NPORT-EX 2 PEOQ1_cleanandedgar.htm
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Schedule of Investments
​
March 31, 2025
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Common Stocks — 99.4% ​
Energy — 80.8%
 ​
Equipment & Services — 5.9%
 ​
Baker Hughes Company
 ​ ​ ​ ​ 418,100 ​ ​ ​ ​ $ 18,375,495 ​ ​
Halliburton Company
 ​ ​ ​ ​ 175,353 ​ ​ ​ ​ ​ 4,448,706 ​ ​
Schlumberger N.V.
 ​ ​ ​ ​ 373,733 ​ ​ ​ ​ ​ 15,622,039 ​ ​
TechnipFMC plc
 ​ ​ ​ ​ 62,800 ​ ​ ​ ​ ​ 1,990,132 ​ ​
​ ​ ​ ​ ​ 40,436,372 ​ ​
Exploration & Production — 21.4%
 ​
APA Corporation
 ​ ​ ​ ​ 56,000 ​ ​ ​ ​ ​ 1,177,120 ​ ​
Chord Energy Corporation
 ​ ​ ​ ​ 225 ​ ​ ​ ​ ​ 25,362 ​ ​
Chord Energy Corporation warrants, strike price $133.70, 1 warrant for .5774 share, expires 9/1/25 (b)
 ​ ​ ​ ​ 1,327 ​ ​ ​ ​ ​ 2,893 ​ ​
ConocoPhillips
 ​ ​ ​ ​ 389,103 ​ ​ ​ ​ ​ 40,863,597 ​ ​
Coterra Energy Inc.
 ​ ​ ​ ​ 361,300 ​ ​ ​ ​ ​ 10,441,570 ​ ​
Devon Energy Corporation
 ​ ​ ​ ​ 124,800 ​ ​ ​ ​ ​ 4,667,520 ​ ​
Diamondback Energy, Inc.
 ​ ​ ​ ​ 55,200 ​ ​ ​ ​ ​ 8,825,376 ​ ​
EOG Resources, Inc.
 ​ ​ ​ ​ 202,067 ​ ​ ​ ​ ​ 25,913,072 ​ ​
EQT Corporation
 ​ ​ ​ ​ 113,300 ​ ​ ​ ​ ​ 6,053,619 ​ ​
Expand Energy Corporation
 ​ ​ ​ ​ 110,100 ​ ​ ​ ​ ​ 12,256,332 ​ ​
Hess Corporation
 ​ ​ ​ ​ 136,589 ​ ​ ​ ​ ​ 21,817,361 ​ ​
Occidental Petroleum Corporation
 ​ ​ ​ ​ 148,351 ​ ​ ​ ​ ​ 7,322,605 ​ ​
Texas Pacific Land Corporation
 ​ ​ ​ ​ 5,450 ​ ​ ​ ​ ​ 7,221,196 ​ ​
​ ​ ​ ​ ​ 146,587,623 ​ ​
Integrated Oil & Gas — 36.4%
 ​
Chevron Corporation
 ​ ​ ​ ​ 526,571 ​ ​ ​ ​ ​ 88,090,063 ​ ​
Exxon Mobil Corporation
 ​ ​ ​ ​ 1,353,755 ​ ​ ​ ​ ​ 161,002,082 ​ ​
​ ​ ​ ​ ​ 249,092,145 ​ ​
Refining & Marketing — 6.2%
 ​
Marathon Petroleum Corporation
 ​ ​ ​ ​ 105,612 ​ ​ ​ ​ ​ 15,386,612 ​ ​
Phillips 66
 ​ ​ ​ ​ 134,575 ​ ​ ​ ​ ​ 16,617,321 ​ ​
Valero Energy Corporation
 ​ ​ ​ ​ 78,300 ​ ​ ​ ​ ​ 10,341,081 ​ ​
​ ​ ​ ​ 42,345,014 ​ ​
Storage & Transportation — 10.9%
 ​
Kinder Morgan, Inc.
 ​ ​ ​ ​ 636,192 ​ ​ ​ ​ ​ 18,150,558 ​ ​
ONEOK, Inc.
 ​ ​ ​ ​ 178,000 ​ ​ ​ ​ ​ 17,661,160 ​ ​
Targa Resources Corp.
 ​ ​ ​ ​ 83,300 ​ ​ ​ ​ ​ 16,699,151 ​ ​
Williams Companies, Inc.
 ​ ​ ​ ​ 365,350 ​ ​ ​ ​ ​ 21,833,316 ​ ​
​ ​ ​ ​ ​ 74,344,185 ​ ​
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Schedule of Investments (continued)
​
March 31, 2025
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Materials — 18.6%
 ​
Chemicals — 12.7%
 ​
Air Products and Chemicals, Inc.
 ​ ​ ​ ​ 21,200 ​ ​ ​ ​ $ 6,252,304 ​ ​
Albemarle Corporation
 ​ ​ ​ ​ 7,200 ​ ​ ​ ​ ​ 518,544 ​ ​
CF Industries Holdings, Inc.
