NPORT-EX 2 ADXQ3_SOI.htm
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Schedule of Investments
​
September 30, 2023
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Common Stocks — 99.7% ​
Communication Services — 8.8%
 ​
Alphabet Inc. Class A (b)
 ​ ​ ​ ​ 729,300 ​ ​ ​ ​ $ 95,436,198 ​ ​
Comcast Corporation Class A
 ​ ​ ​ ​ 646,500 ​ ​ ​ ​ ​ 28,665,810 ​ ​
Meta Platforms, Inc. Class A (b)
 ​ ​ ​ ​ 141,500 ​ ​ ​ ​ ​ 42,479,715 ​ ​
Netflix, Inc. (b)
 ​ ​ ​ ​ 65,722 ​ ​ ​ ​ ​ 24,816,627 ​ ​
Verizon Communications Inc.
 ​ ​ ​ ​ 462,800 ​ ​ ​ ​ ​ 14,999,348 ​ ​
​ ​ ​ ​ ​ 206,397,698 ​ ​
Consumer Discretionary — 11.0%
 ​
Amazon.com, Inc. (b)
 ​ ​ ​ ​ 556,400 ​ ​ ​ ​ ​ 70,729,568 ​ ​
Booking Holdings Inc. (b)
 ​ ​ ​ ​ 9,800 ​ ​ ​ ​ ​ 30,222,710 ​ ​
Home Depot, Inc.
 ​ ​ ​ ​ 58,000 ​ ​ ​ ​ ​ 17,525,280 ​ ​
McDonald’s Corporation
 ​ ​ ​ ​ 104,900 ​ ​ ​ ​ ​ 27,634,856 ​ ​
O’Reilly Automotive, Inc. (b)
 ​ ​ ​ ​ 24,000 ​ ​ ​ ​ ​ 21,812,640 ​ ​
Skechers U.S.A., Inc. Class A (b)
 ​ ​ ​ ​ 280,900 ​ ​ ​ ​ ​ 13,750,055 ​ ​
Tesla, Inc. (b)
 ​ ​ ​ ​ 140,500 ​ ​ ​ ​ ​ 35,155,910 ​ ​
TJX Companies, Inc.
 ​ ​ ​ ​ 260,360 ​ ​ ​ ​ ​ 23,140,797 ​ ​
Uber Technologies, Inc. (b)
 ​ ​ ​ ​ 405,500 ​ ​ ​ ​ ​ 18,648,945 ​ ​
​ ​ ​ ​ ​ 258,620,761 ​ ​
Consumer Staples — 6.5%
 ​
Altria Group, Inc.
 ​ ​ ​ ​ 316,400 ​ ​ ​ ​ ​ 13,304,620 ​ ​
Coca-Cola Company
 ​ ​ ​ ​ 165,700 ​ ​ ​ ​ ​ 9,275,886 ​ ​
Colgate-Palmolive Company
 ​ ​ ​ ​ 158,500 ​ ​ ​ ​ ​ 11,270,935 ​ ​
Monster Beverage Corporation (b)
 ​ ​ ​ ​ 242,668 ​ ​ ​ ​ ​ 12,849,271 ​ ​
PepsiCo, Inc.
 ​ ​ ​ ​ 78,800 ​ ​ ​ ​ ​ 13,351,872 ​ ​
Philip Morris International Inc.
 ​ ​ ​ ​ 227,435 ​ ​ ​ ​ ​ 21,055,932 ​ ​
Procter & Gamble Company
 ​ ​ ​ ​ 261,449 ​ ​ ​ ​ ​ 38,134,951 ​ ​
Walmart Inc.
 ​ ​ ​ ​ 203,581 ​ ​ ​ ​ ​ 32,558,709 ​ ​
​ ​ ​ ​ ​ 151,802,176 ​ ​
Energy — 5.0%
 ​
Adams Natural Resources Fund, Inc. (c)(f)
 ​ ​ ​ ​ 2,186,774 ​ ​ ​ ​ ​ 50,558,215 ​ ​
Diamondback Energy, Inc.
