Adams Diversified Equity Fund (ADX) NPORT-P N/a (Sep 2024 report)

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

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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

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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

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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

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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.

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