O'Reilly Automotive,Inc. 549300K2RLMQL149Q332 O'Reilly Automotive,Inc. 67103H107 22800 NS USD 25738464 0.9097 Long EC CORP US N 1 N N N Tesla, Inc. 54930043XZGB27CTOV49 Tesla, Inc. 88160R101 134700 NS USD 23678913 0.8369 Long EC CORP US N 1 N N N Ulta Salon, Cosmeticand Fragrance, Inc. 529900CIV6HN8M28YM82 Ulta Salon, Cosmeticand Fragrance, Inc. 90384S303 31900 NS USD 16679872 0.5895 Long EC CORP US N 1 N N N The Coca-ColaCompany UWJKFUJFZ02DKWI3RY53 The Coca-ColaCompany 191216100 144000 NS USD 8809920 0.3114 Long EC CORP US N 1 N N N Diamondback Energy,Inc. 549300R22LSX6OHWEN64 Diamondback Energy,Inc. 25278X109 90600 NS USD 17954202 0.6345 Long EC CORP US N 1 N N N Colgate-PalmoliveCompany YMEGZFW4SBUSS5BQXF88 Colgate-PalmoliveCompany 194162103 255200 NS USD 22980760 0.8122 Long EC CORP US N 1 N N N Monster BeverageCorporation N/A Monster BeverageCorporation 61174X109 242668 NS USD 14385359.04 0.5084 Long EC CORP US N 1 N N N PepsiCo, Inc. FJSUNZKFNQ5YPJ5OT455 PepsiCo, Inc. 713448108 47800 NS USD 8365478 0.2957 Long EC CORP US N 1 N N N Philip MorrisInternational Inc. HL3H1H2BGXWVG3BSWR90 Philip MorrisInternational Inc. 718172109 259935 NS USD 23815244.7 0.8417 Long EC CORP US N 1 N N N The Procter & GambleCompany 2572IBTT8CCZW6AU4141 The Procter & GambleCompany 742718109 226849 NS USD 36806250.25 1.3008 Long EC CORP US N 1 N N N Target Corp. 8WDDFXB5T1Z6J0XC1L66 Target Corp. 87612E106 112500 NS USD 19936125 0.7046 Long EC CORP US N 1 N N N Wal-Mart Stores, Inc Y87794H0US1R65VBXU25 Wal-Mart Stores, Inc 931142103 506943 NS USD 30502760.31 1.078 Long EC CORP US N 1 N N N AbbVie Inc. FR5LCKFTG8054YNNRU85 AbbVie Inc. 00287Y109 180000 NS USD 32778000 1.1584 Long EC CORP US N 1 N N N Cencora, Inc. N/A Cencora, Inc. 03073E105 140500 NS USD 34140095 1.2066 Long EC CORP US N 1 N N N DexCom, Inc. N/A DexCom, Inc. 252131107 194957 NS USD 27040535.9 0.9557 Long EC CORP US N 1 N N N Hess Corp. UASVRYNXNK17ULIGK870 Hess Corp. 42809H107 92600 NS USD 14134464 0.4995 Long EC CORP US N 1 N N N Eli Lilly and Co FRDRIPF3EKNDJ2CQJL29 Eli Lilly and Co 532457108 63568 NS USD 49453361.28 1.7478 Long EC CORP US N 1 N N N Health Care SelectSector SPDR Fund 549300EJNY3KKJHPOY44 Health Care SelectSector SPDR Fund 81369Y209 218500 NS USD 32279005 1.1408 Long EC RF US N 1 N N N IDEXX Laboratories,Inc. OGMTXK0LUU1HKV2P0J84 IDEXX Laboratories,Inc. 45168D104 26100 NS USD 14092173 0.498 Long EC CORP US N 1 N N N Johnson & Johnson 549300G0CFPGEF6X2043 Johnson & Johnson 478160104 101200 NS USD 16008828 0.5658 Long EC CORP US N 1 N N N Merck & Co., Inc. 4YV9Y5M8S0BRK1RP0397 Merck & Co., Inc. 58933Y105 86400 NS USD 11400480 0.4029 Long EC CORP US N 1 N N N RegeneronPharmaceuticals, Inc 549300RCBFWIRX3HYQ56 