​
Schedule of Investments
​
September 30, 2025
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Common Stocks — 99.4% ​
Communication Services — 10.1%
 ​
Alphabet Inc. Class A
 ​ ​ ​ ​ 533,000 ​ ​ ​ ​ $ 129,572,300 ​ ​
Meta Platforms, Inc. Class A
 ​ ​ ​ ​ 123,500 ​ ​ ​ ​ ​ 90,695,930 ​ ​
Netflix, Inc. (b)
 ​ ​ ​ ​ 34,822 ​ ​ ​ ​ ​ 41,748,792 ​ ​
Spotify Technology SA (b)
 ​ ​ ​ ​ 9,100 ​ ​ ​ ​ ​ 6,351,800 ​ ​
TKO Group Holdings, Inc. Class A
 ​ ​ ​ ​ 54,300 ​ ​ ​ ​ ​ 10,966,428 ​ ​
T-Mobile US, Inc.
 ​ ​ ​ ​ 96,900 ​ ​ ​ ​ ​ 23,195,922 ​ ​
​ ​ ​ ​ ​ 302,531,172 ​ ​
Consumer Discretionary — 10.7%
 ​
Amazon.com, Inc. (b)
 ​ ​ ​ ​ 522,700 ​ ​ ​ ​ ​ 114,769,239 ​ ​
Booking Holdings Inc.
 ​ ​ ​ ​ 5,600 ​ ​ ​ ​ ​ 30,235,912 ​ ​
Home Depot, Inc.
 ​ ​ ​ ​ 80,700 ​ ​ ​ ​ ​ 32,698,833 ​ ​
McDonald’s Corporation
 ​ ​ ​ ​ 74,400 ​ ​ ​ ​ ​ 22,609,416 ​ ​
O’Reilly Automotive, Inc. (b)
 ​ ​ ​ ​ 217,500 ​ ​ ​ ​ ​ 23,448,675 ​ ​
PulteGroup, Inc.
 ​ ​ ​ ​ 53,500 ​ ​ ​ ​ ​ 7,068,955 ​ ​
Tesla, Inc. (b)
 ​ ​ ​ ​ 121,800 ​ ​ ​ ​ ​ 54,166,896 ​ ​
Uber Technologies, Inc. (b)
 ​ ​ ​ ​ 349,700 ​ ​ ​ ​ ​ 34,260,109 ​ ​
​ ​ ​ ​ ​ 319,258,035 ​ ​
Consumer Staples — 5.0%
 ​
Coca-Cola Company
 ​ ​ ​ ​ 144,000 ​ ​ ​ ​ ​ 9,550,080 ​ ​
Colgate-Palmolive Company
 ​ ​ ​ ​ 72,300 ​ ​ ​ ​ ​ 5,779,662 ​ ​
Costco Wholesale Corporation
 ​ ​ ​ ​ 13,700 ​ ​ ​ ​ ​ 12,681,131 ​ ​
Lamb Weston Holdings, Inc.
 ​ ​ ​ ​ 92,900 ​ ​ ​ ​ ​ 5,395,632 ​ ​
PepsiCo, Inc.
 ​ ​ ​ ​ 47,800 ​ ​ ​ ​ ​ 6,713,032 ​ ​
Philip Morris International Inc.
 ​ ​ ​ ​ 214,935 ​ ​ ​ ​ ​ 34,862,457 ​ ​
Post Holdings, Inc. (b)
 ​ ​ ​ ​ 111,000 ​ ​ ​ ​ ​ 11,930,280 ​ ​
Procter & Gamble Company
 ​ ​ ​ ​ 70,249 ​ ​ ​ ​ ​ 10,793,759 ​ ​
Sysco Corporation
 ​ ​ ​ ​ 189,500 ​ ​ ​ ​ ​ 15,603,430 ​ ​
Walmart Inc.
 ​ ​ ​ ​ 353,243 ​ ​ ​ ​ ​ 36,405,224 ​ ​
​ ​ ​ ​ ​ 149,714,687 ​ ​
Energy — 3.2%
 ​
Adams Natural Resources Fund, Inc. (c)(f)
 ​ ​ ​ ​ 2,516,002 ​ ​ ​ ​ ​ 54,144,363 ​ ​
Baker Hughes Company
 ​ ​ ​ ​ 309,400 ​ ​ ​ ​ ​ 15,073,968 ​ ​
Chevron Corporation
 ​ ​ ​ ​ 178,327 ​ ​ ​ ​ ​ 27,692,400 ​ ​
​ ​ ​ ​ 96,910,731 ​ ​
6
​
Schedule of Investments (continued)
​
September 30, 2025
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Financials — 13.1%
 ​
American International Group, Inc.
