Schedule of Investments
March 31, 2022
(unaudited)
(unaudited)
| | | Shares | | | Value (a) | | ||||||
Common Stocks — 99.3% | | ||||||||||||
Communication Services — 9.2% | | ||||||||||||
Alphabet Inc. Class A (b) | | | | | 45,800 | | | | | $ | 127,385,830 | | |
Electronic Arts Inc. | | | | | 93,700 | | | | | | 11,853,987 | | |
Fox Corporation Class A | | | | | 186,500 | | | | | | 7,357,425 | | |
Meta Platforms, Inc. Class A (b) | | | | | 214,400 | | | | | | 47,673,984 | | |
T-Mobile US, Inc. (b) | | | | | 27,400 | | | | | | 3,516,790 | | |
Verizon Communications Inc. | | | | | 436,300 | | | | | | 22,225,122 | | |
Walt Disney Company (b) | | | | | 87,700 | | | | | | 12,028,932 | | |
| | | | | 232,042,070 | | | ||||||
Consumer Discretionary — 11.8% | | ||||||||||||
Amazon.com, Inc. (b) | | | | | 31,700 | | | | | | 103,340,415 | | |
Booking Holdings Inc. (b) | | | | | 7,900 | | | | | | 18,552,755 | | |
Capri Holdings Limited (b) | | | | | 298,900 | | | | | | 15,360,471 | | |
General Motors Company (b) | | | | | 196,300 | | | | | | 8,586,162 | | |
Home Depot, Inc. | | | | | 23,900 | | | | | | 7,153,987 | | |
Lowe’s Companies, Inc. | | | | | 48,700 | | | | | | 9,846,653 | | |
Marriott International, Inc. Class A (b) | | | | | 115,600 | | | | | | 20,316,700 | | |
NIKE, Inc. Class B | | | | | 87,600 | | | | | | 11,787,456 | | |
O’Reilly Automotive, Inc. (b) | | | | | 27,600 | | | | | | 18,904,896 | | |
Target Corporation | | | | | 79,900 | | | | | | 16,956,378 | | |
Tesla, Inc. (b) | | | | | 37,500 | | | | | | 40,410,000 | | |
TJX Companies, Inc. | | | | | 190,500 | | | | | | 11,540,490 | | |
Ulta Beauty, Inc. (b) | | | | | 41,100 | | | | | | 16,366,842 | | |
| | | | | 299,123,205 | | | ||||||
Consumer Staples — 5.9% | | ||||||||||||
Coca-Cola Company | | | | | 437,200 | | | | | | 27,106,400 | | |
Costco Wholesale Corporation | | | | | 60,200 | | | | | | 34,666,170 | | |
Molson Coors Beverage Company Class B | | | | | 243,500 | | | | | | 12,998,030 | | |
PepsiCo, Inc. | | | | | 78,800 | | | | | | 13,189,544 | | |
Philip Morris International Inc. | | | | | 294,700 | | | | | | 27,684,118 | | |
Procter & Gamble Company | | | | | 158,250 | | | | | | 24,180,600 | | |
Walmart Inc. | | | | | 70,300 | | | | | | 10,469,076 | | |
| | | | | 150,293,938 | | | ||||||
Energy — 4.2% | | ||||||||||||
Adams Natural Resources Fund, Inc. (c)(f) | | | | | 2,186,774 | | | | | | 45,769,180 | | |
ConocoPhillips | | | | | 215,000 | | | | | | 21,500,000 | | |
Marathon Petroleum Corporation | | | | | 216,700 | | | | | | 18,527,850 | | |
Pioneer Natural Resources Company | | | | | 77,300 | | | | | | 19,327,319 | | |
| | | | | 105,124,349 | | |
Schedule of Investments (continued)
March 31, 2022
(unaudited)
(unaudited)
| | | Shares | | | Value (a) | | ||||||
Financials — 10.9% | | ||||||||||||
American International Group, Inc. | | | | | 530,400 | | | | | $ | 33,293,208 | | |
Bank of America Corp. | | | | | 1,148,400 | | | | | | 47,337,048 | | |