RegeneronPharmaceuticals, Inc 75886F107 32300 NS USD 31088427 1.0987 Long EC CORP US N 1 N N N Thermo FisherScientific Inc. HCHV7422L5HDJZCRFL38 Thermo FisherScientific Inc. 883556102 40700 NS USD 23655247 0.836 Long EC CORP US N 1 N N N Unitedhealth GroupIncorporated 549300GHBMY8T5GXDE41 Unitedhealth GroupIncorporated 91324P102 107700 NS USD 53279190 1.883 Long EC CORP US N 1 N N N Zoetis, Inc. Class A 549300HD9Q1LOC9KLJ48 Zoetis, Inc. Class A 98978V103 135900 NS USD 22995639 0.8127 Long EC CORP US N 1 N N N American International Group, Inc. ODVCVCQG2BP6VHV36M30 American International Group, Inc. 026874784 367000 NS USD 28688390 1.0139 Long EC CORP US N 1 N N N Marathon PetroleumCorp. 3BNYRYQHD39K4LCKQF12 Marathon PetroleumCorp. 56585A102 99837 NS USD 20117155.5 0.711 Long EC CORP US N 1 N N N Bank of America Corp 9DJT3UXIJIZJI4WXO774 Bank of America Corp 060505104 1105368 NS USD 41915554.56 1.4814 Long EC CORP US N 1 N N N Berkshire HathawayInc. Class B 5493000C01ZX7D35SD85 Berkshire HathawayInc. Class B 084670702 82643 NS USD 34753034.36 1.2282 Long EC CORP US N 1 N N N Blackstone Inc. N/A Blackstone Inc. 09260D107 153600 NS USD 20178432 0.7131 Long EC CORP US N 1 N N N Cboe Global Markets,Inc. N/A Cboe Global Markets,Inc. 12503M108 124800 NS USD 22929504 0.8104 Long EC CORP US N 1 N N N JPMorgan Chase & Co. 8I5DZWZKVSZI1NUHU748 JPMorgan Chase & Co. 46625H100 304363 NS USD 60963908.9 2.1546 Long EC CORP US N 1 N N N Marsh & McLennan CoInc. 549300XMP3KDCKJXIU47 Marsh & McLennan CoInc. 571748102 100100 NS USD 20618598 0.7287 Long EC CORP US N 1 N N N MastercardIncorporated AR5L2ODV9HN37376R084 MastercardIncorporated 57636Q104 30562 NS USD 14717742.34 0.5202 Long EC CORP US N 1 N N N MetLife, Inc. C4BXATY60WC6XEOZDX54 MetLife, Inc. 59156R108 220200 NS USD 16319022 0.5767 Long EC CORP US N 1 N N N Morgan Stanley IGJSJL3JD5P30I6NJZ34 Morgan Stanley 617446448 302269 NS USD 28461649.04 1.0059 Long EC CORP US N 1 N N N S&P Global, Inc. N/A S&P Global, Inc. 78409V104 39600 NS USD 16847820 0.5954 Long EC CORP US N 1 N N N Avery Dennison Corp. 549300PW7VPFCYKLIV37 Avery Dennison Corp. 053611109 25900 NS USD 5782175 0.2044 Long EC CORP US N 1 N N N Visa Inc. 549300JZ4OKEHW3DPJ59 Visa Inc. 92826C839 195161 NS USD 54465531.88 1.9249 Long EC CORP US N 1 N N N Accenture Plc 549300JY6CF6DO4YFQ03 Accenture Plc G1151C101 38319 NS USD 13281748.59 0.4694 Long EC CORP IE N 1 N N N Adobe Inc. FU4LY2G4933NH2E1CP29 Adobe Inc. 00724F101 58300 NS USD 29418180 1.0397 Long EC CORP US N 1 N N N Advanced MicroDevices, Inc. R2I72C950HOYXII45366 Advanced MicroDevices, Inc. 007903107 197100 NS USD 35574579 1.2573 Long EC CORP US N 1 N N N Analog Devices, Inc. GYVOE5EZ4GDAVTU4CQ61 Analog