Adams Diversified Equity Fund Declares Distribution and Announces First Quarter Performance

The Board of Directors of Adams Diversified Equity Fund, Inc. (NYSE: ADX) today declared a distribution of $.05 per share from net investment income, payable May 31, 2024, to shareholders of record May 17, 2024. This distribution represents the second payment this year toward the Fund’s annual 6% minimum distribution rate commitment, which can be found at adamsfunds.com.

FIRST QUARTER PERFORMANCE

For the three months ended March 31st, the total return on Adams Diversified Equity’s net asset value, with dividends and capital gains reinvested, was 11.2%. Comparable figures for the S&P 500 and the Morningstar U.S. Large Blend category were 10.6% and 10.4%, respectively. The total return on the market price of the Fund’s shares for the period was 10.5%.

For the twelve months ended March 31st, the total return on Adams Diversified Equity’s net asset value, with dividends and capital gains reinvested, was 32.6%. Comparable figures for the S&P 500 and the Morningstar U.S. Large Blend category were 29.9% and 29.1%, respectively. The total return on the market price of the Fund’s shares for the period was 35.2%.

The First Quarter Report to Shareholders is expected to be available on or about April 24, 2024.

ANNUALIZED COMPARATIVE RETURNS (3/31/2024)

	1 Year	3 Year	5 Year
Adams Diversified Equity Fund  (NAV)	32.6%	12.9%	15.8%
Adams Diversified Equity Fund (market price)	35.2%	12.6%	15.9%
Morningstar U.S. Large Blend Category	29.1%	10.3%	14.0%
S&P 500	29.9%	11.5%	15.1%

NET ASSET VALUE ANNOUNCED

The Fund’s net asset value at March 31, 2024, compared with the year earlier, was:

	3/31/2024	3/31/2023
Net assets	$2,829,484,494	$2,238,417,080
Shares outstanding	124,051,688	120,844,712
Net asset value per share	$22.81	$18.52

TEN LARGEST EQUITY PORTFOLIO HOLDINGS (3/31/2024)

	% of Net Assets
Microsoft Corporation	7.9%
Apple Inc.	5.3%
NVIDIA Corporation	5.1%
Amazon.com, Inc.	4.4%
Alphabet Inc. Class A	3.8%
Meta Platforms, Inc. Class A	2.7%
JPMorgan Chase & Co.	2.2%
Visa Inc. Class A	1.9%
UnitedHealth Group Incorporated	1.9%
Adams Natural Resources Fund, Inc.*	1.8%
Total	37.0%

* Non-controlled affiliated closed-end fund.

SECTOR WEIGHTINGS (3/31/2024)

	% of Net Assets
Information Technology	29.8%
Financials	12.8%
Health Care	12.3%
Consumer Discretionary	10.8%
Communication Services	9.0%
Industrials	8.3%
Consumer Staples	5.8%
Energy	4.1%
Materials	2.2%
Real Estate	2.2%
Utilities	1.9%

About Adams Funds

Since 1929, Adams Funds has consistently helped generations of investors reach their investment goals. Adams Funds is comprised of two closed-end funds, Adams Diversified Equity Fund, Inc. (NYSE: ADX) and Adams Natural Resources Fund, Inc. (NYSE: PEO).The Funds are actively managed by an experienced team with a disciplined approach and have paid dividends for more than 85 years across many market cycles. The Funds are committed to paying an annual distribution rate of 6% or more, providing reliable income to long-term investors. Shares can be purchased through our transfer agent or through a broker. For more information about Adams Funds, please visit: adamsfunds.com.

For further information please contact: adamsfunds.com/about/contact or 800.638.2479