NPORT-EX 2 PEOQ3.htm
​
Schedule of Investments
​
September 30, 2025
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Common Stocks — 99.5% ​
Energy — 79.6%
 ​
Equipment & Services — 5.6%
 ​
Baker Hughes Company
 ​ ​ ​ ​ 376,900 ​ ​ ​ ​ $ 18,362,568 ​ ​
Halliburton Company
 ​ ​ ​ ​ 158,353 ​ ​ ​ ​ ​ 3,895,484 ​ ​
Schlumberger N.V.
 ​ ​ ​ ​ 355,233 ​ ​ ​ ​ ​ 12,209,358 ​ ​
TechnipFMC plc
 ​ ​ ​ ​ 62,800 ​ ​ ​ ​ ​ 2,477,460 ​ ​
​ ​ ​ ​ ​ 36,944,870 ​ ​
Exploration & Production — 16.0%
 ​
APA Corporation
 ​ ​ ​ ​ 56,000 ​ ​ ​ ​ ​ 1,359,680 ​ ​
Canadian Natural Resources Limited
 ​ ​ ​ ​ 97,000 ​ ​ ​ ​ ​ 3,100,120 ​ ​
Chord Energy Corporation
 ​ ​ ​ ​ 225 ​ ​ ​ ​ ​ 22,358 ​ ​
ConocoPhillips
 ​ ​ ​ ​ 447,303 ​ ​ ​ ​ ​ 42,310,391 ​ ​
Coterra Energy Inc.
 ​ ​ ​ ​ 120,800 ​ ​ ​ ​ ​ 2,856,920 ​ ​
Devon Energy Corporation
 ​ ​ ​ ​ 299,400 ​ ​ ​ ​ ​ 10,496,964 ​ ​
Diamondback Energy, Inc.
 ​ ​ ​ ​ 35,500 ​ ​ ​ ​ ​ 5,080,050 ​ ​
EOG Resources, Inc.
 ​ ​ ​ ​ 141,367 ​ ​ ​ ​ ​ 15,850,068 ​ ​
EQT Corporation
 ​ ​ ​ ​ 220,500 ​ ​ ​ ​ ​ 12,001,815 ​ ​
Expand Energy Corporation
 ​ ​ ​ ​ 46,400 ​ ​ ​ ​ ​ 4,929,536 ​ ​
Ovintiv Inc.
 ​ ​ ​ ​ 72,800 ​ ​ ​ ​ ​ 2,939,664 ​ ​
Texas Pacific Land Corporation
 ​ ​ ​ ​ 5,150 ​ ​ ​ ​ ​ 4,808,246 ​ ​
​ ​ ​ ​ 105,755,812 ​ ​
Integrated Oil & Gas — 39.3%
 ​
Cenovus Energy Inc.
 ​ ​ ​ ​ 228,100 ​ ​ ​ ​ ​ 3,875,419 ​ ​
Chevron Corporation
 ​ ​ ​ ​ 632,724 ​ ​ ​ ​ ​ 98,255,710 ​ ​
Exxon Mobil Corporation
 ​ ​ ​ ​ 1,301,455 ​ ​ ​ ​ ​ 146,739,051 ​ ​
Occidental Petroleum Corporation
 ​ ​ ​ ​ 250,451 ​ ​ ​ ​ ​ 11,833,810 ​ ​
​ ​ ​ ​ 260,703,990 ​ ​
Refining & Marketing — 8.8%
 ​
Marathon Petroleum Corporation
 ​ ​ ​ ​ 112,512 ​ ​ ​ ​ ​ 21,685,563 ​ ​
Phillips 66
 ​ ​ ​ ​ 159,475 ​ ​ ​ ​ ​ 21,691,789 ​ ​
Valero Energy Corporation
 ​ ​ ​ ​ 88,900 ​ ​ ​ ​ ​ 15,136,114 ​ ​
​ ​ ​ ​ 58,513,466 ​ ​
Storage & Transportation — 9.9%
 ​
Cheniere Energy, Inc.
