NPORT-EX 2 tm2312386d8_peo-nportex.htm out - none - 2.806s
​
Schedule of Investments
​
March 31, 2023
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Common Stocks — 99.2% ​
Energy — 81.5%
 ​
Equipment & Services — 6.5%
 ​
Baker Hughes Company
 ​ ​ ​ ​ 202,800 ​ ​ ​ ​ $ 5,852,808 ​ ​
Halliburton Company
 ​ ​ ​ ​ 193,853 ​ ​ ​ ​ ​ 6,133,509 ​ ​
Schlumberger N.V.
 ​ ​ ​ ​ 584,533 ​ ​ ​ ​ ​ 28,700,570 ​ ​
​ ​ ​ ​ ​ 40,686,887 ​ ​
Exploration & Production — 23.0%
 ​
APA Corporation
 ​ ​ ​ ​ 56,000 ​ ​ ​ ​ ​ 2,019,360 ​ ​
Cheniere Energy, Inc.
 ​ ​ ​ ​ 23,989 ​ ​ ​ ​ ​ 3,780,667 ​ ​
Chord Energy Corporation
 ​ ​ ​ ​ 225 ​ ​ ​ ​ ​ 30,285 ​ ​
Chord Energy Corporation warrants, strike price $166.37, 1 warrant for .5774 share, expires 9/1/24 (b)
 ​ ​ ​ ​ 2,654 ​ ​ ​ ​ ​ 47,188 ​ ​
Chord Energy Corporation warrants, strike price $133.70, 1 warrant for .5774 share, expires 9/1/25 (b)
 ​ ​ ​ ​ 1,327 ​ ​ ​ ​ ​ 18,843 ​ ​
ConocoPhillips
 ​ ​ ​ ​ 456,076 ​ ​ ​ ​ ​ 45,247,300 ​ ​
Coterra Energy Inc.
 ​ ​ ​ ​ 150,100 ​ ​ ​ ​ ​ 3,683,454 ​ ​
Devon Energy Corporation
 ​ ​ ​ ​ 126,000 ​ ​ ​ ​ ​ 6,376,860 ​ ​
Diamondback Energy, Inc.
 ​ ​ ​ ​ 85,100 ​ ​ ​ ​ ​ 11,502,967 ​ ​
EOG Resources, Inc.
 ​ ​ ​ ​ 132,267 ​ ​ ​ ​ ​ 15,161,766 ​ ​
EQT Corporation
 ​ ​ ​ ​ 61,400 ​ ​ ​ ​ ​ 1,959,274 ​ ​
Hess Corporation
 ​ ​ ​ ​ 113,289 ​ ​ ​ ​ ​ 14,992,666 ​ ​
Marathon Oil Corporation
 ​ ​ ​ ​ 114,900 ​ ​ ​ ​ ​ 2,753,004 ​ ​
Occidental Petroleum Corporation
 ​ ​ ​ ​ 236,651 ​ ​ ​ ​ ​ 14,774,122 ​ ​
Pioneer Natural Resources Company
 ​ ​ ​ ​ 108,000 ​ ​ ​ ​ ​ 22,057,920 ​ ​
​ ​ ​ ​ 144,405,676 ​ ​
Integrated Oil & Gas — 37.4%
 ​
Chevron Corporation
 ​ ​ ​ ​ 538,071 ​ ​ ​ ​ ​ 87,791,664 ​ ​
Exxon Mobil Corporation
 ​ ​ ​ ​ 1,338,130 ​ ​ ​ ​ ​ 146,739,336 ​ ​
​ ​ ​ ​ ​ 234,531,000 ​ ​
Refining & Marketing — 9.2%
 ​
Marathon Petroleum Corporation
 ​ ​ ​ ​ 200,412 ​ ​ ​ ​ ​ 27,021,550 ​ ​
Phillips 66
 ​ ​ ​ ​ 186,575 ​ ​ ​ ​ ​ 18,914,974 ​ ​
Valero Energy Corporation
 ​ ​ ​ ​ 86,000 ​ ​ ​ ​ ​ 12,005,600 ​ ​
​ ​ ​ ​ 57,942,124 ​ ​
Storage & Transportation — 5.4%
 ​
Kinder Morgan, Inc.
 ​ ​ ​ ​ 739,092 ​ ​ ​ ​ ​ 12,941,501 ​ ​
ONEOK, Inc.
 ​ ​ ​ ​ 87,500 ​ ​ ​ ​ ​ 5,559,750 ​ ​
Targa Resources Corp.
 ​ ​ ​ ​ 98,800 ​ ​ ​ ​ ​ 7,207,460 ​ ​
Williams Companies, Inc.
 ​ ​ ​ ​ 260,700 ​ ​ ​ ​ ​ 7,784,502 ​ ​
​ ​ ​ ​ ​ 33,493,213 ​ ​
​
​
Schedule of Investments (continued)
​
March 31, 2023
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Materials — 17.7%
 ​
Chemicals — 12.2%
 ​
Air Products and Chemicals, Inc.
 ​ ​ ​ ​ 31,200 ​ ​ ​ ​ $ 8,960,952 ​ ​
Albemarle Corporation
 ​ ​ ​ ​ 9,000 ​ ​ ​ ​ ​ 1,989,360 ​ ​
Celanese Corporation
 ​ ​ ​ ​ 34,300 ​ ​ ​ ​ ​ 3,734,927 ​ ​
CF Industries Holdings, Inc.