 ​ ​ ​ ​ 52,269 ​ ​ ​ ​ ​ 4,084,822 ​ ​
Corteva Inc.
 ​ ​ ​ ​ 91,945 ​ ​ ​ ​ ​ 5,786,099 ​ ​
Dow, Inc.
 ​ ​ ​ ​ 63,945 ​ ​ ​ ​ ​ 2,232,959 ​ ​
DuPont de Nemours, Inc.
 ​ ​ ​ ​ 36,926 ​ ​ ​ ​ ​ 2,757,634 ​ ​
Eastman Chemical Company
 ​ ​ ​ ​ 40,900 ​ ​ ​ ​ ​ 3,603,699 ​ ​
Ecolab Inc.
 ​ ​ ​ ​ 48,400 ​ ​ ​ ​ ​ 12,270,368 ​ ​
International Flavors & Fragrances Inc.
 ​ ​ ​ ​ 20,206 ​ ​ ​ ​ ​ 1,568,188 ​ ​
Linde plc
 ​ ​ ​ ​ 64,400 ​ ​ ​ ​ ​ 29,987,216 ​ ​
LyondellBasell Industries N.V.
 ​ ​ ​ ​ 20,600 ​ ​ ​ ​ ​ 1,450,240 ​ ​
Mosaic Company
 ​ ​ ​ ​ 21,201 ​ ​ ​ ​ ​ 572,639 ​ ​
PPG Industries, Inc.
 ​ ​ ​ ​ 18,100 ​ ​ ​ ​ ​ 1,979,235 ​ ​
Sherwin-Williams Company
 ​ ​ ​ ​ 38,800 ​ ​ ​ ​ ​ 13,548,572 ​ ​
​ ​ ​ ​ ​ 86,612,519 ​ ​
Construction Materials — 1.3%
 ​
Martin Marietta Materials, Inc.
 ​ ​ ​ ​ 5,400 ​ ​ ​ ​ ​ 2,581,902 ​ ​
Vulcan Materials Company
 ​ ​ ​ ​ 27,300 ​ ​ ​ ​ ​ 6,369,090 ​ ​
​ ​ ​ ​ ​ 8,950,992 ​ ​
Containers & Packaging — 1.8%
 ​
Amcor plc
 ​ ​ ​ ​ 92,400 ​ ​ ​ ​ ​ 896,280 ​ ​
Avery Dennison Corporation
 ​ ​ ​ ​ 6,300 ​ ​ ​ ​ ​ 1,121,211 ​ ​
Ball Corporation
 ​ ​ ​ ​ 23,300 ​ ​ ​ ​ ​ 1,213,231 ​ ​
Crown Holdings, Inc.
 ​ ​ ​ ​ 42,200 ​ ​ ​ ​ ​ 3,766,772 ​ ​
International Paper Company
 ​ ​ ​ ​ 40,900 ​ ​ ​ ​ ​ 2,182,015 ​ ​
Packaging Corporation of America
 ​ ​ ​ ​ 7,400 ​ ​ ​ ​ ​ 1,465,348 ​ ​
Smurfit Westrock plc
 ​ ​ ​ ​ 41,300 ​ ​ ​ ​ ​ 1,860,978 ​ ​
​ ​ ​ ​ ​ 12,505,835 ​ ​
Metals & Mining — 2.8%
 ​
Freeport-McMoRan, Inc.
 ​ ​ ​ ​ 224,300 ​ ​ ​ ​ ​ 8,491,998 ​ ​
Newmont Corporation
 ​ ​ ​ ​ 128,400 ​ ​ ​ ​ ​ 6,199,152 ​ ​
Nucor Corporation
 ​ ​ ​ ​ 22,600 ​ ​ ​ ​ ​ 2,719,684 ​ ​
Steel Dynamics, Inc.
 ​ ​ ​ ​ 12,526 ​ ​ ​ ​ ​ 1,566,752 ​ ​
​ ​ ​ ​ ​ 18,977,586 ​ ​
Total Common Stocks ​
(Cost $489,197,363)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 679,852,271 ​ ​
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Schedule of Investments (continued)
​
March 31, 2025
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Short-Term Investments — 0.6% ​
Money Market Funds — 0.6%
 ​
Morgan Stanley Institutional Liquidity Funds Prime Portfolio, Institutional Class, 4.38% (c)
 ​ ​ ​ ​ 3,699,620 ​ ​ ​ ​ $ 3,700,359 ​ ​
Northern Institutional Funds Treasury Portfolio, Premier Class, 4.18% (c)
 ​ ​ ​ ​ 354,904 ​ ​ ​ ​ ​ 354,904 ​ ​
Total Short-Term Investments ​
(Cost $4,055,453)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,055,263 ​ ​
Total — 100.0% of Net Assets ​
(Cost $493,252,816)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 683,907,534 ​ ​
Other Assets Less Liabilities — 0.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 114,591 ​ ​
Net Assets — 100.0%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 684,022,125 ​ ​
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​ ​ ​ ​ ​ ​
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(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.
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​ ​ ​ ​ ​ ​
Information regarding transactions in equity securities during the quarter can be found on our website at: www.adamsfunds.com.
 
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