Devices, Inc. 032654105 112000 NS USD 22152480 0.7829 Long EC CORP US N 1 N N N Apple Inc. HWUPKR0MPOU8FGXBT394 Apple Inc. 037833100 874100 NS USD 149890668 5.2975 Long EC CORP US N 1 N N N Arista Networks, Inc 635400H1WKBLOQERUU95 Arista Networks, Inc 040413106 70391 NS USD 20411982.18 0.7214 Long EC CORP US N 1 N N N Broadcom Inc. 549300WV6GIDOZJTV909 Broadcom Inc. 11135F101 8800 NS USD 11663608 0.4122 Long EC CORP US N 1 N N N Cisco Systems, Inc. 8E6NF1YAL0WT6CWXXV93 Cisco Systems, Inc. 17275R102 359400 NS USD 17937654 0.634 Long EC CORP US N 1 N N N Intuit Inc. VI90HBPH7XSFMB9E4M29 Intuit Inc. 461202103 47600 NS USD 30940000 1.0935 Long EC CORP US N 1 N N N Freeport-McMoRan, InInc. 549300IRDTHJQ1PVET45 Freeport-McMoRan, InInc. 35671D857 404100 NS USD 19000782 0.6715 Long EC CORP US N 1 N N N Lam Research Corp. 549300I4GMO6D34U1T02 Lam Research Corp. 512807108 37500 NS USD 36433875 1.2877 Long EC CORP US N 1 N N N Micron Technology,Inc. B3DXGBC8GAIYWI2Z0172 Micron Technology,Inc. 595112103 260700 NS USD 30733923 1.0862 Long EC CORP US N 1 N N N Microsoft Corp. INR2EJN1ERAN0W5ZP974 Microsoft Corp. 594918104 531800 NS USD 223738896 7.9074 Long EC CORP US N 1 N N N NVIDIA Corporation 549300S4KLFTLO7GSQ80 NVIDIA Corporation 67066G104 161100 NS USD 145563516 5.1445 Long EC CORP US N 1 N N N Oracle Corp. 1Z4GXXU7ZHVWFCD8TV52 Oracle Corp. 68389X105 48800 NS USD 6129768 0.2166 Long EC CORP US N 1 N N N Salesforce.com, Inc. RCGZFPDMRW58VJ54VR07 Salesforce.com, Inc. 79466L302 135700 NS USD 40870126 1.4444 Long EC CORP US N 1 N N N Synopsys, Inc. QG7T915N9S0NY5UKNE63 Synopsys, Inc. 871607107 50100 NS USD 28632150 1.0119 Long EC CORP US N 1 N N N Alphabet Inc. 5493006MHB84DD0ZWV18 Alphabet Inc. 02079K305 709600 NS USD 107099928 3.7851 Long EC CORP US N 1 N N N Meta Platforms, Inc. BQ4BKCS1HXDV9HN80Z93 Meta Platforms, Inc. 30303M102 158100 NS USD 76770198 2.7132 Long EC CORP US N 1 N N N Netflix, Inc. 549300Y7VHGU0I7CE873 Netflix, Inc. 64110L106 52422 NS USD 31837453.26 1.1252 Long EC CORP US N 1 N N N Linde PLC N/A Linde PLC G54950103 61400 NS USD 28509248 1.0076 Long EC CORP IE N 1 N N N VerizonCommunications Inc. 2S72QS2UO2OESLG6Y829 VerizonCommunications Inc. 92343V104 617000 NS USD 25889320 0.915 Long EC CORP US N 1 N N N The Walt DisneyCompany 7260JQNI6SCF9FIV2392 The Walt DisneyCompany 254687106 118900 NS USD 14548604 0.5142 Long EC CORP US N 1 N N N Atmos Energy Corp QVLWEGTD2S8GJMO8D383 Atmos Energy Corp 049560105 97300 NS USD 11566051 0.4088 Long EC CORP US N 1 N N N DTE Energy Co 549300IX8SD6XXD71I78 DTE Energy Co 233331107 137400 NS USD 15408036 0.5446 Long EC CORP US N 1 N N N NextEra Energy, Inc. N/A NextEra Energy, Inc. 65339F101 288300 NS USD 18425253 0.6512 