 ​ ​ ​ ​ 248,200 ​ ​ ​ ​ $ 19,493,628 ​ ​
Bank of America Corp.
 ​ ​ ​ ​ 918,868 ​ ​ ​ ​ ​ 47,404,400 ​ ​
Berkshire Hathaway Inc. Class B (b)
 ​ ​ ​ ​ 93,043 ​ ​ ​ ​ ​ 46,776,438 ​ ​
Capital One Financial Corporation
 ​ ​ ​ ​ 157,670 ​ ​ ​ ​ ​ 33,517,489 ​ ​
Goldman Sachs Group, Inc.
 ​ ​ ​ ​ 42,000 ​ ​ ​ ​ ​ 33,446,700 ​ ​
JPMorgan Chase & Co.
 ​ ​ ​ ​ 203,863 ​ ​ ​ ​ ​ 64,304,506 ​ ​
M&T Bank Corporation
 ​ ​ ​ ​ 93,600 ​ ​ ​ ​ ​ 18,497,232 ​ ​
Mastercard Incorporated Class A
 ​ ​ ​ ​ 57,562 ​ ​ ​ ​ ​ 32,741,841 ​ ​
Moody’s Corporation
 ​ ​ ​ ​ 41,500 ​ ​ ​ ​ ​ 19,773,920 ​ ​
Progressive Corporation
 ​ ​ ​ ​ 86,000 ​ ​ ​ ​ ​ 21,237,700 ​ ​
T. Rowe Price Group, Inc.
 ​ ​ ​ ​ 154,800 ​ ​ ​ ​ ​ 15,888,672 ​ ​
Visa Inc. Class A
 ​ ​ ​ ​ 116,861 ​ ​ ​ ​ ​ 39,894,008 ​ ​
​ ​ ​ ​ ​ 392,976,534 ​ ​
Health Care — 9.0%
 ​
AbbVie, Inc.
 ​ ​ ​ ​ 187,700 ​ ​ ​ ​ ​ 43,460,058 ​ ​
Boston Scientific Corporation (b)
 ​ ​ ​ ​ 213,700 ​ ​ ​ ​ ​ 20,863,531 ​ ​
Cencora, Inc.
 ​ ​ ​ ​ 77,100 ​ ​ ​ ​ ​ 24,096,063 ​ ​
Cigna Group
 ​ ​ ​ ​ 40,200 ​ ​ ​ ​ ​ 11,587,650 ​ ​
CVS Health Corporation
 ​ ​ ​ ​ 127,500 ​ ​ ​ ​ ​ 9,612,225 ​ ​
Eli Lilly and Company
 ​ ​ ​ ​ 41,968 ​ ​ ​ ​ ​ 32,021,584 ​ ​
Health Care Select Sector SPDR Fund
 ​ ​ ​ ​ 144,300 ​ ​ ​ ​ ​ 20,082,231 ​ ​
Insulet Corporation (b)
 ​ ​ ​ ​ 40,700 ​ ​ ​ ​ ​ 12,565,311 ​ ​
Johnson & Johnson
 ​ ​ ​ ​ 102,800 ​ ​ ​ ​ ​ 19,061,176 ​ ​
Medtronic plc
 ​ ​ ​ ​ 192,900 ​ ​ ​ ​ ​ 18,371,796 ​ ​
Merck & Co., Inc.