 ​ ​ ​ ​ 17,600 ​ ​ ​ ​ ​ 4,135,648 ​ ​
Kinder Morgan, Inc.
 ​ ​ ​ ​ 696,692 ​ ​ ​ ​ ​ 19,723,351 ​ ​
ONEOK, Inc.
 ​ ​ ​ ​ 168,500 ​ ​ ​ ​ ​ 12,295,445 ​ ​
Targa Resources Corp.
 ​ ​ ​ ​ 41,600 ​ ​ ​ ​ ​ 6,969,664 ​ ​
Williams Companies, Inc.
 ​ ​ ​ ​ 350,050 ​ ​ ​ ​ ​ 22,175,668 ​ ​
​ ​ ​ ​ ​ 65,299,776 ​ ​
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​
Schedule of Investments (continued)
​
September 30, 2025
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Materials — 19.9%
 ​
Chemicals — 12.1%
 ​
Air Products and Chemicals, Inc.
 ​ ​ ​ ​ 20,600 ​ ​ ​ ​ $ 5,618,032 ​ ​
Albemarle Corporation
 ​ ​ ​ ​ 7,200 ​ ​ ​ ​ ​ 583,776 ​ ​
CF Industries Holdings, Inc.
 ​ ​ ​ ​ 51,569 ​ ​ ​ ​ ​ 4,625,739 ​ ​
Corteva Inc.
 ​ ​ ​ ​ 91,945 ​ ​ ​ ​ ​ 6,218,240 ​ ​
Dow, Inc.
 ​ ​ ​ ​ 63,945 ​ ​ ​ ​ ​ 1,466,259 ​ ​
DuPont de Nemours, Inc.
 ​ ​ ​ ​ 78,626 ​ ​ ​ ​ ​ 6,124,965 ​ ​
Eastman Chemical Company
 ​ ​ ​ ​ 8,400 ​ ​ ​ ​ ​ 529,620 ​ ​
Ecolab Inc.
 ​ ​ ​ ​ 44,400 ​ ​ ​ ​ ​ 12,159,384 ​ ​
International Flavors & Fragrances Inc.
 ​ ​ ​ ​ 20,206 ​ ​ ​ ​ ​ 1,243,477 ​ ​
Linde plc
 ​ ​ ​ ​ 61,500 ​ ​ ​ ​ ​ 29,212,500 ​ ​
LyondellBasell Industries N.V.
 ​ ​ ​ ​ 20,600 ​ ​ ​ ​ ​ 1,010,224 ​ ​
Mosaic Company
 ​ ​ ​ ​ 21,201 ​ ​ ​ ​ ​ 735,251 ​ ​
PPG Industries, Inc.
 ​ ​ ​ ​ 18,100 ​ ​ ​ ​ ​ 1,902,491 ​ ​
Sherwin-Williams Company
 ​ ​ ​ ​ 25,200 ​ ​ ​ ​ ​ 8,725,752 ​ ​
​ ​ ​ ​ ​ 80,155,710 ​ ​
Construction Materials — 1.8%
 ​
Martin Marietta Materials, Inc.
 ​ ​ ​ ​ 5,400 ​ ​ ​ ​ ​ 3,403,512 ​ ​
Vulcan Materials Company
 ​ ​ ​ ​ 26,600 ​ ​ ​ ​ ​ 8,182,692 ​ ​
​ ​ ​ ​ ​ 11,586,204 ​ ​
Containers & Packaging — 1.8%
 ​
Amcor plc
 ​ ​ ​ ​ 196,400 ​ ​ ​ ​ ​ 1,606,552 ​ ​
Avery Dennison Corporation
 ​ ​ ​ ​ 5,400 ​ ​ ​ ​ ​ 875,718 ​ ​
Ball Corporation
 ​ ​ ​ ​ 23,300 ​ ​ ​ ​ ​ 1,174,786 ​ ​
Crown Holdings, Inc.