Berkshire Hathaway Inc. Class B (b) | | | | | 96,600 | | | | | | 34,091,106 | | |
BlackRock, Inc. | | | | | 21,700 | | | | | | 16,582,489 | | |
JPMorgan Chase & Co. | | | | | 124,700 | | | | | | 16,999,104 | | |
MetLife, Inc. | | | | | 422,600 | | | | | | 29,700,328 | | |
Moody’s Corporation | | | | | 80,000 | | | | | | 26,992,800 | | |
Morgan Stanley | | | | | 160,600 | | | | | | 14,036,440 | | |
Truist Financial Corporation | | | | | 400,400 | | | | | | 22,702,680 | | |
Wells Fargo & Company | | | | | 711,900 | | | | | | 34,498,674 | | |
| | | | | 276,233,877 | | | ||||||
Health Care — 13.9% | | ||||||||||||
Abbott Laboratories | | | | | 269,400 | | | | | | 31,886,184 | | |
AbbVie, Inc. | | | | | 216,600 | | | | | | 35,113,026 | | |
Centene Corporation (b) | | | | | 294,500 | | | | | | 24,793,955 | | |
CVS Health Corporation | | | | | 325,100 | | | | | | 32,903,371 | | |
Eli Lilly and Company | | | | | 149,600 | | | | | | 42,840,952 | | |
Health Care Select Sector SPDR Fund | | | | | 166,500 | | | | | | 22,808,835 | | |
IDEXX Laboratories, Inc. (b) | | | | | 30,500 | | | | | | 16,685,330 | | |
IQVIA Holdings Inc. (b) | | | | | 56,200 | | | | | | 12,994,002 | | |
Regeneron Pharmaceuticals, Inc. (b) | | | | | 45,000 | | | | | | 31,428,900 | | |
Thermo Fisher Scientific Inc. | | | | | 68,600 | | | | | | 40,518,590 | | |
UnitedHealth Group Incorporated | | | | | 117,700 | | | | | | 60,023,469 | | |
| | | | 351,996,614 | | | |||||||
Industrials — 8.0% | | ||||||||||||
Caterpillar Inc. | | | | | 115,100 | | | | | | 25,646,582 | | |
General Dynamics Corporation | | | | | 109,800 | | | | | | 26,481,564 | | |
Old Dominion Freight Line, Inc. | | | | | 62,100 | | | | | | 18,548,028 | | |
Parker-Hannifin Corporation | | | | | 82,400 | | | | | | 23,381,824 | | |
Quanta Services, Inc. | | | | | 214,200 | | | | | | 28,190,862 | | |
Raytheon Technologies Corporation | | | | | 258,900 | | | | | | 25,649,223 | | |
TransDigm Group Incorporated (b) | | | | | 35,800 | | | | | | 23,325,132 | | |
Union Pacific Corporation | | | | | 118,900 | | | | | | 32,484,669 | | |
| | | | | 203,707,884 | | |
Schedule of Investments (continued)
March 31, 2022
(unaudited)
(unaudited)
| | | Shares | | | Value (a) | | ||||||
Information Technology — 27.9% | | ||||||||||||
Adobe Inc. (b) | | | | | 50,700 | | | | | $ | 23,099,934 | | |
Apple Inc. | | | | | 983,700 | | | | | | 171,763,857 | | |
Arista Networks, Inc. (b) | | | | | 149,200 | | | | | | 20,735,816 | | |
Automatic Data Processing, Inc. | | | | | 102,600 | | | | | | 23,345,604 | | |
Cisco Systems, Inc. | | | | | 271,900 | | | | | | 15,161,144 | | |
Intuit Inc. | | | | | 47,600 | | | | | | 22,887,984 | | |
Lam Research Corporation | | | | | 42,600 | | | | | | 22,902,186 | | |
Mastercard Incorporated Class A | | | | | 119,500 | | | | | | 42,706,910 | | |
Micron Technology, Inc. | | | | | 212,600 | | | | | | 16,559,414 | | |
Microsoft Corporation | | | | | 618,100 | | | | | | 190,566,411 | | |
NVIDIA Corporation | | | | | 208,600 | | | | | | 56,918,596 | | |
