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​
Schedule of Investments
​
March 31, 2025
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Common Stocks — 99.3% ​
Communication Services — 9.1%
 ​
Alphabet Inc. Class A
 ​ ​ ​ ​ 547,900 ​ ​ ​ ​ $ 84,727,256 ​ ​
Meta Platforms, Inc. Class A
 ​ ​ ​ ​ 128,000 ​ ​ ​ ​ ​ 73,774,080 ​ ​
Netflix, Inc. (b)
 ​ ​ ​ ​ 38,322 ​ ​ ​ ​ ​ 35,736,415 ​ ​
T-Mobile US, Inc.
 ​ ​ ​ ​ 96,900 ​ ​ ​ ​ ​ 25,844,199 ​ ​
Walt Disney Company
 ​ ​ ​ ​ 98,100 ​ ​ ​ ​ ​ 9,682,470 ​ ​
​ ​ ​ ​ ​ 229,764,420 ​ ​
Consumer Discretionary — 10.7%
 ​
Amazon.com, Inc. (b)
 ​ ​ ​ ​ 571,000 ​ ​ ​ ​ ​ 108,638,460 ​ ​
Booking Holdings Inc.
 ​ ​ ​ ​ 5,900 ​ ​ ​ ​ ​ 27,180,769 ​ ​
Domino’s Pizza, Inc.
 ​ ​ ​ ​ 25,900 ​ ​ ​ ​ ​ 11,899,755 ​ ​
Home Depot, Inc.
 ​ ​ ​ ​ 37,900 ​ ​ ​ ​ ​ 13,889,971 ​ ​
McDonald’s Corporation
 ​ ​ ​ ​ 65,500 ​ ​ ​ ​ ​ 20,460,235 ​ ​
O’Reilly Automotive, Inc. (b)
 ​ ​ ​ ​ 17,400 ​ ​ ​ ​ ​ 24,926,892 ​ ​
Skechers U.S.A., Inc. Class A (b)
 ​ ​ ​ ​ 181,100 ​ ​ ​ ​ ​ 10,282,858 ​ ​
Tesla, Inc. (b)
 ​ ​ ​ ​ 121,800 ​ ​ ​ ​ ​ 31,565,688 ​ ​
Uber Technologies, Inc. (b)
 ​ ​ ​ ​ 309,300 ​ ​ ​ ​ ​ 22,535,598 ​ ​
​ ​ ​ ​ ​ 271,380,226 ​ ​
Consumer Staples — 6.4%
 ​
Coca-Cola Company
 ​ ​ ​ ​ 144,000 ​ ​ ​ ​ ​ 10,313,280 ​ ​
Colgate-Palmolive Company
 ​ ​ ​ ​ 89,200 ​ ​ ​ ​ ​ 8,358,040 ​ ​
Costco Wholesale Corporation
 ​ ​ ​ ​ 13,700 ​ ​ ​ ​ ​ 12,957,186 ​ ​
Kenvue, Inc.
 ​ ​ ​ ​ 752,500 ​ ​ ​ ​ ​ 18,044,950 ​ ​
PepsiCo, Inc.
 ​ ​ ​ ​ 47,800 ​ ​ ​ ​ ​ 7,167,132 ​ ​
Philip Morris International Inc.
 ​ ​ ​ ​ 203,735 ​ ​ ​ ​ ​ 32,338,856 ​ ​
Post Holdings, Inc. (b)
 ​ ​ ​ ​ 120,900 ​ ​ ​ ​ ​ 14,067,924 ​ ​
Procter & Gamble Company
 ​ ​ ​ ​ 70,249 ​ ​ ​ ​ ​ 11,971,834 ​ ​
Sysco Corporation
 ​ ​ ​ ​ 196,700 ​ ​ ​ ​ ​ 14,760,368 ​ ​
Walmart Inc.
 ​ ​ ​ ​ 360,343 ​ ​ ​ ​ ​ 31,634,512 ​ ​
​ ​ ​ ​ ​ 161,614,082 ​ ​
Energy — 3.9%
 ​
Adams Natural Resources Fund, Inc. (c)(f)
 ​ ​ ​ ​ 2,396,247 ​ ​ ​ ​ ​ 54,658,394 ​ ​
Baker Hughes Company
 ​ ​ ​ ​ 324,800 ​ ​ ​ ​ ​ 14,274,960 ​ ​
Chevron Corporation
 ​ ​ ​ ​ 137,900 ​ ​ ​ ​ ​ 23,069,291 ​ ​
Hess Corporation
 ​ ​ ​ ​ 49,100 ​ ​ ​ ​ ​ 7,842,743 ​ ​
​ ​ ​ ​ 99,845,388 ​ ​
5​
​
Schedule of Investments (continued)
​
March 31, 2025
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Financials — 14.3%
 ​
Allstate Corporation
 ​ ​ ​ ​ 101,600 ​ ​ ​ ​ $ 21,038,312 ​ ​
American International Group, Inc.