 ​ ​ ​ ​ 114,200 ​ ​ ​ ​ ​ 17,687,296 ​ ​
Exxon Mobil Corporation
 ​ ​ ​ ​ 148,174 ​ ​ ​ ​ ​ 17,422,299 ​ ​
Marathon Petroleum Corporation
 ​ ​ ​ ​ 117,037 ​ ​ ​ ​ ​ 17,712,379 ​ ​
Pioneer Natural Resources Company
 ​ ​ ​ ​ 63,600 ​ ​ ​ ​ ​ 14,599,380 ​ ​
​ ​ ​ ​ 117,979,569 ​ ​
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Schedule of Investments (continued)
​
September 30, 2023
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Financials — 12.6%
 ​
American International Group, Inc.
 ​ ​ ​ ​ 421,600 ​ ​ ​ ​ $ 25,548,960 ​ ​
Bank of America Corp.
 ​ ​ ​ ​ 367,768 ​ ​ ​ ​ ​ 10,069,488 ​ ​
Berkshire Hathaway Inc. Class B (b)
 ​ ​ ​ ​ 72,543 ​ ​ ​ ​ ​ 25,411,813 ​ ​
Chubb Limited
 ​ ​ ​ ​ 122,100 ​ ​ ​ ​ ​ 25,418,778 ​ ​
JPMorgan Chase & Co.
 ​ ​ ​ ​ 329,763 ​ ​ ​ ​ ​ 47,822,230 ​ ​
Mastercard Incorporated Class A
 ​ ​ ​ ​ 91,862 ​ ​ ​ ​ ​ 36,369,084 ​ ​
Morgan Stanley
 ​ ​ ​ ​ 319,869 ​ ​ ​ ​ ​ 26,123,701 ​ ​
S&P Global, Inc.
 ​ ​ ​ ​ 78,700 ​ ​ ​ ​ ​ 28,757,767 ​ ​
Visa Inc. Class A
 ​ ​ ​ ​ 205,361 ​ ​ ​ ​ ​ 47,235,084 ​ ​
Wells Fargo & Company
 ​ ​ ​ ​ 569,800 ​ ​ ​ ​ ​ 23,282,028 ​ ​
​ ​ ​ ​ ​ 296,038,933 ​ ​
Health Care — 13.1%
 ​
Align Technology, Inc. (b)
 ​ ​ ​ ​ 39,000 ​ ​ ​ ​ ​ 11,907,480 ​ ​
Becton, Dickinson and Company
 ​ ​ ​ ​ 86,300 ​ ​ ​ ​ ​ 22,311,139 ​ ​
Cencora, Inc.
​ ​ ​ ​ 166,300 ​ ​ ​ ​ ​ 29,929,011 ​ ​
DexCom, Inc. (b)
 ​ ​ ​ ​ 194,957 ​ ​ ​ ​ ​ 18,189,488 ​ ​
Eli Lilly and Company
 ​ ​ ​ ​ 63,568 ​ ​ ​ ​ ​ 34,144,280 ​ ​
Health Care Select Sector SPDR Fund
 ​ ​ ​ ​ 223,200 ​ ​ ​ ​ ​ 28,734,768 ​ ​
IDEXX Laboratories, Inc. (b)
 ​ ​ ​ ​ 34,300 ​ ​ ​ ​ ​ 14,998,361 ​ ​
Johnson & Johnson
 ​ ​ ​ ​ 101,200 ​ ​ ​ ​ ​ 15,761,900 ​ ​
Merck & Co., Inc.
 ​ ​ ​ ​ 332,700 ​ ​ ​ ​ ​ 34,251,465 ​ ​
Regeneron Pharmaceuticals, Inc. (b)
 ​ ​ ​ ​ 32,300 ​ ​ ​ ​ ​ 26,581,608 ​ ​
Thermo Fisher Scientific Inc.
