Schedule of Investments
September 30, 2022
(unaudited)
(unaudited)
| | | Shares | | | Value (a) | | ||||||
Common Stocks — 99.3% | | ||||||||||||
Communication Services — 8.1% | | ||||||||||||
Alphabet Inc. Class A (b) | | | | | 834,300 | | | | | $ | 79,800,795 | | |
AT&T Inc. | | | | | 805,700 | | | | | | 12,359,438 | | |
Electronic Arts Inc. | | | | | 129,800 | | | | | | 15,019,158 | | |
Fox Corporation Class A | | | | | 452,300 | | | | | | 13,876,564 | | |
Meta Platforms, Inc. Class A (b) | | | | | 202,300 | | | | | | 27,448,064 | | |
T-Mobile US, Inc. (b) | | | | | 78,600 | | | | | | 10,545,762 | | |
Verizon Communications Inc. | | | | | 108,400 | | | | | | 4,115,948 | | |
| | | | | 163,165,729 | | | ||||||
Consumer Discretionary — 11.9% | | ||||||||||||
Amazon.com, Inc. (b) | | | | | 549,900 | | | | | | 62,138,700 | | |
Booking Holdings Inc. (b) | | | | | 10,000 | | | | | | 16,432,100 | | |
Capri Holdings Limited (b) | | | | | 298,900 | | | | | | 11,489,716 | | |
Home Depot, Inc. | | | | | 58,000 | | | | | | 16,004,520 | | |
Las Vegas Sands Corp. (b) | | | | | 195,000 | | | | | | 7,316,400 | | |
Marriott International, Inc. Class A | | | | | 94,800 | | | | | | 13,285,272 | | |
O’Reilly Automotive, Inc. (b) | | | | | 27,100 | | | | | | 19,060,785 | | |
Tesla, Inc. (b) | | | | | 143,000 | | | | | | 37,930,750 | | |
Tractor Supply Company | | | | | 119,000 | | | | | | 22,119,720 | | |
Ulta Beauty, Inc. (b) | | | | | 51,600 | | | | | | 20,701,404 | | |
YUM! Brands, Inc. | | | | | 121,200 | | | | | | 12,888,408 | | |
| | | | | 239,367,775 | | | ||||||
Consumer Staples — 6.5% | | ||||||||||||
Archer-Daniels-Midland Company | | | | | 133,900 | | | | | | 10,772,255 | | |
Coca-Cola Company | | | | | 165,700 | | | | | | 9,282,514 | | |
Constellation Brands, Inc. Class A | | | | | 74,200 | | | | | | 17,042,256 | | |
Costco Wholesale Corporation | | | | | 43,700 | | | | | | 20,638,199 | | |
Molson Coors Beverage Company Class B | | | | | 308,700 | | | | | | 14,814,513 | | |
PepsiCo, Inc. | | | | | 78,800 | | | | | | 12,864,888 | | |
Philip Morris International Inc. | | | | | 173,800 | | | | | | 14,427,138 | | |
Procter & Gamble Company | | | | | 115,650 | | | | | | 14,600,812 | | |
Sysco Corporation | | | | | 233,900 | | | | | | 16,539,069 | | |
| | | | 130,981,644 | | |
Schedule of Investments (continued)
September 30, 2022
(unaudited)
(unaudited)
| | | Shares | | | Value (a) | | ||||||
Energy — 5.0% | | ||||||||||||
Adams Natural Resources Fund, Inc. (c)(g) | | | | | 2,186,774 | | | | | $ | 42,554,622 | | |
ConocoPhillips | | | | | 215,000 | | | | | | 22,003,100 | | |
Marathon Petroleum Corporation | | | | | 196,100 | | | | | | 19,478,613 | | |
Pioneer Natural Resources Company | | | | | 77,300 | | | | | | 16,737,769 | | |
| | | | 100,774,104 | | | |||||||
Financials — 10.9% | | ||||||||||||
American International Group, Inc. | | | | | 530,400 | | | | | | 25,183,392 | | |
Bank of America Corp. | | | | | 1,148,400 | | | | | | 34,681,680 | | |
Berkshire Hathaway Inc. Class B (b) | | | | | 96,600 | | | | | | 25,794,132 | | |
Charles Schwab Corp. | | | | | 366,200 | | | | | | 26,318,794 | | |
JPMorgan Chase & Co. | | | | | 124,700 | | | | | | 13,031,150 | | |
MetLife, Inc. | | | | | 422,600 | | | | | | 25,685,628 | | |
Morgan Stanley | | | | | 323,300 | | | | | | 25,543,933 | | |
Wells Fargo & Company | | | | | 814,700 | | | | | | 32,767,234 | | |