 ​ ​ ​ ​ 209,500 ​ ​ ​ ​ ​ 18,213,930 ​ ​
Bank of America Corp.
 ​ ​ ​ ​ 848,268 ​ ​ ​ ​ ​ 35,398,224 ​ ​
Berkshire Hathaway Inc. Class B (b)
 ​ ​ ​ ​ 80,343 ​ ​ ​ ​ ​ 42,789,075 ​ ​
CME Group Inc. Class A
 ​ ​ ​ ​ 87,100 ​ ​ ​ ​ ​ 23,106,759 ​ ​
Discover Financial Services
 ​ ​ ​ ​ 118,400 ​ ​ ​ ​ ​ 20,210,880 ​ ​
Goldman Sachs Group, Inc.
 ​ ​ ​ ​ 49,800 ​ ​ ​ ​ ​ 27,205,242 ​ ​
JPMorgan Chase & Co.
 ​ ​ ​ ​ 238,063 ​ ​ ​ ​ ​ 58,396,854 ​ ​
Mastercard Incorporated Class A
 ​ ​ ​ ​ 55,162 ​ ​ ​ ​ ​ 30,235,395 ​ ​
PNC Financial Services Group, Inc.
 ​ ​ ​ ​ 56,200 ​ ​ ​ ​ ​ 9,878,274 ​ ​
S&P Global, Inc.
 ​ ​ ​ ​ 51,000 ​ ​ ​ ​ ​ 25,913,100 ​ ​
Visa Inc. Class A
 ​ ​ ​ ​ 139,761 ​ ​ ​ ​ ​ 48,980,640 ​ ​
​ ​ ​ ​ ​ 361,366,685 ​ ​
Health Care — 11.3%
 ​
AbbVie, Inc.
 ​ ​ ​ ​ 187,700 ​ ​ ​ ​ ​ 39,326,904 ​ ​
Boston Scientific Corporation (b)
 ​ ​ ​ ​ 213,700 ​ ​ ​ ​ ​ 21,558,056 ​ ​
Cencora, Inc.
 ​ ​ ​ ​ 81,000 ​ ​ ​ ​ ​ 22,525,290 ​ ​
Cigna Group
 ​ ​ ​ ​ 40,200 ​ ​ ​ ​ ​ 13,225,800 ​ ​
Eli Lilly and Company
 ​ ​ ​ ​ 41,968 ​ ​ ​ ​ ​ 34,661,791 ​ ​
HCA Healthcare, Inc.
 ​ ​ ​ ​ 24,800 ​ ​ ​ ​ ​ 8,569,640 ​ ​
Health Care Select Sector SPDR Fund
 ​ ​ ​ ​ 104,600 ​ ​ ​ ​ ​ 15,272,646 ​ ​
Insulet Corporation (b)
 ​ ​ ​ ​ 40,700 ​ ​ ​ ​ ​ 10,688,227 ​ ​
Johnson & Johnson
 ​ ​ ​ ​ 102,800 ​ ​ ​ ​ ​ 17,048,352 ​ ​
Medtronic plc
 ​ ​ ​ ​ 192,900 ​ ​ ​ ​ ​ 17,333,994 ​ ​
Quest Diagnostics Incorporated
 ​ ​ ​ ​ 52,100 ​ ​ ​ ​ ​ 8,815,320 ​ ​
Regeneron Pharmaceuticals, Inc.
 ​ ​ ​ ​ 19,700 ​ ​ ​ ​ ​ 12,494,331 ​ ​
Thermo Fisher Scientific Inc.
 ​ ​ ​ ​ 40,300 ​ ​ ​ ​ ​ 20,053,280 ​ ​
UnitedHealth Group Incorporated
 ​ ​ ​ ​ 50,800 ​ ​ ​ ​ ​ 26,606,500 ​ ​
Vertex Pharmaceuticals Incorporated (b)
 ​ ​ ​ ​ 35,100 ​ ​ ​ ​ ​ 17,017,182 ​ ​
​ ​ ​ ​ ​ 285,197,313 ​ ​
Industrials — 7.7%
 ​
Automatic Data Processing, Inc.
