Adams Diversified Equity Fund (ADX) NPORT-P N/a (Sep 2023 report)

Schedule of Investments

September 30, 2023
(unaudited)

​	Shares		Value (a)
Common Stocks — 99.7%
Communication Services — 8.8%
Alphabet Inc. Class A (b)	​	729,300	​	$	95,436,198
Comcast Corporation Class A	​	646,500	​	​	28,665,810
Meta Platforms, Inc. Class A (b)	​	141,500	​	​	42,479,715
Netflix, Inc. (b)	​	65,722	​	​	24,816,627
Verizon Communications Inc.	​	462,800	​	​	14,999,348
​			​	​	206,397,698
Consumer Discretionary — 11.0%
Amazon.com, Inc. (b)	​	556,400	​	​	70,729,568
Booking Holdings Inc. (b)	​	9,800	​	​	30,222,710
Home Depot, Inc.	​	58,000	​	​	17,525,280
McDonald’s Corporation	​	104,900	​	​	27,634,856
O’Reilly Automotive, Inc. (b)	​	24,000	​	​	21,812,640
Skechers U.S.A., Inc. Class A (b)	​	280,900	​	​	13,750,055
Tesla, Inc. (b)	​	140,500	​	​	35,155,910
TJX Companies, Inc.	​	260,360	​	​	23,140,797
Uber Technologies, Inc. (b)	​	405,500	​	​	18,648,945
​			​	​	258,620,761
Consumer Staples — 6.5%
Altria Group, Inc.	​	316,400	​	​	13,304,620
Coca-Cola Company	​	165,700	​	​	9,275,886
Colgate-Palmolive Company	​	158,500	​	​	11,270,935
Monster Beverage Corporation (b)	​	242,668	​	​	12,849,271
PepsiCo, Inc.	​	78,800	​	​	13,351,872
Philip Morris International Inc.	​	227,435	​	​	21,055,932
Procter & Gamble Company	​	261,449	​	​	38,134,951
Walmart Inc.	​	203,581	​	​	32,558,709
​			​	​	151,802,176
Energy — 5.0%
Adams Natural Resources Fund, Inc. (c)(f)	​	2,186,774	​	​	50,558,215
Diamondback Energy, Inc.	​	114,200	​	​	17,687,296
Exxon Mobil Corporation	​	148,174	​	​	17,422,299
Marathon Petroleum Corporation	​	117,037	​	​	17,712,379
Pioneer Natural Resources Company	​	63,600	​	​	14,599,380
			​	​	117,979,569

Schedule of Investments (continued)

September 30, 2023
(unaudited)

​	Shares		Value (a)
Financials — 12.6%
American International Group, Inc.	​	421,600	​	$	25,548,960
Bank of America Corp.	​	367,768	​	​	10,069,488
Berkshire Hathaway Inc. Class B (b)	​	72,543	​	​	25,411,813
Chubb Limited	​	122,100	​	​	25,418,778
JPMorgan Chase & Co.	​	329,763	​	​	47,822,230
Mastercard Incorporated Class A	​	91,862	​	​	36,369,084
Morgan Stanley	​	319,869	​	​	26,123,701
S&P Global, Inc.	​	78,700	​	​	28,757,767
Visa Inc. Class A	​	205,361	​	​	47,235,084
Wells Fargo & Company	​	569,800	​	​	23,282,028
​			​	​	296,038,933
Health Care — 13.1%
Align Technology, Inc. (b)	​	39,000	​	​	11,907,480
Becton, Dickinson and Company	​	86,300	​	​	22,311,139
Cencora, Inc.	​	166,300	​	​	29,929,011
DexCom, Inc. (b)	​	194,957	​	​	18,189,488
Eli Lilly and Company	​	63,568	​	​	34,144,280
Health Care Select Sector SPDR Fund	​	223,200	​	​	28,734,768
IDEXX Laboratories, Inc. (b)	​	34,300	​	​	14,998,361
Johnson & Johnson	​	101,200	​	​	15,761,900
Merck & Co., Inc.	​	332,700	​	​	34,251,465
Regeneron Pharmaceuticals, Inc. (b)	​	32,300	​	​	26,581,608
Thermo Fisher Scientific Inc.	​	47,900	​	​	24,245,543
UnitedHealth Group Incorporated	​	90,600	​	​	45,679,614
​			​	​	306,734,657
Industrials — 8.2%
Boeing Company (b)	​	125,177	​	​	23,993,927
Carrier Global Corporation	​	436,020	​	​	24,068,304
Generac Holdings Inc. (b)	​	92,700	​	​	10,100,592
Ingersoll Rand Inc.	​	267,300	​	​	17,032,356
Lockheed Martin Corporation	​	59,211	​	​	24,214,931
Paycom Software, Inc.	​	33,600	​	​	8,711,472
Quanta Services, Inc.	​	119,000	​	​	22,261,330
Republic Services, Inc.	​	148,200	​	​	21,119,982
TransDigm Group Incorporated (b)	​	23,900	​	​	20,150,807
Union Pacific Corporation	​	103,300	​	​	21,034,979
​			​	​	192,688,680

