Adams Diversified Equity Fund Declares Distribution and Announces First Quarter Performance

BALTIMORE, April 18, 2024 (GLOBE NEWSWIRE) -- 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 31^st, 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 31^st, 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