 ​ ​ ​ ​ 88,000 ​ ​ ​ ​ ​ 26,886,640 ​ ​
Carrier Global Corporation
 ​ ​ ​ ​ 277,200 ​ ​ ​ ​ ​ 17,574,480 ​ ​
Deere & Company
 ​ ​ ​ ​ 40,500 ​ ​ ​ ​ ​ 19,008,675 ​ ​
Fortive Corp.
 ​ ​ ​ ​ 239,700 ​ ​ ​ ​ ​ 17,541,246 ​ ​
General Electric Company
 ​ ​ ​ ​ 121,100 ​ ​ ​ ​ ​ 24,238,165 ​ ​
Knight-Swift Transportation Holdings Inc.
 ​ ​ ​ ​ 241,400 ​ ​ ​ ​ ​ 10,498,486 ​ ​
Parker-Hannifin Corporation
 ​ ​ ​ ​ 37,300 ​ ​ ​ ​ ​ 22,672,805 ​ ​
RTX Corporation
 ​ ​ ​ ​ 136,200 ​ ​ ​ ​ ​ 18,041,052 ​ ​
Trane Technologies plc
 ​ ​ ​ ​ 53,900 ​ ​ ​ ​ ​ 18,159,988 ​ ​
Vertiv Holdings Co. Class A
 ​ ​ ​ ​ 66,200 ​ ​ ​ ​ ​ 4,779,640 ​ ​
W.W. Grainger, Inc.
 ​ ​ ​ ​ 14,600 ​ ​ ​ ​ ​ 14,422,318 ​ ​
​ ​ ​ ​ ​ 193,823,495 ​ ​
6
​
Schedule of Investments (continued)
​
March 31, 2025
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Information Technology — 29.5%
 ​
Accenture plc Class A
 ​ ​ ​ ​ 24,619 ​ ​ ​ ​ $ 7,682,113 ​ ​
Analog Devices, Inc.
 ​ ​ ​ ​ 79,000 ​ ​ ​ ​ ​ 15,931,930 ​ ​
Apple Inc.
 ​ ​ ​ ​ 843,400 ​ ​ ​ ​ ​ 187,344,442 ​ ​
Arista Networks, Inc. (b)
 ​ ​ ​ ​ 213,664 ​ ​ ​ ​ ​ 16,554,687 ​ ​
Atlassian Corporation Class A (b)
 ​ ​ ​ ​ 62,500 ​ ​ ​ ​ ​ 13,263,125 ​ ​
Autodesk, Inc. (b)
 ​ ​ ​ ​ 40,700 ​ ​ ​ ​ ​ 10,655,260 ​ ​
Broadcom Inc.
 ​ ​ ​ ​ 267,200 ​ ​ ​ ​ ​ 44,737,296 ​ ​
Cisco Systems, Inc.
 ​ ​ ​ ​ 374,800 ​ ​ ​ ​ ​ 23,128,908 ​ ​
International Business Machines Corporation
 ​ ​ ​ ​ 129,700 ​ ​ ​ ​ ​ 32,251,202 ​ ​
Lam Research Corporation
 ​ ​ ​ ​ 283,900 ​ ​ ​ ​ ​ 20,639,530 ​ ​
Micron Technology, Inc.
 ​ ​ ​ ​ 112,300 ​ ​ ​ ​ ​ 9,757,747 ​ ​
Microsoft Corporation
 ​ ​ ​ ​ 440,500 ​ ​ ​ ​ ​ 165,359,295 ​ ​
NVIDIA Corporation
 ​ ​ ​ ​ 1,328,000 ​ ​ ​ ​ ​ 143,928,640 ​ ​
Oracle Corporation
 ​ ​ ​ ​ 48,800 ​ ​ ​ ​ ​ 6,822,728 ​ ​
Palantir Technologies Inc. Class A (b)
 ​ ​ ​ ​ 39,300 ​ ​ ​ ​ ​ 3,316,920 ​ ​
Palo Alto Networks, Inc. (b)
 ​ ​ ​ ​ 107,800 ​ ​ ​ ​ ​ 18,394,992 ​ ​
Salesforce, Inc.
 ​ ​ ​ ​ 94,000 ​ ​ ​ ​ ​ 25,225,840 ​ ​
​ ​ ​ ​ ​ 744,994,655 ​ ​
Materials — 1.8%
 ​
Crown Holdings, Inc.