Long EC CORP US N 1 N N N Utilities SelectSector SPDR Fund 549300ERQDM80PRYUH21 Utilities SelectSector SPDR Fund 81369Y886 110000 NS USD 7221500 0.2552 Long EC RF US N 1 N N N CBRE Group, Inc.Class A N/A CBRE Group, Inc.Class A 12504L109 118700 NS USD 11542388 0.4079 Long EC CORP US N 1 N N N Equinix Inc 549300EVUN2BTLJ3GT74 Equinix Inc 29444U700 19500 NS USD 16093935 0.5688 Long EC CORP US N 1 N N N Prologis, Inc. 529900DFH19P073LZ636 Prologis, Inc. 74340W103 174800 NS USD 22762456 0.8045 Long EC CORP US N 1 N N N Public Storage N/A Public Storage 74460D109 43300 NS USD 12559598 0.4439 Long EC CORP US N 1 N N N PPG Industries, Inc. 549300BKPEP01R3V6C59 PPG Industries, Inc. 693506107 64900 NS USD 9404010 0.3324 Long EC CORP US N 1 N N N SPDR S&P 500 ETFTrust 549300NZAMSJ8FXPQQ63 SPDR S&P 500 ETFTrust 78462F103 16200 NS USD 8473734 0.2995 Long EC CORP US N 1 N N N Adams Funds AdvisersLLC N/A Adams Funds AdvisersLLC 134912740 1 OU Other USD 466000 0.0165 Long CORP US N 3 N N N Morgan Stanley PrimePortfolio 8301 N/A Morgan Stanley PrimePortfolio 8301 61747C715 9999708.895 NS USD 10000708.865889 0.3534 Long STIV RF US N 1 N N N Deere and Company N/A Total Return Swap N/A 37000 NS USD 1348143.1 0.0476 Long DE CORP US N 2 Morgan Stanley IGJSJL3JD5P30I6NJZ34 Y Receive total return on underlying security Pay financing rate based on notional amount and daily U.S. Federal Funds rate plus 0.55% 2025-04-15 0 USD 0 USD 13858353.7 USD 1348143.1 N N N Industrial Select SPDR Fund N/A Total Return Swap N/A -113700 NS USD -511377.12 -0.0181 Short DE RF US N 2 Morgan Stanley IGJSJL3JD5P30I6NJZ34 Y Receive financing amount based on notional amount and daily U.S. Federal Funds rate less 0.45% Pay total return on underlying security 2025-04-15 0 USD 0 USD -13815596.04 USD -511377.12 N N N Northern Institutional Treasury Portfolio N/A Northern Institutional Treasury Portfolio 665279808 759579.17 NS USD 759579.17 0.0268 Long STIV RF US N 1 N N N 2024-05-30 Adams Diversified Equity Fund, Inc. Christy Sloan Christy Sloan Treasurer XXXX NPORT-EX 2 tm248225-1_adxsoi.htm
​
Schedule of Investments
​
March 31, 2024
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Common Stocks — 99.5% ​
Communication Services — 9.0%
 ​
Alphabet Inc. Class A (b)
 ​ ​ ​ ​ 709,600 ​ ​ ​ ​ $ 107,099,928 ​ ​
Meta Platforms, Inc. Class A
 ​ ​ ​ ​ 158,100 ​ ​ ​ ​ ​ 76,770,198 ​ ​
Netflix, Inc. (b)
 ​ ​ ​ ​ 52,422 ​ ​ ​ ​ ​ 31,837,453 ​ ​
Verizon Communications Inc.
 ​ ​ ​ ​ 617,000 ​ ​ ​ ​ ​ 25,889,320 ​ ​
Walt Disney Company
 ​ ​ ​ ​ 118,900 ​ ​ ​ ​ ​ 14,548,604 ​ ​
​ ​ ​ ​ ​ 256,145,503 ​ ​
Consumer Discretionary — 10.8%
 ​
Amazon.com, Inc. (b)
 ​ ​ ​ ​ 684,600 ​ ​ ​ ​ ​ 123,488,148 ​ ​
Booking Holdings Inc.
