NPORT-EX 2 PEOQ1.htm out - none - 2.497s
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Schedule of Investments
​
March 31, 2026
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Common Stocks — 99.3% ​
Energy — 83.1%
 ​
Energy Related — 0.0%
 ​
Eos Energy Enterprises, Inc. (b)
 ​ ​ ​ ​ 62,600 ​ ​ ​ ​ $ 310,496 ​ ​
​ ​
Equipment & Services — 6.8%
 ​
Baker Hughes Company
 ​ ​ ​ ​ 225,900 ​ ​ ​ ​ ​ 13,791,195 ​ ​
Halliburton Company
 ​ ​ ​ ​ 344,853 ​ ​ ​ ​ ​ 13,445,818 ​ ​
SLB Ltd.
 ​ ​ ​ ​ 552,633 ​ ​ ​ ​ ​ 28,399,810 ​ ​
TechnipFMC plc
 ​ ​ ​ ​ 48,600 ​ ​ ​ ​ ​ 3,359,718 ​ ​
​ ​ ​ ​ ​ 58,996,541 ​ ​
Exploration & Production — 15.7%
 ​
APA Corporation
 ​ ​ ​ ​ 56,000 ​ ​ ​ ​ ​ 2,376,640 ​ ​
Chord Energy Corporation
 ​ ​ ​ ​ 225 ​ ​ ​ ​ ​ 31,991 ​ ​
ConocoPhillips
 ​ ​ ​ ​ 377,203 ​ ​ ​ ​ ​ 49,790,796 ​ ​
Coterra Energy Inc.
 ​ ​ ​ ​ 120,800 ​ ​ ​ ​ ​ 4,244,912 ​ ​
Devon Energy Corporation
 ​ ​ ​ ​ 372,400 ​ ​ ​ ​ ​ 18,739,168 ​ ​
Diamondback Energy, Inc.
 ​ ​ ​ ​ 74,200 ​ ​ ​ ​ ​ 14,676,018 ​ ​
EOG Resources, Inc.
 ​ ​ ​ ​ 141,367 ​ ​ ​ ​ ​ 20,437,427 ​ ​
EQT Corporation
 ​ ​ ​ ​ 223,900 ​ ​ ​ ​ ​ 14,248,996 ​ ​
Expand Energy Corporation
 ​ ​ ​ ​ 46,400 ​ ​ ​ ​ ​ 5,093,792 ​ ​
Texas Pacific Land Corporation
 ​ ​ ​ ​ 13,350 ​ ​ ​ ​ ​ 6,335,376 ​ ​
​ ​ ​ ​ 135,975,116 ​ ​
Integrated Oil & Gas — 42.6%
 ​
Cenovus Energy Inc.
 ​ ​ ​ ​ 209,900 ​ ​ ​ ​ ​ 5,568,647 ​ ​
Chevron Corporation
 ​ ​ ​ ​ 614,724 ​ ​ ​ ​ ​ 127,186,396 ​ ​
Exxon Mobil Corporation
 ​ ​ ​ ​ 1,334,555 ​ ​ ​ ​ ​ 226,420,601 ​ ​
Occidental Petroleum Corporation
 ​ ​ ​ ​ 165,951 ​ ​ ​ ​ ​ 10,786,815 ​ ​
​ ​ ​ ​ 369,962,459 ​ ​
Refining & Marketing — 8.4%
 ​
Marathon Petroleum Corporation
 ​ ​ ​ ​ 85,012 ​ ​ ​ ​ ​ 20,758,230 ​ ​
Phillips 66
 ​ ​ ​ ​ 155,475 ​ ​ ​ ​ ​ 28,324,435 ​ ​
Valero Energy Corporation
 ​ ​ ​ ​ 95,000 ​ ​ ​ ​ ​ 23,472,600 ​ ​
​ ​ ​ ​ 72,555,265 ​ ​
Storage & Transportation — 9.6%
 ​
Kinder Morgan, Inc.
 ​ ​ ​ ​ 433,292 ​ ​ ​ ​ ​ 14,528,281 ​ ​
ONEOK, Inc.
 ​ ​ ​ ​ 141,800 ​ ​ ​ ​ ​ 12,817,302 ​ ​
Targa Resources Corp.
 ​ ​ ​ ​ 92,500 ​ ​ ​ ​ ​ 23,192,525 ​ ​
Williams Companies, Inc.
 ​ ​ ​ ​ 457,450 ​ ​ ​ ​ ​ 33,293,211 ​ ​
​ ​ ​ ​ ​ 83,831,319 ​ ​
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Schedule of Investments (continued)
​
March 31, 2026
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Materials — 16.2%
 ​
Chemicals — 8.2%
 ​
Air Products and Chemicals, Inc.
 ​ ​ ​ ​ 18,100 ​ ​ ​ ​ $ 5,257,869 ​ ​
Albemarle Corporation
 ​ ​ ​ ​ 7,200 ​ ​ ​ ​ ​ 1,292,616 ​ ​
CF Industries Holdings, Inc.
 ​ ​ ​ ​ 46,569 ​ ​ ​ ​ ​ 6,046,519 ​ ​
Corteva Inc.
 ​ ​ ​ ​ 57,945 ​ ​ ​ ​ ​ 4,850,576 ​ ​
Dow, Inc.
 ​ ​ ​ ​ 52,945 ​ ​ ​ ​ ​ 2,205,159 ​ ​
DuPont de Nemours, Inc.
 ​ ​ ​ ​ 78,626 ​ ​ ​ ​ ​ 3,601,071 ​ ​
Ecolab Inc.