 ​ ​ ​ ​ 47,900 ​ ​ ​ ​ ​ 24,245,543 ​ ​
UnitedHealth Group Incorporated
 ​ ​ ​ ​ 90,600 ​ ​ ​ ​ ​ 45,679,614 ​ ​
​ ​ ​ ​ ​ 306,734,657 ​ ​
Industrials — 8.2%
 ​
Boeing Company (b)
 ​ ​ ​ ​ 125,177 ​ ​ ​ ​ ​ 23,993,927 ​ ​
Carrier Global Corporation
 ​ ​ ​ ​ 436,020 ​ ​ ​ ​ ​ 24,068,304 ​ ​
Generac Holdings Inc. (b)
 ​ ​ ​ ​ 92,700 ​ ​ ​ ​ ​ 10,100,592 ​ ​
Ingersoll Rand Inc.
 ​ ​ ​ ​ 267,300 ​ ​ ​ ​ ​ 17,032,356 ​ ​
Lockheed Martin Corporation
 ​ ​ ​ ​ 59,211 ​ ​ ​ ​ ​ 24,214,931 ​ ​
Paycom Software, Inc.
 ​ ​ ​ ​ 33,600 ​ ​ ​ ​ ​ 8,711,472 ​ ​
Quanta Services, Inc.
 ​ ​ ​ ​ 119,000 ​ ​ ​ ​ ​ 22,261,330 ​ ​
Republic Services, Inc.
 ​ ​ ​ ​ 148,200 ​ ​ ​ ​ ​ 21,119,982 ​ ​
TransDigm Group Incorporated (b)
 ​ ​ ​ ​ 23,900 ​ ​ ​ ​ ​ 20,150,807 ​ ​
Union Pacific Corporation
 ​ ​ ​ ​ 103,300 ​ ​ ​ ​ ​ 21,034,979 ​ ​
​ ​ ​ ​ ​ 192,688,680 ​ ​
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Schedule of Investments (continued)
​
September 30, 2023
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Information Technology — 27.6%
 ​
Accenture plc Class A
 ​ ​ ​ ​ 101,119 ​ ​ ​ ​ $ 31,054,656 ​ ​
Advanced Micro Devices, Inc. (b)
 ​ ​ ​ ​ 257,400 ​ ​ ​ ​ ​ 26,465,868 ​ ​
Apple Inc.
 ​ ​ ​ ​ 900,400 ​ ​ ​ ​ ​ 154,157,484 ​ ​
Arista Networks, Inc. (b)
 ​ ​ ​ ​ 119,691 ​ ​ ​ ​ ​ 22,014,766 ​ ​
Cisco Systems, Inc.
 ​ ​ ​ ​ 502,500 ​ ​ ​ ​ ​ 27,014,400 ​ ​
Intuit Inc.
 ​ ​ ​ ​ 47,600 ​ ​ ​ ​ ​ 24,320,744 ​ ​
Lam Research Corporation
 ​ ​ ​ ​ 48,900 ​ ​ ​ ​ ​ 30,649,053 ​ ​
Micron Technology, Inc.
 ​ ​ ​ ​ 289,400 ​ ​ ​ ​ ​ 19,687,882 ​ ​
Microsoft Corporation
 ​ ​ ​ ​ 552,300 ​ ​ ​ ​ ​ 174,388,725 ​ ​
NVIDIA Corporation
 ​ ​ ​ ​ 166,400 ​ ​ ​ ​ ​ 72,382,336 ​ ​
Oracle Corporation
 ​ ​ ​ ​ 109,400 ​ ​ ​ ​ ​ 11,587,648 ​ ​
QUALCOMM Incorporated
 ​ ​ ​ ​ 37,600 ​ ​ ​ ​ ​ 4,175,856 ​ ​
Salesforce, Inc. (b)
 ​ ​ ​ ​ 135,700 ​ ​ ​ ​ ​ 27,517,246 ​ ​
Synopsys, Inc. (b)
 ​ ​ ​ ​ 50,100 ​ ​ ​ ​ ​ 22,994,397 ​ ​
​ ​ ​ ​ ​ 648,411,061 ​ ​
Materials — 2.5%
 ​
DuPont de Nemours, Inc.