 ​ ​ ​ ​ 7,000 ​ ​ ​ ​ ​ 25,395,160 ​ ​
Home Depot, Inc.
 ​ ​ ​ ​ 41,500 ​ ​ ​ ​ ​ 15,919,400 ​ ​
McDonald’s Corporation
 ​ ​ ​ ​ 93,400 ​ ​ ​ ​ ​ 26,334,130 ​ ​
NIKE, Inc. Class B
 ​ ​ ​ ​ 211,100 ​ ​ ​ ​ ​ 19,839,178 ​ ​
O’Reilly Automotive, Inc. (b)
 ​ ​ ​ ​ 22,800 ​ ​ ​ ​ ​ 25,738,464 ​ ​
Tesla, Inc. (b)
 ​ ​ ​ ​ 134,700 ​ ​ ​ ​ ​ 23,678,913 ​ ​
Uber Technologies, Inc. (b)
 ​ ​ ​ ​ 357,200 ​ ​ ​ ​ ​ 27,500,828 ​ ​
Ulta Beauty, Inc. (b)
 ​ ​ ​ ​ 31,900 ​ ​ ​ ​ ​ 16,679,872 ​ ​
​ ​ ​ ​ ​ 304,574,093 ​ ​
Consumer Staples — 5.8%
 ​
Coca-Cola Company
 ​ ​ ​ ​ 144,000 ​ ​ ​ ​ ​ 8,809,920 ​ ​
Colgate-Palmolive Company
 ​ ​ ​ ​ 255,200 ​ ​ ​ ​ ​ 22,980,760 ​ ​
Monster Beverage Corporation (b)
 ​ ​ ​ ​ 242,668 ​ ​ ​ ​ ​ 14,385,359 ​ ​
PepsiCo, Inc.
 ​ ​ ​ ​ 47,800 ​ ​ ​ ​ ​ 8,365,478 ​ ​
Philip Morris International Inc.
 ​ ​ ​ ​ 259,935 ​ ​ ​ ​ ​ 23,815,245 ​ ​
Procter & Gamble Company
 ​ ​ ​ ​ 226,849 ​ ​ ​ ​ ​ 36,806,250 ​ ​
Target Corporation
 ​ ​ ​ ​ 112,500 ​ ​ ​ ​ ​ 19,936,125 ​ ​
Walmart Inc.
 ​ ​ ​ ​ 506,943 ​ ​ ​ ​ ​ 30,502,760 ​ ​
​ ​ ​ ​ ​ 165,601,897 ​ ​
Energy — 4.1%
 ​
Adams Natural Resources Fund, Inc. (c)(g)
 ​ ​ ​ ​ 2,186,774 ​ ​ ​ ​ ​ 50,427,008 ​ ​
Chevron Corporation
 ​ ​ ​ ​ 89,500 ​ ​ ​ ​ ​ 14,117,730 ​ ​
Diamondback Energy, Inc.
 ​ ​ ​ ​ 90,600 ​ ​ ​ ​ ​ 17,954,202 ​ ​
Hess Corporation
 ​ ​ ​ ​ 92,600 ​ ​ ​ ​ ​ 14,134,464 ​ ​
Marathon Petroleum Corporation
 ​ ​ ​ ​ 99,837 ​ ​ ​ ​ ​ 20,117,156 ​ ​
​ ​ ​ ​ 116,750,560 ​ ​
5
​
Schedule of Investments (continued)
​
March 31, 2024
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Financials — 12.8%
 ​
American International Group, Inc.
 ​ ​ ​ ​ 367,000 ​ ​ ​ ​ $ 28,688,390 ​ ​
Bank of America Corp.
 ​ ​ ​ ​ 1,105,368 ​ ​ ​ ​ ​ 41,915,555 ​ ​
Berkshire Hathaway Inc. Class B (b)
 ​ ​ ​ ​ 82,643 ​ ​ ​ ​ ​ 34,753,034 ​ ​
Blackstone Inc.
