PEO Adams Natural Resources Fund Inc

Adams Diversified Equity Fund, Inc. (NYSE: ADX) today announced the Fund’s results for the nine months ended September 30th. The total return on Adams Diversified Equity’s net asset value, with dividends and capital gains reinvested, was 12.8%. Comparable figures for the S&P 500 and the Morningstar U.S. Large Blend category were 13.1% and 11.6%, respectively. The total return on the market price of the Fund’s shares for the period was 15.5%.

For the twelve months ended September 30th, the total return on Adams Diversified Equity’s net asset value, with dividends and capital gains reinvested, was 21.5%. Comparable figures for the S&P 500 and the Morningstar U.S. Large Blend category were 21.6% and 20.6%, respectively. The total return on the market price of the Fund’s shares for the period was 22.3%.

The Third Quarter Report to Shareholders is expected to be available on or about October 25, 2023.

ANNUALIZED COMPARATIVE RETURNS (9/30/2023)

	1 Year		3 Year		5 Year		10 Year
Adams Diversified Equity Fund (NAV)	21.5	%	10.6	%	10.6	%	12.6	%
Adams Diversified Equity Fund (market price)	22.3	%	10.5	%	10.5	%	12.5	%
Morningstar U.S. Large Blend Category	20.6	%	9.5	%	9.0	%	10.7	%
S&P 500	21.6	%	10.2	%	9.9	%	11.9	%

NET ASSET VALUE ANNOUNCED

The Fund’s net asset value at September 30, 2023, compared with the year earlier, was:

	9/30/2023		9/30/2022
Net assets	$	2,347,175,163	$	2,018,853,995
Shares outstanding	120,809,873		117,873,650
Net asset value per share	$	19.43	$	17.13

TEN LARGEST EQUITY PORTFOLIO HOLDINGS (9/30/2023)

	% of Net Assets
Microsoft Corporation	7.4%
Apple Inc.	6.6%
Alphabet Inc. Class A	4.1%
NVIDIA Corporation	3.1%
Amazon.com, Inc.	3.0%
Adams Natural Resources Fund, Inc.*	2.2%
JPMorgan Chase & Co.	2.0%
Visa Inc. Class A	2.0%
UnitedHealth Group Incorporated	1.9%
Meta Platforms, Inc. Class A	1.8%
Total	34.1%
*Non-controlled affiliated closed-end fund

SECTOR WEIGHTINGS (9/30/2023)

	% of Net Assets
Information Technology	27.6%
Health Care	13.1%
Consumer Discretionary	11.0%
Financials	12.6%
Communication Services	8.8%
Industrials	8.2%
Consumer Staples	6.5%
Energy	5.0%
Materials	2.5%
Real Estate	2.3%
Utilities	2.1%

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 │800.638.2479