 ​ ​ ​ ​ 45,100 ​ ​ ​ ​ ​ 3,269,299 ​ ​
Corteva Inc.
 ​ ​ ​ ​ 66,245 ​ ​ ​ ​ ​ 3,995,236 ​ ​
Dow, Inc.
 ​ ​ ​ ​ 65,745 ​ ​ ​ ​ ​ 3,604,141 ​ ​
DuPont de Nemours, Inc.
 ​ ​ ​ ​ 42,087 ​ ​ ​ ​ ​ 3,020,584 ​ ​
Eastman Chemical Company
 ​ ​ ​ ​ 8,900 ​ ​ ​ ​ ​ 750,626 ​ ​
Ecolab Inc.
 ​ ​ ​ ​ 22,800 ​ ​ ​ ​ ​ 3,774,084 ​ ​
FMC Corporation
 ​ ​ ​ ​ 35,300 ​ ​ ​ ​ ​ 4,311,189 ​ ​
International Flavors & Fragrances Inc.
 ​ ​ ​ ​ 21,006 ​ ​ ​ ​ ​ 1,931,712 ​ ​
Linde plc
 ​ ​ ​ ​ 65,500 ​ ​ ​ ​ ​ 23,281,320 ​ ​
LyondellBasell Industries N.V.
 ​ ​ ​ ​ 18,400 ​ ​ ​ ​ ​ 1,727,576 ​ ​
Mosaic Company
 ​ ​ ​ ​ 25,601 ​ ​ ​ ​ ​ 1,174,574 ​ ​
PPG Industries, Inc.
 ​ ​ ​ ​ 19,700 ​ ​ ​ ​ ​ 2,631,526 ​ ​
Sherwin-Williams Company
 ​ ​ ​ ​ 37,700 ​ ​ ​ ​ ​ 8,473,829 ​ ​
​ ​ ​ ​ ​ 76,630,935 ​ ​
Construction Materials — 0.6%
 ​
Martin Marietta Materials, Inc.
 ​ ​ ​ ​ 5,200 ​ ​ ​ ​ ​ 1,846,312 ​ ​
Vulcan Materials Company
 ​ ​ ​ ​ 9,800 ​ ​ ​ ​ ​ 1,681,288 ​ ​
​ ​ ​ ​ ​ 3,527,600 ​ ​
Containers & Packaging — 1.1%
 ​
Amcor plc
 ​ ​ ​ ​ 125,100 ​ ​ ​ ​ ​ 1,423,638 ​ ​
Avery Dennison Corporation
 ​ ​ ​ ​ 5,500 ​ ​ ​ ​ ​ 984,115 ​ ​
Ball Corporation
 ​ ​ ​ ​ 29,100 ​ ​ ​ ​ ​ 1,603,701 ​ ​
International Paper Company
 ​ ​ ​ ​ 28,200 ​ ​ ​ ​ ​ 1,016,892 ​ ​
Packaging Corporation of America
 ​ ​ ​ ​ 7,600 ​ ​ ​ ​ ​ 1,055,108 ​ ​
Sealed Air Corporation
 ​ ​ ​ ​ 8,900 ​ ​ ​ ​ ​ 408,599 ​ ​
WestRock Company
 ​ ​ ​ ​ 15,400 ​ ​ ​ ​ ​ 469,238 ​ ​
​ ​ ​ ​ ​ 6,961,291 ​ ​
Metals & Mining — 3.8%
 ​
Alcoa Corporation
​ ​ ​ ​ 50,800 ​ ​ ​ ​ ​ 2,162,048 ​ ​
Freeport-McMoRan, Inc.
 ​ ​ ​ ​ 213,500 ​ ​ ​ ​ ​ 8,734,285 ​ ​
Newmont Corporation
 ​ ​ ​ ​ 77,600 ​ ​ ​ ​ ​ 3,803,952 ​ ​
Nucor Corporation
 ​ ​ ​ ​ 40,000 ​ ​ ​ ​ ​ 6,178,800 ​ ​
Steel Dynamics, Inc.
 ​ ​ ​ ​ 28,000 ​ ​ ​ ​ ​ 3,165,680 ​ ​
​ ​ ​ ​ ​ 24,044,765 ​ ​
​
​
​
Schedule of Investments (continued)
​
March 31, 2023
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Total Common Stocks ​
(Cost $455,618,788)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 622,223,491 ​ ​
Short-Term Investments — 0.7% ​
Money Market Funds — 0.7%
 ​
Northern Institutional Treasury Portfolio, 4.56% (c)
 ​ ​ ​ ​ 818,264 ​ ​ ​ ​ ​ 818,264 ​ ​
Western Asset Institutional Liquid Reserves
Fund, 4.95% (c)
 ​ ​ ​ ​ 3,804,511 ​ ​ ​ ​ ​ 3,803,750 ​ ​
Total Short-Term Investments ​
(Cost $4,622,514)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,622,014 ​ ​
Total — 99.9% ​
(Cost $460,241,302)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 626,845,505 ​ ​
Other Assets Less Liabilities — 0.1% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 306,688 ​ ​
Net Assets — 100.0%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 627,152,193 ​ ​
​
​
(a)
Common stocks and warrants 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)
Rate presented is as of period-end and represents the annualized yield earned over the previous seven days.
​
Information regarding transactions in equity securities during the quarter can be found on our website at: www.adamsfunds.com.​
​