 ​ ​ ​ ​ 153,600 ​ ​ ​ ​ ​ 20,178,432 ​ ​
Cboe Global Markets, Inc.
 ​ ​ ​ ​ 124,800 ​ ​ ​ ​ ​ 22,929,504 ​ ​
JPMorgan Chase & Co.
 ​ ​ ​ ​ 304,363 ​ ​ ​ ​ ​ 60,963,909 ​ ​
Marsh & McLennan Companies, Inc.
 ​ ​ ​ ​ 100,100 ​ ​ ​ ​ ​ 20,618,598 ​ ​
Mastercard Incorporated Class A
 ​ ​ ​ ​ 30,562 ​ ​ ​ ​ ​ 14,717,742 ​ ​
MetLife, Inc.
 ​ ​ ​ ​ 220,200 ​ ​ ​ ​ ​ 16,319,022 ​ ​
Morgan Stanley
 ​ ​ ​ ​ 302,269 ​ ​ ​ ​ ​ 28,461,649 ​ ​
S&P Global, Inc.
 ​ ​ ​ ​ 39,600 ​ ​ ​ ​ ​ 16,847,820 ​ ​
Visa Inc. Class A
 ​ ​ ​ ​ 195,161 ​ ​ ​ ​ ​ 54,465,532 ​ ​
​ ​ ​ ​ ​ 360,859,187 ​ ​
Health Care — 12.3%
 ​
AbbVie, Inc.
 ​ ​ ​ ​ 180,000 ​ ​ ​ ​ ​ 32,778,000 ​ ​
Cencora, Inc.
 ​ ​ ​ ​ 140,500 ​ ​ ​ ​ ​ 34,140,095 ​ ​
DexCom, Inc. (b)
 ​ ​ ​ ​ 194,957 ​ ​ ​ ​ ​ 27,040,536 ​ ​
Eli Lilly and Company
 ​ ​ ​ ​ 63,568 ​ ​ ​ ​ ​ 49,453,361 ​ ​
Health Care Select Sector SPDR Fund
 ​ ​ ​ ​ 218,500 ​ ​ ​ ​ ​ 32,279,005 ​ ​
IDEXX Laboratories, Inc. (b)
 ​ ​ ​ ​ 26,100 ​ ​ ​ ​ ​ 14,092,173 ​ ​
Johnson & Johnson
 ​ ​ ​ ​ 101,200 ​ ​ ​ ​ ​ 16,008,828 ​ ​
Merck & Co., Inc.
 ​ ​ ​ ​ 86,400 ​ ​ ​ ​ ​ 11,400,480 ​ ​
Regeneron Pharmaceuticals, Inc. (b)
 ​ ​ ​ ​ 32,300 ​ ​ ​ ​ ​ 31,088,427 ​ ​
Thermo Fisher Scientific Inc.
 ​ ​ ​ ​ 40,700 ​ ​ ​ ​ ​ 23,655,247 ​ ​
UnitedHealth Group Incorporated
 ​ ​ ​ ​ 107,700 ​ ​ ​ ​ ​ 53,279,190 ​ ​
Zoetis, Inc. Class A
 ​ ​ ​ ​ 135,900 ​ ​ ​ ​ ​ 22,995,639 ​ ​
​ ​ ​ ​ ​ 348,210,981 ​ ​
Industrials — 8.3%
 ​
Boeing Company (b)
 ​ ​ ​ ​ 34,777 ​ ​ ​ ​ ​ 6,711,613 ​ ​
Generac Holdings Inc. (b)
 ​ ​ ​ ​ 103,400 ​ ​ ​ ​ ​ 13,042,876 ​ ​
Hubbell Incorporated
 ​ ​ ​ ​ 55,400 ​ ​ ​ ​ ​ 22,993,770 ​ ​
Ingersoll Rand Inc.
 ​ ​ ​ ​ 267,300 ​ ​ ​ ​ ​ 25,380,135 ​ ​
Leidos Holdings, Inc.
 ​ ​ ​ ​ 195,900 ​ ​ ​ ​ ​ 25,680,531 ​ ​
Pentair plc
 ​ ​ ​ ​ 272,900 ​ ​ ​ ​ ​ 23,316,576 ​ ​
Republic Services, Inc.
