NPORT-EX 2 tm2114163-8_nportex.htm
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Schedule of Investments
​
March 31, 2021
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Common Stocks — 99.5% ​
Energy — 73.0%
 ​
Equipment & Services — 6.3%
 ​
Baker Hughes Company
 ​ ​ ​ ​ 180,600 ​ ​ ​ ​ $ 3,902,766 ​ ​
Halliburton Company
 ​ ​ ​ ​ 272,970 ​ ​ ​ ​ ​ 5,857,936 ​ ​
National Oilwell Varco, Inc. (b)
 ​ ​ ​ ​ 69,900 ​ ​ ​ ​ ​ 959,028 ​ ​
Schlumberger N.V.
 ​ ​ ​ ​ 546,500 ​ ​ ​ ​ ​ 14,859,335 ​ ​
​ ​ ​ ​ ​ 25,579,065 ​ ​
Exploration & Production — 20.2%
 ​
Apache Corporation
 ​ ​ ​ ​ 194,500 ​ ​ ​ ​ ​ 3,481,550 ​ ​
Cabot Oil & Gas Corporation
 ​ ​ ​ ​ 112,500 ​ ​ ​ ​ ​ 2,112,750 ​ ​
ConocoPhillips
 ​ ​ ​ ​ 496,526 ​ ​ ​ ​ ​ 26,300,982 ​ ​
Devon Energy Corporation
 ​ ​ ​ ​ 245,900 ​ ​ ​ ​ ​ 5,372,915 ​ ​
Diamondback Energy, Inc.
 ​ ​ ​ ​ 40,500 ​ ​ ​ ​ ​ 2,976,345 ​ ​
EOG Resources, Inc.
 ​ ​ ​ ​ 185,200 ​ ​ ​ ​ ​ 13,432,556 ​ ​
Hess Corporation
 ​ ​ ​ ​ 127,400 ​ ​ ​ ​ ​ 9,014,824 ​ ​
Marathon Oil Corporation
 ​ ​ ​ ​ 212,600 ​ ​ ​ ​ ​ 2,270,568 ​ ​
Occidental Petroleum Corporation
 ​ ​ ​ ​ 254,851 ​ ​ ​ ​ ​ 6,784,134 ​ ​
Occidental Petroleum Corporation warrants,
strike price $22.00, expires 8/3/27 (b)
 ​ ​ ​ ​ 43,381 ​ ​ ​ ​ ​ 516,668 ​ ​
Pioneer Natural Resources Company
 ​ ​ ​ ​ 64,400 ​ ​ ​ ​ ​ 10,228,008 ​ ​
Whiting Petroleum Corporation (b)
 ​ ​ ​ ​ 476 ​ ​ ​ ​ ​ 16,874 ​ ​
Whiting Petroleum Corporation warrants,
strike price $83.45, expires 9/1/25 (b)
 ​ ​ ​ ​ 1,327 ​ ​ ​ ​ ​ 4,021 ​ ​
Whiting Petroleum Corporation warrants,
strike price $73.44, expires 9/1/24 (b)
 ​ ​ ​ ​ 2,654 ​ ​ ​ ​ ​ 8,572 ​ ​
​ ​ ​ ​ ​ 82,520,767 ​ ​
Integrated Oil & Gas — 31.9%
 ​
Chevron Corporation
 ​ ​ ​ ​ 539,891 ​ ​ ​ ​ ​ 56,575,178 ​ ​
Exxon Mobil Corporation
 ​ ​ ​ ​ 1,316,930 ​ ​ ​ ​ ​ 73,524,202 ​ ​
​ ​ ​ ​ ​ 130,099,380 ​ ​
Refining & Marketing — 8.7%
 ​
HollyFrontier Corporation
 ​ ​ ​ ​ 47,900 ​ ​ ​ ​ ​ 1,713,862 ​ ​
Marathon Petroleum Corporation
 ​ ​ ​ ​ 261,385 ​ ​ ​ ​ ​ 13,981,484 ​ ​
Phillips 66
 ​ ​ ​ ​ 120,075 ​ ​ ​ ​ ​ 9,790,915 ​ ​
Valero Energy Corporation
 ​ ​ ​ ​ 139,600 ​ ​ ​ ​ ​ 9,995,360 ​ ​
​ ​ ​ ​ 35,481,621 ​ ​
Storage & Transportation — 5.9%
 ​
Kinder Morgan, Inc.
​ ​ ​ ​ 535,500 ​ ​ ​ ​ ​ 8,916,075 ​ ​
ONEOK, Inc.
 ​ ​ ​ ​ 146,900 ​ ​ ​ ​ ​ 7,441,954 ​ ​
Williams Companies, Inc.
 ​ ​ ​ ​ 331,300 ​ ​ ​ ​ ​ 7,848,497 ​ ​
​ ​ ​ ​ ​ 24,206,526 ​ ​
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Schedule of Investments (continued)
​
March 31, 2021
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Materials — 26.5%
 ​
Chemicals — 16.4%
 ​
Air Products and Chemicals, Inc.