 ​ ​ ​ ​ 151,686 ​ ​ ​ ​ ​ 11,314,259 ​ ​
Linde plc
 ​ ​ ​ ​ 61,100 ​ ​ ​ ​ ​ 22,750,585 ​ ​
PPG Industries, Inc.
 ​ ​ ​ ​ 106,500 ​ ​ ​ ​ ​ 13,823,700 ​ ​
Teck Resources Limited
 ​ ​ ​ ​ 229,400 ​ ​ ​ ​ ​ 9,884,846 ​ ​
​ ​ ​ ​ ​ 57,773,390 ​ ​
Real Estate — 2.3%
 ​
Digital Realty Trust, Inc.
 ​ ​ ​ ​ 123,000 ​ ​ ​ ​ ​ 14,885,460 ​ ​
Prologis, Inc.
 ​ ​ ​ ​ 174,800 ​ ​ ​ ​ ​ 19,614,308 ​ ​
Public Storage
 ​ ​ ​ ​ 43,300 ​ ​ ​ ​ ​ 11,410,416 ​ ​
Ventas, Inc.
 ​ ​ ​ ​ 206,000 ​ ​ ​ ​ ​ 8,678,780 ​ ​
​ ​ ​ ​ ​ 54,588,964 ​ ​
Utilities — 2.1%
 ​
AES Corporation
 ​ ​ ​ ​ 582,500 ​ ​ ​ ​ ​ 8,854,000 ​ ​
American Water Works Company, Inc.
 ​ ​ ​ ​ 107,783 ​ ​ ​ ​ ​ 13,346,769 ​ ​
CenterPoint Energy, Inc.
 ​ ​ ​ ​ 460,600 ​ ​ ​ ​ ​ 12,367,110 ​ ​
DTE Energy Company
 ​ ​ ​ ​ 137,400 ​ ​ ​ ​ ​ 13,641,072 ​ ​
​ ​ ​ ​ ​ 48,208,951 ​ ​
Total Common Stocks ​
(Cost $1,518,477,884)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,339,244,840 ​ ​
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Schedule of Investments (continued)
​
September 30, 2023
(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 — 0.4% ​
Money Market Funds — 0.4%
 ​
Northern Institutional Treasury Premier
Portfolio, 5.20% (e)
 ​ ​ ​ ​ 552,466 ​ ​ ​ ​ ​ 552,466
Western Asset Institutional Liquid Reserves
Fund, 5.41% (e)
 ​ ​ ​ ​ 9,107,601 ​ ​ ​ ​ ​ 9,106,691
Total Short-Term Investments ​
(Cost $9,657,775)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9,659,157
Total — 100.1% ​
(Cost $1,528,285,659)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,349,369,997
Other Assets Less Liabilities — (0.1)% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2,194,834) ​ ​
Net Assets — 100.0%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 2,347,175,163
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(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, 2023, investments in affilates were as follows:
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​ ​ ​ ​ ​ ​ ​ ​ ​
​
Affiliate
 ​ ​
Shares held
 ​ ​
Net realized gain
(loss) and
long-term capital
gain distributions
 ​ ​
Dividend income
and short-term
capital gain
distributions
 ​ ​
Change in
unrealized
appreciation
 ​ ​
Value
 ​
​ Adams Funds Advisers, LLC (controlled) ​ ​ ​ ​ n/a ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 466,000 ​ ​
​ Adams Natural Resources Fund, Inc.
(non-controlled)		 ​ ​ ​ ​ 2,186,774 ​ ​ ​ ​ ​ 43,735 ​ ​ ​ ​ ​ 612,297 ​ ​ ​ ​ ​ 2,886,542 ​ ​ ​ ​ ​ 50,558,215 ​ ​
​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 43,735 ​ ​ ​ ​ $ 612,297 ​ ​ ​ ​ $ 2,886,542 ​ ​ ​ ​ $ 51,024,215 ​ ​
Information regarding transactions in equity securities during the quarter can be found on our website at: www.adamsfunds.com.​
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