 ​ ​ ​ ​ 132,500 ​ ​ ​ ​ ​ 25,365,800 ​ ​
Trane Technologies plc
 ​ ​ ​ ​ 97,000 ​ ​ ​ ​ ​ 29,119,400 ​ ​
TransDigm Group Incorporated
​ ​ ​ ​ 22,600 ​ ​ ​ ​ ​ 27,834,160 ​ ​
Union Pacific Corporation
 ​ ​ ​ ​ 142,400 ​ ​ ​ ​ ​ 35,020,432 ​ ​
​ ​ ​ ​ ​ 234,465,293 ​ ​
6​
​
Schedule of Investments (continued)
​
March 31, 2024
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Information Technology — 29.8%
 ​
Accenture plc Class A
 ​ ​ ​ ​ 38,319 ​ ​ ​ ​ $ 13,281,749 ​ ​
Adobe Inc. (b)
 ​ ​ ​ ​ 58,300 ​ ​ ​ ​ ​ 29,418,180 ​ ​
Advanced Micro Devices, Inc. (b)
 ​ ​ ​ ​ 197,100 ​ ​ ​ ​ ​ 35,574,579 ​ ​
Analog Devices, Inc.
 ​ ​ ​ ​ 112,000 ​ ​ ​ ​ ​ 22,152,480 ​ ​
Apple Inc.
 ​ ​ ​ ​ 874,100 ​ ​ ​ ​ ​ 149,890,668 ​ ​
Arista Networks, Inc. (b)
 ​ ​ ​ ​ 70,391 ​ ​ ​ ​ ​ 20,411,982 ​ ​
Broadcom Inc.
 ​ ​ ​ ​ 8,800 ​ ​ ​ ​ ​ 11,663,608 ​ ​
Cisco Systems, Inc.
 ​ ​ ​ ​ 359,400 ​ ​ ​ ​ ​ 17,937,654 ​ ​
Intuit Inc.
 ​ ​ ​ ​ 47,600 ​ ​ ​ ​ ​ 30,940,000 ​ ​
Lam Research Corporation
 ​ ​ ​ ​ 37,500 ​ ​ ​ ​ ​ 36,433,875 ​ ​
Micron Technology, Inc.
 ​ ​ ​ ​ 260,700 ​ ​ ​ ​ ​ 30,733,923 ​ ​
Microsoft Corporation
 ​ ​ ​ ​ 531,800 ​ ​ ​ ​ ​ 223,738,896 ​ ​
NVIDIA Corporation
 ​ ​ ​ ​ 161,100 ​ ​ ​ ​ ​ 145,563,516 ​ ​
Oracle Corporation
 ​ ​ ​ ​ 48,800 ​ ​ ​ ​ ​ 6,129,768 ​ ​
Salesforce, Inc.
 ​ ​ ​ ​ 135,700 ​ ​ ​ ​ ​ 40,870,126 ​ ​
Synopsys, Inc. (b)
 ​ ​ ​ ​ 50,100 ​ ​ ​ ​ ​ 28,632,150 ​ ​
​ ​ ​ ​ ​ 843,373,154 ​ ​
Materials — 2.2%
 ​
Avery Dennison Corporation
 ​ ​ ​ ​ 25,900 ​ ​ ​ ​ ​ 5,782,175 ​ ​
Freeport-McMoRan, Inc.
 ​ ​ ​ ​ 404,100 ​ ​ ​ ​ ​ 19,000,782 ​ ​
Linde plc
 ​ ​ ​ ​ 61,400 ​ ​ ​ ​ ​ 28,509,248 ​ ​
PPG Industries, Inc.
 ​ ​ ​ ​ 64,900 ​ ​ ​ ​ ​ 9,404,010 ​ ​
​ ​ ​ ​ ​ 62,696,215 ​ ​
Real Estate — 2.2%
 ​
CBRE Group, Inc. Class A (b)
 ​ ​ ​ ​ 118,700 ​ ​ ​ ​ ​ 11,542,388 ​ ​
Equinix, Inc.