 ​ ​ ​ ​ 31,400 ​ ​ ​ ​ ​ 8,353,028 ​ ​
International Flavors & Fragrances Inc.
 ​ ​ ​ ​ 20,206 ​ ​ ​ ​ ​ 1,465,945 ​ ​
Linde plc
 ​ ​ ​ ​ 53,700 ​ ​ ​ ​ ​ 26,622,312 ​ ​
LyondellBasell Industries N.V.
 ​ ​ ​ ​ 15,600 ​ ​ ​ ​ ​ 1,256,736 ​ ​
Mosaic Company
 ​ ​ ​ ​ 21,201 ​ ​ ​ ​ ​ 540,626 ​ ​
PPG Industries, Inc.
 ​ ​ ​ ​ 18,100 ​ ​ ​ ​ ​ 1,934,528 ​ ​
Sherwin-Williams Company
 ​ ​ ​ ​ 24,100 ​ ​ ​ ​ ​ 7,725,255 ​ ​
​ ​ ​ ​ ​ 71,152,240 ​ ​
Construction Materials — 2.0%
 ​
CRH public limited company
 ​ ​ ​ ​ 64,000 ​ ​ ​ ​ ​ 6,727,680 ​ ​
Martin Marietta Materials, Inc.
 ​ ​ ​ ​ 5,400 ​ ​ ​ ​ ​ 3,178,872 ​ ​
Vulcan Materials Company
 ​ ​ ​ ​ 27,700 ​ ​ ​ ​ ​ 7,542,710 ​ ​
​ ​ ​ ​ ​ 17,449,262 ​ ​
Containers & Packaging — 1.4%
 ​
Amcor plc
 ​ ​ ​ ​ 34,880 ​ ​ ​ ​ ​ 1,386,480 ​ ​
Avery Dennison Corporation
 ​ ​ ​ ​ 5,400 ​ ​ ​ ​ ​ 932,472 ​ ​
Ball Corporation
 ​ ​ ​ ​ 16,300 ​ ​ ​ ​ ​ 963,493 ​ ​
Crown Holdings, Inc.
 ​ ​ ​ ​ 29,600 ​ ​ ​ ​ ​ 2,967,400 ​ ​
International Paper Company
 ​ ​ ​ ​ 40,900 ​ ​ ​ ​ ​ 1,460,130 ​ ​
Packaging Corporation of America
 ​ ​ ​ ​ 12,700 ​ ​ ​ ​ ​ 2,695,194 ​ ​
Smurfit Westrock plc
 ​ ​ ​ ​ 41,300 ​ ​ ​ ​ ​ 1,645,805 ​ ​
​ ​ ​ ​ ​ 12,050,974 ​ ​
Metals & Mining — 4.6%
 ​
Cameco Corporation
 ​ ​ ​ ​ 18,000 ​ ​ ​ ​ ​ 1,954,980 ​ ​
Freeport-McMoRan, Inc.
 ​ ​ ​ ​ 233,200 ​ ​ ​ ​ ​ 13,707,496 ​ ​
Newmont Corporation
 ​ ​ ​ ​ 128,400 ​ ​ ​ ​ ​ 13,899,300 ​ ​
Nucor Corporation
 ​ ​ ​ ​ 52,000 ​ ​ ​ ​ ​ 8,793,200 ​ ​
Steel Dynamics, Inc.
 ​ ​ ​ ​ 11,026 ​ ​ ​ ​ ​ 1,984,680 ​ ​
​ ​ ​ ​ ​ 40,339,656 ​ ​
Total Common Stocks ​
(Cost $522,642,493)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 862,623,328 ​ ​
​
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​
Schedule of Investments (continued)
​
March 31, 2026
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Short-Term Investments — 0.6% ​
Money Market Funds — 0.6%
 ​
Morgan Stanley Institutional Liquidity Funds Prime Portfolio, Institutional Class, 3.70% (c)
 ​ ​ ​ ​ 4,501,029 ​ ​ ​ ​ $ 4,501,029 ​ ​
Northern Institutional Funds Treasury Portfolio, Premier Class, 3.53% (c)
 ​ ​ ​ ​ 544,636 ​ ​ ​ ​ ​ 544,636 ​ ​
Total Short-Term Investments ​
(Cost $5,046,485)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,045,665 ​ ​
Total — 99.9% of Net Assets ​
(Cost $527,688,978)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 867,668,993 ​ ​
Other Assets Less Liabilities — 0.1% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 738,397 ​ ​
Net Assets — 100.0%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 868,407,390 ​ ​
​
Total Return Swap Agreements — 0.1%
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
​ ​ APA Corporation
(65,800 shares) 		​ ​
3/03/2027
 ​ ​ ​ $ 1,707,536 ​ ​ ​ ​ $ 1,073,685 ​ ​ ​ ​ $ — ​ ​
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
​ ​ State Street Energy Select
Sector SPDR ETF
(42,300 shares)
 ​ ​
3/03/2027
 ​ ​ ​ ​ (2,120,520) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​   (476,357) ​ ​
Gross unrealized gain (loss) on open total return swap agreements ​ ​ ​ $ 1,073,685 ​ ​ ​ ​ $ (476,357) ​ ​
Net unrealized gain on open total return swap agreements (d) ​ ​ ​ $ 597,328 ​ ​ ​ ​ ​ ​ ​ ​
​
(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)
Rate presented is as of period-end and represents the annualized yield earned over the previous seven days.
​
(d)
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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