Schedule of Investments (continued)

September 30, 2023
(unaudited)

​	Shares		Value (a)
Information Technology — 27.6%
Accenture plc Class A	​	101,119	​	$	31,054,656
Advanced Micro Devices, Inc. (b)	​	257,400	​	​	26,465,868
Apple Inc.	​	900,400	​	​	154,157,484
Arista Networks, Inc. (b)	​	119,691	​	​	22,014,766
Cisco Systems, Inc.	​	502,500	​	​	27,014,400
Intuit Inc.	​	47,600	​	​	24,320,744
Lam Research Corporation	​	48,900	​	​	30,649,053
Micron Technology, Inc.	​	289,400	​	​	19,687,882
Microsoft Corporation	​	552,300	​	​	174,388,725
NVIDIA Corporation	​	166,400	​	​	72,382,336
Oracle Corporation	​	109,400	​	​	11,587,648
QUALCOMM Incorporated	​	37,600	​	​	4,175,856
Salesforce, Inc. (b)	​	135,700	​	​	27,517,246
Synopsys, Inc. (b)	​	50,100	​	​	22,994,397
​			​	​	648,411,061
Materials — 2.5%
DuPont de Nemours, Inc.	​	151,686	​	​	11,314,259
Linde plc	​	61,100	​	​	22,750,585
PPG Industries, Inc.	​	106,500	​	​	13,823,700
Teck Resources Limited	​	229,400	​	​	9,884,846
​			​	​	57,773,390
Real Estate — 2.3%
Digital Realty Trust, Inc.	​	123,000	​	​	14,885,460
Prologis, Inc.	​	174,800	​	​	19,614,308
Public Storage	​	43,300	​	​	11,410,416
Ventas, Inc.	​	206,000	​	​	8,678,780
​			​	​	54,588,964
Utilities — 2.1%
AES Corporation	​	582,500	​	​	8,854,000
American Water Works Company, Inc.	​	107,783	​	​	13,346,769
CenterPoint Energy, Inc.	​	460,600	​	​	12,367,110
DTE Energy Company	​	137,400	​	​	13,641,072
​			​	​	48,208,951
Total Common Stocks
(Cost $1,518,477,884)	​	​	​	​	2,339,244,840

Schedule of Investments (continued)

September 30, 2023
(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 — 0.4%
Money Market Funds — 0.4%
Northern Institutional Treasury Premier Portfolio, 5.20% (e)	​	552,466	​	​	552,466
Western Asset Institutional Liquid Reserves Fund, 5.41% (e)	​	9,107,601	​	​	9,106,691
Total Short-Term Investments
(Cost $9,657,775)	​	​	​	​	9,659,157
Total — 100.1%
(Cost $1,528,285,659)	​	​	​	​	2,349,369,997
Other Assets Less Liabilities — (0.1)%	​	​	​	​	(2,194,834)
Net Assets — 100.0%	​	​	​	$	2,347,175,163

(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 nine months ended September 30, 2023, 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	​	​	43,735	​	​	612,297	​	​	2,886,542	​	​	50,558,215
Total	​	​	​	$	43,735	​	$	612,297	​	$	2,886,542	​	$	51,024,215

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