 ​ ​ ​ ​ 308,800 ​ ​ ​ ​ ​ 25,917,584 ​ ​
UnitedHealth Group Incorporated
 ​ ​ ​ ​ 50,800 ​ ​ ​ ​ ​ 17,541,240 ​ ​
Vertex Pharmaceuticals Incorporated (b)
 ​ ​ ​ ​ 35,100 ​ ​ ​ ​ ​ 13,746,564 ​ ​
​ ​ ​ ​ ​ 268,927,013 ​ ​
Industrials — 7.8%
 ​
Axon Enterprise Inc. (b)
 ​ ​ ​ ​ 14,700 ​ ​ ​ ​ ​ 10,549,308 ​ ​
Boeing Company (b)
 ​ ​ ​ ​ 135,300 ​ ​ ​ ​ ​ 29,201,799 ​ ​
Carrier Global Corporation
 ​ ​ ​ ​ 277,200 ​ ​ ​ ​ ​ 16,548,840 ​ ​
GE Aerospace
 ​ ​ ​ ​ 150,200 ​ ​ ​ ​ ​ 45,183,164 ​ ​
GE Vernova Inc.
 ​ ​ ​ ​ 40,700 ​ ​ ​ ​ ​ 25,026,430 ​ ​
Johnson Controls International plc
 ​ ​ ​ ​ 171,000 ​ ​ ​ ​ ​ 18,801,450 ​ ​
L3Harris Technologies, Inc.
 ​ ​ ​ ​ 42,100 ​ ​ ​ ​ ​ 12,857,761 ​ ​
Lincoln Electric Holdings, Inc.
 ​ ​ ​ ​ 81,000 ​ ​ ​ ​ ​ 19,102,230 ​ ​
Parker-Hannifin Corporation
 ​ ​ ​ ​ 28,500 ​ ​ ​ ​ ​ 21,607,275 ​ ​
Republic Services, Inc.
 ​ ​ ​ ​ 68,500 ​ ​ ​ ​ ​ 15,719,380 ​ ​
RTX Corporation
 ​ ​ ​ ​ 103,500 ​ ​ ​ ​ ​ 17,318,655 ​ ​
​ ​ ​ ​ ​ 231,916,292 ​ ​
7​
​
Schedule of Investments (continued)
​
September 30, 2025
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Information Technology — 34.5%
 ​
Advanced Micro Devices, Inc. (b)
 ​ ​ ​ ​ 128,000 ​ ​ ​ ​ $ 20,709,120 ​ ​
Analog Devices, Inc.
 ​ ​ ​ ​ 79,000 ​ ​ ​ ​ ​ 19,410,300 ​ ​
Apple Inc.
 ​ ​ ​ ​ 822,900 ​ ​ ​ ​ ​ 209,535,027 ​ ​
Arista Networks, Inc. (b)
 ​ ​ ​ ​ 208,664 ​ ​ ​ ​ ​ 30,404,431 ​ ​
Atlassian Corporation Class A (b)
 ​ ​ ​ ​ 76,300 ​ ​ ​ ​ ​ 12,185,110 ​ ​
Autodesk, Inc. (b)
 ​ ​ ​ ​ 40,700 ​ ​ ​ ​ ​ 12,929,169 ​ ​
Broadcom Inc.
 ​ ​ ​ ​ 265,200 ​ ​ ​ ​ ​ 87,492,132 ​ ​
Cisco Systems, Inc.
 ​ ​ ​ ​ 374,800 ​ ​ ​ ​ ​ 25,643,816 ​ ​
International Business Machines Corporation
 ​ ​ ​ ​ 87,900 ​ ​ ​ ​ ​ 24,801,864 ​ ​
Lam Research Corporation
 ​ ​ ​ ​ 278,000 ​ ​ ​ ​ ​ 37,224,200 ​ ​
Microsoft Corporation
 ​ ​ ​ ​ 424,300 ​ ​ ​ ​ ​ 219,766,185 ​ ​
NVIDIA Corporation
 ​ ​ ​ ​ 1,314,800 ​ ​ ​ ​ ​ 245,315,384 ​ ​
Oracle Corporation
 ​ ​ ​ ​ 85,800 ​ ​ ​ ​ ​ 24,130,392 ​ ​
Palantir Technologies Inc. Class A (b)
 ​ ​ ​ ​ 56,900 ​ ​ ​ ​ ​ 10,379,698 ​ ​
Palo Alto Networks, Inc. (b)
 ​ ​ ​ ​ 107,800 ​ ​ ​ ​ ​ 21,950,236 ​ ​
Salesforce, Inc.
 ​ ​ ​ ​ 55,000 ​ ​ ​ ​ ​ 13,035,000 ​ ​
Snowflake, Inc. (b)
 ​ ​ ​ ​ 68,200 ​ ​ ​ ​ ​ 15,382,510 ​ ​
​ ​ ​ ​ 1,030,294,574 ​ ​
Materials — 1.6%
 ​
Crown Holdings, Inc.