 ​ ​ ​ ​ 104,700 ​ ​ ​ ​ ​ 9,345,522 ​ ​
Ecolab Inc.
 ​ ​ ​ ​ 57,400 ​ ​ ​ ​ ​ 14,552,048 ​ ​
Freeport-McMoRan, Inc.
 ​ ​ ​ ​ 187,200 ​ ​ ​ ​ ​ 7,087,392 ​ ​
Sherwin-Williams Company
 ​ ​ ​ ​ 42,300 ​ ​ ​ ​ ​ 14,770,737 ​ ​
​ ​ ​ ​ ​ 45,755,699 ​ ​
Real Estate — 2.2%
 ​
American Tower Corporation
 ​ ​ ​ ​ 91,200 ​ ​ ​ ​ ​ 19,845,120 ​ ​
AvalonBay Communities, Inc.
 ​ ​ ​ ​ 57,600 ​ ​ ​ ​ ​ 12,362,112 ​ ​
CBRE Group, Inc. Class A (b)
 ​ ​ ​ ​ 98,200 ​ ​ ​ ​ ​ 12,842,596 ​ ​
VICI Properties Inc.
 ​ ​ ​ ​ 338,200 ​ ​ ​ ​ ​ 11,032,084 ​ ​
​ ​ ​ ​ 56,081,912 ​ ​
Utilities — 2.4%
 ​
Constellation Energy Corporation
 ​ ​ ​ ​ 24,900 ​ ​ ​ ​ ​ 5,020,587 ​ ​
Entergy Corporation
 ​ ​ ​ ​ 128,000 ​ ​ ​ ​ ​ 10,942,720 ​ ​
NextEra Energy, Inc.
 ​ ​ ​ ​ 258,300 ​ ​ ​ ​ ​ 18,310,887 ​ ​
Utilities Select Sector SPDR Fund
 ​ ​ ​ ​ 70,400 ​ ​ ​ ​ ​ 5,551,040 ​ ​
Vistra Corp.
 ​ ​ ​ ​ 28,400 ​ ​ ​ ​ ​ 3,335,296 ​ ​
WEC Energy Group, Inc.
 ​ ​ ​ ​ 161,600 ​ ​ ​ ​ ​ 17,611,168 ​ ​
​ ​ ​ ​ ​ 60,771,698 ​ ​
Total Common Stocks ​
(Cost $1,391,960,337)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,510,595,573 ​ ​
​
7​
​
Schedule of Investments (continued)
​
March 31, 2025
(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, Institutional Class, 4.38% (e)
 ​ ​ ​ ​ 17,796,720 ​ ​ ​ ​ ​ 17,800,279 ​ ​
Northern Institutional Funds Treasury Portfolio, Premier Class, 4.18% (e)
 ​ ​ ​ ​ 497,590 ​ ​ ​ ​ ​ 497,590 ​ ​
Total Short-Term Investments ​
(Cost $18,297,049)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 18,297,869 ​ ​
Total — 100.0% ​
(Cost $1,410,407,386)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,529,359,442 ​ ​
Other Assets Less Liabilities — 0.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 618,121 ​ ​
Net Assets — 100.0%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 2,529,977,563 ​ ​
​
​
​ ​
​
​
(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, 2025, investments in affilates were as follows:
​
​
Affiliate
 ​ ​
Shares held
 ​ ​
Net realized gain
(loss) and capital
gain distributions
 ​ ​
Dividend income
​ ​
Change in
unrealized
appreciation
 ​ ​
Value
 ​
​ Adams Funds Advisers, LLC (controlled) ​ ​ ​ ​ n/a ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 466,000 ​ ​
​ Adams Natural Resources Fund, Inc.
(non-controlled)*		 ​ ​ ​ ​ 2,396,247 ​ ​ ​ ​ ​ 140,456 ​ ​ ​ ​ ​ 1,100,239 ​ ​ ​ ​ ​ 2,525,818 ​ ​ ​ ​ ​ 54,658,394 ​ ​
​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 140,456 ​ ​ ​ ​ $ 1,100,239 ​ ​ ​ ​ $ 2,525,818 ​ ​ ​ ​ $ 55,124,394 ​ ​
​
*
The Fund elected to receive 55,314 shares (cost basis $1,240,694) in lieu of cash for distributions received in 2025. Cost basis at end of period was $38,697,393.
​
​ ​ ​ ​ ​ ​
Information regarding transactions in equity securities during the quarter can be found on our website at: www.adamsfunds.com.​
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