 ​ ​ ​ ​ 32,400 ​ ​ ​ ​ ​ 3,129,516 ​ ​
International Paper Company
 ​ ​ ​ ​ 40,900 ​ ​ ​ ​ ​ 1,897,760 ​ ​
Packaging Corporation of America
 ​ ​ ​ ​ 7,400 ​ ​ ​ ​ ​ 1,612,682 ​ ​
Smurfit Westrock plc
 ​ ​ ​ ​ 41,300 ​ ​ ​ ​ ​ 1,758,141 ​ ​
​ ​ ​ ​ 12,055,155 ​ ​
Metals & Mining — 4.2%
 ​
Freeport-McMoRan, Inc.
 ​ ​ ​ ​ 222,200 ​ ​ ​ ​ ​ 8,714,684 ​ ​
Newmont Corporation
 ​ ​ ​ ​ 125,300 ​ ​ ​ ​ ​ 10,564,043 ​ ​
Nucor Corporation
 ​ ​ ​ ​ 54,000 ​ ​ ​ ​ ​ 7,313,220 ​ ​
Steel Dynamics, Inc.
 ​ ​ ​ ​ 11,026 ​ ​ ​ ​ ​ 1,537,355 ​ ​
​ ​ ​ ​ ​ 28,129,302 ​ ​
Total Common Stocks ​
(Cost $503,158,377)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 659,144,285 ​ ​
​
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​
Schedule of Investments (continued)
​
September 30, 2025
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Short-Term Investments — 0.9% ​
Money Market Funds — 0.9%
 ​
Morgan Stanley Institutional Liquidity Funds Prime Portfolio, Institutional Class, 4.12% (b)
 ​ ​ ​ ​ 5,799,590 ​ ​ ​ ​ $ 5,801,329
Northern Institutional Funds Treasury Portfolio, Premier Class, 3.95% (b)
 ​ ​ ​ ​ 369,788 ​ ​ ​ ​ ​ 369,788
Total Short-Term Investments ​
(Cost $6,171,137)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,171,117
Total — 100.4% of Net Assets ​
(Cost $509,329,514)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 665,315,402
Other Assets Less Liabilities — (0.4)% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2,666,180) ​ ​
Net Assets — 100.0% ​ ​ ​ ​ ​ ​ ​ ​ ​
$
662,649,222
​
Total Return Swap Agreements — 0.0%
Description
 ​ ​ ​ ​ ​ ​ ​ ​ ​
Value and
Unrealized
Appreciation
(Assets)
​ ​
Value and
Unrealized
Depreciation
(Liabilities)
​
Terms
 ​ ​
Contract
Type
 ​ ​
Underlying
Security
 ​ ​
Termination
Date
​ ​
Notional
Amount
 ​
Receive total return on underlying
security and pay financing
amount based on notional
amount and daily U.S. Federal
Funds rate plus 0.55%.
 ​ ​
Long
​ ​ Eaton Corporation plc
(9,400 shares) 		​ ​
10/6/2026
 ​ ​ ​ $ 3,263,277 ​ ​ ​ ​ $ 243,348 ​ ​ ​
$   —
​
Pay total return on underlying security and receive financing amount based on notional amount and daily U.S. Federal Funds rate less 0.45%.
 ​ ​
Short
​ ​ Materials Select
Sector SPDR Fund
(35,800 shares)
 ​ ​
10/6/2026
 ​ ​ ​ ​ (3,263,961) ​ ​ ​ ​ ​ 49,181 ​ ​ ​
      —
 ​
Gross unrealized gain (loss) on open total return swap agreements ​ ​ ​ $ 292,529 ​ ​ ​
$   —
 ​
Net unrealized gain on open total return swap agreements (c) ​ ​ ​ $ 292,529 ​ ​ ​ ​ ​
​
(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)
Rate presented is as of period-end and represents the annualized yield earned over the previous seven days.
​
(c)
Counterparty for all open total return swap agreements is Morgan Stanley.
​
Information regarding transactions in equity securities during the quarter can be found on our website at: www.adamsfunds.com.​
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