 ​ ​ ​ ​ 29,400 ​ ​ ​ ​ $ 8,271,396 ​ ​
Albemarle Corporation
 ​ ​ ​ ​ 9,000 ​ ​ ​ ​ ​ 1,314,990 ​ ​
Celanese Corporation
 ​ ​ ​ ​ 30,000 ​ ​ ​ ​ ​ 4,494,300 ​ ​
CF Industries Holdings, Inc.
 ​ ​ ​ ​ 12,700 ​ ​ ​ ​ ​ 576,326 ​ ​
Corteva Inc.
 ​ ​ ​ ​ 66,245 ​ ​ ​ ​ ​ 3,088,342 ​ ​
Dow, Inc.
 ​ ​ ​ ​ 65,745 ​ ​ ​ ​ ​ 4,203,735 ​ ​
DuPont de Nemours, Inc.
 ​ ​ ​ ​ 90,087 ​ ​ ​ ​ ​ 6,961,923 ​ ​
Eastman Chemical Company
 ​ ​ ​ ​ 8,900 ​ ​ ​ ​ ​ 980,068 ​ ​
Ecolab Inc.
 ​ ​ ​ ​ 26,300 ​ ​ ​ ​ ​ 5,630,041 ​ ​
FMC Corporation
 ​ ​ ​ ​ 10,500 ​ ​ ​ ​ ​ 1,161,405 ​ ​
International Flavors & Fragrances Inc.
 ​ ​ ​ ​ 21,006 ​ ​ ​ ​ ​ 2,932,648 ​ ​
Linde plc
 ​ ​ ​ ​ 55,800 ​ ​ ​ ​ ​ 15,631,812 ​ ​
LyondellBasell Industries N.V.
 ​ ​ ​ ​ 54,400 ​ ​ ​ ​ ​ 5,660,320 ​ ​
Mosaic Company
 ​ ​ ​ ​ 94,601 ​ ​ ​ ​ ​ 2,990,338 ​ ​
PPG Industries, Inc.
 ​ ​ ​ ​ 19,700 ​ ​ ​ ​ ​ 2,960,122 ​ ​
​ ​ ​ ​ ​ 66,857,766 ​ ​
Construction Materials — 3.8%
 ​
Martin Marietta Materials, Inc.
 ​ ​ ​ ​ 4,500 ​ ​ ​ ​ ​ 1,511,190 ​ ​
Sherwin-Williams Company
 ​ ​ ​ ​ 12,100 ​ ​ ​ ​ ​ 8,929,921 ​ ​
Vulcan Materials Company
 ​ ​ ​ ​ 28,800 ​ ​ ​ ​ ​ 4,860,000 ​ ​
​ ​ ​ ​ ​ 15,301,111 ​ ​
Containers & Packaging — 2.2%
 ​
Amcor plc
 ​ ​ ​ ​ 125,100 ​ ​ ​ ​ ​ 1,461,168 ​ ​
Avery Dennison Corporation
 ​ ​ ​ ​ 5,500 ​ ​ ​ ​ ​ 1,010,075 ​ ​
Ball Corporation
 ​ ​ ​ ​ 29,100 ​ ​ ​ ​ ​ 2,465,934 ​ ​
International Paper Company
 ​ ​ ​ ​ 28,200 ​ ​ ​ ​ ​ 1,524,774 ​ ​
Packaging Corporation of America
 ​ ​ ​ ​ 7,600 ​ ​ ​ ​ ​ 1,022,048 ​ ​
Sealed Air Corporation
 ​ ​ ​ ​ 9,400 ​ ​ ​ ​ ​ 430,708 ​ ​
WestRock Company
 ​ ​ ​ ​ 22,200 ​ ​ ​ ​ ​ 1,155,510 ​ ​
​ ​ ​ ​ ​ 9,070,217 ​ ​
Metals & Mining — 4.1%
 ​
Freeport-McMoRan, Inc. (b)
 ​ ​ ​ ​ 222,600 ​ ​ ​ ​ ​ 7,330,218 ​ ​
Newmont Corporation
 ​ ​ ​ ​ 88,900 ​ ​ ​ ​ ​ 5,358,003 ​ ​
Nucor Corporation
 ​ ​ ​ ​ 23,400 ​ ​ ​ ​ ​ 1,878,318 ​ ​
Steel Dynamics, Inc.
 ​ ​ ​ ​ 45,000 ​ ​ ​ ​ ​ 2,284,200 ​ ​
​ ​ ​ ​ ​ 16,850,739 ​ ​
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Schedule of Investments (continued)
​
March 31, 2021
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Total Common Stocks ​
(Cost $435,649,259)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 405,967,192
Short-Term Investments — 0.6% ​
Money Market Funds — 0.6%
 ​
Morgan Stanley Institutional Liquidity Funds Prime Portfolio, 0.06% (c)
 ​ ​ ​ ​ 599,790 ​ ​ ​ ​ ​ 599,910
Northern Institutional Treasury Portfolio, 0.01% (c)
 ​ ​ ​ ​ 1,705,255 ​ ​ ​ ​ ​ 1,705,255
Total Short-Term Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $2,305,225)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,305,165
Total — 100.1% ​
(Cost $437,954,484)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 408,272,357
Other Assets Less Liabilities — (0.1)% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (229,219 )
Net Assets — 100.0%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 408,043,138
​
​
(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.
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