Willis Towers Watson plc | | | | | 58,500 | | | | | | 11,754,990 | | |
| | | | | 220,760,933 | | | ||||||
Health Care — 15.3% | | ||||||||||||
AbbVie, Inc. | | | | | 83,800 | | | | | | 11,246,798 | | |
AmerisourceBergen Corporation | | | | | 156,900 | | | | | | 21,233,277 | | |
Centene Corporation (b) | | | | | 294,500 | | | | | | 22,915,045 | | |
CVS Health Corporation | | | | | 385,000 | | | | | | 36,717,450 | | |
Eli Lilly and Company | | | | | 53,200 | | | | | | 17,202,220 | | |
Health Care Select Sector SPDR Fund | | | | | 275,400 | | | | | | 33,353,694 | | |
Incyte Corporation (b) | | | | | 304,300 | | | | | | 20,278,552 | | |
Johnson & Johnson | | | | | 121,800 | | | | | | 19,897,248 | | |
Pfizer Inc. | | | | | 373,700 | | | | | | 16,353,112 | | |
Regeneron Pharmaceuticals, Inc. (b) | | | | | 30,600 | | | | | | 21,079,422 | | |
Thermo Fisher Scientific Inc. | | | | | 76,600 | | | | | | 38,850,754 | | |
UnitedHealth Group Incorporated | | | | | 99,300 | | | | | | 50,150,472 | | |
| | | | | 309,278,044 | | | ||||||
|
Schedule of Investments (continued)
September 30, 2022
(unaudited)
(unaudited)
| | | Shares | | | Value (a) | | ||||||
Industrials — 7.8% | | ||||||||||||
Boeing Company (b) | | | | | 37,400 | | | | | $ | 4,528,392 | | |
FedEx Corporation | | | | | 52,400 | | | | | | 7,779,828 | | |
General Dynamics Corporation | | | | | 109,800 | | | | | | 23,296,266 | | |
Industrial Select Sector SPDR Fund | | | | | 72,900 | | | | | | 6,039,036 | | |
Parker-Hannifin Corporation | | | | | 82,400 | | | | | | 19,966,344 | | |
Quanta Services, Inc. | | | | | 153,300 | | | | | | 19,528,887 | | |
Raytheon Technologies Corporation | | | | | 192,300 | | | | | | 15,741,678 | | |
TransDigm Group Incorporated | | | | | 35,800 | | | | | | 18,788,556 | | |
Union Pacific Corporation | | | | | 118,900 | | | | | | 23,164,098 | | |
Waste Connections, Inc. | | | | | 134,300 | | | | | | 18,147,959 | | |
| | | | | 156,981,044 | | | ||||||
Information Technology — 26.0% | | ||||||||||||
Advanced Micro Devices, Inc. (b) | | | | | 106,300 | | | | | | 6,735,168 | | |
Apple Inc. | | | | | 983,700 | | | | | | 135,947,340 | | |
Arista Networks, Inc. (b) | | | | | 149,200 | | | | | | 16,843,188 | | |
Automatic Data Processing, Inc. | | | | | 108,100 | | | | | | 24,451,139 | | |
Cisco Systems, Inc. | | | | | 271,900 | | | | | | 10,876,000 | | |
Fidelity National Information Services, Inc. | | | | | 200,300 | | | | | | 15,136,671 | | |
Intuit Inc. | | | | | 47,600 | | | | | | 18,436,432 | | |
Lam Research Corporation | | | | | 48,900 | | | | | | 17,897,400 | | |
Mastercard Incorporated Class A | | | | | 122,900 | | | | | | 34,945,386 | | |
Microsoft Corporation | | | | | 618,100 | | | | | | 143,955,490 | | |
NVIDIA Corporation | | | | | 166,400 | | | | | | 20,199,296 | | |
Oracle Corporation | | | | | 122,200 | | | | | | 7,462,754 | | |
Palo Alto Networks, Inc. (b) | | | | | 93,000 | | | | | | 15,232,470 | | |
QUALCOMM Incorporated | | | | | 183,100 | | | | | | 20,686,638 | | |
Technology Select Sector SPDR Fund | | | | | 41,400 | | | | | | 4,917,492 | | |
Visa Inc. Class A | | | | | 177,300 | | | | | | 31,497,345 | | |
| | | | | 525,220,209 | | | ||||||
Materials — 2.3% | | ||||||||||||
Air Products and Chemicals, Inc. | | | | | 15,100 | | | | | | 3,514,223 | | |
FMC Corporation | | | | | 60,000 | | | | | | 6,342,000 | | |