 ​ ​ ​ ​ 150,400 ​ ​ ​ ​ ​ 14,527,136 ​ ​
Ecolab Inc.
 ​ ​ ​ ​ 72,200 ​ ​ ​ ​ ​ 19,772,692 ​ ​
Freeport-McMoRan, Inc.
 ​ ​ ​ ​ 199,400 ​ ​ ​ ​ ​ 7,820,468 ​ ​
Materials Select Sector SPDR Fund
 ​ ​ ​ ​ 51,200 ​ ​ ​ ​ ​ 4,588,544 ​ ​
​ ​ ​ ​ 46,708,840 ​ ​
Real Estate — 2.0%
 ​
AvalonBay Communities, Inc.
 ​ ​ ​ ​ 57,600 ​ ​ ​ ​ ​ 11,126,592 ​ ​
CBRE Group, Inc. Class A (b)
 ​ ​ ​ ​ 98,200 ​ ​ ​ ​ ​ 15,472,392 ​ ​
Prologis, Inc.
 ​ ​ ​ ​ 158,800 ​ ​ ​ ​ ​ 18,185,776 ​ ​
VICI Properties Inc.
 ​ ​ ​ ​ 421,600 ​ ​ ​ ​ ​ 13,748,376 ​ ​
​ ​ ​ ​ ​ 58,533,136 ​ ​
Utilities — 2.4%
 ​
Constellation Energy Corporation
 ​ ​ ​ ​ 29,300 ​ ​ ​ ​ ​ 9,641,751 ​ ​
Duke Energy Corporation
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 18,562,500 ​ ​
Entergy Corporation
 ​ ​ ​ ​ 212,900 ​ ​ ​ ​ ​ 19,840,151 ​ ​
Eversource Energy
 ​ ​ ​ ​ 215,000 ​ ​ ​ ​ ​ 15,295,100 ​ ​
Vistra Corp.
 ​ ​ ​ ​ 37,400 ​ ​ ​ ​ ​ 7,327,408 ​ ​
​ ​ ​ ​ ​ 70,666,910 ​ ​
Total Common Stocks ​
(Cost $1,422,774,838)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,968,437,924 ​ ​
Other Investments — 0.0% ​
Financials — 0.0%
 ​
Adams Funds Advisers, LLC (b)(d)(f)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $150,000)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 466,000 ​ ​
​
8
​
Schedule of Investments (continued)
​
September 30, 2025
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Short-Term Investments — 0.7% ​
Money Market Funds — 0.7%
 ​
Morgan Stanley Institutional Liquidity Funds Prime Portfolio, Institutional Class, 4.12% (e)
 ​ ​ ​ ​ 19,296,860 ​ ​ ​ ​ $ 19,302,649
Northern Institutional Funds Treasury Portfolio, Premier Class, 3.95% (e)
 ​ ​ ​ ​ 503,523 ​ ​ ​ ​ ​ 503,523
Total Short-Term Investments ​
(Cost $19,802,242)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19,806,172
Total — 100.1% ​
(Cost $1,442,727,080)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,988,710,096
Other Assets Less Liabilities — (0.1)% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2,304,788) ​ ​
Net Assets — 100.0%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 2,986,405,308
​
​
​ ​
​ ​
​
​
(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, 2025, investments in affiliates 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 Funds, Inc.
(non-controlled)*		 ​ ​ ​ ​ 2,516,002 ​ ​ ​ ​ ​ 140,456 ​ ​ ​ ​ ​ 3,598,939 ​ ​ ​ ​ ​ (486,893) ​ ​ ​ ​ ​ 54,144,363 ​ ​
​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 140,456 ​ ​ ​ ​ $ 3,598,939 ​ ​ ​ ​ $ (486,893) ​ ​ ​ ​ $ 54,610,363 ​ ​
​
*
The Fund elected to receive 175,069 shares (cost basis $3,739,373) in lieu of cash for distributions received in 2025. Cost basis at end of period was $41,196,072.
​
​ ​ ​ ​ ​ ​ ​ ​ ​
Information regarding transactions in equity securities during the quarter can be found on our website at: www.adamsfunds.com.​
9​