 ​ ​ ​ ​ 19,500 ​ ​ ​ ​ ​ 16,093,935 ​ ​
Prologis, Inc.
 ​ ​ ​ ​ 174,800 ​ ​ ​ ​ ​ 22,762,456 ​ ​
Public Storage
 ​ ​ ​ ​ 43,300 ​ ​ ​ ​ ​ 12,559,598 ​ ​
​ ​ ​ ​ 62,958,377 ​ ​
​
7
​
Schedule of Investments (continued)
​
March 31, 2024
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
S&P 500 Index — 0.3%
 ​
SPDR S&P 500 ETF Trust
 ​ ​ ​ ​ 16,200 ​ ​ ​ ​ $ 8,473,734
​
Utilities — 1.9%
 ​
Atmos Energy Corporation
 ​ ​ ​ ​ 97,300 ​ ​ ​ ​ ​ 11,566,051
DTE Energy Company
 ​ ​ ​ ​ 137,400 ​ ​ ​ ​ ​ 15,408,036
NextEra Energy, Inc.
 ​ ​ ​ ​ 288,300 ​ ​ ​ ​ ​ 18,425,253
Utilities Select Sector SPDR Fund
 ​ ​ ​ ​ 110,000 ​ ​ ​ ​ ​ 7,221,500
​ ​ ​ ​ ​ 52,620,840
Total Common Stocks ​
(Cost $1,562,365,399)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,816,729,834
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%
 ​
Morgan Stanley Institutional Liquidity Funds
Prime Portfolio, 5.38% (e)
 ​ ​ ​ ​ 9,999,709 ​ ​ ​ ​ ​ 10,000,709
Northern Institutional Treasury Premier
Portfolio, 5.15% (e)
 ​ ​ ​ ​ 759,579 ​ ​ ​ ​ ​ 759,579
Total Short-Term Investments ​
(Cost $10,761,838)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10,760,288
Total — 99.9% ​
(Cost $1,573,277,237)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,827,956,122
Other Assets Less Liabilities — 0.1% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,528,372
Net Assets — 100.0%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 2,829,484,494
​
8​
​
Schedule of Investments (continued)
​
March 31, 2024
(unaudited)
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
​ ​ Deere & Company
(37,000 shares) 		​ ​
4/15/2025
 ​ ​ ​ $ 13,858,354 ​ ​ ​ ​ $ 1,348,143 ​ ​ ​ ​ $ — ​ ​
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
​ ​ Industrial Select
Sector SPDR Fund
(113,700 shares)
 ​ ​
4/15/2025
 ​ ​ ​ ​ (13,815,596) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (511,377) ​ ​
Gross unrealized gain (loss) on open total return swap agreements ​ ​ ​ $ 1,348,143 ​ ​ ​ ​ $ (511,377) ​ ​
Net unrealized gain on open total return swap agreements (f) ​ ​ ​ $ 836,766 ​ ​ ​
​
(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 March 31, 2024, $790,000 in cash collateral was held by the fund.
​
(g)
During the three months ended March 31, 2024, investments in affiliates were as follows:
​
​ ​ ​ ​ ​ ​ ​ ​ ​
​
Affiliate
 ​ ​
Shares held
 ​ ​
Net realized gain
(loss) and
long-term capital
gain distributions
 ​ ​
Dividend income
​ ​
Change in
unrealized
appreciation
 ​ ​
Value
 ​
​ Adams Funds Advisers, LLC (controlled) ​ ​ ​ ​ n/a ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 466,000 ​ ​
​ Adams Natural Resources Funds, Inc.
(non-controlled)		 ​ ​ ​ ​ 2,186,774 ​ ​ ​ ​ ​ 21,868 ​ ​ ​ ​ ​ 196,810 ​ ​ ​ ​ ​ 5,313,861 ​ ​ ​ ​ ​ 50,427,008 ​ ​
​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 21,868 ​ ​ ​ ​ $ 196,810 ​ ​ ​ ​ $ 5,313,861 ​ ​ ​ ​ $ 50,893,008 ​ ​
Information regarding transactions in equity securities during the quarter can be found on our website at: www.adamsfunds.com.​
9