Oracle Corporation | | | | | 122,200 | | | | | | 10,109,606 | | |
Palo Alto Networks, Inc. (b) | | | | | 37,300 | | | | | | 23,219,623 | | |
PayPal Holdings, Inc. (b) | | | | | 40,700 | | | | | | 4,706,955 | | |
QUALCOMM Incorporated | | | | | 157,500 | | | | | | 24,069,150 | | |
Visa Inc. Class A | | | | | 171,700 | | | | | | 38,077,909 | | |
| | | | | 706,831,099 | | | ||||||
Materials — 2.2% | | ||||||||||||
Linde plc | | | | | 46,200 | | | | | | 14,757,666 | | |
LyondellBasell Industries N.V. | | | | | 111,200 | | | | | | 11,433,584 | | |
Sherwin-Williams Company | | | | | 65,300 | | | | | | 16,300,186 | | |
Steel Dynamics, Inc. | | | | | 165,100 | | | | | | 13,774,293 | | |
| | | | | 56,265,729 | | | ||||||
Real Estate — 2.6% | | ||||||||||||
CBRE Group, Inc. Class A (b) | | | | | 150,000 | | | | | | 13,728,000 | | |
Equinix, Inc. | | | | | 15,600 | | | | | | 11,569,272 | | |
Prologis, Inc. | | | | | 140,300 | | | | | | 22,655,644 | | |
Simon Property Group, Inc. | | | | | 134,300 | | | | | | 17,668,508 | | |
| | | | 65,621,424 | | | |||||||
Utilities — 2.7% | | ||||||||||||
CenterPoint Energy, Inc. | | | | | 490,300 | | | | | | 15,022,792 | | |
Evergy, Inc. | | | | | 202,600 | | | | | | 13,845,684 | | |
Exelon Corporation | | | | | 290,400 | | | | | | 13,831,752 | | |
NextEra Energy, Inc. | | | | | 307,700 | | | | | | 26,065,267 | | |
| | | | 68,765,495 | | | |||||||
Total Common Stocks | | ||||||||||||
(Cost $1,448,447,112) | | | | | | | | | | | 2,516,005,684 | | |
|
Schedule of Investments (continued)
March 31, 2022
(unaudited)
(unaudited)
| | | Shares | | | Value (a) | | ||||||
Other Investments — 0.0% | | ||||||||||||
Financials — 0.0% | | ||||||||||||
Adams Funds Advisers, LLC (b)(d)(f) | | | | | | | | | | | | ||
(Cost $150,000) | | | | | | | | | | $ | 466,000 | ||
Short-Term Investments — 0.7% | | ||||||||||||
Money Market Funds — 0.7% | | ||||||||||||
Morgan Stanley Institutional Liquidity Funds Prime Portfolio, 0.36% (e) | | | | | 14,312,996 | | | | | | 14,310,133 | ||
Northern Institutional Treasury Portfolio, 0.17% (e) | | | | | 2,642,419 | | | | | | 2,642,419 | ||
Total Short-Term Investments | | ||||||||||||
(Cost $16,953,077) | | | | | | | | | | | 16,952,552 | ||
Total — 100.0% | | ||||||||||||
(Cost $1,465,550,189) | | | | | | | | | | | 2,533,424,236 | ||
Other Assets Less Liabilities — 0.0% | | | | | | | | | | | (251,491 | ) | |
Net Assets — 100.0% | | | | | | | | | | $ | 2,533,172,745 | ||
|
(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)
During the three months ended March 31, 2022, investments in affilates 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 Fund, Inc. (non-controlled) | | | | | 2,186,774 | | | | | | 21,868 | | | | | | 196,810 | | | | | | 9,643,673 | | | | | | 45,769,180 | | |
| Total | | | | | | | | | | $ | 21,868 | | | | | $ | 196,810 | | | | | $ | 9,643,673 | | | | | $ | 46,235,180 | | |
Information regarding transactions in equity securities during the quarter can be found on our website at: www.adamsfunds.com.