Linde plc | | | | | 50,000 | | | | | | 13,479,500 | | |
LyondellBasell Industries N.V. | | | | | 41,900 | | | | | | 3,154,232 | | |
Sherwin-Williams Company | | | | | 46,000 | | | | | | 9,418,500 | | |
Steel Dynamics, Inc. | | | | | 146,200 | | | | | | 10,372,890 | | |
| | | | | 46,281,345 | | | ||||||
|
Schedule of Investments (continued)
September 30, 2022
(unaudited)
(unaudited)
| | | Shares | | | Value (a) | | ||||||
Real Estate — 2.6% | | ||||||||||||
Invitation Homes, Inc. | | | | | 302,200 | | | | | $ | 10,205,294 | ||
Prologis, Inc. | | | | | 174,800 | | | | | | 17,759,680 | ||
Realty Income Corporation | | | | | 190,900 | | | | | | 11,110,380 | ||
SBA Communications Corp. Class A | | | | | 45,200 | | | | | | 12,866,180 | ||
| | | | 51,941,534 | |||||||||
Utilities — 2.9% | | ||||||||||||
American Electric Power Company, Inc. | | | | | 184,100 | | | | | | 15,915,445 | ||
CenterPoint Energy, Inc. | | | | | 490,300 | | | | | | 13,816,654 | ||
CMS Energy Corporation | | | | | 242,800 | | | | | | 14,140,672 | ||
WEC Energy Group, Inc. | | | | | 170,500 | | | | | | 15,247,815 | ||
| | | | | 59,120,586 | ||||||||
Total Common Stocks | | ||||||||||||
(Cost $1,462,237,272) | | | | | | | | | | | 2,003,872,947 | ||
Other Investments — 0.0% | | ||||||||||||
Financials — 0.0% | | ||||||||||||
Adams Funds Advisers, LLC (b)(d)(g) | | | | | | | | | | | | ||
(Cost $150,000) | | | | | | | | | | | 466,000 | ||
Short-Term Investments — 0.8% | | ||||||||||||
Money Market Funds — 0.8% | | ||||||||||||
Morgan Stanley Institutional Liquidity Funds Prime Portfolio, 3.03% (e) | | | | | 15,713,616 | | | | | | 15,713,616 | ||
Northern Institutional Treasury Portfolio, 2.43% (e) | | | | | 1,072,179 | | | | | | 1,072,179 | ||
Total Short-Term Investments | | ||||||||||||
(Cost $16,783,023) | | | | | | | | | | | 16,785,795 | ||
Total — 100.1% | | ||||||||||||
(Cost $1,479,170,295) | | | | | | | | | | | 2,021,124,742 | ||
Other Assets Less Liabilities — (0.1)% | | | | | | | | | | | (2,270,747) | | |
Net Assets — 100.0% | | | | | | | | | | $ | 2,018,853,995 | ||
|
Schedule of Investments (continued)
September 30, 2022
(unaudited)
(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 | | | Altria Group Inc. (255,400 shares) | | | 9/27/2023 | | | | $ | 11,628,821 | | | | | $ | — | | | | | $ | (1,114,617) | | |
Pay total return on underlying security and receive financing amount based on notional amount and daily U.S. Federal Funds rate less 1.33%. | | | Short | | | Consumer Staples Select Sector SPDR Fund (152,900 shares) | | | 9/27/2023 | | | | | (11,589,331) | | | | | | 1,330,475 | | | | | | — | | |
Gross unrealized gain (loss) on open total return swap agreements | | | | $ | 1,330,475 | | | | | $ | (1,114,617) | | | |||||||||||||||
Net unrealized gain on open total return swap agreements (f) | | | | $ | 215,858 | | | | | | | | |
(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, 2022, $240,000 in cash collateral was held by the Fund.
(g)
During the nine months ended September 30, 2022, 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 | | | | | | 21,868 | | | | | | 634,164 | | | | | | 6,429,116 | | | | | | 42,554,622 | | |
| Total | | | | | | | | | | $ | 21,868 | | | | | $ | 634,164 | | | | | $ | 6,429,116 | | | | | $ | 43,020,622 | | |
Information regarding transactions in equity securities during the quarter can be found on our website at: www.adamsfunds.com.